Document:

Fifth Amandment to License Agreement

 Exhibit 10.8 
  
 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 EXECUTION 
  
 FIFTH AMENDMENT TO 
 LICENSE AGREEMENT DATED

 June 5, 1997 
  
 This FIFTH Amendment, dated as of October 29, 2003, to the License Agreement dated June 5, 1997 made by and between Dow Jones & Company, Inc.
(“Dow Jones”), having an office at 200 Liberty Street, New York, New York 10281, the Board of Trade of the City of Chicago (“CBOT”), having an office at 141 West Jackson Boulevard, Chicago, IL 60604, as previously amended by an
Amendment to the License Agreement dated as of September 9, 1997 (the “First Amendment”) and a Second Amendment to the License Agreement dated as of February 18, 1998 (“Second Amendment”) and a Third Amendment to the License
Agreement dated as of May 1998 (the “Third Amendment”) and a Fourth Amendment to the License Agreement dated as of December 19, 2001 (the “Fourth Amendment”) (the License Agreement”). 
  
 WHEREAS, the Licensee currently has a license pursuant to which it may use
certain Dow Jones proprietary indexes (as more particularly described in the License Agreement, the “Indexes”) in connection with the trading and issuance of the Products (as defined in the License Agreement) on or through Licensee, and to
use one or more of the Dow Jones Marks (as more particularly set forth in the License Agreement) in connection therewith; and 
  
 WHEREAS, the Licensee would also like to use the [**], and such other indexes as the parties may agree to add in writing (the “Additional
Indexes”) in connection with the trading and issuance of Products based on each of those Additional Indexes; 
  
 WHEREAS, the Licensee would also like to the right to sublicense certain rights it has under the License Agreement (as amended hereby) [**]; 

 
 WHEREAS, the Licensee and Dow Jones have agreed to amend the License
Agreement to permit Licensee’s use of the [**] and Additional Indexes in connection with the trading of Products based on such indexes and to use the related service marks in connection therewith, to allow Licensee to sublicense certain rights
to [**] and to clarify certain other rights and obligations, all on the terms and conditions provided herein. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the License Agreement, and pursuant to
Section 12(c) thereof, the parties hereby agree to amend the License Agreement as follows: 
  
 1. Section 1(a) of the License Agreement is hereby amended by adding after Section 1(a)(7): “(8)(A) Subject to the terms and conditions of the License Agreement, Dow Jones hereby grants to Licensee a further
non-transferable (except to a sublicensee pursuant to Section 1(a)(9)), non-exclusive, worldwide license to (i) use the [**] in connection with trading Products that are based on such Average on or through Licensee twenty-four (24) hours a day; (ii)
use the Additional Indexes in connection with trading Products that are based on such Additional Indexes on or through Licensee twenty-four (24) hours a day and (iii) to use and refer to the service marks designating the [**] in connection with such
listing, and the marketing and promotion of Products based on the [**] and the Additional Indexes, as the case may be, in order to indicate the source of such indexes and to make such disclosure about those Products as Licensee deems necessary or
desirable under any applicable federal or state laws, rules or regulations. 
  
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 (B) Except as otherwise expressly provided herein, the Products based on the [**] and the Additional
Indexes shall be subject to all other terms and conditions of this License Agreement that apply to the Products (including, without limitation, the applicable License Fees). 
  
 (C) Except as otherwise expressly provided herein, the [**] and the Additional Indexes shall be subject to all other terms
and conditions of this License Agreement as apply to the Indexes. For the avoidance of doubt, the license with respect to the [**] and the Additional Indexes shall be non-exclusive. 
  
 (D) Except as otherwise expressly provided herein, the Additional Marks shall be subject to all other terms and conditions
of this License Agreement as apply to the Dow Jones Marks. For the avoidance of doubt, (i) the license with respect to the Additional Marks shall be non-exclusive; and (ii) [**] is a Dow Jones Mark 
  
 (9) Notwithstanding any other provision of this Agreement, Licensee may
sublicense its rights with respect to the [**] and the service marks that designate such indexes to [**] for use with Products to be traded only during the hours of [**], subject to [**] execution of a Sublicense Agreement substantially in the form
attached as Schedule D hereto.” 
  
 2. Section 1(b) of the
License Agreement is hereby amended by adding at the end thereof: “Notwithstanding anything to the contrary in this Section 1(b), Licensee may list Products of various contract sizes based on the same Index or Additional Index. For example,
Licensee may list a Product based on the [**] with a contract size of approximately [**] and a Product with a contract size of approximately [**]. Any contract size shall be subject to Dow Jones’ prior approval, which approval shall not be
unreasonably withheld.” 
  
 3. Section 4(e) of the License
Agreement is hereby deleted and replaced with the following: 
  
 “During any Renewal Term, Dow Jones may terminate this Agreement if at the end of any Year (beginning with the end of the Fifth Year), the volume of the Products trading on the CBOT and any permitted sublicensee during such Year was
equal to or less than (a) in the case of the Initial Product an average of [**] contracts traded (round turn) per day or (b) in the case of any [**] Products based on any one or more of the [**], in the aggregate, an average number of contracts
traded (round turn) per day equal to (i) [**] (ii) the number of Products based on the [**].” 
  
 4. The License Agreement is hereby amended by adding a new Schedule D, which shall be the form Sublicense Agreement set forth in Exhibit I hereto.

  
 5. Except as otherwise expressly set forth herein, all
provisions of the License Agreement shall remain in full force and effect. Except as otherwise specified herein, all capitalized terms used in this Amendment shall have the meaning ascribed to them in the License Agreement 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Fifth
Amendment to the License Agreement to be executed as of the date first set forth above. 
  

			
	DOW JONES & COMPANY, INC.
		
	By:	 	 /s/ Michael A. Petronella

	Name:	 	Michael A. Petronella
	Title:	 	President, Dow Jones Indexes
	Date:	 	 

  

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	BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
		
	By:	 	 /s/ Bernard W. Dan

	Name:	 	Bernard W. Dan
	Title:	 	President and Chief Executive Officer
	Date:	 	 

  

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 EXHIBIT I TO FIFTH AMENDMENT 
 SCHEDULE D 
 SUBLICENSE AGREEMENT 
  
 This Sublicense Agreement (the “Sublicense Agreement”), dated as of
                     is made by and among Dow Jones & Company, Inc. (“Dow Jones” or “Licensor”), [**] (the
“Sublicensee”), and Board of Trade of the City of Chicago, Inc. (“Sublicensor”). 
  
 W I T N E S S E T H 
  
 WHEREAS, pursuant to that certain License Agreement, dated as of June 5, 1997, by and between Dow Jones & Company, Inc. (“Licensor”) and Sublicensor (as amended, the “License Agreement”), Dow
Jones has granted Sublicensor a license to use certain copyright, trademark and proprietary rights and trade secrets of Licensor in connection with the issuance, sale, marketing and/or promotion of certain financial products (as more particularly
described in the License Agreement, the “Products”); 
  
 WHEREAS, Sublicensee wishes to issue, sell market and/or promote certain Products based on certain indexes and to use and refer to certain related service marks in connection therewith; 
  
 WHEREAS, except as otherwise expressly provided herein, all capitalized terms
used herein shall have the meanings assigned to them in the License Agreement unless otherwise defined herein. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, it is agreed as follows: 
  
 1. License. (a) Subject to the terms and conditions of this
Agreement, Sublicensor hereby grants to the Sublicensee a non-transferable, non-sublicensable and non-exclusive worldwide sublicense (i) to [**] and the marketing and promotion of the Products, in order to indicate the source of the Indexes and as
may otherwise be required by applicable laws, rules or regulations or under this Agreement. Subject to the terms and conditions of this Agreement, including the applicable time periods set forth in the license granted in Section 1(a)(1), (2) and
(3), the Products may be traded on or through the Sublicensee on each calendar day that the Sublicensee is open for trading, provided, however, in no event may the Products be traded on any affiliate of [**] without Dow Jones’ prior written
consent. 
  
 (b) As used in this Agreement, “Products”
means the products designated on Schedule B hereto that are based upon one or more of the Indexes (but not any part of any Index other than the whole Index, and not any subset of the components of any Index) and correlated to the underlying
securities comprising such Indexes, and that are to be traded on or through the Sublicensee. The terms of the Products, and any material changes therein, will be subject to Licensor’s prior written consent. Unless otherwise expressly agreed by
Sublicensor in writing, the Initial Product at the Commencement Date will have a contract size of approximately [**] as of the 
  

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 Commencement Date. As used in this Agreement, the “Initial Product”) means a Product based on the
[**]. As used in this Agreement, “Commencement Date” means the first day of trading in the Initial Product. Notwithstanding anything to the contrary in this Section 1(b), Sublicensee may issue Products of various contract sizes
based on the same Index or Additional Index. For example, Sublicensee may issue a Product based on [**] with a contract size of approximately [**] and a Product with a contract size of approximately [**]. Any contract size shall be subject to
Sublicensor’s prior approval, which approval shall not be unreasonably withheld. 
  
 (c) Sublicensor agrees that no person or entity other than the Sublicensee shall need to obtain a license from Sublicensor with respect to the sale and purchase of the Products. 
  
 (d) Nothing contained in this Agreement shall restrict Dow Jones or
Sublicensor from licensing any one or more of the Indexes or the Dow Jones Marks to any other person or entity at any time. 
  
 (e) Nothing contained in this Agreement constitutes a license to the Sublicensee to use any one or more of the Indexes other than in connection with the
listing for trading, marketing and promotion of the Products. 
  
 (f) Sublicensee acknowledges that the Indexes and the Dow Jones Marks are the exclusive property of Dow Jones, who has and retains all Intellectual Property and other proprietary rights therein. Except as otherwise specifically provided
herein, Dow Jones reserves all rights to the Indexes and the Dow Jones Marks, and this Agreement shall not be construed to transfer to the Sublicensee any ownership right to, or equity interest in, the Indexes or the Dow Jones Marks, or in any
Intellectual Property or other proprietary rights pertaining thereto. 
  
 (g) Sublicensee acknowledges that the Indexes and their compilation and composition, and any changes therein, are and will be in the complete control and sole discretion of Dow Jones. 
  
 2. Term. 
  
 The term of this Agreement shall commence as of the Effective Date and shall
remain in full force and effect until the close of business on [**], unless this Agreement is terminated earlier as provided herein (the “ Term”); provided, however, that notwithstanding any other provision of this Agreement, a
“Year” shall mean a calendar year commencing on January 1. 
  
 3. License Fees. 
  
 (a) As consideration for
the license granted herein, the Sublicensee shall pay to Sublicensor license fees (“Sublicense Fees”) as set forth on Schedule C hereto. 
  

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 (b) Sublicensor shall have the right to audit on a confidential basis the relevant books and records
of the Sublicensee to confirm the accuracy of any one or more calculations of License Fees. Sublicensor shall bear its own costs of any such audit unless it is determined that Sublicensor has been underpaid by [**] or more with respect to the
payments being audited, in which case Sublicensor’s costs of such audit shall be paid by the Sublicensee. 
  
