CBOT Holdings Board Determines Revised ICE Proposal Not Superior, Reaffirms Recommendation of CME Merger Agreement

    CHICAGO, June 14 /PRNewswire-FirstCall/ -- CBOT Holdings, Inc. (
 BOT) today announced that its Board of Directors and special committees
 have carefully reviewed the revised proposal from IntercontinentalExchange,
 Inc. (ICE) and concluded that it is not superior to the revised CME merger
 agreement announced earlier today.
     In addition, following the recent enhancements to the CME transaction
 terms, the CBOT Holdings Board of Directors and its special transaction
 committee have unanimously reaffirmed their recommendation that CBOT
 Holdings shareholders vote in favor of the revised merger agreement with
 CME on July 9.
     "After a review of the new elements of the latest proposal from ICE,
 the Boards of CBOT Holdings and the CBOT concluded that the revised merger
 agreement with CME continues to offer greater overall benefits for our
 shareholders and members," said CBOT Chairman Charlie Carey. "Our Boards
 and advisors reviewed this latest proposal, considering both the short-term
 and long-term value to the Company, and found that it was not superior to
 the revised CME merger agreement."
     "ICE's revised proposal did not adequately address important strategic
 and operational concerns, such as integration and execution risk," said
 CBOT President and CEO Bernard W. Dan. "A combination with the CME will
 create the most extensive and diverse global derivatives exchange while
 delivering significant benefits to shareholders and customers. Today, our
 common clearing arrangement with CME provides tremendous benefits to our
 market users. Going forward, this combination will allow us to better
 compete in a rapidly changing and technology challenging global
 environment."
     About the CBOT
     As one of the leading global derivative exchanges, the Chicago Board of
 Trade provides a diverse mix of financial, equity and commodity futures and
 options-on-futures products. Building on its 159-year history, the CBOT
 continues to advance into the future using the strength of deep liquidity,
 market integrity and member-trader expertise. Using superior trading
 technology in both electronic and open-auction trading platforms, the CBOT
 provides premier customer service to risk managers and investors worldwide.
 For more information, visit our website at http://www.cbot.com.
     Important Merger Information
     In connection with the proposed merger of CBOT Holdings, Inc. ("CBOT
 Holdings") and Chicago Mercantile Exchange Holdings Inc. ("CME"), the
 parties have filed relevant materials with the Securities Exchange
 Commission ("SEC"), including a joint proxy statement/prospectus, dated
 June 5, 2007, regarding the proposed transaction. INVESTORS ARE URGED TO
 READ THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED
 TRANSACTION BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors may obtain
 a free copy of the joint proxy statement/prospectus as well as other
 filings containing information about CBOT Holdings and CME without charge,
 at the SEC's website (http://www.sec.gov). Copies of the joint proxy
 statement/prospectus can also be obtained without charge by directing a
 request to CBOT Holdings, Inc., Attention: Investor Relations, at 141 West
 Jackson, Chicago, Illinois 60604 or calling (312) 435-3500.
     CBOT Holdings and its directors and executive officers and other
 members of management and employees and other CBOT members may be deemed to
 be participants in the solicitation of proxies from CBOT Holdings
 stockholders in respect of the proposed transaction. Information regarding
 CBOT Holdings directors and executive officers is available in CBOT
 Holdings' proxy statement for its 2007 annual meeting of stockholders,
 dated March 29, 2007. Additional information regarding the interests of
 such potential participants is included in the joint proxy
 statement/prospectus and the other relevant documents filed with the SEC.
 This document shall not constitute an offer to sell or the solicitation of
 an offer to buy any securities, nor shall there be any sale of securities
 in any jurisdiction in which such offer, solicitation or sale would be
 unlawful prior to registration or qualification under the securities laws
 of any such jurisdiction. No offering of securities shall be made except by
 means of a prospectus meeting the requirements of Section 10 of the
 Securities Act of 1933, as amended.
     Forward-Looking Statements
     Certain statements in this document and its attachments, if any, may
 contain forward-looking information regarding CBOT Holdings, CME and the
 combined company after the completion of the transactions that are intended
 to be covered by the safe harbor for "forward-looking statements" provided
 by the Private Securities Litigation Reform Act of 1995. These statements
 include, but are not limited to, the benefits of the business combination
 transaction involving CBOT Holdings and CME including future financial and
 operating results, the combined company's plans, objectives, expectations
 and intentions and other statements that are not historical facts. Such
 statements are based upon the current beliefs and expectations of the
 management of CBOT Holdings and CME and are subject to significant risks
 and uncertainties. Actual results may differ from those set forth in the
 forward-looking statements.
     The following factors, among others, could cause actual results to
 differ from those set forth in the forward-looking statements: the failure
 of CBOT Holdings stockholders, CBOT members or CME stockholders to approve
 the transaction; the risk that the businesses will not be integrated
 successfully; the risk that the cost savings and any other synergies from
 the transaction may not be fully realized or may take longer to realize
 than expected; disruption from the transaction making it more difficult to
 maintain relationships with customers, employees or suppliers; competition
 and its effect on pricing, spending, third-party relationships and
 revenues; social and political conditions such as war, political unrest or
 terrorism; general economic conditions and normal business uncertainty.
 Additional risks and factors are identified in the joint proxy
 statement/prospectus and CBOT Holdings' other filings with the SEC,
 including its Report on Form 10-K for the fiscal year ending December 31,
 2006 which are available on CBOT Holdings' website at http://www.cbot.com.
     You should not place undue reliance on forward-looking statements,
 which speak only as of the date of this document. Except for any obligation
 to disclose material information under the Federal securities laws, CBOT
 undertakes no obligation to release publicly any revisions to any forward-
 looking statements to reflect events or circumstances after the date of
 this document.
 
 

SOURCE CBOT Holdings