CBOT Holdings Reports Record Quarterly Earnings and Revenues

-- Achieves Record Quarterly Trading Volume



CHICAGO, April 19  /PRNewswire-FirstCall/ -- CBOT Holdings, Inc. (CBOT), holding company for the Chicago Board of Trade, today announced record quarterly earnings and revenues.  Net income was $55.4 million, or $1.05 per diluted share, for the first quarter ended March 31, 2007.  Excluding merger- related expenses, net income was $68.4 million, or $1.29 per diluted share, a 95 percent increase from the first quarter of 2006.  In last year's first quarter, the company reported net income of $35.1 million, or $0.66 per diluted share.  A reconciliation of all non-GAAP financial information to GAAP financial information is included following the financial statements.

Revenues for the quarter increased 34 percent to $187.7 million, driven by record trading volume and higher average exchange fee rates.  Operating margin for the quarter, excluding merger-related expenses, rose nearly 15 percentage points to 54.6 percent, reflecting the effectiveness of the company's operating model and its disciplined expense management.

Included in the first-quarter 2007 results are $13.0 million in merger- related expenses.  These expenses are non-deductible for tax purposes and consist primarily of legal and advisory fees incurred in connection with the CBOT's merger agreement with Chicago Mercantile Exchange Holdings Inc. (CME) and the previously-announced, unsolicited proposal from IntercontinentalExchange, Inc. (ICE).

"The positive momentum we built last year is carrying through into 2007, as we experience higher trading volume and continue to effectively manage expenses," said CBOT President and CEO Bernard W. Dan.  "I believe that the CBOT is better positioned than ever to provide market participants around the world with unique products, innovative risk management tools and deep, liquid markets."

Dan continued, "This is a dynamic time for the CBOT and our industry, which is undergoing consolidation and intense global competition.  We remain focused on driving growth, managing our day-to-day business and serving the diverse needs of our customers."

  Financial Highlights:
  ($s in millions,
    except per share)             Q1 FY07         Q1 FY06        Y/Y

  Revenues                         $187.7          $140.1           34%
  GAAP Operating Income             $89.5           $55.6           61%
  Non-GAAP Operating Income        $102.5           $55.6           84%
  GAAP Operating Margin %            47.7%           39.7%         8.0 pts
  Non-GAAP Operating Margin %        54.6%           39.7%        14.9 pts
  GAAP Net Income                   $55.4           $35.1           58%
  Non-GAAP Net Income               $68.4           $35.1           95%
  GAAP Diluted EPS                  $1.05           $0.66           59%
  Non-GAAP Diluted EPS              $1.29           $0.66           95%




NOTE: Certain prior period amounts have been reclassified to conform to current period presentation. The non-GAAP financial measures of operating performance exclude merger-related expenses of $13.0 million for the first quarter of 2007.  The merger-related expenses are non-deductible for tax purposes, thus the pre-tax and after-tax impact is the same.  Non-GAAP measures do not replace and are not a substitute for our GAAP financial results but are provided to improve overall understanding of our current financial performance and our prospects for the future.

Revenue growth for the quarter was primarily driven by higher exchange and clearing fees, which increased $45.3 million, or 43 percent.  This growth was a result of a 24 percent increase in trading volume and a 15 percent increase in the average rate per contract in the first quarter of 2007 compared with 2006.

CBOT achieved record trading volume for the quarter with 239.7 million contracts traded, reporting volume increases across each of CBOT's major product categories.  Average daily volume (ADV) for the quarter was 3.9 million contracts, up 24 percent from the same period last year.  Electronic trading volume increased 42 percent, boosting the percentage of trades executed on the CBOT's electronic trading platform to 78 percent of total exchange ADV in 2007's first quarter, up from 69 percent in the first quarter of 2006 and 73 percent in the fourth quarter of 2006.  The higher level of electronic trading, in part, reflects the favorable reception by market participants to the electronic trading of Agricultural futures during daytime hours.

The average rate per contract was $0.633 for the quarter compared with $0.552 in the first quarter of 2006.  The rate increase primarily resulted from changes in trading fees implemented in 2006, as part of the company's strategy to further segment its pricing structure.  The average rate per contract also benefited from increased electronic trading of Agricultural contracts following the August 1, 2006, introduction of electronic trading of Agricultural futures during daytime trading hours.  The average rate per contract represents total exchange and clearing fee revenue divided by total reported trading volume.

