NEWS RELEASE

Chinese Version of Melamed Memoirs Slated in Effort to Further Development of Financial Futures in China

For Immediate Release
Chicago Mercantile Exchange
May 27, 2004

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SHANGHAI/CHICAGO, May 27, 2004 – "Escape to the Futures," the published memoirs of Leo Melamed (John Wiley & Sons), which was described by Nobel laureate economist Milton Friedman as "a well-written, fascinating memoir of a remarkable man," has been translated into Chinese as part of an effort to further develop financial futures markets in China. Mr. Melamed, Chairman Emeritus and Senior Policy Advisor of Chicago Mercantile Exchange Inc. (CME), the largest futures exchange in the United States, is recognized as the "father of financial futures."

The translation was sponsored by the Shanghai Securities Newspaper Publishing House. Mr. Melamed will be speaking at a banquet hosted by the Shanghai Futures Exchange (SHFE) in Shanghai on Friday, May 28th to commemorate the event. Mr. Melamed and CME CEO Craig Donohue are in Shanghai to participate in the Derivatives Market Forum-Metals Market sponsored by SHFE.

"I am honored to be at this celebration and by the fact that the Shanghai Securities Newspaper Publishing House undertook to publish a translation of my memoirs," said Mr. Melamed in prepared remarks for the banquet. "The Chinese language translation could not have been possible without the special efforts of my friends Yang Ke, Chen Hen, Jiang Yang, CEO of Shanghai Futures Exchange, as well as the Chairwoman, Madam Wang Li-Hua of the SHFE."

The book, co-written with the late, award-winning financial journalist Bob Tamarkin, the CME historian, weaves together Mr. Melamed’s life story with his reflections on the reconstruction of the modern CME during some of the most momentous financial events of the 20th Century.

This marks the second translation of Mr. Melamed’s memoirs, which will be used in Chinese universities as a resource for the development of a futures market exchange and financial products. "Escape to the Futures" was previously translated in Japanese and published in 1997 by the Bank of Japan to help Japanese students better understand futures markets.

All royalties will be donated to the U.S. Holocaust Memorial Museum. Mr. Melamed and his family fled the occupation of Poland in 1939.

Under Mr. Melamed’s 30 years of leadership, CME was transformed into the world’s foremost financial futures marketplace. He is recognized as the founder of the concept of financial futures, with the introduction of foreign currency futures in 1972 and the launching of the International Monetary Market (IMM). Mr. Melamed was appointed by President Bush and President Clinton as a council member of the U.S. Holocaust Memorial Museum, as was chosen by F. Richard Ciccone, the former editor of the Chicago Tribune, among the top ten Chicagoans in business during the 20th Century.

Chicago Mercantile Exchange Inc. (www.cme.com) is the largest futures exchange in the United States. As an international marketplace, CME brings together buyers and sellers on its trading floors and GLOBEX® electronic trading platform. CME offers futures and options on futures primarily in four product areas: interest rates, stock indexes, foreign exchange and commodities. The exchange moved about $1.5 billion per day in settlement payments in the first quarter of 2004 and managed $38.1 billion in collateral deposits at March 31, 2004. CME is a wholly-owned subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE: CME), which is part of the Russell 1000® Index.

Chicago Mercantile Exchange, CME, the globe logo and GLOBEX are registered trademarks of Chicago Mercantile Exchange Inc. Further information about CME and its products is available on the CME Web site at www.cme.com.

Media Contacts:
David P. Prosperi, 312/634-8604
news@cme.com

Investor Contact:
John Peschier, 312/930-8491

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