Other

Filed by CBOT Holdings, Inc. Pursuant to

Rule 425 under the Securities Act of 1933 and

deemed filed pursuant to Rule 14a-6 under the

Securities Exchange Act of 1934

Subject Company

CBOT Holdings, Inc.

(Commission File No. 001-32650)

CBOT Holdings, Inc. William Blair Annual Growth Stock Conference June 20, 2007 Bernard Dan, President and Chief Executive Officer

JUNE 20, 2007 Certain statements in this presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and includes any use of the words “may,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue”.  These statements are based on management’s current expectations and involve assumptions that may be subject to change or risks and uncertainties that could cause actual results to differ materially from those set forth in the statements.  Accordingly, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statement contained in this presentation.  The factors that may affect our performance may be found in the joint proxy statement/prospectus described below and the Annual Report on Form 10-K and other periodic reports filed by CBOT Holdings, Inc. with the U.S. Securities and Exchange Commission (“SEC”). These filings can be obtained at the SEC’s website at www.sec.gov . We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. 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 and supplement regarding the proposed transaction. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND SUPPLEMENT REGARDING THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION.  Investors are able to obtain a free copy of the joint proxy statement/prospectus and supplement, 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 and supplement can also be obtained without charge by directing a request to CBOT Holdings, Inc., Attn: Investor Relations, at 141 West Jackson, Chicago, Illinois 60604 or calling (312) 435-3500. CBOT and its respective 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 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

Market leader: Futures and options on futures #2 in United States #3 in World

Overview Industry Trends Growth Strategies Financial Review Merger Update

Industry Trends Globalization Rapid international growth Technological advances Increased trading speed Shifts in production and consumption Industry consolidation Intensifying global competition among futures, cash and over-the-counter markets

2.1 2.6 3.4 4.0 4.6 6.1 2001 2002 2003 2004 2005 2006 Large, Expanding Market         Strong Secular Trends Source: Futures Industry Association Note:     Excludes options on individual equities Global Futures & Options on Futures Contract Volume (billions of contracts) Technological Advances Globalization Emerging Economies and Urbanization Commodities as an Asset Class Importance of Risk Management Asset Class Convergence U.S. Government Spending Deregulation Secular Growth Drivers

1,037 1,365 1,804 2,372 2,677 3,211 3,108 3,866 7% 20% 31% 20% 28% 44% 40% 48% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2001 2002 2003 2004 2005 2006 1Q06 1Q07 0% 25% 50% 75% Average Daily Volume (000's) Operating Margin (%) Strong Operating Leverage: Record volume and earnings Item 2001-2006 CAGR Avg. Daily Volume 25% Revenues 20% Expenses 8%

Trading volume up 20% Revenues increased 35% Net income grew 125% 2006 Record Year

Well-Positioned in Dynamic Global Industry Stronger Base to Build Core Derivatives Business Accretive Transaction Platform for Product Innovation and Growth Substantial Benefits Transaction expected to create value for shareholders of both companies Synergy Opportunities Significant User Benefits CBOT and CME Shareholder Benefits

CBOT: Growth Strategies Product enhancements Product innovation Global expansion Leveraging technology

Growth Strategies: Product Enhancements Growth in 5 and 10-Year Swap Futures Strong growth since Citigroup and Goldman Sachs began providing liquidity July 3, 2006 Through June 15, 2007 ADV up 178 percent Fourth quarter 2006 ADV up 57 percent Third quarter 2006 ADV up 44 percent

Growth Strategies: Product Innovation Seven new products in 2006 Address customer needs Respond to changing marketplace trends Anticipate a future need

Seven New Products in 2006 Full-Sized Gold Options Silver Options $25 Big Dow Futures Soybean Crush Options Binary Options Growth Strategies: Product Innovation Ethanol Dow Jones AIG Excess return Commodity Index

New Products in 2007 Dow Jones SM U.S. Real Estate Index SM Futures 30-year Interest Rate Swap Futures CBOT CDR Liquid 50 TM North American Investment Grade Futures (to launch June 25, 2007) Growth Strategies: Product Innovation

Expanding Global Reach

373 404 350 331 412 529 490 611 631 523 668 0 100 200 300 400 500 600 700 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 Q206 QTD* Q207 QTD* -20 0 20 40 60 80 100 120 140 ADV Growth vs. Pr Yr Agriculture Complex Growth Rate % Thousands *Thru June 15