Total operating expenses for the first quarter were $98.2 million, up 16 percent over the prior year's first quarter.  Excluding merger-related expenses of $13.0 million for the quarter, operating expenses were relatively flat compared with the prior year period.  Volume-based expenses of $23.9 million rose 21 percent, in line with the growth in trading volume. Baseline and other costs, or non-volume based expenses, were $74.3 million this quarter compared with $64.7 million in the first quarter of 2006, a 15 percent increase.  Excluding first quarter 2007 merger-related expenses, non- volume based expenses were down about 5 percent from last year's first quarter.

Disciplined expense management was a key factor in delivering higher operating margins in the first quarter.  The operating margin for the quarter increased to 47.7 percent from 39.7 percent in the same period last year. Excluding merger-related expenses, the operating margin for the quarter was 54.6 percent.

  Other Financial Metrics
  (in millions, except rate per contract)
                                                   Q1 FY07        Q1 FY06

  Average Daily Volume                                 3.9            3.1
  Reported Trading Volume                            239.7          192.7
  Average Rate per Contract                         $0.633         $0.552
  Depreciation & Amortization                        $11.5          $14.1
  Non-Cash Stock Compensation                         $0.8           $0.4
  Capital Expenditures                                $2.9           $4.2


  CBOT First Quarter 2007 Operational Highlights
  -- Launched a new stock index futures contract based on the Dow Jones U.S.
     Real Estate Index(SM) (DJUSRE), designed to help market participants
     capitalize on changes in the real estate sector of the stock market and
     better manage commercial real estate exposure.
  -- Expanded the CBOT Swap complex with a 30-year Interest Rate Swap
     futures contract, providing the swap market with a tradable reference
     point at the long end of the swap curve.
  -- Announced plans to launch mini-sized Ag futures contracts on CBOT's
     electronic trading platform on May 14, 2007.  The CBOT mini-sized Corn,
     Soybeans and Wheat contracts will trade electronically during overnight
     hours, while continuing to trade by open auction during daytime hours.

  Outlook


The guidance outlined below is based on the company's current operating model as a standalone company and does not take into account merger-related expenses expected to be incurred in connection with the merger agreement between CBOT and CME or the unsolicited proposal from ICE.  Given current market conditions and what is known today, CBOT currently expects the following:

                                                 Fiscal Year  Second Quarter
                                                      2007         2007
                                                   ($s in millions, except
                                                      per contract data)
  Baseline and other expenses, which equal
   total operating expenses less volume-based
   expenses (excludes merger-related expenses)    $250 - $260    $62 - $65

  Non-cash stock compensation expense included
   in baseline expenses                           $4.1 - $4.5  $1.5 - $1.6

                                                      Fiscal Year and
                                                     Second Quarter 2007
  Volume-based expenses, which include clearing
   costs and contracted license fees, per
   reported contract                               Around $0.100 to $0.102

  Absent changes in transaction mix, the average
   rate per contract should approximate the
   first quarter rate.




The company does not provide an outlook for trading volume or revenue but does report the trading volume daily on its website at http://www.cbot.com/cbot/pub/page/0,3181,834,00.html#daily .

                1Q      4Q      3Q       2Q     1Q      4Q      3Q      2Q
               2007    2006    2006     2006   2006    2005    2005    2005
  Trading Days  62      63      63       63     62      63      64      64
  AVERAGE RATE
   PER CONTRACT
  (in dollars)
  PRODUCT:
   Interest
    Rate      $0.552  $0.569  $0.568  $0.523  $0.517  $0.537  $0.469  $0.467
   Agriculture 0.966   0.931   0.790   0.680   0.673   0.666   0.631   0.643
   Equity
    Index      0.799   0.803   0.779   0.712   0.760   0.789   0.672   0.630
   Metals,
    Energy &
    Other      0.822   1.001   1.048   0.986   1.312   1.559   1.360   1.312
     Overall
      average
      rate per
      contract 0.633   0.653   0.618   0.564   0.552   0.570   0.501   0.499

  VENUE:
   Open-
    Auction    0.516   0.522   0.524   0.515   0.515   0.507   0.485   0.483
   Electronic  0.587   0.612   0.562   0.503   0.495   0.506   0.411   0.397
   Off-
    Exchange   2.821   3.179   3.172   2.564   2.296   2.299   2.117   2.404
     Overall
      average
      rate per
      contract 0.633   0.653   0.618   0.564   0.552   0.570   0.501   0.499


             AVERAGE DAILY VOLUME (Round Turns, in thousands)