 4. Termination. 
  
 (a) If there is a material breach of this Agreement by any party (such party, the “breaching party,” and, the other party, the
“non-breaching party”), or if any party (such party, the “harmed party”) believes in good faith that material damage or harm is occurring to its reputation or good will be reason of its continued performance
hereunder (other than pursuant to Section 4(g)), then the non-breaching party or the harmed party, as the case may be, may terminate this Agreement, effective thirty (30) days after written notice thereof to the other parties (with reasonable
specificity as to the nature of the breach or the condition causing such damage or harm, as the case may be, and including a statement as to such party’s intent to terminate), unless the other party shall correct such breach or the condition
causing such damage or harm, as the case may be, within such 30-day period. 
  
 (b) The Licensor, Sublicensee or Sublicensor may terminate this Agreement upon ninety (90) days prior notice to the other (or such lesser period of time as may be necessary pursuant to law, rule, regulation or court
order) if (i) any legislation or regulation is finally adopted or any government interpretation is issued that prevents the Sublicensee from listing for trading, marketing or promoting the Initial Product; (ii) any material litigation or material
regulatory proceeding regarding the Initial Product is commenced and such party reasonably believes that such litigation or regulatory proceeding is reasonably likely to have a material and adverse effect on the good name or reputation of such party
or on such party’s ability to perform its obligations under this Agreement. The Licensor, Sublicensee or Sublicensor may terminate this Agreement with respect to any one or more specific Products (but not this Agreement in its entirety) upon
ninety (90) days prior written notice to the other (or such lesser period of time as may be necessary pursuant to law, rule regulation or court order) if (i) any legislation or regulation is finally adopted or any government interpretation is issued
that prevents the Sublicensee from listing for trading, marketing or promoting such Product; (ii) any material litigation or material regulatory proceeding regarding such Product is commenced and such Party reasonably believes that such litigation
or regulatory proceeding is reasonably likely to have a material and adverse effect on the good name or reputation of such Party or on such Party’s ability to perform its obligations under this Agreement; or (iii) the Sublicensee elects to
terminate the listing for trading of such Product. 
  
 (c)
Licensor or Sublicensor may terminate this Agreement upon ninety (90) days prior written notice to the Sublicensee (or such lesser period of time as may be necessary pursuant to law, rule, regulation or court order) if (i) any legislation or
regulation is finally adopted or any government interpretation is issued that 
  

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 in Licensor or Sublicensor’s reasonable judgment materially impairs Dow Jones’ ability to license and
provide the Indexes or the Dow Jones Marks under the License Agreement or Licensor or Sublicensor’s ability to sublicense and provide the Indexes or the Dow Jones Marks under this Agreement, (ii) any litigation or proceeding is commenced which
relates, directly or indirectly, to Dow Jones’ licensing and providing the Indexes or the Dow Jones Marks under the License Agreement or Licensor’s or Sublicensor’s licensing and proving the Indexes or the Dow Jones Marks under this
Agreement, or any such litigation proceeding is threatened and Licensor or Sublicensor as the case may be, reasonably believes that such litigation or proceeding would be reasonably likely to have a material and adverse effect on the Indexes or the
Dow Jones Marks or on Dow Jones’ ability to perform under the License Agreement or Sublicensor’s ability to perform under this Agreement, or (iii) Dow Jones elects (other than pursuant to Section 4(g)) to cease compiling, calculating and
publishing values of the Indexes. 
  
 (d) Sublicensor may
terminate this Agreement (i) 180 days after the Effective Date if the Initial Product has not by such date received all necessary regulatory authorizations for listing and trading, or (ii) 30 days after the date of receipt of all such necessary
regulatory authorizations if the Initial Product has not by then been listed, with trading having commenced. 
  
 (e) Licensor or Sublicensor may terminate this Agreement upon written notice to the Sublicensee if any securities exchange ceases to provide data to Dow
Jones necessary for providing the Indexes, terminates Dow Jones’ right to receive data in the form of a “feed” from such securities exchange, materially restricts Dow Jones’ right to redistribute data received from such
securities exchange, or institutes charges of a type or to an extent applicable to Dow Jones (and not to others generally) for the provision of data to Dow Jones or the redistribution of data by Dow Jones. 
  
 (f) Notwithstanding anything to the contrary herein, Dow Jones shall have
the right, in its sole discretion, to cease compiling, calculating and publishing values of any one or more of the Indexes. Licensor or Sublicensor shall have the right to terminate this Agreement with respect only to such Indexes, at any time that
Dow Jones determines that such Indexes no longer meet or will not be capable of meeting the criteria established by Dow Jones for maintaining such Indexes (and in such event Licensor or Sublicensor, as the case may be, will use all reasonable
efforts to provide the Sublicensee with as much prior notice as is reasonably practicable under the circumstances), but in no event shall Sublicensor or Dow Jones have any liability to Sublicensee under this Agreement for ceasing to compile,
calculate or publish values of any Index, for terminating the Agreement on the basis thereof or for failing to provide Sublicensee with prior notice. 
  
 (g) Notwithstanding anything to the contrary herein, in the event that there shall occur any change in law (statutory law, case law or otherwise)
relating to or affecting the liability of index providers to third parties, and Dow Jones thereafter ceases to engage in the business of providing real-time data, Sublicensee shall have the right to terminate this Agreement upon written notice to
the Sublicensor and Dow Jones. 
  

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 (h) In the event either the Sublicensee, Sublicensor or Licensor shall give notice of termination
pursuant to this Section 4 (but excluding Section 4(d)), any Products then listed (“Pending Products”) may continue to be traded to the expiration date thereof, and (i) to the extent necessary for such purpose, the license granted in
Section 1(a) and Sublicensor’s obligations under Sections 5(b), 5(c) and 7, and (ii) the Sublicensee’s obligations under Sections 5(h), 6, 7, 8(b) and 9 shall be deemed to continue until the expiration date of the last of such Pending
Products. Notwithstanding the above, any Pending Products without open interest which are farther out than the farthest contract month with open interest shall be terminated. Notwithstanding the above, in the event of a termination by Licensor or
Sublicensor under Sublicensor under Section 4(a) by reason of any breach by the Sublicensee relating to its obligations under this Agreement with respect to Sublicensor’s Intellectual Property, Section 6(g) shall continue to apply to the
Sublicensee. 
  
 (i) This Agreement shall terminate automatically
upon the termination of the License Agreement. 
  
 5.
Sublicensor Obligations; Sublicensee’s Obligations. 
  
 (a) Sublicensor is not, and shall not be, obligated to engage in any way or to any extent in any marketing or promotional activities in connection with the Products or in making any representation or statement to investors or prospective
investors in connection with the marketing or promotion of the Products by the Sublicensee. At the Sublicensee’s request, Sublicensor and Dow Jones will provide Sublicensee with all reasonable cooperation in connection with Sublicensee
obtaining and maintaining regulatory approval for the Products. 
  
 (b) Dow Jones agrees to provide reasonable support for the Sublicensee’s development and educational efforts with respect to the Products as follows: 
  
 (i) Dow Jones shall respond in a timely fashion to any reasonable requests by the Sublicensee for information regarding the
Indexes. 
  
 (ii) Dow Jones or its agent shall, or
Sublicensor/Dow Jones shall arrange for a third party vendor to, calculate, and provide to the Sublicensee via a feed, through a dedicated line, as well as a dial-up backup line, the values of each of the Indexes at least once every [**], or more
frequently if agreed by the parties, on each day that the New York Stock Exchange (or the applicable exchange from which such Index is derived) is open for trading, in accordance with Dow Jones’ current procedures, which procedures may be
modified by Dow Jones. 
  
 (iii) Dow Jones shall promptly
correct, or instruct its agent to correct, any mathematical errors made in Dow Jones’ computations of the Indexes of which Sublicensee becomes aware. 
  
 Notwithstanding anything herein to the contrary, nothing in this Section 5 shall give the the Sublicensee the right to exercise any judgment or require any changes with
respect to Dow Jones method of composing, calculating or determining the Indexes, and nothing in this Section 5 shall be deemed to modify the provisions of Section 9 of this Agreement. 
  

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 (c) [Intentionally deleted.]. 
  
 (d) Dow Jones shall use reasonable efforts to safeguard the confidentiality
of all impending changes in the components or method of computation of the Indexes until such changes are publicly disseminated, shall require the same of any agent with whom it has contracted for computation thereof. Dow Jones shall implement
reasonable procedures so that only those persons at Dow Jones directly responsible for change s in the composition or method of computation of the Indexes shall be granted access to information respecting impending changes. 
  
 (e) The Sublicensee will use best efforts to obtain commitments from major
market makers to dedicate traders and capital to provide tight, deep and liquid markets for the Products. 
  
 (f) Prior to the Commencement Date, the Sublicensee will adopt, and during the Term the Sublicensee will maintain, as part of its rules, to be set forth
in the terms of the Products and in the Sublicensee’s Rules and Regulations, a limitation on liability of licensors of indexes, with respect to trading on or through the Sublicensee, which is in form and substance substantially as set forth in
the New York Stock Exchange Rule 813. 
  
 (g) In the event that
any third party shall commence any litigation, action or proceeding, or make any claim, against Sublicensor or Dow Jones which alleges liability of Sublicensor or Dow Jones by reason of miscalculation or error in any Dow Jones index (whether or not
any Product is based on such index), the Sublicensee shall, at the request of Sublicensor and/or Dow Jones, as applicable, participate in the defense thereof in any manner reasonably requested by Sublicensor and/or Dow Jones, as applicable, at the
Sublicensee’s own expense up to an aggregate of [**] of out-of-pocket expenses therefore. 
  
 6. Trademark Filings; Recognition of Intellectual Property Rights; Protection of Intellectual Property; Quality Control. 
  
 (a) During the Term, Dow Jones shall apply for such trademark and trade name registrations for the Dow Jones Marks only in such jurisdictions, if any,
where Dow Jones, in its sole discretion, considers such filings appropriate. The Sublicensee shall reasonably cooperate with Sulicensor and Dow Jones in the maintenance of such rights and registrations and shall do such acts and execute such
instruments as are reasonably necessary or appropriate for such purpose. The Sublicensee shall use the following notice when referring to any of the Indexes or any of the Dow Jones Marks in any information materials to be used in connection with the
Products (including, where applicable, advertisements, brochures and promotional and any other similar information materials, and any documents or materials required to be filed with governmental or regulatory agencies) that in any way use or refer
to Dow Jones, CBOT, any of the Indexes or any of the Dow Jones Marks (collectively, the “Informational Materials”); 
  

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 “Dow Jones” and [INSERT Name of Index(es)]TM,” are trademarks of Dow Jones & Company, Inc. and have been licensed for use
for certain purposes by [INSERT Name of Sublicensee]. [INSERT Name of Sublicensee]’s [INSERT Name of Product(s)] based on the [INSERT Name of Index]TM are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the
advisability of trading in such product(s). 
  
 or such similar language as may be
approved in advance in writing by Sublicensor. 
  
