CBOT Board Approves Refinements To Restructuring Proposal

At a special meeting today, the Board of Directors of the Chicago Board of Trade (CBOT®) adopted resolutions necessary to proceed with technical refinements to the exchange's restructuring proposal, which originally was approved by the Board in January, 2001. These refinements will be reflected in an amendment to the Registration Statement (S-4) which is expected to be filed shortly with the Securities and Exchange Commission.

CBOT® Chairman Nickolas J. Neubauer said, "Our restructuring plan is intended to ensure that the strong management we have now continues, while giving us ways, as a for profit enterprise, to make distributions to shareholders or otherwise increase the value of what we now have.

"Once the SEC declares our registration statement effective, we expect to have information meetings on the restructuring proposal so I can answer our members' questions as to why this plan will improve our governance while maintaining accountability, plus allow us to increase the overall value of our enterprise."

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