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CBOT Receives Green Light From SEC On Exchange Restructuring

Date 14/02/2005

The Chicago Board of Trade (CBOT) announced today that its Registration Statement on Form S-4, which includes a proxy statement and prospectus describing the CBOT’s proposed restructuring transactions, has been declared effective by the Securities and Exchange Commission (SEC). This brings the Exchange closer to a membership vote, and, if approved, completion of the restructuring transactions and the demutualization of the CBOT into a for-profit company. The proxy statement and prospectus describing the restructuring transactions are expected to be distributed to CBOT members shortly, and the member vote on the restructuring transactions is scheduled for Thursday, April 14, 2005.

CBOT Chairman Charles P. Carey said, “I believe that the proposed restructuring transactions will enhance the CBOT’s competitive position, while preserving our ability to provide trading benefits and opportunities to our member-owners and customers. Innovation has always been an integral part of the CBOT’s history, and the Exchange’s restructuring plan is yet another example of this longstanding tradition.”

CBOT President and CEO Bernard W. Dan said, “Demutualizing into a for-profit company will enable the CBOT to maximize the value of its business and optimize the many opportunities the Exchange provides to the marketplace. Further, I believe that a modernized corporate governance structure will allow the Exchange to respond more quickly to changes within this dynamic industry.”