 (b)
Sublicensee agrees that the Dow Jones Marks and all Intellectual Property and other rights, registrations and entitlement thereto, together with all applications, registrations and filings with respect to any of the Dow Jones Marks and any renewals
and extensions of any such applications, registration and filings, are and shall remain the sole and exclusive property of Dow Jones. Sublicensee agrees to cooperate with Sublicensor and Dow Jones in the maintenance of such rights and registrations
and shall do such acts and execute such instruments as are reasonably necessary or appropriate for such purpose. Sublicensee acknowledges that each of the Dow Jones Marks is part of the business and goodwill of Dow Jones and agrees that it shall
not, during the term of this Agreement or thereafter, contest the fact that the Sublicensee’s rights in the Dow Jones Marks under this Agreement (i) are limited solely to the use of the Dow Jones Marks in connection with the listing for
trading, marketing, and/or promotion of the Products and disclosure about the Products under applicable law as provided in Section 1(a), and (ii) shall cease upon termination of this Agreement, except as otherwise expressly provided herein.
Sublicensee recognizes the great value of the reputation and goodwill associated with the Dow Jones Marks and acknowledges that such goodwill associated with the Dow Jones Marks belongs exclusively to Dow Jones and Sublicensor, and that Dow Jones is
the owner of all right, title and interest in and to the Dow Jones Marks in connection with the Products. Sublicensee further acknowledges that all rights in any translations, derivatives or modifications in the Dow Jones Marks which may be created
by or for the Sublicensee shall be and shall remain the exclusive property of Dow Jones and said property shall be and shall remain a part of the Intellectual Property subject to the provisions and conditions of this Agreement. Sublicensee shall
never, either directly or indirectly, contest Dow Jones’ exclusive ownership of any of the Intellectual Property or Sublicensor’s rights thereto. In the event that Sublicensor consents to, and the Sublicensee uses any Dow Jones Mark in
conjunction with the Sublicensee’s own trademark(s), such resulting mark shall be owned by Dow Jones, and shall be part of the Intellectual Property of Dow Jones and included in the Dow Jones Marks as defined herein. With respect to any such
composite mark: (i) neither Dow Jones nor Sublicensor shall register or apply for registration of such mark; 
  

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 (ii) neither Dow Jones nor Sublicensor shall use such mark; and (iii) after termination or expiration of this
Agreement, Dow Jones and Sublicensor shall disclaim ownership rights in Licensee’s own trademark forming a part of such mark and shall assign to Sublicensee any rights in Sublicensee’s own trademark forming a part of such mark and the
goodwill associated therewith that Dow Jones or Sublicensor might have acquired during the Term. 
  
 (c) In the event that the Sublicensee learns of any infringement or imitation of any of the Indexes and/or any Dow Jones Mark, or of any use by any
person of a trademark similar to any of the Dow Jones Marks, it shall promptly notify Dow Jones. Dow Jones shall take such action as it deems advisable for the protection of rights in and to the Indexes and the Dow Jones Marks and, if requested to
do so by Sublicensor or Dow Jones, the Sublicensee shall cooperate with Sublicensor and Dow Jones in all respects, at Dow Jones’ expense, including, without limitation, by being a plaintiff or co-plaintiff and, upon the reasonable request of
Dow Jones or Sublicensor, by causing its officers to execute appropriate pleadings and other necessary documents. In no event, however, shall Dow Jones or Sublicensor be required to take any action it deems inadvisable. The Sublicensee shall have no
right to take any action with would materially affect any of the Indexes and/or any of the Dow Jones Marks without the prior written approval of Dow Jones and Sublicensor. 
  
 (d) The Sublicensee shall use its best efforts to protect the goodwill and reputation of Dow Jones, Sublicensor, the
Indexes and the Dow Jones Marks in connection with its use of the Indexes and any of the Dow Jones Marks under this Agreement. The Sublicensee shall submit to Dow Jones and Sublicensor, for Dow Jones and Sublicensor’s review and approval, and
the Sublicensee shall not use until receiving Dow Jones and Sublicensor’s approval thereof in writing, all Informational Materials. Dow Jones and Sublicenor’s approval shall be required with respect to the use of any description of Dow
Jones, Sublicensor, any of the Indexes or any of the Dow Jones Marks. Dow Jones and Sublicensor shall notify the Sublicensee of its approval or disapproval of any Informational Materials within 72 hours (excluding any day which is a Saturday or
Sunday or a day on which The New York Stock Exchange is closed) following receipt thereof from the Sublicensee. Once Informational Materials have been approved by Dow Jones and Sublicensor, subsequent Informational Materials which do not alter the
use or description of Dow Jones, Sublicensor, such Indexes or such Dow Jones Marks, as the case may be, need not be submitted for review and approval by Dow Jones and Sublicensor. 
  
 (e) Except as may be expressly otherwise agreed in writing by Sublicensor/Dow Jones, or as otherwise permitted or required
under this Agreement, the Dow Jones Marks and the Sublicensee’s marks, the marks of any of their respective affiliates or the marks of any third party, to the extent they appear in any Informational Material, shall appear separately and shall
be clearly identified with regard to ownership. Whenever the Dow Jones Marks are used in any Informational Material in connection with any of the Products, the name of the Sublicensee shall appear in close proximity to the Dow Jones Marks so that
the identity of the Sublicensee, and its status as an authorized licensee of such Dow Jones Marks, is clear and obvious. 
  

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 (f) Sublicensee agrees that any proposed change in the use of the Dow Jones Marks shall be submitted
to Dow Jones and Sublicensor for, and shall be subject to, Dow Jones and Sublicensor’s prior written consent. 
  
 (g) If at any time Sublicensor is of the opinion that the Sublicensee is not properly using the Intellectual Property in connection with the Products or
Informational Materials, or that the standard of quality of any of the Products or Informational Materials does not conform to the standards as set forth herein, Sublicensor shall give notice to the Sublicensee to that effect. Upon receipt of such
notice, the Sublicensee shall forthwith correct the defects in the non-conforming Products or Informational Materials so that they comply with all required standards or cease (subject to regulatory requirements) the listing, marketing and promotion
of the non-conforming Products or Informational Materials. 
  
 7.
Proprietary Rights. 
  
 (a) The Sublicensee expressly
acknowledges and agrees that the Indexes are selected, compiled, coordinated, arranged and prepared by Dow Jones through the application of methods and standards of judgment used and developed through the expenditure of considerable work, time and
money by Dow Jones. The Sublicensee also expressly acknowledges and agrees that the Indexes and the Dow Jones Marks are valuable assets of Dow Jones and the Sublicensee agrees that it will take reasonable measures to prevent any unauthorized use of
the information provided to it concerning the selection, compilation, coordination, arrangement and preparation of the Indexes. 
  
 (b) Dow Jones and Sublicensor expressly acknowledge and agree that: (i) Sublicensee has the exclusive property rights in and to Market Data; (ii) Market
Data constitutes valuable Confidential Information and proprietary rights of Sublicensee; and (iii) Sublicensee’s trademarks and trade names, including but not limited to, [**] are valuable assets of Sublicensee. “Market Data” shall
mean bids, asks and market prices, opening and closing range prices, high-low prices, settlement prices, estimated and actual contract volume and other information regarding [**] market activity, including exchange for physical transactions
(excluding the values of Dow Jones indexes). 
  
 (c) Each party
shall treat as confidential and shall not disclose or transmit to any third party (i) any documentation or other materials that are marked as “Confidential” by the providing party and (ii) the terms of this Agreement (collectively,
“Confidential Information”). Confidential Information as described in clause (i) of the preceding sentence shall not include (A) any information that is available to the public or to the receiving party hereunder from sources other than
the providing party (provided that such source is not subject to a confidentiality agreement with regard to such information) or (B) any information that is independently developed by the receiving party without use of or reference to information
from the providing party. 
  

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 (d) Notwithstanding the foregoing, either party may reveal Confidential Information to any
regulatory agency or court of competent jurisdiction if such information to be disclosed is (i) approved in writing by the providing party for disclosure of (ii) required by law, regulatory agency or court order to be disclosed by the receiving
party, provided, if permitted by law, that prior written notice of such required disclosure is given to the providing party and provided further that the receiving party shall cooperate with the providing party to limit the extent of such
disclosure. The provisions of Sections 7(c) and (d) shall survive termination or expiration of this Agreement for a period of [**] from disclosure by either party to the other of the last item of such Confidential Information. 
  
 8. Warranties; Disclaimers. 
  
 (a) Each party represents and warrants to the other that it has the
authority to enter into this Agreement according to its terms, and that its execution and delivery of this Agreement and its performance hereunder will not violate any agreement applicable to it or violate any applicable laws, rules or regulations.
Sublicensor represents that it owns and has the right to license hereunder the Intellectual Property licensed hereunder. The Sublicensee represents and warrants to Sublicensor and Dow Jones that the Products listed for trading, and the marketing and
promotion thereof, by the Sublicensee will not violate any agreement applicable to the Sublicensee or violate any applicable laws, rules or regulations, including without limitation, securities, commodities, and banking laws. 
  
 (b) The Sublicensee shall include the statement contained in Exhibit I
hereto in the terms and conditions of any Products (and upon request shall furnish copies thereof to Sublicensor), and the Sublicensee expressly agrees to be bound by the terms of the statement contained in Exhibit I hereto (which terms are
expressly incorporated herein by reference and made a part hereof). Any changes in the statement contained in Exhibit I hereto must be approved in advance in writing by an authorized officer of Sublicensor. 
  
 (c) Without limiting the disclaimers set forth in this Agreement (including
in Exhibit I hereto), in no event shall the cumulative liability of Sublicensor and Dow Jones to the Sublicensee and its affiliates under or relating to this Agreement at any time exceed the aggregate amount of License Fees received by Sublicensor
pursuant to this Agreement prior to such time. 
  
 (d)
Notwithstanding any other provision of this Agreement, in no event shall Sublicensor or Dow Jones be liable to the Sublicensee for damages of any kind (whether monetary, special, indirect, exemplary, incidental, consequential or otherwise) in
connection with any breach by Sublicensor of any of its covenants under this Agreement. In addition, in no event shall either Sublicensor or the Sublicensee be liable to the other for more than an aggregate of [**] (in respect of any and all claims)
for any special, indirect, exemplary, incidental or consequential damages (including loss of products or savings, but not including under any indemnification obligation under Section 9(a) even if such other party has been advised, knows or should
know of the possibility of same arising in connection this Agreement. 
  

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 9. Indemnification. 
  