                     1Q     4Q     3Q     2Q     1Q     4Q     3Q     2Q
                    2007   2006   2006   2006   2006   2005   2005   2005
  PRODUCT:
   Interest Rate   3,032  2,480  2,507  2,588  2,561  1,951  2,123  2,368
   Agriculture       631    611    490    529    412    331    350    404
   Equity Index      138    112    110    131    113    112    103    115
   Metals, Energy
    & Other           65     65     56     54     22      9      5      3
     Total         3,866  3,269  3,163  3,302  3,108  2,404  2,582  2,889

  VENUE:
   Open-Auction      733    813    850    990    887    685    773    940
   Electronic      3,031  2,375  2,232  2,220  2,132  1,633  1,707  1,843
   Off-Exchange      102     81     81     91     88     86    102    106
     Total         3,866  3,269  3,163  3,302  3,108  2,404  2,582  2,889


                     TRANSACTION FEES (in thousands)

           1Q        4Q       3Q       2Q       1Q      4Q      3Q      2Q
          2007      2006     2006     2006     2006    2005    2005    2005
  PRODUCT:
   Interest
   Rate $103,697  $88,894  $89,673  $85,339  $82,032 $65,994 $63,741 $70,733
   Agricul-
    ture  37,818   35,821   24,378   22,664   17,176  13,869  14,150  16,604
   Equity
    Index  6,815    5,677    5,416    5,859    5,337   5,588   4,439   4,627
   Metals,
    Energy &
    Other  3,323    4,116    3,699    3,360    1,805     908     393     252
  Total $151,653 $134,509 $123,166 $117,221 $106,351 $86,360 $82,722 $92,216

  VENUE:
   Open-
   Auc-
   tion  $23,468  $26,730  $28,060  $32,136  $28,356 $21,885 $23,979 $29,085
   Elect-
   ronic 110,345   91,570   79,000   70,341   65,442  52,013  44,872  46,883
   Off-Ex-
   change 17,840   16,209   16,106   14,745   12,552  12,462  13,871  16,247
  Total $151,653 $134,509 $123,166 $117,221 $106,351 $86,360 $82,722 $92,216


  Earnings Conference Call



CBOT Executives will host a conference call to review its first quarter results today, April 19, 2007, at 8:00 a.m. ET / 7:00 a.m. CT.  The conference call and any accompanying slides will be publicly available via live webcast from the investor relations section of the CBOT Holdings website at http://www.cbot.com/ .  The webcast will be available for replay at the same address approximately two hours following its conclusion.  Those who wish to listen to the conference call via telephone should dial 888.396.2298 (U.S. callers) and 617.847.8708 (International callers) at least 10 minutes before the call begins. The verbal passcode for the call is "CBOT Holdings."  To listen to an archived recording after the call, please dial 888-286-8010 (U.S. callers) and 617-801-6888 (International callers).  The passcode for the replay is 40764305.

Use of Non-GAAP Financial Information

In this press release, we use non-GAAP financial measures of operating performance.  For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure, calculated and prepared in accordance with generally accepted accounting principles in the United States ("GAAP").  Non-GAAP financial measures do not replace and are not a substitute for our GAAP financial results, but are provided to present the effects of expenses recorded by CBOT Holdings, Inc. in connection with our proposed merger with Chicago Mercantile Exchange Holdings, Inc. and the unsolicited offer from IntercontinentalExchange, Inc., and to improve overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP financial results provide useful information to both management and investors regarding certain additional financial and business trends relating to financial condition and operating results. In addition, our management uses these measures for reviewing financial results and evaluating financial performance.

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") and the Chicago Mercantile Exchange Holdings Inc. ("CME"), the parties have filed relevant materials with the Securities Exchange Commission ("SEC"), including a joint proxy statement/prospectus regarding the proposed transaction. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION, BECAUSE IT CONTAINS IMPORTANT INFORMATION.  Investors are able to obtain a free copy of the joint proxy statement/prospectus, as well as other filings containing information about CBOT and CME without charge, at the SEC's website ( http://www.sec.gov/ ).  Copies of the joint proxy statement/prospectus can also be obtained when available, without charge by directing a request to CBOT Holdings, Inc., Attention: Investor Relations, at 141 West Jackson, Chicago, Illinois 60604 or calling [phone].

