The Audit Committee of CME Holdings recommended this action to the Board of Directors upon careful consideration, after new developments regarding Arthur Andersen have emerged. The decision to change auditors occurred after the company's 2002 proxy statement was filed with the Securities and Exchange Commission and mailed to shareholders. As a result, the Board has removed ratification of Arthur Andersen from the agenda of CME Holdings' annual meeting of shareholders on April 17, 2002.
"At this time, the Audit Committee, Board and management of CME Holdings determined it was in the best interests of the company and its shareholders to make a change," said Jim McNulty, President and Chief Executive Officer. "However, we acknowledge the excellent and professional work that our team of Arthur Andersen auditors have provided over the years."
Chicago Mercantile Exchange Holdings Inc. is the parent company of Chicago Mercantile Exchange Inc. (www.cme.com), the largest futures exchange in the United States based on notional value, trading volume and open interest. As an international marketplace, CME brings together buyers and sellers on its trading floors and GLOBEX around-the-clock electronic trading platform. CME offers futures contracts and options on futures primarily in four product areas: interest rates, stock indexes, foreign exchange and commodities. The exchange moves about $1.5 billion