 (a) Sublicensee shall indemnify and hold harmless Dow Jones, Sublicensor and their respective affiliates, and their
respective officers, directors, members, employees and agents (the “Indemnified Parties”), against any and all judgments, damages, liabilities, costs and losses of any kind (including reasonable attorneys’ and experts’ fees)
(collectively, “Losses”) that arise out of or relate to (i) any breach by the Sublicensee of its representations and warranties or covenants under this Agreement, or (ii) any claim, action or proceeding that arises out of or relates to (x)
this Agreement or (y) the Products, including, in either case, any claim, action or proceeding that the Products or the method by which they are offered for trading infringe the intellectual property rights of any person; provided, however, that
Sublicensor or Dow Jones must promptly notify the Sublicensee in writing of any such claim, action or proceeding (but the failure to do so shall not relieve the Sublicensee of any liability hereunder except to the extent that Sublicensee has been
materially prejudiced therefrom). Sublicensee may elect, by written notice to Sublicensor and Dow Jones within ten (10) days after receiving notice of such claim, action or proceeding from Sublicensor or Dow Jones, as the case may be, to assume the
defense thereof with counsel reasonably acceptable to Sublicensor and Dow Jones. If Sublicensee does not so elect to assume such defense or disputes its indemnity obligation with respect to such claim, action or proceeding, or if Dow Jones or
Sublicensor reasonably believes that there are conflicts of interest between Sublicensor or Dow Jones, on the one hand, and Sublicensee, on the other hand, or that additional defenses are available to Sublicensor or Dow Jones with respect to such
defense, then Sublicensor or Dow Jones, as the case may be, shall retain its own counsel to defend such claim, action or proceeding, at the Sublicensee’s expense. Sublicensee shall periodically reimburse Sublicensor for its expenses incurred
under this Section 9. Sublicensor or Dow Jones, as the case may be, shall have the right, at its own expense, to participate in the defense of any claim, action or proceeding against which it is indemnified hereunder; provided, however, that Dow
Jones or Sublicensor, as the case may be, shall have no right to control the defense, consent to judgment, or agree to settle any such claim, action or proceeding without the written consent of the Sublicensee unless such party waives its right to
indemnity hereunder. Sublicensee, in the defense of any such claim, action or proceeding, except with the written consent of Dow Jones or Sublicensor, as the case may be, shall not consent to entry of any judgment or enter into any settlement which
(i) does not include, as an unconditional term, the grant by the claimant to Sublicensor or Dow Jones, as the case may be, of a release of all liabilities in respect of such claims or (ii) otherwise adversely affects the rights of Sublicensor or Dow
Jones, as the case may be. 
  
 (b) Notwithstanding Section 9(a),
the Sublicensee shall not have any obligation to indemnify and hold harmless Sublicensor and its affiliates, and their respective officers, directors, members, employees and agents, to the extent that Losses arise out of or relate to (i) a breach by
Sublicensor of its representations, warranties or covenants under this Agreement, (ii) the willful or reckless misconduct of 
  

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 any of Sublicensor’s officers, directors, employees or agents acting within the scope of their authority, or
(iii) miscalculations or errors in an Index originated by Dow Jones (i.e., not including miscalculations or errors resulting from wrong information received by Dow Jones or from Dow Jones’ lack of information). 
  
 (c) The indemnification provisions set forth herein are solely for the
benefit of Dow Jones and are not intended to, and do not, create any rights or causes of actions on behalf of any third party. 
  
 10. Suspension of Performance. 
  
 Notwithstanding anything herein to the contrary, none of Dow Jones, Sublicensor or the Sublicensee shall bear responsibility or liability to each other
party or to third parties for any Losses arising out of any delay in or interruptions of performance of their respective obligations under this Agreement due to any act of God, act of governmental authority, or act of public enemy, or due to war,
the outbreak or escalation of hostilities, riot, fire, flood, civil commotion, insurrection. labor difficulty (including, without limitation, any strike, other work stoppage, or slow-down), severe or adverse weather conditions, power failure,
communications line or other technological failure, or other similar cause beyond the reasonable control of the party so affected; provided, however, that nothing in this Section 9 shall affect the Sublicensee’s obligations under Section
9(a)(ii). 
  
 11. Injunctive Relief. 
  
 In the event of a material breach by one party (“Breaching Party”)
of provisions of this Agreement relating to the Confidential Information of the other party (“Non-breaching Party”), the Breaching Party acknowledges and agrees that damages would be an inadequate remedy and that the Non-breaching Party
shall be entitled to preliminary and permanent injunctive relief to preserve such confidentiality or limit improper disclosure of such Confidential Information, but nothing herein shall preclude the Non-breaching Party from pursuing any other action
or remedy for any breach or threatened breach of this Agreement. All remedies under this Section 11 shall be cumulative. 
  
 12. Other Matters. 
  
 (a) This Agreement is solely and exclusively between the parties hereto and, except to the extent otherwise expressly provided herein, shall not be
assigned or transferred, nor shall any duty hereunder be delegated, by either party, without the prior written consent of the other party, and any attempt to so assign or transfer this Agreement or delegate any duty hereunder without such written
consent shall be null and void. This Agreement shall be valid and binding on the parties hereto and their successors and permitted assigns. 
  
 (b) This Agreement, including the Schedules and Exhibits hereto (which are hereby expressly incorporated into and made a part of this Agreement),
constitutes the entire agreement of the parties hereto with respect to its subject matter, 
  

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INDICATED BY [**]. 

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 and supersedes any and all previous agreements between the parties with respect to the subject matter of this
Agreement. There are no oral or written collateral representations, agreements or understandings except as provided herein. 
  
 (c) No waiver, modification or amendment of any of the terms and conditions hereof shall be valid or binding unless set forth in a written instrument
signed by duly authorized officers of both parties and approved y Dow Jones. The delay or failure by any party to insist, in any one or more instances, upon strict performance of any of the terms or conditions of this Agreement or to exercise any
right or privilege herein conferred shall not be construed as a waiver of any such term, condition, right or privilege, but the same shall continue in full force and effect. 
  
 (d) No breach, default or threatened breach of this Agreement by either party shall relieve the other party of its
obligations or liabilities under this Agreement with respect to the protection of the property or proprietary nature of any property which is the subject of this Agreement. 
  
 (e) All notices and other communications under this Agreement shall be (i) in writing, (ii) delivered by hand (with receipt
confirmed in writing), by registered or certified mail (return receipt requested), or by facsimile transmission (with receipt confirmed in writing), to the address or facsimile number set forth below or to such other address or facsimile number as
either party shall specify by a written notice to the other, and (iii) deemed given upon receipt. 
  

			
	If to Sublicensee:	  	  

	 	  	(Address)
	 	  	Attn:
	 	  	President/
	 	  	Fax No.
	With a Copy to:	  	  

		
	If to the Sublicensee:	  	Board of Trade of the City of Chicago
	 	  	141 West Jackson Boulevard
	 	  	Attn: Carol Burke, Executive Vice President & General Counsel
	 	  	Fax No. 312-341-3392
		
	If to Licensor:	  	Dow Jones & Company, Inc.
	 	  	4300 N. Route 1
	 	  	South Brunswick, NJ 08852
	 	  	Attn: Legal Department
	 	  	Phone: (609) 520-4091
	 	  	Fax: (609) 520-4021

  
 (f) This Agreement
shall be interpreted, construed and enforced in accordance with the laws of the State of New York without reference to or inclusion of the principles of choice of law or conflicts of law of that jurisdiction. It is 
  

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INDICATED BY [**]. 

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 the intent of the parties that the substantive law of the State of New York govern this Agreement and not the law of
any other jurisdiction incorporated through choice of law or conflicts of law principles. Each party agrees that any legal action, proceeding, controversy or claim between the parties arising out of or relating to this Agreement may be brought and
prosecuted only in the United States District Court for the Southern District of New York or in the Supreme Court of the State of New York in and for the First Judicial Department, and by execution of this Agreement each party hereto submits to the
exclusive jurisdiction of such court and waives any objection it might have based upon improper venue or inconvenient forum. Each party hereby waives any right it may have to a jury trial in connection with any legal action, proceeding, controversy
or claim between the parties arising out of or relating to this Agreement. 
  
 (g) This Agreement (and any related agreement or arrangement between the parties hereto) is solely and exclusively for the benefit of the parties hereto and their respective successors, and nothing in this Agreement
(or any related agreement or arrangement between the parties hereto), express or implied, is intended to or shall confer on any other person or entity (including, without limitation, any purchaser of any Products issued by the Sublicensee), any
rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement (or any such related agreement or arrangement between the parties hereto). 
  
 (h) Section 4, Sections 7(c) and (d) (as provided therein), Sections 8, 9, 11 and 12(e), (f) and (g), and this Section
12(h), shall survive the expiration or termination of this Agreement. 
  
 (i) The parties hereto are independent contractors. Nothing herein shall be construed to place the parties in the relationship of partners or joint ventures, and neither party shall acquire any power, other than as specifically and
expressly provided in this Agreement, to bind the other in any manner whatsoever with respect to third parties other than Dow Jones. 
  
 (j) All references herein to “reasonable efforts” shall include taking into account all relevant commercial and regulatory factors. All
references herein to “regulations” or “regulatory proceedings” shall include regulations or proceedings by self-regulatory organizations such as securities or futures exchange. 
  
 IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the date first set forth above. 
  
 [SIGNATURES] 
  

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INDICATED BY [**]. 

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 INDEX OF ATTACHMENTS 
  

			
	SCHEDULES:	  	 
		
	Schedule A	  	Indexes Being Licensed
		
	Schedule B	  	Products Description
		
	Schedule C	  	License Fees

  

			
	EXHIBITS:	  	 
		
	Exhibit I	  	Disclaimer Language

  

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INDICATED BY [**]. 

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 SCHEDULE A 
  
 INDEXES BEING LICENSED 
  

	 	•	[**] 

  

	 	•	[**] 

  

	 	•	[**] 

  

	 	•	[**] 

  

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INDICATED BY [**]. 

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 SCHEDULE B 
  
 PRODUCTS DESCRIPTION 
  

Standardized exchange-traded futures contracts and options on futures contracts. 
  

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INDICATED BY [**]. 

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 SCHEDULE C 
  
 LICENSEE FEES 
  

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 EXHIBIT I 
  
 The [Products] are not sponsored, endorsed, sold or promoted by Dow Jones & Company, Inc. (“Dow Jones”) or the
Board of Trade of the City of Chicago, Inc. (“CBOT”). CBOT and Dow Jones makes no representation or warranty, express or implied, to the owners of the [Product(s)] or any member of the public regarding the advisability of trading in the
Product(s). Dow Jones’ and CBOT’s only relationship to the Sublicensee is the licensing of certain trademarks and trade names of Dow Jones and of the [INSERT Name of Index(es)] which is determined, composed and calculated by Sublicensor
without regard to [the Sublicensee] or the [Product(s)], Dow Jones and CBOT have no obligation to take the needs of [the Sublicensee] or the owners of the [Product(s)] into consideration in determining, composing or calculating [INSERT Names of
Index(es)]. Dow Jones and CBOT are not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the [Product(s)] to be listed or in the determination or calculation of the equation by which the
[Product(s)] are to be converted into cash. Dow Jones and CBOT have no obligation or liability in connection with the administration, marketing or trading of the [Product(s)]. 
  
 DOW JONES DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE [INSERT NAME OF INDEX(ES)] OR ANY DATA INCLUDED
THEREIN AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW JONES AND CBOT MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY [THE LICENSEE], OWNERS OF THE [PRODUCT(S)], OR ANY OTHER PERSON OR
ENTITY FROM THE USE OF THE [INSERT NAME OF INDEX(ES)] OR ANY DATA INCLUDED THEREIN. DOW JONES AND CBOT MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH
RESPECT TO THE [INSERT NAMES OR INDEX(ES)] OR ANY DATA INCLUDED THEREIN, WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES OR CBOT HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES
(INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. OTHER THAN DOW JONES, THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN CBOT AND [THE SUBLICENSEE]. 
  

