| | | EXHIBIT 99.1 |
| December 22, 2008 |
| TO: | | Member Institutions in Illinois and Wisconsin |
| RE: | | Results of 2008 Election of Federal Home Loan Bank of Chicago Independent Directors |
The Federal Home Loan Bank of Chicago is pleased to announce the results of the 2008 election of Federal Home Loan Bank Independent Directors by member institutions in Illinois and Wisconsin. The independent directors’ terms will begin on January 1, 2009.
| Number of Members Eligible to Vote | | | | 835 |
| Number of Members Casting Votes | | | | 213 |
| Total Eligible Votes for Each Directorship | | | | 6,143,147 |
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| PUBLIC INTEREST DIRECTORS* | | | | |
| | | | | Votes |
| | | | | Received |
| Ries, Leo J. | | Local Initiatives Support Corporation | | 1,676,137 |
| Executive Director | | Milwaukee, WI | | |
| Term Expires: December 31, 2014 | | | | |
| |
| White, Gregory A. | | LEARN Charter Schools | | 1,569,284 |
| President & CEO | | Chicago, IL | | |
| Term Expires: December 31, 2013 | | | | |
| * | See attached for consumer or community interest represented by each public interest director-elect. |
| |
| OTHER INDEPENDENT DIRECTORS | | | | |
| | | | | Votes |
| | | | | Received |
| Aigotti, Diane M. | | Aon Corporation | | 1,559,693 |
| Former Senior Vice President, | | Chicago, IL | | |
| Chief Risk Officer & Treasurer | | | | |
| Term Expires: December 31, 2011 | | | | |
| |
| Brady, Edward P. | | Brady Homes | | 1,513,566 |
| President | | Bloomington, IL | | |
| Term Expires: December 31, 2011 | | | | |
| Ericson, James D. | | Northwestern Mutual Life | | 1,762,846 |
| Retired Chairman | | Milwaukee, Wisconsin | | |
| Term Expires: December 31, 2013 | | | | |
| |
| Goldstein, Thomas M. | | Madison Dearborn Partners | | 1,612,077 |
| Managing Director & Chief | | Chicago, Illinois | | |
| Financial Officer | | | | |
| Term Expires: December 31, 2012 | | | | |
| |
| Lucas, Deborah Jean | | Northwestern University | | 1,673, 714 |
| Professor of Finance | | Evanston, Illinois | | |
| Term Expires: December 31, 2012 | | | | |
An Order issued by Federal Housing Finance Agency (“FHFA”) Director James Lockhart on September 8, 2008, provides for staggering of these independent director terms. The seats have been assigned, in accordance with the provisions of the Order, as follows:
| TERM LENGTH | | TERM EXPIRATION | | DIRECTOR |
| Three Years | | December | | 31, | | 2011 | | Edward P. Brady |
| Three Years | | December | | 31, | | 2011 | | Diane M. Aigotti |
| Four Years | | December | | 31, | | 2012 | | Thomas M. Goldstein |
| Four Years | | December | | 31, | | 2012 | | Deborah Jean Lucas |
| Five Years | | December | | 31, | | 2013 | | James D. Ericson |
| Five Years | | December | | 31, | | 2013 | | Gregory A. White |
| Six Years | | December | | 31, | | 2014 | | Leo J. Ries |
Enclosed for your information is a complete list of the voting results for the Seventh District. Thank you for participating in this year's election process. Your contribution ensures sound representation on our board of directors for the mutual benefit of the Bank and its member-stockholders.
/s/ Peter E. Gutzmer
Peter E. Gutzmer
Executive Vice President,
General Counsel &
Corporate Secretary
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| | | FEDERAL HOME LOAN BANK OF CHICAGO | | |
| | | RESULTS OF THE 2008 ELECTION OF | | |
| | | FEDERAL HOME LOAN BANK | | |
| | | INDEPENDENT DIRECTORS | | |
| |
| PUBLIC INTEREST NOMINEES | | | | |
| |
| NAME | | VOTES | | INSTITUTION | | CITY |
| Ries, Leo J. | | 1,676,137 | | Local Initiatives Support | | Milwaukee, |
| | | | | Corporation (LISC) | | Wisconsin |
| White, Gregory A. | | 1,569,284 | | LEARN Charter Schools | | Chicago, |
| | | | | | | Illinois |
| OTHER INDEPENDENT NOMINEES | | | | |
| |
| NAME | | VOTES | | INSTITUTION | | CITY |
| Aigotti, Diane M. | | 1,559,693 | | Aon Corporation | | Chicago, Illinois |
| Brady, Edward P. | | 1,513,566 | | Brady Homes | | Bloomington, |
| | | | | | | Illinois |
| Ericson, James D. | | 1,762,846 | | Northwestern Mutual Life | | Milwaukee, |
| | | | | | | Wisconsin |
| Goldstein, Thomas M. | | 1,612,077 | | Madison Dearborn Partners | | Chicago, Illinois |
| Lucas, Deborah Jean | | 1,673,714 | | Northwestern University | | Evanston, Illinois |
FEDERAL HOME LOAN BANK OF CHICAGO 2008 INDEPENDENT DIRECTOR ELECTION
SUMMARY OF PUBLIC INTEREST DIRECTOR QUALIFICATIONS
PUBLIC INTEREST DIRECTORS
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Mr. Ries is the Executive Director of Local Initiatives Support Corporation (LISC) in Milwaukee, Wisconsin. Mr. Ries has been with LISC since 2000. Mr. Ries was previously a private consultant providing assistance to for profit and nonprofit corporations in the areas of real estate development, project management and government/community relations. He also was Deputy Commissioner for the City of Milwaukee in the Department of Neighborhood Services and Director of the Housing and Neighborhood Development Division. Mr. Ries has also served on the following board of directors: Neighborhood Improvement Development Corporation, Select Milwaukee, Walker's Point Development Corporation and Canticle Court/Juniper Court.
Mr. White is the President and Chief Executive Officer for LEARN Charter Schools located in Chicago, Illinois. Mr. White has been with LEARN Charter Schools as President and CEO since March, 2008 and prior to that was a board member and a Board Chairman for four years. He also served on the board of Lakefront Supportive Housing for over ten years and was Board Chairman for three years. Mr. White also worked for The Chicago Community Trust, Chicago Venture Partners, L.P. , Corporate Advisory Services and Salomon Brothers. He has experience in managing equity and subordinated debt investments, primarily in low & moderate income communities.
