CHICAGO, July 22, 2003 – The Chicago Board of Trade (CBOT) and Rolfe & Nolan today announced a licensing arrangement for the use of RANorder Pro, a high performance trading front-end system, that will be offered by the exchange for individual members to use for trading access, or clearing firms to use as a back-up order entry system for their primary technology to interface with e-cbot powered by LIFFE CONNECT®.

The agreement calls for RANorder Pro to be available under the e-cbot DIRECT label to CBOT members who are not inclined to support their own infrastructure. e-cbot DIRECT will be available at the end of November 2003 in conjunction with the initial rollout of the e-cbot electronic trading platform.

Rolfe & Nolan will also supply the CBOT with ASP (Application Service Provider) services as part of the agreement. The ASP services will include the provision of all required production and disaster recovery infrastructure, the implementation and management of all network and Internet connectivity, and on-going application and operational support for the solution.

“Rolfe & Nolan is a great fit for us,” Bryan Durkin, senior vice president of trading operations at the CBOT, said. “e-cbot DIRECT is intended to fill the void for those members who were reliant on CBOT DIRECT and the exchange provided GUI (Graphical User Interface). We want to ensure that our members receive a flexible trading solution at a reasonable cost and we like that Rolfe & Nolan is handling the implementation and management of the solution on an on-going basis. We have had a positive relationship with Rolfe & Nolan on a variety of initiatives as a major bookkeeping provider to our member firms. We are confident that this solution will meet the trading needs of our members long into the future.”

“Meeting customer needs has been our priority throughout the development of the RANorder product and we are delighted that the CBOT has chosen us as its partner to provide the CBOT DIRECT replacement,” Bob Sylverne CEO of Rolfe & Nolan said. “This is a major achievement for Rolfe & Nolan and confirms our order management technology and ASP services offer competitive functionality and cost-efficiency to our customers.”