CBOT, CME and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from CBOT shareholders in respect of the proposed transaction.  Information regarding CBOT directors and executive officers is available in CBOT's 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 may contain forward-looking information regarding CBOT, 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 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 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 ability to obtain governmental approvals of the transaction on the proposed terms and schedule; the failure of CBOT shareholders or CME shareholders 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 CBOT's filings with the SEC, including its Report on Form 10-K for the fiscal year ending December 31, 2006 which is available on CBOT's 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.

Other Information

"Dow Jones," and "Dow Jones U.S. Real Estate Index" are service marks of Dow Jones & Company, Inc., and have been licensed for use for certain purposes by CBOT.  CBOT's DJUSRE Index futures contract based on the Dow Jones U.S. Real Estate Index(SM), is not sponsored, endorsed, sold or promoted by Dow Jones, or any of its subsidiaries or affiliates, and none of Dow Jones, or any of its respective subsidiaries or affiliates make any representation regarding the advisability of investing in such contracts.

                     CBOT Holdings, Inc. and Subsidiaries
                Consolidated Statements of Financial Condition
                          (unaudited, in thousands)

                           03/31/06  06/30/06  09/30/06  12/31/06  03/31/07
           ASSETS
   Current assets:
     Cash and cash
      equivalents:
       Unrestricted         $99,882   $60,629   $92,950  $177,664  $181,077
       Held under deposit
        and membership
        transfers             4,966     5,279     2,790     1,503     6,792
     Total cash and cash
      equivalents           104,848    65,908    95,740   179,167   187,869

     Restricted cash         29,203     9,182     9,220       975     3,115
     Short term investments 253,979   327,956   338,426   312,411   362,366
     Accounts receivable -
      net of allowance       50,962    55,959    60,099    62,451    79,280
     Deferred income taxes    1,921     2,240     2,489         -         -
     Prepaid expenses        23,233    20,778    19,020     9,492    15,355
       Total current assets 464,146   482,023   524,994   564,496   647,985

   Property and equipment:
     Land                    34,234    34,234    34,234    34,234    34,234
     Buildings and
      equipment             335,415   340,113   341,171   343,271   345,473
     Furnishings and
      fixtures              189,188   180,813   184,098   184,913   185,854
     Computer software and
      systems                93,719    93,294    93,987    93,942    93,935
     Construction in
      progress                4,469     4,145     4,853     1,906     1,539
       Total property and
        equipment           657,025   652,599   658,343   658,266   661,035
     Less accumulated
      depreciation and
      amortization          412,108   415,691   426,282   433,989   445,241
       Property and
        equipment - net     244,917   236,908   232,061   224,277   215,794

   Other assets - net        21,229    23,403    23,304    22,557    21,618
   Total assets            $730,292  $742,334  $780,359  $811,330  $885,397


    LIABILITIES AND
     STOCKHOLDERS' EQUITY

   Current liabilities:
     Accounts payable       $12,965   $12,291   $13,125   $11,149   $20,256
     Accrued clearing
      services               15,023    16,490    15,670    16,226    18,796
     Accrued real estate
      taxes                   6,078     8,108     5,605     7,473     5,500
     Accrued payroll costs    2,966     4,931     7,739     9,859     3,996
     Accrued exchange fee
      rebates                   659       400       450       675       972
     Accrued employee
      termination             1,755     1,141       786       624        31
     Accrued liabilities      7,241    10,672    10,935    11,007    10,569
     Funds held for deposit
      and membership
      transfers              33,220    13,532    11,088     1,562     8,991
     Current portion of
      long-term debt         19,455    20,014    11,877    10,716         -
     Income tax payable      24,425     6,001    10,325    10,428    35,371
     Other current
      liabilities               432       412       278       562       493
       Total current
        liabilities         124,219    93,992    87,878    80,281   104,975

   Long-term liabilities:
     Deferred income tax
      liabilities            14,872    12,200     8,680     2,984       833
     Other liabilities       13,837    14,080    12,371    19,645    14,831
       Total long-term
        liabilities          28,709    26,280    21,051    22,629    15,664

   Total liabilities        152,928   120,272   108,929   102,910   120,639

   Stockholders' equity:
     Common stock                53        53        53        53        53
     Additional paid-in
      capital               487,404   488,651   489,195   489,817   490,664
     Retained earnings       89,821   133,281   182,094   226,961   282,352
     Accumulated other
      comprehensive income
      (loss)                     86        77        88    (8,411)   (8,311)
   Total stockholders'
    equity                  577,364   622,062   671,430   708,420   764,758

   Total liabilities and
    stockholders' equity   $730,292  $742,334  $780,359  $811,330  $885,397

  The current balance sheet presentation does not reflect the adoption of
  Financial Accounting Standards Board Interpretation ("Fin 48") "Accounting
  for Uncertain Tax Positions", which is currently being finalized. Any
  adjustment as a result of the adoption will not have an impact on the
  income statement, but rather will result in an adjustment to stockholders'
  equity. Any potential impact from the adoption of Fin 48 will be
  reflected in the consolidated financial statements filed with the
  Securities Exchange Commission in the company's first quarter 10-Q.