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INDICATED BY [**].Treasury Index Agreement dated March 29, 2004

 Exhibit 10.9 
  
 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 FINAL 
  
 TREASURY INDEX AGREEMENT 
  
 This Index Agreement, dated as of March 29, 2004 (the “Effective Date”), is made by and between Dow Jones & Company, Inc. (“Dow
Jones”), having an office at 200 Liberty Street, New York, New York 10281, and the Board of Trade of the City of Chicago, Inc. (the “CBOT”), having an office at 141 West Jackson Boulevard, Chicago, Illinois 60604. 
  
 WHEREAS, CBOT is a leading derivatives exchange and has developed an index
utilizing the prices of government debt futures contracts (the “Index Methodology”), which can be used to create one or more government debt indexes; 
  

WHEREAS, CBOT intends to offer trading in standardized exchange-traded futures and futures options contracts (“Contracts”) based on an index
employing the Index Methodology and prices of certain U.S. Treasury futures contracts offered for trading on the CBOT (the “Treasury Index”), and other Contracts based on the Index Methodology utilizing the prices of other government debt
futures contracts; 
  
 WHEREAS, Dow Jones has substantial
experience and expertise in the calculation and distribution of indexes; 
  
 WHEREAS, CBOT has proposed that Dow Jones calculate and distribute the Treasury Index and perform other related services in exchange for a service fee; 
  
 WHEREAS, CBOT intends to grant Dow Jones a sole and exclusive license to
sublicense the Treasury Index to certain third parties in return for a license fee; 
  
 WHEREAS, the parties have agreed to call the Treasury Index the “Dow Jones CBOT Treasury Index” and shall grant licenses of their respective service marks to each other for that purpose. 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
 AND
EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 

 Confidential Treatment Requested by CBOT Holdings, Inc. 
  

 NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements contained
herein, it is agreed as follows: 
  
 1. Services. CBOT retains Dow Jones
to perform the following services (the “Services”): 
  
 (a) Dow Jones
shall calculate the Treasury Index in accordance with the Index Methodology (attached as Exhibit 1), which may not be modified without the prior written consent of the CBOT and Dow Jones, as of April 1, 2004. 
  
 (b) As of April 1, 2004, Dow Jones or its agent shall, or Dow Jones shall arrange for a third
party vendor to, calculate, and provide to the CBOT via an electronic feed, the value of the Index at least once every fifteen (15) seconds on each day that the Components (as defined below) are available for trading on or through the facilities of
the CBOT, in accordance with procedures established by the CBOT, which procedures may be modified by the CBOT. 
  
 (c) Dow Jones shall promptly correct, or instruct its agent to correct, any mathematical errors made in Dow Jones’ computation of the Treasury Index of which Dow Jones becomes aware in accordance with Dow
Jones’ then current data correction policy. 
  
 (d) Dow Jones shall respond
in a timely fashion to any reasonable request by the CBOT for information regarding the Treasury Index. 
  
 (e) Dow Jones shall use reasonable efforts to safeguard the confidentiality of all impending changes in the Components or Index Methodology until the disclosure of such changes is authorized by the CBOT, and shall
require the same of any agent with whom it has contracted for computation of the Treasury Index. 
  

 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
 AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 

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 2. Contracts. 
  
 (a) Dow Jones is not, and shall not be, obligated to engage in any way or to any extent in any marketing or promotional activities in connection with the Contracts or in
making any representation or statement to investors or prospective investors in connection with the marketing or promotion of the Contracts by the CBOT. 
  
 (b) The CBOT shall use the statement contained in Exhibit 2 hereto in each contract market designation application and in the terms and conditions of any Contracts (and
upon request shall furnish copies thereof to Dow Jones), and the CBOT expressly agrees to be bound by the terms of the statement contained in Exhibit 2 hereto (which terms are expressly incorporated herein by reference and made a part hereof). Any
changes in the statement contained in Exhibit 2 hereto must be approved in advance in writing by an authorized officer of Dow Jones. 
  
 3. Treasury Index and Component Data. To enable Dow Jones to perform the Services, CBOT shall provide Dow Jones with real time price information of the
futures contracts underlying the Treasury Index (the “Components”) via a Reuters’ data feed (or via Dow Jones’ other then-current data supplier) subject to Dow Jones’ subscriber agreement with Reuters (or such other data
supplier) and the History (as defined below). CBOT shall provide Reuters (or such other data supplier) all fee waivers within its reasonable control for Dow Jones to receive all data reasonably necessary for Dow Jones to perform the Services. Any
failure of Dow Jones to fulfill any of its obligations under this Agreement due to CBOT’s failure to timely provide accurate information shall not constitute a breach of this Agreement by Dow Jones. CBOT grants to Dow Jones (a) a sole and
exclusive during the Term, worldwide, non-transferable, license to (i) use the real-time information related to the Components provided by CBOT to Dow Jones under this Section 3 solely in connection with calculating the real-time values of the
Treasury Index in accordance with Section 
  

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 1(b) hereof (except that CBOT may calculate the values of the Treasury Index on an emergency back-up basis if Dow
Jones is not able to do so) and (ii) redistribute any end-of-day information with respect to the Components, History and values of the Treasury Index to Third-Party Licensees (as defined in Section 5(a)); (b) a non-exclusive, worldwide,
non-transferable, perpetual, royalty-free license to publish and redistribute the list of Components as existed during the Term, end-of-day information related to the Components as existed during the Term, History and the daily high, low and closing
values of the Treasury Index that are calculated during the Term (including, without limitation, historical index levels) in Dow Jones’ products and services; and (c) a sole, but not exclusive, worldwide non-transferable license to distribute
the real-time values of the Treasury Index. The History shall mean daily high, low and closing prices of the Components from November 30, 1999, through March 31, 2004. 
  
 4. Proprietary Rights. 
  
 (a) Dow Jones disclaims any and all rights in the Treasury Index, the Index Methodology or any of the Intellectual Property related thereto,
including U.S. Patent Application No. 10/435,760 titled, “Capital Market Index and Futures Contract”, except for the licenses granted in Sections 3, 5 and 9(b) hereof and as may otherwise be provided under applicable law. 
  
 (b) Dow Jones expressly acknowledges and agrees that (1) CBOT has the exclusive property
rights in and to Market Data (as defined below); and (2) CBOT’s trademarks, service marks and trade names, including but not limited to Chicago Board of Trade, Board of Trade, CBOT, e-cbot and the CBOT Treasury Index (collectively, the
“CBOT Marks’) are valuable assets of CBOT. Market Data shall mean bids, asks and market prices, opening and closing range prices, high-low prices, settlement prices, estimated and actual contract volume and other information regarding the
Components, Contracts based on the Treasury Index and traded on the CBOT, and the values of the Treasury Index. 
  

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 (c) Each party shall treat as confidential and shall not disclose or transmit to any third party (1) any
documentation or other materials that are marked as “Confidential” by the providing party and (2) the terms of this Agreement (collectively, “Confidential Information”). Confidential Information as described in clause (1) of the
preceding sentence shall not include (A) any information that is available to the public or to the receiving party hereunder from sources other than the providing party (provided that such source is not subject to a confidentiality agreement with
regard to such information) or (B) any information that is independently developed by the receiving party without use or reference to information from the providing party. 
  
 (d) Notwithstanding the foregoing, either party may reveal Confidential Information to any regulatory agency or court of competent
jurisdiction if such information to be disclosed is (1) approved in writing by the providing party for disclosure or (2) required by law, regulatory agency or court order to be disclosed by the receiving party, provided, if permitted by law, that
prior written notice of such required disclosure is given to the providing party and provided further that the receiving party shall cooperate with the providing party to limit the extent of such disclosure. The provisions of Sections (c) and (d)
shall survive termination or expiration of this Agreement for a period of five (5) years from disclosure by either party to the other of the last item of such Confidential Information. 
  
 5. License. 
  
 (a) The CBOT grants Dow Jones a sole and exclusive, worldwide, non-transferable license for the term of this Agreement (1) to use the
Treasury Index and Index Methodology solely in the performance of the Services and (2) to grant sublicenses to third parties (“Third-Party 
  

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 Licensees”) other than derivatives exchanges to use the Treasury Index and Composite Mark (as defined in Section
8) during the term of this Agreement in connection with the issuance, management, marketing, promotion, sale and trading of financial products (other than standardized exchange-traded futures or exchange-traded futures options contracts), including,
without limitation, over the counter financial products and exchange-traded funds (the “Products”). 
  
 (b) Dow Jones shall require Third-Party Licensees to enter into Dow Jones standard license agreement (including, without limitation, limitations of liability and indemnification provisions) inuring to the benefit of
CBOT. Dow Jones shall further require the Third-Party Licensees to use the statement contained in Exhibit 3 hereto in each application for regulatory approval and in the terms and conditions of any Products (and upon request shall furnish copies
thereof to the CBOT), and Dow Jones and CBOT expressly agree to be bound by the terms of the statement contained in Exhibit 3 hereto (which terms are expressly incorporated herein by reference and made a part hereof). Any changes in the statement
contained in Exhibit 3 hereto must be approved in advance in writing by an authorized officer of the CBOT. 
  
 (c) The CBOT retains the right to distribute the values of the Treasury Index and to grant licenses to persons other than Dow Jones to distribute the values of the Treasury Index. 
  
 6. Service Fees. 
  
 (a) In consideration of the Services provided by Dow Jones, CBOT shall pay Dow Jones (i) a
one-time software set up fee of [**], which shall be payable upon the Effective Date, and (ii) a quarterly fee equal to [**] in such quarter (the “Quarterly Service Fee”). The Quarterly Service Fee shall be payable within thirty (30) days
of the end of each calendar quarter. 
  
 (b) Dow Jones shall have the right to
audit on a confidential basis the relevant books and records of the CBOT to confirm the accuracy of any one or more calculations of Quarterly Service 
  

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 Fees. Dow Jones shall bear its own costs of any such audit unless it is determined that CBOT has underpaid by [**] or
more with respect to the payments being audited, in which case Dow Jones’ costs of such audit shall be paid CBOT. 
  
 7. License Fee. 
  
 (a) In consideration of the license granted in Section 5(a), Dow Jones agrees to pay to CBOT a quarterly fee equal to [**] (i.e., not including the Quarterly Service Fee)
for use with Products (the “Treasury Index License Fee”). The Treasury Index License Fee shall be payable within thirty (30) days of the end of each calendar quarter. For the avoidance of doubt, neither party shall pay the other any
revenues related to distribution of data related to the Treasury Index. 
  
 (b)
[**], and notwithstanding any other provision of this Agreement, [**]. For the avoidance of doubt, the foregoing sentence means that [**]. 
  
