Carole Brown Reappointed to Chicago Transit Board

November 8, 2006

Today members of the Chicago Transit Board affirmed the reappointment of Carole Brown as a member of the Chicago Transit Board. Brown was reappointed by Chicago Mayor Richard M. Daley with the concurrence of Illinois Governor Rod R. Blagojevich and the Chicago City Council. She was first appointed to the Board and elected Chairman in October 2003. She will continue to serve as Chairman.

Brown is Managing Director at Lehman Brothers and a financial expert whose background is analyzing and understanding the budgets and investment priorities of state and local governments.

Working with the Board and CTA President Frank Kruesi, Brown will continue to build on the progress the CTA has made in improving service, and its fleet and facilities in the last several years. Her financial background has continued to help CTA ensure that every dollar possible will continue to be put toward service and infrastructure improvement. The CTA currently has over $8 billion in unmet capital needs and Brown's financial expertise will continue to prove a valuable asset as the CTA seeks additional funding.

Brown receives an annual salary of $25,000 for her service on the Chicago Transit Board.

She oversees Lehman Brothers' Midwest Municipal Finance office in Chicago, which generates revenues of more than
$10 million dollars per year. She joined the firm in 1999 after five years as Managing Director and Head of Public Finance for Mesirow Financial.

Brown received a bachelor's degree from Harvard University and a master's of management from the Kellogg Graduate School of Management at Northwestern University.

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