                     CBOT Holdings, Inc. and Subsidiaries
                      Consolidated Statements of Income
               (unaudited, in thousands, except per share data)

                                              QUARTER ENDED
                             06/30/06 09/30/06  12/31/06  03/31/07 03/31/06
   Revenues:
     Exchange fees            $91,855  $93,901  $104,448  $117,680  $83,120
     Clearing fees             25,366   29,265    30,061    33,973   23,231
     Market data               26,286   23,709    24,970    25,082   23,643
     Building                   5,910    5,768     5,956     5,915    5,505
     Services                   4,299    4,431     3,280     4,234    4,236
     Other                        407      550       543       853      351
       Total revenues         154,123  157,624   169,258   187,737  140,086

   Expenses:
     Clearing services         19,490   18,671    19,225    21,796   18,023
     Contracted license fees    1,914    1,771     1,858     2,119    1,738
     Salaries and benefits     19,028   18,955    18,820    20,487   19,102
     Depreciation and
      amortization             14,789   13,671    12,252    11,520   14,086
     Professional services      4,558    3,661    14,401    16,654    3,939
     General and administrative
      expenses                  4,546    3,885     4,837     4,477    5,076
     Building operating costs   6,002    5,406     6,450     6,420    6,603
     Information technology
      services                 11,885   13,282    11,951    11,772   12,230
     Programs                   3,086    2,497     3,525     2,991    2,627
     Severance and related
      costs                       (22)      67       133       (18)   1,036
       Operating expenses      85,276   81,866    93,452    98,218   84,460

       Income from operations  68,847   75,758    75,806    89,519   55,626

   Non-operating Income and
    Expense
     Interest income            4,363    5,382     5,879     6,376    3,483
     Interest expense            (388)    (304)     (236)     (216)    (585)
       Non-operating income     3,975    5,078     5,643     6,160    2,898

   Income before income taxes  72,822   80,836    81,449    95,679   58,524

   Income taxes
     Current                   32,168   35,460    33,585    41,992   25,466
     Deferred                  (3,042)  (3,777)    2,794    (2,122)  (2,291)
       Total income taxes      29,126   31,683    36,379    39,870   23,175

   Income before equity in
    unconsolidated subsidiary  43,696   49,153    45,070    55,809   35,349

   Equity in loss of
    unconsolidated subsidiary
    - net of tax                 (237)    (340)     (203)     (418)    (246)
       Net income             $43,459  $48,813   $44,867   $55,391  $35,103

  Earnings per share:
    Basic                       $0.82    $0.92     $0.85     $1.05    $0.66
    Diluted                     $0.82    $0.92     $0.85     $1.05    $0.66

  Weighted average number of
   common stock shares:
    Basic                      52,792   52,794    52,795    52,798   52,787
    Diluted                    52,848   52,865    52,887    52,900   52,840

  At December 31, 2006, the company changed the format of its income
  statement.  The company reclassified interest income and interest expense
  from revenue and operating expense, respectively, to a non-operating
  income and expense section in the consolidated statements of income.
  Accordingly, prior period amounts have been reclassified to conform to
  current period presentation.

  Operating expense makeup:
   Volume-based                21,404   20,442    21,083    23,915   19,761
   Baseline                    63,894   61,357    72,236    74,321   63,663
   Other                          (22)      67       133       (18)   1,036
     Total                     85,276   81,866    93,452    98,218   84,460


                     CBOT Holdings, Inc. and Subsidiaries
                    Consolidated Statements of Cash Flows
                          (unaudited, in thousands)