 (c) CBOT shall have the right to audit on a confidential basis the relevant books and records of Dow Jones to confirm the accuracy of any one or more calculations of
License Fees. CBOT shall bear its own costs of any such audit unless it is determined that Dow Jones has underpaid by 5% or more with respect to the payments being audited, in which case CBOT’s costs of such audit shall be paid by Dow Jones.

  
 8. Name of the Index. The parties agree to refer to, and to require
sublicensees to refer to the Treasury Index as the “Dow Jones CBOT Treasury Index” (the “Composite Mark”). 
  
 9. Service Mark Cross License. 
  
 (a) Dow Jones grants CBOT a non-exclusive, non-transferable license to use the service mark “Dow Jones” (the “Dow Jones Marks”) during the term
of this Agreement only as a component of the Composite Mark in connection with the marketing and promotion of the Treasury Index, the distribution of the values thereof, and the Contracts. 
  

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 (b) CBOT grants Dow Jones a non-exclusive, non-transferable license (1) to use the service mark “CBOT”
during the term of this Agreement only as a component of the Composite Mark in connection with the sublicensing, marketing and promotion of the Treasury Index and the distribution of the data and information related thereto, and (2) to grant
sublicenses to Third-Party Licensees of the Treasury Index to use the CBOT Marks and the Composite Mark in connection with the issuance, management, marketing, promotion, sale and trading of Products.  
  
 10. Trademark Filings, Recognition of Intellectual
Property Rights; Protection of Intellectual Property, Quality Control  
  
 (a) The parties agree that neither party shall own the Composite Mark, neither party shall register or apply for registration of such Composite Mark without the other party’s prior written consent. After
termination or expiration of this Agreement, each party shall discontinue use of the Composite Mark, shall disclaim any ownership rights in the other party’s own trademark forming a part of such mark, and shall assign to the other party any
rights in such party’s own trademark forming a part of such mark and the goodwill associated therewith that it might have acquired during the term of this Agreement. 
  
 (b) During the term of this Agreement, each party shall apply for such trademark and trade name registrations for its Marks only in such
jurisdictions, if any, where such party, in its sole discretion, considers such filings appropriate. The parties shall reasonably cooperate with each other in the maintenance of such rights and registrations and shall do such acts and execute such
instruments as are reasonably necessary or appropriate for such purpose. 
  
 (c)
CBOT agrees that the Dow Jones Marks and all Intellectual Property and other rights, registrations and entitlement thereto, together with all applications, registrations and filings with respect to any of the Dow Jones Marks and any renewals and
extensions of any such applications, registration and filings, are and shall remain the sole and exclusive property of Dow Jones. CBOT 
  

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 agrees to cooperate with Dow Jones in the maintenance of such rights and registration and shall do such acts and
execute such instruments as are reasonably necessary or appropriate for such purpose. CBOT acknowledges that each of the Dow Jones Marks is part of the business and goodwill of Dow Jones and agrees that it shall not, during the term of this
Agreement or thereafter, contest the fact that CBOT’s rights in the Dow Jones Marks under this Agreement (i) are limited solely to the use of the Dow Jones Marks permitted by Section 9(a), and disclosure about the Contracts under applicable law
as provided in Section 4(d), and (ii) shall cease upon termination of this Agreement, except as otherwise expressly provided herein. CBOT recognizes the great value of the reputation and goodwill associated with the Dow Jones Marks and acknowledges
that such goodwill associated with the Dow Jones Marks belongs exclusively to Dow Jones, and that Dow Jones is the owner of all right, title and interest in and to the Dow Jones Marks. CBOT further acknowledges that all rights in any translations,
derivatives or modifications in the Dow Jones Marks which may be created by or for Dow Jones shall be and shall remain the exclusive property of Dow Jones and said property shall be and shall remain a part of the Intellectual Property subject to the
provisions and conditions of this Agreement. CBOT shall never, either directly or indirectly, contest Dow Jones’s exclusive ownership of any of the Dow Jones Marks. CBOT shall use the following notice when referring to any of the Dow Jones
Marks in any informational materials to be used in connection with the Products (including, where applicable, advertisements, brochures and promotional and any other similar informational materials, and any documents or materials required to be
filed with governmental or regulatory agencies) that in any way use or refer to the Treasury Index or any of the Dow Jones Marks (collectively, the “Dow Informational Materials”): 
  
 “Dow Jones” is a service mark of Dow Jones & Company, Inc. “Dow Jones
CBOT Treasury Index” is a service mark of Dow Jones and the Board of Trade of the City of Chicago, Inc. and the Dow Jones CBOT Treasury Index is owned by CBOT and calculated by Dow Jones. CBOT’s futures and futures options contracts based
on the Dow Jones CBOT Treasury Index TM are not
sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of trading in such product(s). 
  

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 or such similar language as may be approved in advance in writing by Dow Jones. 
  
 (d) Dow Jones agrees that the CBOT Marks and all Intellectual Property and other rights,
registrations and entitlement thereto, together with all applications, registrations and filings with respect to any of the CBOT Marks and any renewals and extensions of any such applications, registration and filings, are and shall remain the sole
and exclusive property of CBOT. Dow Jones agrees to cooperate with CBOT in the maintenance of such rights and registration and shall do such acts and execute such instruments as are reasonably necessary or appropriate for such purpose. Dow Jones
acknowledges that each of the CBOT Marks is part of the business and goodwill of CBOT and agrees that it shall not, during the term of this Agreement or thereafter, contest the fact that Dow Jones’ rights in the CBOT Marks under this Agreement
(i) are limited solely to the use of the CBOT Marks permitted by Section 9(b), and (ii) shall cease upon termination of this Agreement, except as otherwise expressly provided herein. Dow Jones recognizes the great value of the reputation and
goodwill associated with the CBOT Marks and acknowledges that such goodwill associated with the CBOT Marks belongs exclusively to CBOT, and that CBOT is the owner of all right, title and interest in and to the CBOT Marks. Dow Jones further
acknowledges that all rights in any translations, derivatives or modifications in the CBOT Marks which may be created by or for the CBOT shall be and shall remain the exclusive property of CBOT and said property shall be and shall remain a part of
the Intellectual Property subject to the provisions and conditions of this Agreement. Dow Jones shall never, either directly or indirectly, contest CBOT’s exclusive ownership of any of the CBOT Marks. Dow Jones shall use, and shall require
sublicensees to use, the following notice when referring to any of the CBOT Marks in any informational materials to be used in connection with the Treasury Index, the Contracts or the Products (including, where applicable, advertisements,

  

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 brochures and promotional and any other similar informational materials, and any documents or materials required to
be filed with governmental or regulatory agencies) that in any way use or refer to CBOT, the Treasury Index or any of the CBOT Marks (collectively, the “CBOT Informational Materials”): 
  
 “CBOT,” “e-cbot” and “Chicago Board of Trade” are service
marks of the Board of Trade of the City of Chicago, Inc.”Dow Jones CBOT Treasury Index” is a service mark of Dow Jones and the Board of Trade of the City of Chicago, Inc. [Products] based on the Dow Jones CBOT Treasury Index TM are not sponsored, endorsed, sold or promoted by the
CBOT, and the CBOT makes no representation regarding the advisability of trading in such product(s). 
  
 or such similar language as may be approved in advance in writing by the CBOT. 
  
 (e) In the event that either party learns of any infringement or imitation of any CBOT Mark, Dow Jones Mark or the Composite Mark, or of any use by any person of a trademark similar to any of the CBOT Marks, the Dow
Jones Marks or Composite Mark, it shall promptly notify the other party. The party having ownership of the Mark shall take such action as it deems advisable for the protection of rights in and to its Marks and, if requested to do so, the other party
shall cooperate in all respects, at such other party’s expense, including, without limitation, by being a plaintiff or co-plaintiff and, upon reasonable request, by causing its officers to execute appropriate pleadings and other necessary
documents. In no event, however, shall either party be required to take any action it deems inadvisable. Dow Jones shall have no right to take any action which would materially affect the Treasury Index, the Composite Mark and/or any of the
CBOT Marks without CBOT’s prior written approval. CBOT shall have no right to take any action which would materially affect the Composite Mark and/or any of the Dow Jones Marks without Dow Jones’ prior written approval. 
  
 (f) Each Party shall use its best efforts to protect the goodwill and reputation of the other
party, the Treasury Index, the Composite Mark and the other party’s Marks in connection with its use of the Treasury Index, the Composite Mark and any of the other party’s Marks under this 
  

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 Agreement. Each party shall submit to the other party, for such other party’s review and approval, and each
party shall not use until receiving the other party’s approval thereof in writing, all Informational Materials. Such other party’s approval shall be required with respect to the use of and description of a party, the Treasury Index or any
of the party’s Marks. The approving party shall notify the other party of its approval or disapproval of any Informational Materials within 72 hours (excluding any day which is a Saturday or Sunday or a day on which the CBOT is closed)
following receipt thereof. Once Informational Materials have been approved, subsequent Informational Materials which do not alter the use or description of the party, the Treasury Index or such party’s Marks, as the case may be, need not be
submitted for review and approval. 
  
 (g) Except as may be expressly otherwise
agreed in writing, or as otherwise permitted or required under this Agreement, the CBOT Marks and the Dow Jones Marks, the marks of any of their respective affiliates or the marks of any third party, to the extent they appear in any Informational
Material, shall appear separately and shall be clearly identified with regard to ownership. For the purpose of this Agreement, an affiliate shall mean a person or entity (“Person”) that directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, such Person. For the purposes of this definition, control shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise. 
  
 (h) Each party agrees that any proposed change in the use of the other party’s Marks shall be submitted to such other party for, and shall be subject to, such other party’s prior written consent. 

 
 (i) If at any time either party is of the opinion that the other party is not properly
using its Intellectual Property in connection with the Services, Products or Informational Materials, or that the 
  

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 standard of quality thereof does not conform to the standards as set forth herein, such party shall give notice to
the other party to that effect. Upon receipt of such notice, the party shall forthwith correct the defects in the Services, the sublicensed Products or the Informational Materials so that they comply with all required standards. 

 
 11. Term and Termination. 
  
 (a) This Agreement shall be effective on the Effective Date and shall expire upon the fifth
anniversary thereof (the “Initial Term”), unless terminated earlier as provided herein. At the end of the Term, this Agreement shall automatically renew for successive one-year periods (each, a “Renewal Term”) unless either party
terminates the Agreement by providing the other party a written notice to that effect ninety (90) days prior to the end of the then-current term. (The Initial Term and the Renewal Term, the “Term”.) 
  
 (b) If there is a material breach of this Agreement by either party (such party, the
“breaching party” and the other party, the “non-breaching party”), or if either party (such party, the “harmed party”) believes in good faith that material damage or harm is occurring to its reputation or good will by
reason of its continued performance hereunder, then the non-breaching party or the harmed party, as the case may be, may terminate this Agreement, effective thirty (30) days after written notice thereof to the other party (with reasonable
specificity as to the nature of the breach or the condition causing such damage or harm, as the case may be, and including a statement as to such party’s intent to terminate), unless the other party shall correct such breach or the condition
causing such damage or harm, as the case may be, within such thirty (30) day period. 
  
