The following are highlights from the meeting of the Board of Governors of the Board of Trade Clearing Corporation held on February 19, 2003:

The Board re-elected Michael C. Dawley, of Goldman, Sachs & Co., to serve as Chairman of the Board for a one-year term. The Board also re-elected Joseph J. Murphy, of Refco, LLC, to serve as First Vice Chairman of the Board and elected Michael J. Brinati, of Iowa Grain Company, to serve as Second Vice Chairman of the Board, each for a one-year term.

The following individuals were appointed to serve as Chairmen and members of the following Committees for the ensuing year:

Business Committee	Risk Committee	Audit Committee
Michael C. Dawley, Chairman	Joseph J. Murphy, Chairman	Michael J. Brinati, Chairman
Kevin G. Collins	Kevin G. Collins	Gerald F. Corcoran
Wendell A. Kapustiak	Alex H. Ladouceur	Wendell A. Kapustiak
James G. McCormick	Gerald F. Corcoran	James G. McCormick
Joseph J. Murphy	John L. Pietrzak	John L. Pietrzak
Operations Task Force
Wendell A. Kapustiak, Chairman