CBOT Board Of Directors Takes Action

Taking swift and decisive action, the Board of Directors of the Chicago Board of Trade today enacted several motions and resolutions designed to renew confidence in the leadership and policy-making structure of the exchange. The items enacted by the Board, including respective resolutions of support for CBOT President Thomas R. Donovan and the exchange's senior management team (both attached), give additional oversight responsibilities to the exchange's Executive Committee and Board of Directors. CBOT Chairman David P. Brennan expressed his faith in the leadership structure of the exchange with the following pledge of support of today's Board actions: "President Thomas Donovan has my complete support and confidence, as well as that of the Board of Directors, through the term of his contract (December, 2002). I sincerely regret and accept responsibility for the events of the past week. I intend to demonstrate that Tom and I can work together. I will enthusiastically work with and support President Donovan and the staff of the Chicago Board of Trade for the balance of my tenure as Chairman." It was uniformly agreed to by all members of the Board that a new compact, which stressed unity and communication, be in effect among the Chairman, President and full Board of Directors.