Board of Trade Clearing Corporation Elects Three Members to its Board of Governors; Michael C. Dawley re-elected Chairman of the Board.

Business Editors

CHICAGO--(BUSINESS WIRE)--Feb. 25, 2003

The Board of Trade Clearing Corporation (the "Clearing Corporation") has re-elected two members and elected one new member to its Board of Governors. The newly constituted board then re-elected Michael C. Dawley of Goldman Sachs & Co. to serve as Chairman for a one-year term.

In addition to Mr. Dawley's re-election to the board and chairmanship, the Clearing Corporation's stockholders re-elected Wendell A. Kapustiak, of Merrill Lynch, Pierce, Fenner & Smith Incorporated, and elected Gerald F. Corcoran, of R.J. O'Brien & Associates, Inc., to membership on the Board of Governors. Dawley, Kapustiak and Corcoran will serve three-year terms.

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

Mr. Dawley was first elected as a Clearing Corporation Governor in February 2000, and served as First Vice Chairman of the Clearing Corporation Board from July 2001 until he was elected Chairman of the Board in February 2002. Mr. Dawley has been re-elected to serve as Chairman of the Board through February 2004. Mr. Dawley is Vice President, Global Futures Services, at Goldman, Sachs & Co. ("Goldman Sachs") in New York. He is a member of the firm's senior management team with responsibilities including exchange, clearing, and regulatory oversight. Mr. Dawley has been with Goldman Sachs for 18 years, the first 11 years in Chicago and the last 7 years in New York. He began his career at E.F. Hutton and has been involved in the industry for 25 years in numerous different capacities, including independent trader, sales and marketing, and head of global futures operations. Mr. Dawley currently is a member of the Chicago Board of Trade and Chicago Mercantile Exchange. He also is a member of the CBOT FCM Committee and the CME Clearing House Risk Committee, and is Vice Chairman of the Futures Industry Association.

Prior to his present re-election to a three-year term as Governor through February 2006, Mr. Kapustiak was elected to a three-year term as a Clearing Corporation Governor in February 2000. Mr. Kapustiak is Managing Director of Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch"). He has over 27 years of experience in the derivatives industry, during this time gaining experience as a trader and introducing broker, as well as background in futures research, operations and technology. From 1996 to 2000, Mr. Kapustiak was based in London where he held the positions of Director of Global Futures Clearing, Director of Global Futures Operations, and Director of Futures, Debt and Core Operations at Merrill Lynch. Mr. Kapustiak relocated to Chicago in 2000 to assume his present role as Merrill Lynch's Director of Global Futures Operations.

Mr. Corcoran has been elected to his first term as a Governor of the Clearing Corporation. Mr. Corcoran has worked in the derivatives industry since 1987, when he joined R. J. O'Brien & Associates, Inc. ("RJO"). During his tenure with RJO, Mr. Corcoran has served RJO in several capacities, including that of Chief Financial Officer, Chief Operating Officer, and has served as RJO's Chief Executive Officer since June 2000. Mr. Corcoran also is a member of RJO's Board of Directors.

The Board of Governors comprises nine people, each of whom serves a three-year term. Each year, three member representatives are nominated and then voted upon at the annual meeting of stockholders. This year's annual meeting was held on February 19, 2003.

About The Clearing Corporation

The Clearing Corporation, a Delaware corporation, now in its 78th year of business, maintains a Standard & Poor's AAA rating and approximately $200 million in capital. The Clearing Corporation is owned by its clearing member stockholders and is the only completely independent derivatives clearing house in the world. For more information, please visit www.clearingcorp.com.