(02-84) NYBOT Decision to concentrate relocation efforts on One North End Avenue

Notice No. 02-84
March 21, 2002

TO: All Exchange Members

FROM: Vincent Viola, Chairman
J. Robert Collins, Jr., President

RE: NYBOT Decision to concentrate relocation efforts on One
North End Avenue

The New York Board of Trade has notified its members that last night its
board voted unanimously to drop its pursuit of all other relocation
alternatives and to concentrate all its efforts on coming to a final lease
agreement with our exchange on becoming a tenant at One North End Avenue.
According to the letter, the main issue that still must be addressed
is NYBOT's ability to obtain a firm commitment for sufficient government aid
to fund the installation of needed technology on the COMEX Division floor.
They believe that solidifying the aid, and drafting the formal lease, could
take one to three months. Their preliminary target for completion of the
necessary work and NYBOT's commencing trading on the COMEX Division floor is
the first quarter of 2003.
The main terms are for NYBOT to use 13,000 to13,500 square feet of
the COMEX Division trading floor and to lease about 35,000 square feet of
office space in the building. The basic lease is for 10 years, with the
potential for one, and possibly two, five-year extensions.

We welcome this decision by the board of the New York Board of Trade and
applaud their commitment to preserving the role of Lower Manhattan as the
financial capital of the world. We believe this move will be beneficial to
the members and member firms of both institutions from the standpoint of
creating both efficiencies and additional opportunities.