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CBOT Announces Five New Officers

Date 12/11/2001

The Chicago Board of Trade (CBOT®) today announced the appointment of five new officers of the exchange.

CBOT® President and CEO David J. Vitale said, "My overriding goal is to make the Chicago Board of Trade a better place for our customers, members and employees, and these talented individuals are helping us achieve that goal. Increased market efficiency and improved management skills are a part of this process, and these new officers have demonstrated the ability to deliver in the past, and they will continue to help us create value for the Chicago Board of Trade as we move forward."

James (Chip) Bennett, age 47, was named Senior Vice President, with responsibilities for web development, transaction processing, regulatory/audit and administrative applications. Prior to joining the CBOT® in August, Bennett held various senior positions at Bank One since 1980. Most recently, Bennett was Senior Vice President at Bank One, where he managed the corporation's deposits, savings, certificates of deposit, and customer information systems supporting their retail middle market and large customer base. Bennett received a Master of Science and Bachelor of Arts Degree from Eastern Illinois University.

Ethel A. Laughlin, age 53, was promoted to Vice President. Her responsibilities will include all telecommunications and network operations for the CBOT®'s open auction and electronic marketplaces as well as for the exchange's members and tenants, plus the CBOT®'s quote vendor network which enables delivery of real-time price quotes. Laughlin joined the CBOT® in 1997, and most recently served as Director, Networks and Telecommunications. Previously, she served as Director of Trading Floor Operations, Telecommunications at the Chicago Mercantile Exchange, where she worked for 11 years. Laughlin received a Master of Business Administration and Bachelor of Science Degree from DePaul University.

Thomas G. McCabe, age 39, was promoted to Vice President. Previously, McCabe was Managing Director of the exchange's order routing division. His new responsibilities include overseeing all aspects of the CBOT®'s trading floors, including price reporting, floor/trading pit configurations, floor technology support, coordination of new product launches, electrifying open outcry/order routing, and all trading floor-related support services. McCabe joined the CBOT® in 1985 and spent 12 years focused on regulatory issues. Tom has a Bachelor of Science Degree from Creighton University.

Eric K. Meier, age 35, was promoted to Vice President, and will be responsible for business and strategic planning for the exchange. Meier previously was Managing Director of Corporate Development for the CBOT®. He has held various management positions at the exchange in the areas of business development, strategy, research, and financial analysis. Prior to joining the CBOT®, Meier held positions at J. Aron & Company (a division of Goldman Sachs Group, Inc.) and Archer Daniels Midland. He received a Juris Doctorate and Master of Business Administration Degree, along with a Master of Arts in Economics, all from the University of Chicago.

Dean Payton, age 37, was promoted to Vice President, and will be responsible for all exchange trade practice and market surveillance functions. He previously was Managing Director of the CBOT®'s Office of Investigations and Audits, where he oversaw the investigation function of that department. He joined the exchange in 1988 as a staff investigator. Payton holds a Master of Business Administration from the Kellogg Graduate School of Management at Northwestern University and a Bachelor of Arts Degree from Michigan State University.