News Release

NYMEX Holdings Reports Record First Quarter Results Driven by Record Average Daily Volume of 1.871 Million Contracts

Thu May 01 2008

NEW YORK, May 1 /PRNewswire-FirstCall/ -- NYMEX Holdings, Inc. (NYSE: NMX), parent company of the New York Mercantile Exchange, Inc. (NYMEX), today reported that total operating revenues for the first quarter ended March 31, 2008 rose 27% to a record $208.9 million compared to $164.2 million for the first quarter 2007. Net income for the first quarter 2008 increased 27% to a record $71.2 million compared to $56.2 million for the first quarter 2007. Diluted earnings per share for the first quarter 2008 were $0.75, based on 95.0 million shares outstanding, compared to $0.59, based on 94.8 million shares outstanding, for the first quarter 2007.

Included in the first quarter 2008 results are $7.9 million of merger-related expenses, of which approximately $6.7 million are considered non-deductible for income tax purposes, and consist primarily of professional fees incurred in connection with NYMEX's proposed merger with CME Group Inc. (CME). Excluding these merger-related expenses, net income for the quarter ending March 31, 2008 was $78.6 million or $0.83 per diluted share, on a non-GAAP basis.

The Board of Directors approved a regular quarterly dividend of 10 cents per share to shareholders of record as of June 6, 2008, payable on June 27, 2008.

NYMEX Chairman Richard Schaeffer said, "The first quarter of 2008 was significant for NYMEX, as we have continued to strengthen our competitive position and marketplace offerings, while also improving our financial performance. Our strong financial performance is the result of growth trends in volume, strength in average rate per contract fees, and disciplined expense management. The credit risk mitigation, price discovery and risk management that our trading and clearing venues provide market participants are even more valued in the current challenging economic environment, and contribute to the growing participation in our markets and continuing strength of our business."

Mr. Schaeffer continued, "The decision to combine with CME, which we announced on March 17, 2008, allows us to take our business and growth to a much higher level, and create value for our customers and shareholders. We believe this combination serves the best interests of NYMEX members and shareholders and all those who participate in the global commodities and derivatives markets. Other recent initiatives such as the launch of environmental contracts for The Green Exchange venture, as well as our historic alliance with LCH.Clearnet to offer futures and options contracts cleared in Europe, have strengthened our market position globally, as well as across asset classes."

NYMEX President and Chief Executive Officer James E. Newsome stated, "During the first quarter, we continued to build on the strong fundamentals of our core business. We set electronic trading records, including COMEX gold and other metals, natural gas, heating oil, as well as overall electronic trading volume. New product innovation continues to be our strength, and in the first quarter we launched more than 40 new contracts that we believe will add volume over time, including ethanol and electricity futures contracts, a Brent crude oil options contract, and innovative crude oil futures indexes called the Crude Oil MACI and Backwardation / Contango Index. Our Dubai Mercantile Exchange venture in the Middle East has been growing in open interest each month, recently reaching 14,000. We continue to make great progress toward launch in mid-2008 of our new and distinct slate of OTC and futures products for clearing through LCH.Clearnet. We are also excited by the rapid development of trading and addition of new partners in The Green Exchange venture, which launched contracts on March 17."

First Quarter Results

Clearing and transaction fees rose 30% for the first quarter 2008 to $179.1 million compared to $138.2 million for the year ago period. Market data fees increased 13% for the first quarter 2008, to $26.2 million versus $23.1 million for the first quarter 2007. A new fee schedule for each of the NYMEX and COMEX Divisions became effective on January 1, 2008, and an increase in market data fees became effective on February 1, 2008.

Average daily volume was a record 1.871 million contracts during the first quarter 2008, a 24% increase over the first quarter of 2007. NYMEX electronic trading volume on CME Globex averaged 814,306 contracts per day and represented a 36% increase over first quarter 2007 electronic trading volume. NYMEX floor-traded energy futures and options averaged 236,894 contracts a day for the first quarter of 2008, versus 329,524 contracts per day for the same period of 2007. COMEX electronic trading volume on CME Globex averaged 204,899 contracts per day, an increase of 127% over first quarter 2007 electronic trading volume. COMEX metals open outcry average daily volume was 47,828 contracts for the first quarter of 2008, versus 55,808 contracts per day for the same period of 2007. Average daily volume on NYMEX ClearPort was 462,544 contracts in the first quarter of 2008, as compared to 373,357 contracts in the same period of 2007. The remaining average daily volume of 104,597 per day consisted of other transactions which includes position transfers and exchanges.

Total operating expenses, excluding direct transaction costs of $28.1 million and merger-related expenses of $7.9 million, decreased 10% to $40.0 million for the first quarter of 2008, compared to $44.4 million for the same period in 2007. This decrease was the result of the management team's ongoing disciplined expense management.