Agricultural Futures Trading Volume – % Electronic Side-by-Side Trading of Agricultural Futures Started 08/01/06 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Thousands 0% 20% 40% 60% 80% 100% Total Ag Futures % Electronic Ag Futures

Successful Launch of Side-by-Side Trading of Ags Greater Global Access to Benchmark Agricultural Products Single Pool of Liquidity Between Trading Venues      40% increase in firms trading Ag contracts

Growth Strategies: Global Expansion Mini-Ags Provides enhanced trading opportunities Greater access to CBOT markets globally

Growth Strategies: Global Expansion JADE – Benefits and Strengths Location: Singapore, the Asia-Pacific financial center that has a strong regulatory regime Geography: Asia is the major growth engine for production/consumption of commodities and commodity derivatives JV Partners: Both CBOT and SGX are market leaders in their individual fields Electronic Trading Platform: e-cbot, with its proven technology Clearing: SGX Derivatives Clearing First Cross Border Asian-Pacific Commodity Marketplace Specific appeal to Asia by trading ‘Asian’ Commodities

Growth Strategies: Leveraging Technology Technology upgrades on e-cbot ® Innovative development of trading models

Financial Options Traded Electronically - - - % - Electronic 14 24 28 29 34 54 85 92 86 96 71 79 0 25 50 75 100 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q06 QTD* 2Q07 QTD* 0 5 10 15 20 25 30 ADV (000s) e-cbot % *Thru June 15

CBOT: Growth Strategies Product enhancements Product innovation Global expansion Leveraging technology

Financial Review

Strong Operating Leverage $349 $190 $126 $90 $101 $62 2001 2002 2003 2004 2005 2006 EBITDA ($mm) * Operating Income ($mm) $12 $62 $119 $77 $130 $276 2001 2002 2003 2004 2005 2006 * EBITDA is a Non-GAAP financial measure.  Reconciliation of this to the most comparable GAAP financial measure can be found at the end of this presentation

First Quarter 2007 Open Auction 19% Electronic 78% Off Exchange 3% CBOT Average Daily Volume by Trading Platform 2007 versus        2006 (millions of dollars, thousands of contracts) Revenue up 34% $140 $188 3,108 3,866 Average Daily Volume up 24%

Reported Volume Growth Through June 15, 2007 2007 versus        2006 (thousands of contracts) 3,406 3,967 Second quarter to date ADV up 16% 3,253 3,913 Year to date ADV up 20%

Rate per Contract $0 $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $0.000 $0.100 $0.200 $0.300 $0.400 $0.500 $0.600 $0.700 Exchange Rev ($) 54,351 52,529 49,675 46,326 66,518 69,657 62,696 68,086 83,120 91,855 93,901 104,44 117,68 Clearing Rev ($) 16,589 19,634 18,609 18,724 21,277 22,559 20,027 18,274 23,231 25,366 29,265 30,061 33,973 RPC ($) 0.519 0.455 0.451 0.424 0.507 0.499 0.501 0.570 0.552 0.564 0.618 0.653 0.633 0.651 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 May* 2Q06 to 3Q06: 10% increase 1Q06 to 2Q06: 2% increase Overall Rate per Contract (RPC) 3Q06 to 4Q06: 6% increase Thousands 4Q06 to 1Q07: 3% decrease *3-Month Rolling Average through May 2007

First Quarter 2007 39.7% 47.7% 39.7% 54.6% GAAP Non-GAAP* Net Income up 58% *Excludes $13.0 million in merger-related expenses Operating margin of 47.4% versus 39.7% $35.1 $55.4 $35.1 $68.4 GAAP Non-GAAP* 2007 versus        2006 (millions of dollars)

Strong Operating Leverage New products Enhancing existing products and services Global expansion Leveraging technology efforts Fixed-cost control Strong cash flow with high capital efficiency Efficient and scalable operating platform

Navigating the Future CBOT / CME Merger  – a Superior Combination Opportunity to create both short and long- term value for shareholders and members Conducted thorough review of ICE proposal Boards concluded that the CME proposal offered greater benefits overall for shareholders, customers and members