 (c) CBOT or Dow Jones may terminate this Agreement upon ninety (90) days prior notice to the other (or such lesser period of time as may be necessary pursuant to law, rule, regulation or court order) if any material litigation or material
regulatory proceeding regarding a Product or Contract is 
  

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 commenced and such Party reasonably believes that such litigation or regulatory proceeding is reasonably likely to
have a material and adverse effect on the good name or reputation of such Party or on such Party’s ability to perform its obligations under this Agreement. 
  

(d) Notwithstanding anything to the contrary herein, in the event that there shall occur any change in law (statutory law, case law or otherwise) relating to or
affecting the liability of index providers to third parties, and Dow Jones thereafter ceases to engage in the business of providing real-time data or licensing indexes as the basis of financial products, Dow Jones shall have the right to terminate
this Agreement upon written notice to CBOT. 
  
 (e) In the event either CBOT or
Dow Jones shall (i) give notice of termination pursuant to this Section 11, any Contracts or Products then existing (“Pending Contracts”) may continue to be traded to the expiration date thereof, and (ii) to the extent necessary for such
purpose, the parties’ rights and obligations hereunder shall be deemed to continue until the expiration date of the last of such Pending Contracts. Notwithstanding the above, any Pending Contracts without open interest which expire or mature
after the farthest contract month with open interest shall be terminated. Notwithstanding the above, in the event of a termination by either party under Section 11(b) by reason of any breach of the other relating to its obligations under this
Agreement with respect to CBOT’s Intellectual Property, Section 10(i) shall continue to apply to the breaching party. 
  
 (f) Dow Jones may terminate this Agreement, upon written notice to CBOT, if any source of data necessary to calculate, distribute or license the Treasury Index as
contemplated herein (i) ceases to provide such data to Dow Jones; (ii) terminates Dow Jones’ right to receive necessary data in the form of a “feed” from such source, (iii) materially restricts Dow Jones’ right to redistribute
necessary data received from such source, (iv) institutes charges (other than normal and customary charges or charges which Dow Jones deems to be reasonable to be incurred in connection 
  

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 with providing or licensing the Treasury Index) for the provision of necessary data to Dow Jones or the
redistribution of necessary data by Dow Jones, (v) Dow Jones ceases to compile, calculate and distribute the Dow Jones’ proprietary indexes generally; or (vi) Dow Jones ceases to compile, calculate and/or distribute indexes as a service
provider for third parties generally (but Dow Jones will use all reasonable efforts to provide CBOT with as much prior notice as is reasonably practicable under the circumstances). 
  
 12. Warranties, Disclaimers 
  
 (a) (1) Each party represents and warrants to the other that it has the authority to enter into this Agreement according to its terms, and
that its execution and delivery of this Agreement and its performance hereunder will not violate any agreement applicable to it or violate any applicable laws (including, without limitation, intellectual property rights of third parties), rules or
regulations. (2) CBOT represents that it owns and has the right to license hereunder the Intellectual Property licensed hereunder. CBOT represents and warrants to Dow Jones that the Contracts and the marketing and promotion thereof, by CBOT will not
violate any agreement applicable to CBOT or violate any applicable laws, rules or regulations, including without limitation, securities, commodities, and banking laws. (3) Dow Jones represents that it owns and has the right to license hereunder the
Dow Jones Marks. Dow Jones shall require that each Third-Party Licensee substantially represent and warrant to Dow Jones that the Products and the marketing and promotion thereof will not violate any agreement applicable to Dow Jones or violate any
applicable laws, rules or regulations, including without limitation, securities, commodities and banking laws.  
  
 (b) Without limiting the disclaimers set forth in this Agreement, in no event shall the cumulative liability of Dow Jones to CBOT and its affiliates under or relating to
this Agreement or the cumulative liability of CBOT to Dow Jones and its affiliates under or relating to this Agreement at any time exceed the greater of (i) [**] and (ii) [**]. The preceding limitations of liability shall not apply to either
party’s indemnification obligations hereunder. 
  

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 (c) Prior to the Commencement Date, the CBOT will adopt, and during the term hereof the CBOT will maintain, as part
of its rules, to be set forth in the terms of the Contracts and in the CBOT’s Rules and Regulations, a limitation on liability of index administrators, with respect to trading on or through the CBOT, which is in form and substance substantially
as set forth in CBOT Regulation 189.01. 
  
 (d) In the event that any third party
shall commence any litigation, action or proceeding, or make any claim, against Dow Jones which alleges liability of Dow Jones by reason of miscalculation or error in the Index (whether or not any Product is based on such Index), the CBOT shall, at
Dow Jones’ request, participate in the defense thereof in any manner reasonably requested by Dow Jones, at the CBOT’s own expense up to an aggregate of [**] out-of-pocket expenses therefore.  
  
 13. Indemnification 
  
 (a) The CBOT shall indemnify and hold harmless Dow Jones and its affiliates, and their
respective officers, directors, members, employees and agents, against any and all judgments, damages, liabilities, costs and losses of any kind (including reasonable attorneys’ and experts’ fees) (collectively, “Losses”) that
arise out of or relate to (i) any breach by the CBOT of its representations and warranties or covenants under this Agreement, or (ii) subject to Section 12(d), any claim, action or proceeding that arises out of or relates to the Contracts; provided,
however, that Dow Jones must promptly notify the CBOT in writing of any such claim, action or proceeding (but the failure to do so shall not relieve the CBOT of any liability hereunder except to the extent the CBOT has been materially prejudiced
therefrom). The CBOT may elect, by written notice to 
  

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 Dow Jones within ten (10) days after receiving notice of such claim, action or proceeding from Dow Jones, to assume
the defense thereof with counsel reasonably acceptable to Dow Jones. If the CBOT does not so elect to assume such defense or disputes its indemnity obligation with respect to such claim, action or proceeding, or if Dow Jones reasonably believes that
there are conflicts of interest between Dow Jones and the CBOT or that additional defenses are available to Dow Jones with respect to such defense, then Dow Jones shall retain its own counsel to defend such claim, action or proceeding, at the
CBOT’s expense. The CBOT shall periodically reimburse Dow Jones for its expenses incurred under this Section 13(a). Dow Jones shall have the right, at its own expense, to participate in the defense of any claim, action or proceeding against
which it is indemnified hereunder; provided, however, that Dow Jones shall have no right to control the defense, consent to judgment, or agree to settle any such claim, action or proceeding without the written consent of the CBOT
unless Dow Jones waives its right to indemnity hereunder. The CBOT, in the defense of any such claim, action or proceeding, except with the written consent of Dow Jones, shall not consent to entry of any judgment or enter into any settlement which
(X) does not include, as an unconditional term, the grant by the claimant to Dow Jones of a release of all liabilities in respect of such claims or (Y) otherwise adversely affects the rights of Dow Jones. 
  
 (b) Notwithstanding Section 13(a), the CBOT shall not have any obligation to indemnify and
hold harmless Dow Jones and its affiliates, and their respective officers, directors, members, employees and agents, to the extent that Losses arise out of or relate to (1) any claim for which Dow Jones is obligated to indemnify CBOT pursuant to
Section 13(d), (2) the willful or reckless misconduct of any of Dow Jones’ officers, directors, employees or agents acting within the scope of their authority. 
  

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 (c) The indemnification provisions set forth in Sections 13(a) and (b) are solely for the benefit of Dow Jones and
are not intended to, and do not, create any rights or causes of actions on behalf of any third party. 
  
 (d) Dow Jones shall indemnify and hold harmless CBOT and its affiliates, and their respective officers, directors, members, employees and agents, against any and all judgments, damages, liabilities, costs and losses
of any kind (including reasonable attorneys’ and experts’ fees) (collectively, “Losses”) that arise out of or relate to any breach by Dow Jones of its representations and warranties under this Agreement; provided, however, that
CBOT must promptly notify Dow Jones in writing of any such claim, action or proceeding (but the failure to do so shall not relieve Dow Jones of any liability hereunder except to the extent Dow Jones has been materially prejudiced therefrom). Dow
Jones may elect, by written notice to CBOT within ten (10) days after receiving notice of such claim, action or proceeding from the CBOT, to assume the defense thereof with counsel reasonably acceptable to the CBOT. If Dow Jones does not so elect to
assume such defense or disputes its indemnity obligation with respect to such claim, action or proceeding, or if the CBOT reasonably believes that there are conflicts of interest between the CBOT and Dow Jones or that additional defenses are
available to the CBOT with respect to such defense, then CBOT shall retain its own counsel to defend such claim, action or proceeding, at Dow Jones’ expense. Dow Jones shall periodically reimburse the CBOT for its expenses incurred under this
Section 13(d). The CBOT shall have the right, at its own expense, to participate in the defense of any claim, action or proceeding against which it is indemnified hereunder; provided, however, that the CBOT shall have no right to
control the defense, consent to judgment, or agree to settle any such claim, action or proceeding without the written consent of Dow Jones unless the CBOT waives its right to indemnity hereunder. Dow Jones, in the defense of any such claim, action
or 
  

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 proceeding, except with the written consent of the CBOT, shall not consent to entry of any judgment or enter into any
settlement which (X) does not include, as an unconditional term, the grant by the claimant to the CBOT of a release of all liabilities in respect of such claims or (Y) otherwise adversely affects the rights of the CBOT. 
  
 (e) Notwithstanding Section 13(d), Dow Jones shall not have any obligation to indemnify and
hold harmless the CBOT and its affiliates, and their respective officers, directors, members, employees and agents, to the extent that Losses arise out of or relate to (1) a breach by the CBOT of its representations, warranties or covenants under
this Agreement, or (2) the willful or reckless misconduct of any of the CBOT’s officers, directors, employees or agents acting within the scope of their authority. 
  
 (f) The indemnification provisions set forth in Sections 13(d) and (e) are solely for the benefit of CBOT and are not intended to, and do
not, create any rights or causes of actions on behalf of any third party. 
  
 14.
Suspension of Performance. Notwithstanding anything herein to the contrary, neither Dow Jones nor the CBOT shall bear responsibility or liability to each other or to third parties for any Losses arising out of any delay in or interruptions of
performance of their respective obligations under this Agreement due to any act of God, act of governmental hostility, or act of public enemy, or due to war, the outbreak or escalation of hostilities, riot, fire, flood, civil commotion,
insurrection, labor difficulty (including without limitation, any strike, or other work stoppage, or slow-down), severe or adverse weather conditions, power failure, communications line or other technological failure, or other similar cause beyond
the reasonable control of the party so affected; provided, however, that nothing in this Section 14 shall affect either party’s obligations under Section 13. 
  

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 15. Injunctive Relief. In the event of a material breach by one party (“Breaching Party”) of
provisions of this Agreement relating to the Confidential Information of the other party (“Non-breaching Party”), the Breaching Party acknowledges and agrees that damages would be an inadequate remedy and that the Non-breaching Party shall
be entitled to preliminary and permanent injunctive relief to preserve such confidentiality or limit improper disclosure of such Confidential Information, but nothing herein shall preclude the Non-breaching Party from pursuing any other action or
remedy for any breach or threatened breach of this Agreement. All remedies under this Section 15 shall be cumulative.  
  

