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CME Executives to Explain Views on Why ICE Proposal Inferior to CME/CBOT

Merger Agreement

CME Also to Host Analyst Call at 7:30 a.m., CDT on March 22

    CHICAGO, March 20 /PRNewswire-FirstCall/ -- Chicago Mercantile Exchange
 Holdings Inc. (NYSE, Nasdaq:   CME) today announced that it will hold a
 meeting with the shareholders of CBOT Holdings Inc. and members of the
 Chicago Board of Trade in order to reiterate the advantages of the CME/CBOT
 merger and provide its views on the unsolicited proposal made by
 IntercontinentalExchange ("ICE") to CBOT shareholders last week.
     The CBOT shareholder/member meeting will be held at 3:15 p.m. on
 Thursday, March 22, 2007 in the Great Room 1 of the W Chicago City Center,
 located at 172 West Adams, Chicago.
     CME executives, including CME Executive Chairman Terry Duffy and CME
 Chief Executive Officer Craig Donohue, will address ICE's unsolicited
 proposal and explain CME's views as to why the ICE proposal is inferior to
 the CME/CBOT merger provided for in the agreement between the parties
 including, among other reasons:
     -- ICE's estimated synergies appear significantly exaggerated
     -- ICE's proposal poses significant execution and integration risks that
        could adversely affect customers and shareholders
     -- ICE's proposal is predicated on CBOT shareholders accepting a weaker
        currency
     -- ICE's proposal will limit CBOT's comparative future growth potential
        and value creation opportunities
     "We look forward to the opportunity to meet directly with CBOT
 shareholders and members to discuss the benefits of our deal and our point
 of view on the weaknesses of the ICE proposal," said CME Executive Chairman
 Terry Duffy. "Our merger will create a strong company well positioned to
 compete in the rapidly changing global derivatives market, offering the
 greatest benefits for the shareholders and customers of both companies."
     "In our view, the ICE proposal is significantly inferior to the
 CME/CBOT merger -- financially, strategically and operationally," said CME
 Chief Executive Officer Craig Donohue. "Our transaction provides more value
 to our respective customers through reduced expenses and greater trading
 opportunities and positions the combined CME/CBOT company as the leading
 exchange in global financial markets. We believe this will ultimately
 translate into more value for CBOT shareholders."
     On October 17, 2006, CME and CBOT signed a definitive agreement to
 merge the two organizations to create the most extensive and diverse global
 derivatives exchange.
     Thursday's shareholder/member meeting is open only to shareholders,
 members of the CBOT and media. Interested parties can listen via conference
 call by dialing as follows: Domestic Participants: (866) 290-0916;
 International Participants: (913) 312-1226. The presentation will also be
 available via Web cast. CME leaders will host a press availability
 immediately following the formal meeting to respond to reporter questions.
     Analyst Call Information
     In addition to the meeting with CBOT shareholders and members, CME will
 also host an analyst call at 7:30 a.m., CDT on March 22. Participants can
 participate by calling the following numbers: Domestic Participants: (800)
 811-8824; International Participants: (913) 981-4903. The analyst
 presentation will also be available via Web cast.
     Important Merger Information
     CME and CBOT have filed a definitive prospectus/joint proxy statement
 with the Securities and Exchange Commission (SEC) in connection with the
 proposed transaction. This material is not a substitute for the definitive
 prospectus/proxy statement or any other documents CME and CBOT have filed
 or will file with the SEC. Investors and security holders are urged to read
 the definitive prospectus/proxy statement and any other relevant documents
 filed or to be filed by CME or CBOT because they contain or will contain
 important information about the proposed transaction. The definitive
 prospectus/proxy statement is, and other documents filed or to be filed by
 CME and CBOT with the SEC are or will be, available free of charge at the
 SEC's Web site ( http://www.sec.gov ) or from Chicago Mercantile Exchange
 Holdings Inc., Shareholder Relations and Membership Services, 20 South
 Wacker Drive, Chicago, Illinois 60606, Attention: Beth Hausoul.
     CME-G
 
 

SOURCE CME