CME Group - Director Independence

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Director Independence

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Pursuant to its Corporate Governance Principles, the Board of Directors of CME Group undertook a review of director independence with respect to our directors in July 2007. During this review, the Board of Directors considered relationships and transactions between each director, any member of his or her immediate family, his or her affiliates, charitable organizations with which he or she was affiliated, and CME. The purpose of the review was to determine whether any such relationships or transactions were inconsistent with a determination that the director is independent. As a result of its review, the Board determined that more than a majority of CME Group's directors are "independent" as defined by its Independence Standards, set forth below. All of the members of CME Group's Audit, Compensation, Governance and Nominating Committees are independent.

INDEPENDENCE STANDARDS

A director who satisfies the independence standards of the New York Stock Exchange and the NASDAQ Global Select Market and meets all of the following categorical standards shall be presumed to be "independent":

The director does not (directly or indirectly as a partner, shareholder or officer of another company) provide consulting, legal or financial advisory services to the Company or the Company's present or former auditors.
Neither the director nor any member of his or her immediate family is a significant shareholder in the Company's Class A Common Stock or Class B Common Stock. For purposes of this categorical standard, a shareholder shall be considered significant if the ownership of shares of Class A Common Stock is greater than five percent (5%) of the outstanding Class A Common Stock or if the ownership of shares of any series of Class B Common Stock is greater than five percent (5%) of the outstanding Class B Common Stock in such series.
Neither the director nor any member of his or her immediate family serves as an executive officer or director of a civic or charitable organization that receives significant financial contributions from CME or the CME Foundation. For purposes of this categorical standard, the Board of Directors shall determine whether a financial contribution is considered significant on a case-by-case basis; provided, however, that any contribution less than $100,000 or two percent (2%) of that entity's total annual charitable receipts and other revenues, whichever is greater, shall be presumed to be insignificant.

In addition, the Board of Directors has determined that a director who acts as a floor broker, floor trader, employee or officer of a futures commission merchant,clearing member firm or other similarly situated person that intermediates transactions in or otherwise uses CME Group products and services shall be presumed to be "independent," if he or she otherwise satisfies all of the above categorical standards and the independence standards of the New York Stock Exchange and the NASDAQ Global Select Market and such transactions are made in the ordinary course of business of the Company on terms consistent with those prevailing at the time for corresponding transactions by similarly situated, unrelated third parties.

Revised December 2006