	16.	Other Matters. 

  
 (a) This Agreement is solely and exclusively between the parties hereto and, except to the extent otherwise expressly provided herein, shall not be assigned or transferred, nor shall any duty hereunder be delegated,
by either party, without the prior written consent of the other party, and any attempt to so assign or transfer this Agreement or delegate any duty hereunder without such written consent shall be null and void; provided, however, that
any affiliate of the CBOT identified below may use the Treasury Index and the Composite Mark and the Dow Jones Marks in connection with the issuance, marketing and promotion of the Contracts, provided that such affiliate shall be subject to all of
the terms and conditions of this Agreement applicable to the CBOT. This Agreement shall be valid and binding on the parties hereto and their successors and permitted assigns. As of the Effective Date, CBOT’s affiliates include Electronic
Chicago Board of Trade Inc. 
  
 (b) This Agreement, including the Schedules and
Exhibits hereto (which are hereby expressly incorporated into and made a part of this Agreement), constitutes the entire agreement of the parties hereto with respect to its subject matter, and supersedes any and all previous agreements between the
parties with respect to the subject matter of this Agreement. There are no oral or written collateral representations, agreements or understandings except as provided herein. 
  

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 (c) No waiver, modification or amendment of any of the terms and conditions hereof shall be valid or binding unless
set forth in a written instrument signed by duly authorized officers of both parties. The delay or failure by any party to insist, in any one or more instances, upon strict performance of any of the terms or conditions of this Agreement or to
exercise any right or privilege herein conferred shall not be construed as a waiver of any such term, condition, right or privilege, but the same shall continue in full force and effect. 
  
 (d) No breach, default or threatened breach of this Agreement by either party shall relieve the other party of its obligations or
liabilities under this Agreement with respect to the protection of the property or proprietary nature of any property which is the subject of this Agreement. 
  
 (e) All notices and other communications under this Agreement shall be (1) in writing, (2) delivered by hand (with receipt confirmed in writing), by registered or
certified mail (return receipt requested), or by facsimile transmission (with receipt confirmed in writing), to the address or facsimile number set forth below or to such other address or facsimile number as either party shall specify by a written
notice to the other, and (3) deemed given upon receipt. 
  

			
	 If to Dow Jones:
	  	Dow Jones & Company, Inc.
	 	  	4300 N. Route 1
	 	  	South Brunswick, NJ 08852
	 	  	Attn: Legal Department
	 	  	Fax: 609 520 4021
		
	 If to the CBOT:
	  	Board of Trade of the City of Chicago, Inc.
	 	  	141 West Jackson Boulevard
	 	  	Chicago, Illinois 60604
	 	  	ATTN: Carol Burke, Executive Vice President & Chief of Staff
	 	  	Fax No. 312.341.3392

  

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 (f) This Agreement shall be interpreted, construed and enforced in accordance with the laws of the State of New York
without reference to or inclusion of the principles of choice of law or conflicts of law of that jurisdiction. It is the intent of the parties that the substantive law of the State of New York govern this Agreement and not the law of any other
jurisdiction incorporated through choice of law or conflicts of law principles. Each party agrees that any legal action, proceeding, controversy or claim between the parties arising out of or relating to this Agreement may be brought and prosecuted
only in the United States District Court for the Southern District of New York or in the Supreme Court of the State of New York in and for the First Judicial Department, and by execution of this Agreement each party hereto submits to the exclusive
jurisdiction of such court and waives any objection it might have based upon improper venue or inconvenient forum. Each party hereby waives any right it may have to a jury trial in connection with any legal action, proceeding, controversy or claim
between the parties arising out of or relating to this Agreement. 
  
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between the parties hereto), express or implied, is intended to or shall confer on any other person or entity (including, without limitation, any purchaser or seller of any Contract traded on the CBOT or any Product issued by a Third-Party
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 (h) Sections 4(c) and (d) (as provided therein), 8, 11(b), (c), (d), (e) and (f), 13, and 17(e), (f), (g) and
(h) shall survive the expiration or termination of this Agreement. 
  
 (i) The
parties hereto are independent contractors. Nothing herein shall be construed to place the parties in the relationship of partners or joint venturers, and neither party shall acquire any power, other than as specifically and expressly provided in
this Agreement, to bind the other in any manner whatsoever with respect to third parties. 
  
 (j) All references herein to “reasonable efforts” shall include taking into account all relevant commercial and regulatory factors. All references herein to “regulations” or “regulatory
proceedings” shall include regulations or proceedings by self-regulatory organizations such as securities or futures exchanges. 
  
 (k) Dow Jones also shall cooperate with the CBOT upon reasonable request by the CBOT in any promotional, marketing or educational activities designed to enhance the
acceptance and use of the Treasury Index by bond market professionals and the public so long as such request is consistent with Dow Jones’ then-current general marketing plans with respect to Dow Jones’ proprietary indexes. For the
avoidance of doubt, Dow Jones is not, and shall not be, obligated to engage in any way or to any extent in any marketing or promotional activities in connection with the Contracts or Products or in making any representation or statement to investors
or prospective investors in connection with the marketing or promotion of the Contracts or Products, and CBOT is not, and shall not be, obligated to engage in any way or to any extent in any marketing or promotional activities in connection with any
Products or in making any representation or statement to investors or prospective investors in connection with the marketing or promotion of Products. 
  

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 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed in its name and on its
behalf by the officer or representative duly authorized on the day and year first above written. 
  

									
	 BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
	 	 	 	 DOW JONES & COMPANY, INC.

					
	 By:
	 	 /s/ Bernard W. Dan

	 	 	 	 By:
	 	 /s/ Michael A. Petronella

	 	 	Bernard W. Dan	 	 	 	 	 	 Michael A. Petronella

	 	 	President and Chief Executive Officer	 	 	 	 	 	 President

  

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 EXHIBIT 1 
  
 INDEX METHODOLOGY* 
  
 The CBOT Treasury Index is a weighted average price of CBOT 5-Year Note futures, 10-Year Note futures, and Bond futures contracts. Weighting is by modified duration,
using standard formulae. The significance of duration is its utility as a measure of bond price volatility. 
  
 Definitions: (Macaulay) duration refers to a weighted average term-to-maturity of a bond’s cash flows. These weights are the present value of each cash flow as a percent of the present value of all
the bond’s cash flows. Modified duration is equal to Macaulay duration divided by: 1 plus half the bond’s yield. 
  
 For calculation purposes the Treasury Index makes the following assumptions: 
  

	 	•	The 5-year futures contract is a 6.00% semi-annual coupon note maturing in 5 years; 

  

	 	•	The 10-year futures contract is a 6.00% semi-annual coupon note maturing in 10 years; 

  

	 	•	The Bond futures contract is a 6.00% semi-annual coupon bond maturing in 20 years. 

  
 The example that follows illustrates calculation of the Treasury Index using hypothetical price data for the March 2004 and June 2004
futures contracts at the hypothetical close of business February 27, 2004. 
  
 Table 1 
  
 Treasury Index Calculation
Examples 
  

																					
	 Basis March

	 Settle
 (March)

	  	Coupon

	 	 	Maturity

	  	Price

	  	Yield

	 	 	Duration

	  	Mod_Dur

	  	Weights

	  	W*P

	  	WAP

	 12/1/2003
	  	6	%	 	12/1/2008	  	113 4/32	  	3.143	%	 	4.436	  	4.368	  	2.7588	  	312.0933	  	 ̄
	 12/1/2003
	  	6	%	 	12/1/2013	  	114 8/32	  	4.237	%	 	7.836	  	7.674	  	1.5702	  	179.3976	  
	 12/1/2003
	  	6	%	 	12/1/2023	  	111 16/32	  	5.078	%	 	12.355	  	12.049	  	1.0000	  	111.5000	  	 
	 	  	 	 	 	 	  	 	  	 	 	 	 	  	 	  	SUM	  	SUM	  	 
	 	  	 	 	 	 	  	 	  	 	 	 	 	  	 	  	5.3291	  	602.9909	  	113 5/32

  
 Table 1 illustrates the Index
calculation for March. Yields are calculated using the hypothetical prices displayed in the price column. Duration and Modified duration (Mod_Dur) are calculated (in Excel) using the yields derived from the prices. Weights are calculated with the
Bond’s modified duration in the numerator. Using the modified durations in Table 1, weights are calculated as follows: 
  
 5 YR = 12.049 / 4.368 = 2.7588 
  

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 10 YR = 12.049 / 7.674 = 1.5702 
 Bonds = 12.049 / 12.049 = 1.000 
  
 The sum of the weights = 2.7588+
1.5702 + 1.000 = 5.3291 
  
 The weighted average price (WAP = 113 5/32) is the sum
of the prices times the weights (602.9909) divided by the sum of the weights (5.3291). The weighted average price (WAP) is the Index value for the March expiry. 
  

To determine the Index value for the June Expiry the Index is rebalanced. First the WAP is calculated using June contract prices, yields and durations. Then the June
Index WAP is set equal to the closing March Index expiry using a divisor. 
  
 Table 2 below displays Index calculations using June contract prices. 
  
 Table 2 
  

																					
	 Basis June (Without Divisor)

	 Settle

	  	Coupon

	 	 	Maturity

	  	Price

	  	Yield

	 	 	Duration

	  	Mod_Dur

	  	Weights

	  	W*P

	  	WAP
(June)

	 3/1/2004
	  	6	%	 	3/1/2009	  	112 24/32	  	3.219	%	 	4.435	  	4.365	  	2.7503	  	310.0912	  	  ̄

	 3/1/2004
	  	6	%	 	3/1/2014	  	113 16/32	  	4.323	%	 	7.828	  	7.662	  	1.5667	  	177.8172	  
	 3/1/2004
	  	6	%	 	3/1/2024	  	110 12/32	  	5.162	%	 	12.314	  	12.004	  	1.0000	  	110.3750	  
	 	  	 	 	 	 	  	 	  	 	 	 	 	  	 	  	SUM	  	SUM	  
	 	  	 	 	 	 	  	 	  	 	 	 	 	  	 	  	5.3169	  	598.2834	  	112 17/32

  
 The Index Value (before rebalancing)
is equal to the weighted average price (WAP) of the contracts, in this case 112 17/32nds. This means that at the close business February 27, 2004, the Index value calculated using March contracts would be equal to 113 5/32nds and 112 17/32nds using
June contracts. A divisor is used to equalize them. 
  
 The divisor used to
equalize Index values at expiry is equal to the quotient of the WAP using expiring contracts and the WAP using their replacements. In this case the divisor would be equal to the June WAP divided by the March WAP or 112 17/32 divided by 113 5/32 =
0.9945. See Table 3 below. 
  
 Table 3 
  

							
	 Divisor Calculation

				
	 WAP
 March

	  	 WAP June (Without
 Divisor)

	  	 June
 Divisor

	  	 WAP June (With
 Divisor)

	 113 5/32
	  	112 17/32	  	0.9945	  	113 5/32

  
 The June divisor remains 0.9945 until
the Index is rebalanced at the close of business the last business day of May 2004. 
  

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