News Release

Exchange Promotes Senior Vice President, Five Vice Presidents

Mon Jan 30 2006

New York, N.Y., January 30, 2006 -- The board of directors of the New York Mercantile Exchange, Inc. (NYMEX), recently promoted Kenneth Shifrin to senior vice president. It also promoted five other executives: John Barbara, vice president of telecommunications; Robert Biolsi, vice president of quantitative research; Maurice Chavarria, vice president of systems engineering and operations; Thomas McMahon, vice president of marketing and director of Asia region; and Donna Talamo, vice president and assistant corporate secretary.

Mr. Shifrin joined the Exchange in January 2004 as vice president of finance from Electronic Broking Systems (EBS), where he was global controller for two years. Prior to EBS, he held several senior financial roles including chief financial officer of Gateway Logistics, Corp., and chief financial officer and vice president of finance for Hirsch International, Corp.

Mr. Shifrin, who has more than 20 years of public and private accounting experience and an extensive background in company operations, also worked as a controller for National Business Products, Inc., and Career Employment Services, Inc.

He holds a masters of business administration in accounting from Adelphi University, a bachelor of arts degree in economics from the State University of New York at Stony Brook, and he is a certified public accountant.

Mr. Barbara joined the Exchange in 1998 as director of telecommunications and was responsible for managing and directing the telecommunications operations and administration, as well as cable plant management systems personnel. This included overseeing trading floor and staff phone service, vendor management, and maintaining the voice and data cable infrastructure.

Prior to the Exchange, Mr. Barbara served as director of operations at V Band Corp., held various senior project positions at IPC Information Systems, Inc., in London and New York, and was a vice president at Merrill Lynch & Co.

Mr. Barbara has a bachelor of science degree in business management, with a minor in economics, from St. John’s University. He also served in the United States Marine Corps.

Dr. Biolsi joined the Exchange in 1990 and worked in the research department until 1997. He rejoined the Exchange in 2000 as director of financial research, where he assisted in the development of derivative products and risk management for floor trading and an electronic derivatives trading system. This includes new product development of crack spread, average price, “swaption” and calendar spread options.

Since 1985, Dr. Biolsi has served as a professor of economics and finance courses at the University of Connecticut, Polytechnic University, Long Island University, St. Peter’s College, Manhattan College, and St. John’s University. He also served as a research analyst for Shearson-Lehman Bros., the American Stock Exchange, and Metropolitan Life Insurance Co.

He earned a doctorate degree in financial economics and econometrics from the Graduate Center of the City University of New York and a masters in business administration from St. John’s University. Dr. Biolsi graduated cum laude with a bachelor of arts in economics from St. John’s University.

Mr. Chavarria joined the Exchange in 2001 as a systems engineer. He was promoted to director of systems engineering and operations in April 2003, directing the efforts of the trading systems group, corporate systems group, technical operations and helpdesk operations. He is responsible for managing the systems infrastructure currently supporting the Exchange.

Mr. Chavarria began his career with IBM from 1990 to 1994 and subsequently fulfilled similar systems support roles at Market Data Corporation, AIG Trading, and Sempra Energy Trading.

He holds a bachelor of science degree from Mercy College in Dobbs Ferry, NY.

Mr. McMahon, who is based in NYMEX’s Tokyo office, has more than 25 years of futures industry experience. He was hired in 2005 as NYMEX director of marketing in Asia after acting as an advisor to the Exchange in its agreement to link NYMEX ACCESS® with the Tokyo Commodity Exchange.

From 1993 to 2003, Mr. McMahon was an owner-operator of Gaslink.Com., focusing on the order execution of natural gas futures and options contracts. He began his career as a member of the New York Cotton Exchange and the New York Coffee, Sugar and Cocoa Exchange. He became a member of NYMEX in 1982. In 1984, he served as vice chairman of the petroleum advisory committee, prior to the launch of the gasoline futures contract. Mr. McMahon was elected onto the NYMEX board of directors in 1987 and served as chairman of natural gas advisory and petroleum delivery committee leading up to the launch of the natural gas futures contract.

Ms. Talamo joined the Exchange in 1988 after her employment with Merrill Lynch, commenced her employment with Commodity Exchange, Inc. (COMEX) and continued on with NYMEX after the merger in 1994. She has been charged with membership-related matters and training and education, gaining increasing levels of responsibility with the membership and Exchange committees during her career with the Exchange.

More recently Ms. Talamo has been charged with assisting the Board of Directors, senior management and shareholders in corporate governance and other critical Exchange matters.

She holds a bachelor’s degree in business administration from Pace University.

Exchange President James E. Newsome said, “We are pleased to promote these staff members for their hard work and achievements. In this competitive marketplace, the Exchange is well-positioned to continue its tremendous growth and global expansion.”

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