Nickolas J. Neubauer Elected Chairman Of The CBOT

Nickolas J. Neubauer, 54, was elected to a two-year term as Chairman of the Chicago Board of Trade in the exchange's annual election December 6, 2000. Neubauer, an independent member of the exchange since 1978, defeated David P. Brennan, also an independent trader and a member of the CBOT® since 1980, Chairman in 1999-2000. The vote was 557 5/6 for Neubauer and 550 for Brennan. Neubauer's term will begin January 2, 2001.

Neubauer served as Vice Chairman of the Arbitration Committee from 1993-1997. Additionally, he is the President of Sano Corporation, a real estate company he founded in 1991. Previously, he was a management consultant with McKinsey & Company, consulting for many international companies and, before that, was a corporate and tax lawyer with Sidley & Austin in Chicago. Neubauer co-founded Tradelink Corporation in 1979 with fellow member Walt Weissman, and served as its President from 1979 to 1987.

Neubauer earned a Juris Doctor and Master of Business Administration from Stanford University Law and Business Schools in 1973, and a Bachelor of Arts degree from the University of Minnesota in 1967.

The CBOT® election involved only the office of Chairman, a change authorized by the October 12, 2000 vote by the CBOT® membership which called for a reduction in the Board of Directors to 18 positions from 27, eliminating the election process for seven member Directors whose terms expire at the end of 2000.