October 7, 2003

Today the Chicago Transit Board approved the appointment of Carole L. Brown as Chicago Transit Board Chairman. Ms. Brown is a senior vice president at Lehman Brothers and she is a financial expert, whose background is analyzing and understanding the budgets and investment priorities of city governments.

Working with the Board and CTA President Frank Kruesi, Ms. Brown will help to build on the progress the CTA has made in improving service, and its fleet and facilities in the last several years. Her background will help to ensure that every dollar possible will continue to be put toward services and infrastructure improvement.

The CTA currently has over $2 billion in unmet capital needs and Ms. Brown is expected to prove a valuable asset as the CTA seeks additional funding.

Ms. Brown will receive a salary of $50,000 from the CTA, half of which is for her duties as Transit Board Chair, and the other half for serving on the Board of the Regional Transportation Authority (RTA). The CTA Chairman is automatically a member of the RTA Board.

Ms. Brown 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.

Ms. 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.

Ms. Brown succeeds former Chairman Valerie B. Jarrett, who stepped down in August after eight years as Chairman.

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