(RULE 14A-101)


                           SCHEDULE 14A INFORMATION
                     EXCHANGE ACT OF 1934 (AMENDMENT NO. )

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[  ]  Preliminary Proxy Statement                [  ]  Confidential, For Use
                                                       of the Commission Only
[  ]  Definitive Proxy Statement                       (as permitted byRule
[  ]  Definitive Additional Materials                  14a-6(e)(2))
[X ]  Soliciting Material Under Rule 14a-12

                   Chicago Mercantile Exchange Holdings Inc.
               (Name of Registrant as Specified in Its Charter)

   (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

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         The following communication was distributed to owners of shares of
Class B-3 common stock of Chicago Mercantile Exchange Holdings Inc. on or
about March 25, 2003:

                   Leon Shender for director CME board 2003
                      Contact me at
                           Or by phone: 773-960-6978

I am making an important appeal to you as a candidate for the IOM/B3
directorship. As a recent CME board member and an equity owner I am deeply
concerned that our interests are not being adequately represented by our
board. Because of our reorganization, the board has been downsized. This was
necessary, but it has left our IOM division with only one representative. It
is now considerably more important that this be an individual who shares the
perspective and interests of our IOM/B3 membership.

When I last asked for your vote, you trusted me to help guide our radical
change from a private institution to a publicly owned exchange. That move has
helped shareholders realize the ownership value that was implied in our
memberships. Now we share ownership with the public. In time, the outside
investor will own increasingly more and more of our exchange and the board
will be presented with many conflicts. The new Board will have to balance the
needs of traders with investors. Where in the past members shared common
goals, the investor's only concern is Price/Earning ratios and the NYSE ticker

Traders must always have a strong voice at the Board level. As traders with a
vested stake in the long term success of the exchange we provide an anchor
against the mishaps of the economy. That factor cannot be accounted for in
annual reports, nor computed. Trading skills and market knowledge breathe life
into our markets everyday, and the insight of professionals who have committed
their careers to our institution must not be discounted. Trading must be of
primary concern to continue to nurture and protect the Chicago Mercantile
Exchange. We must elect a trader.

I have been an independent trader and order filler for 27 years. I have been
an equity owner all of that time. No other candidate can make these claims.
Our current B3 director is a very nice guy, always on the floor with a
handshake and a joke. Unfortunately he is not a trader, and he has never seen
fit to risk his own equity in the exchange. He is an employee of a member
firm. The other candidate has very little committee experience, has never been
in a position of leadership, and has deep ties to broker groups. As an
independent owner and former Director I have the requisite experience and
viewpoint to decide critical issues putting your interests which are also my
only interests first.

The CME has been a fortunate recipient of global market volatility. It has
helped us produce record profits as well as ideal trading conditions. We as
traders know that markets turn and volume and liquidity are not constants. We
are near that critical juncture where we need to elect a Director with trading
and Board experience. I will be there, as I always have to help lead.


Leon Shender

                                             Please see reverse for disclaimer

Chicago Mercantile Exchange Holdings Inc. has filed a definitive proxy
statement with the Securities and Exchange Commission ("SEC") regarding the
Annual Meeting of Shareholders to be held on April 22, 2003. Shareholders of
Chicago Mercantile Exchange Holdings Inc. are urged to read the definitive
proxy statement and any other relevant materials filed by Chicago Mercantile
Exchange Holdings Inc. with the SEC because they contain, or will contain,
important information about Chicago Mercantile Exchange Holdings Inc. and the
Annual Meeting. The definitive proxy statement and other relevant materials
(when they become available), and any other documents filed by Chicago
Mercantile Exchange Holdings Inc. with the SEC, may be obtained free of charge
at the SEC's web site at In addition, shareholders may obtain
free copies of these documents by contacting Chicago Mercantile Exchange
Holdings Inc., Shareholder Relations and Membership Services, 30 South Wacker
Drive, Chicago, Illinois 60606. Shareholders are urged to read the definitive
proxy statement and the other relevant materials (when they become available)
before making any voting decision with respect to matters to be acted on at
the Annual Meeting.

The preceding letter was prepared and distributed solely by the candidate. The
views and opinions expressed therein are solely those of the candidate and do
not necessarily reflect the views or opinions of Chicago Mercantile Exchange
Holdings Inc. or its directors, officers or employees, nor have these views or
opinions been approved or sanctioned by any of them.