                                             QUARTER ENDED
                            06/30/06 09/30/06  12/31/06  03/31/07  03/31/06
   Cash flows from
    operating activities:
     Net income              $43,459  $48,813   $44,867   $55,391   $35,103
     Adjustments to reconcile
      net income to net cash
      flows from operating
      activities:
       Depreciation and
        amortization          14,789   13,671    12,252    11,520    14,086
       Deferred income taxes
        (benefit)             (3,042)  (3,777)    2,794    (2,122)   (2,291)
       Stock-based
        compensation           1,248      544       543       847       413
       Change in allowance for
        doubtful accounts         85       20      (368)       27         -
       (Gain)/loss on foreign
         currency transaction     11        3         -         -        (2)
       (Gain)/loss on sale or
         retirement of fixed
         assets                    -       21        38        10         7
       Equity in loss of
        unconsolidated
        subsidiary               394      567       338       418       411
       Amortization of short
        term investment
        discounts               (125)  (2,674)    2,545    (1,252)   (1,094)
       Changes in assets and
        liabilities:
         Accounts receivable  (2,150)  (4,602)     (651)  (18,065)  (16,654)
         Income tax receivable/
          payable            (18,424)   4,324       103    24,943    18,674
         Prepaid expenses      2,455    1,758     3,003    (5,863)   (4,823)
         Other assets         (2,628)     428       528       418       376
         Accounts payable       (674)     834    (1,976)    9,107    (7,490)
         Accrued clearing
          services             1,467     (820)      556     2,570     3,737
         Accrued real estate
          taxes                2,030   (2,503)    1,868    (1,973)   (1,652)
         Accrued payroll costs 1,965    2,808     2,120    (5,863)   (3,385)
         Accrued exchange fee
          rebates               (259)      50       225       297      (541)
         Accrued employee
          termination           (614)    (355)     (162)     (593)   (1,308)
         Accrued liabilities   1,047      148    (1,877)      771      (702)
         Funds held for deposit
          and membership
          transfers          (19,688)  (2,444)   (9,526)    7,429    18,399
         Other current
          liabilities            (20)    (134)     (105)      (13)   (4,751)
         Other long-term
          liabilities            243   (1,709)      140    (4,814)      253

       Net cash flows
        from operating
        activities            21,569   54,971    57,255    73,190    46,766

   Cash flows from
    investing activities:
     Acquisition of property
      and equipment           (6,658)  (8,721)   (4,550)   (2,929)   (4,195)
     Purchase of short term
      investments           (275,633) (85,151) (265,940) (224,285) (124,483)
     Proceeds from short term
      investments            201,781   77,355   289,410   175,582   111,486
     Restricted cash          20,021      (38)    8,245    (2,140)  (15,172)
     Proceeds from sale of
      property and equipment       -       (1)        -         -        93
     Investment in joint
      ventures                   (20)  (1,000)      (10)        -      (254)

       Net cash flows from
        (used in) investing
        activities           (60,509) (17,556)   27,155   (53,772)  (32,525)

   Cash flows from
    financing activities:
     Repayments of borrowings      -   (7,583)   (1,062)  (10,716)  (10,714)
     Excess tax benefit of
      stock compensation           -        -        79         -         -

       Net cash flows used in
        financing activities       -   (7,583)     (983)  (10,716)  (10,714)

   Net increase (decrease)
    in cash and cash
    equivalents              (38,940)  29,832    83,427     8,702     3,527

   Cash and cash
    equivalents - beginning
    of period                104,848   65,908    95,740   179,167   101,321

   Cash and cash
    equivalents - end of
    period                   $65,908  $95,740  $179,167  $187,869  $104,848

   Cash paid for:
     Interest                   $110     $550       $10      $377      $736
     Income taxes (net of
      refunds)               $50,434  $30,910   $33,268   $17,049    $6,627
  Non-cash activity:
     FAS 159 pension
      adjustment                  $-       $-   $14,176        $-        $-


  Reconciliation of GAAP to Non-GAAP Financial Measures


CBOT used non-GAAP financial measures of operating performance to eliminate merger-related expenses incurred in the first quarter of 2007. Non-GAAP measures do not replace and are not a substitute for our GAAP financial results but are provided to improve overall understanding of our current financial performance and our prospects for the future.

  Quarter Ended March 31, 2007 ($s in millions, except per share)

                                            Merger-related       Adjusted
                            As Reported        Expenses         (Non-GAAP)

  Income from Operations       $89.5            $13.0             $102.5

  Operating Margin %            47.7%             6.9%              54.6%

  Net Income                   $55.4            $13.0              $68.4

  Diluted Earnings Per Share   $1.05            $0.24              $1.29


DATASOURCE: CBOT Holdings, Inc.



CONTACT: Media, Maria Gemskie, Craig Grabiner, [phone],

, or Investor, Debbie Koopman, [phone],

 , all of CBOT Holdings



Web site:  http://www.cbot.com/ 

Copyright