News Release

Richard Schaeffer Elected Vice Chairman; Seven Others to Board Positions

Tue Mar 15 2005
New York, N.Y., March 15, 2005 — The shareholders of NYMEX Holdings, Inc., and the New York Mercantile Exchange, Inc., today elected Richard Schaeffer as vice chairman of the board and the following individuals to other positions on the Exchange board of directors: Stanley Meierfeld, Kevin McDonnell, Steven Karvellas, A. George Gero, Eric Bolling, Harvey Gralla, and Melvyn Falis.

Mr. Schaeffer has been vice chairman of the Exchange since 2004. He served as treasurer from 1993 to 2004, an executive committee member since 1992, a member of the board of directors since March 1990, and a member of the Exchange since 1981. A University of Maryland graduate, he is executive director of global energy futures for ABN Amro, Inc., and has been a conferring member on behalf of the company and its predecessor, Chicago Corp., since 1987 on all of the New York commodity exchanges. Mr. Schaeffer also serves as a member of the board of directors of the Juvenile Diabetes Foundation.

Mr. Meierfeld was elected as a futures commission merchant representative. He is a partner of Kottke Associates, Inc., and managing director of the Geldermann division of F.C. Stone, a leading clearing firm for local traders and market makers. He serves on the clearing, by-laws, compliance review, arbitration, and FCM advisory committees.

Mr. Meierfeld joined the Exchange through his family firm, S. Meierfeld, Inc., in 1971, which was established by his grandfather, Exchange member Samuel Meierfeld, in 1902. At his family firm, Mr. Meierfeld handled all aspects of the business, from runner to floor broker to back office manager. Mr. Meierfeld previously served for 15 years on the Exchange board of directors, including one term as vice chairman.

Mr. McDonnell was reelected to his third term as a local representative. He has been the treasurer of the Exchange and has served on the executive committee since 2004. As treasurer, he serves as chairman of the finance committee, a committee he previously co-vice chaired. Mr. McDonnell has been a director of the Exchange since 1999, an independent floor trader since 1985, and a member of Exchange since 1984.

Mr. Karvellas was elected to his fourth term in the floor broker category. He has been an independent floor broker and a member of Exchange since 1990. He has been a board member since 1996 and served on the executive committee from 1998 to 2002. Mr. Karvellas serves as the chairman of the adjudication, compliance review, and natural gas advisory committees, and as co-chairman of the NYMEX Charitable Foundation. Mr. Karvellas also serves as vice chairman of the floor broker advisory committee.

Mr. Karvellas began his career as a member of Commodity Exchange, Inc. (COMEX), in 1984. He was elected to the COMEX board of governors in 1987 and was elected to the executive committee representing the floor group of COMEX in 1989.

Mr. Gero was reelected as a trade representative. He is a senior vice president of Legg Mason Wood Walker, Inc. He has held various positions with the futures division of Prudential Securities Inc., from 1981 to 2003, most recently as a senior vice president of investment and as a first vice president.

Mr. Gero first served as an Exchange board member in 1976. He became an Exchange member in 1966 and has been a member of COMEX since 1976, the American Stock Exchange since 1995, the New York Board of Trade since 1984, and the Philadelphia Stock Exchange since 2003. He serves as chairman of the Commodity Floor Brokers and Traders Association, co-chairman of the government relations committee, and vice chairman of the NYMEX PAC and the corporate governance committee.

Mr. Bolling was elected to his second term on the board of directors as an at-large representative. He has been an independent floor trader since 1991 and a member of the Exchange since 1988. He is also a member of the COMEX Division and the New York Board of Trade. Mr. Bolling serves on the arbitration, corporate governance, membership, natural gas advisory, natural gas settlement, and local advisory committees. He also serves as floor committee ring chairman in natural gas.

Mr. Gralla, elected as an equity holder representative, began his career in the life insurance field and received a Chartered Life Underwriter degree. In 1980, he changed careers and became a member of the Exchange, where he traded for 17 years. In addition to being an Exchange equity holder, Mr. Gralla is an active off-the-floor trader in the Exchange energy products.

Mr. Falis was reelected to his second term as a public director. He is the chairman of the corporate governance committee and serves on the audit, compensation, and clearing committees. Mr. Falis has been a partner in Gusrae, Kaplan, Bruno & Nusbaum, PLLC, since 1987. He was a public member of the board of directors of the New York Futures Exchange and, since 1999, has served as a public member of the board of directors of the Commodity Floor Brokers and Traders Association. Mr. Falis served as general counsel of the Exchange from 1977 to 1983 and was a principal author of the heating oil futures contract. Prior to that, he was commodities and securities counsel for Prudential Securities.

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Forward Looking and Cautionary Statements
This press release may contain forward–looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to our future performance, operating results, strategy, and other future events. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, and similar words and terms, in connection with any discussion of future results. Forward–looking statements involve a number of assumptions, risks, and uncertainties, any of which may cause actual results to differ materially from the anticipated, estimated, or projected results referenced in forward–looking statements. In particular, the forward–looking statements of NYMEX Holdings, Inc., and its subsidiaries are subject to the following risks and uncertainties: the success and timing of new futures contracts and products; changes in political, economic, or industry conditions; the unfavorable resolution of material legal proceedings; the impact and timing of technological changes and the adequacy of intellectual property protection; the impact of legislative and regulatory actions, including without limitation, actions by the Commodity Futures Trading Commission; and terrorist activities and international hostilities, which may affect the general economy as well as oil and other commodity markets. We assume no obligation to update or supplement our forward–looking statements.

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