The right to continue as a class member in the CBOE lawsuit with all of its substantial upside recovery potential and a guarantee, even if the lawsuit is lost, of up to a $250,000 payment; OR For members who do not want to pursue the lawsuit, the right to sell their Exercise Right Privilege to the corporation for $250,000 payable following the closing of the merger Cap removed on CBOE Exercise Rights litigation Exercise Rights: Mid-2007 (subject to shareholder and CBOT member approvals), Regulatory approval has been received Anticipated Closing: Accretive to earnings of the combined company on a cash basis within 12 months and on a GAAP basis within 12-18 months after the closing Expected Accretion: Terrence A. Duffy, Executive Chairman; Charles P. Carey, Vice-Chairman; Craig S. Donohue, CEO Management: For each CBOT share, shareholders will receive 0.3500 CME shares All stock transaction; cash election eliminated Consideration: All CBOT stockholders would receive a cash dividend of $9.14 per share of Class A common stock if the CBOT/CME merger closes Dividend: 30 Directors to include 20 Directors from CME and 10 Directors from CBOT until 2012 Board of Directors: CME Shareholders:   65.4%                CBOT Shareholders: 34.6% Pro Forma Ownership: Transaction Summary

Access to distinct products and services on a single trading platform Low integration risk – timely and efficient Proven track record Migration to Globex Q1 2008 Trading Floor consolidation Q2 2008 Delivers Significant Advantages CBOT / CME Merger – Best Strategic Alternative $150+ million estimated annual cost savings expected to be achieved year two post closing $75+ million potential revenue synergies Expected to be accretive to earnings 12-18 months post close Share repurchase expected to provide additional accretive Financially Compelling

Navigating the Future CBOT / CME Merger Poised to Create a Premier Global Exchange Combined CBOT and CME will be well positioned to : Develop innovative products Compete successfully in the international exchange space Participate in the growing OTC marketplace

CBOT/CME Merger - Next Steps CBOT shareholder and CBOT member votes scheduled for July 9, 2007 Expect transaction to close in mid-2007 Integration planning ongoing

CBOT: Looking to the Future Increase access to our markets Deepen pools of liquidity Ensure market integrity

Supplementary Information

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. As Reported Merger- related Expenses Adjusted  (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 Supplementary Information Reconciliation of GAAP to Non-GAAP Financial Measures First Quarter 2007

Supplementary Information 2000 2001 2002 2003 2004 2005 2006 Non-GAAP Financial Measure - EBITDA $37 $62 $101 $90 $126 $190 $349 Deduct: Interest Expense (7) (7) (5) (4) (5) (3) (2) Income Tax Expense (1) (5) (24) (22) (33) (55) (120) Depreciation and Amortization Expense (41) (44) (38) (33) (46) (55) (55) Comparable GAAP Measure - Net Income ($12) $6 $34 $31 $42 $77 $172 Reconciliation of Non-GAAP Measure Earnings before Interest, Tax, and Depreciation and Amortization Expense (EBITDA) to Net Income ($ in millions)

Historical Volume 672 771 1,064 1,452 1,937 2,199 511 648 109 117 139 2,534 3,071 239 241 365 337 290 265 15 21 36 62 95 49 1 3 5 55 3,913 927 1,037 1,365 1,804 2,372 2,677 3,211 2000 2001 2002 2003 2004 2005 2006 2007 YTD** Metals, energy, and other Equity index Agricultural Interest rate Average Daily Volume (in thousands) *May not add due  to rounding **2007 YTD thru June 15, 2007

CBOT’s Volume Growth  Average Daily Volume by Venue (in thousands) 62 209 513 935 1,382 1,739 2,240 3,067 865 828 797 792 885 834 885 730 54 76 105 105 85 116 3,913 3,211 2,677 2,372 1,804 1,365 1,037 927 2000 2001 2002 2003 2004 2005 2006 2007 YTD** Off-exchange Open-auction Electronic *May not add due  to rounding **2007 YTD thru June 15, 2007

Services $16 3% Interest Income & Other $2  0% Building $23 4% Market Data $99  16% Exchange Fees & Clearing $481 77% Sources of Revenue for 2006 Total Exchange & Clearing Fees = $481 mm Metals $13 3% 30 yr $59 12% 5 yr $69  14% 10 yr $170 35% Agriculture $100  21% 2 yr $21  4% 30 day + other $27  6% Equities $22 5% Year 2006 Revenue Components ($ in millions) Year 2006 Exchange & Clearing Fees ($ in millions) Total Revenues = $621 mm