Income before provision for income taxes was $134.4 million for the first quarter 2008, compared to $99.7 million for the first quarter 2007. Pre-tax margin, defined as income before provision for income taxes divided by operating revenues, investment income and interest income from securities lending (net of interest expense/fees from securities lending and direct transaction costs), was 72% in the first quarter 2008, compared to 68% in first quarter 2007. Excluding merger-related expenses, pre-tax margin was 76% for the first quarter of 2008.

Investor Conference Call / Webcast Details

NYMEX will hold a conference call to discuss 2008 first quarter results today, May 1, 2008 at 8:00 AM Eastern Time. Those wishing to participate in the conference call can dial (800) 299-0148 (U.S. and Canada) or (617) 801-9711 (International), using the confirmation code 91241097. A live audio webcast of the call will also be available on the Investor Relations section of the NYMEX website at http://investor.nymex.com/. An archived version of the conference call will also be available within approximately 90 minutes of the conclusion of the call.

About NYMEX Holdings, Inc.

NYMEX Holdings, Inc. (NYSE: NMX) is the parent company of the New York Mercantile Exchange, Inc., the world's largest physical commodities exchange, offering futures and options trading in energy and metals contracts and clearing services for more than 400 off-exchange contracts. Through a hybrid model of open outcry floor trading and electronic trading on CME Globex® and NYMEX ClearPort®, NYMEX offers crude oil, petroleum products, natural gas, coal, electricity, gold, silver, copper, aluminum, platinum group metals, emissions, and soft commodities contracts for trading and clearing virtually 24 hours each day. Further information about NYMEX Holdings, Inc. and the New York Mercantile Exchange, Inc. is available on the NYMEX website at http://www.nymex.com/.

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.

                  NYMEX HOLDINGS, INC. AND SUBSIDIARIES
         CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
                  (in thousands, except for share data)

                                                     Three Months Ended
                                                           March 31,
   Operating Revenues                             2008               2007
     Clearing and transaction fees              $179,051           $138,177
     Market data fees                             26,213             23,137
     Other, net                                    3,611              2,912
                Total operating revenues         208,875            164,226

   Operating Expenses
     Direct transaction costs                     28,083             24,102
     Salaries and employee benefits               19,976             21,038
     Occupancy and equipment                       5,760              5,943
     Depreciation and amortization, net
      of deferred credit amortization              3,458              3,531
     General and administrative                    4,621              4,697
     Professional services                         3,126              4,186
     Telecommunications                            1,250              1,423
     Marketing                                     1,350              1,933
  (1)Other expenses                                8,363              1,661
                Total operating expenses          75,987             68,514

     Operating income                            132,888             95,712

   Non-Operating Income and Expenses
     Investment income                             3,614              6,707
     Interest income from securities lending       7,768             29,406
     Interest expense/fees from securities
      lending                                     (6,048)           (28,889)
     Interest expense                             (1,586)            (1,612)
     Losses from unconsolidated investments       (2,210)            (1,643)
                Total non-operating income and
                 expenses                          1,538              3,969

     Income before provision for income taxes    134,426             99,681
     Provision for income taxes                   63,241             43,461

     Net income                                  $71,185            $56,220


   Earnings per Share
     Basic                                         $0.75              $0.60
     Diluted                                       $0.75              $0.59
   Weighted Average Number of Common Shares
    Outstanding
     Basic                                    94,780,000         94,450,000
     Diluted                                  94,964,000         94,808,000


  (1) Included in other expenses are $7.9 million of merger-related expenses
      incurred in connection with the proposed merger with CME Group Inc.



                  NYMEX HOLDINGS, INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED BALANCE SHEETS
                              (in thousands)

                                               (Unaudited)
                                                 March 31,      December 31,
                   Assets                          2008              2007

  Cash and cash equivalents                       $2,631             $3,296
  Collateral from securities lending program     819,618            842,444
  Marketable securities, at market value         554,822            461,142
  Clearing and transaction fees receivable,
   net of allowance for member credits            66,879             38,443
  Prepaid expenses                                 8,628              8,786
  Margin deposits and guaranty funds              28,131            170,192
  Other current assets                            21,208             34,097
      Total current assets                     1,501,917          1,558,400

  Property and equipment, net                    176,485            176,471
  Goodwill and indefinite-lived intangible
   asset                                         307,125            307,125
  Long-term investments                          161,005            178,036
  Other assets                                     7,077              7,121
      Total assets                            $2,153,609         $2,227,153

     Liabilities and Stockholders' Equity

  Accounts payable and accrued liabilities       $20,228            $15,723
  Accrued salaries and related liabilities         9,212             17,107
  Payable under securities lending program       827,395            847,581
  Margin deposits and guaranty funds              28,131            170,192
  Income tax payable                              47,333              2,704
  Other current liabilities                       43,492             31,122
      Total current liabilities                  975,791          1,084,429

  Grant for building construction
   deferred credit                               103,485            104,021
  Long-term debt                                  77,464             77,464
  Retirement obligation                           11,995             12,038
  Other liabilities                               12,773             23,646
      Total liabilities                        1,181,508          1,301,598

      Total stockholders' equity                 972,101            925,555
      Total liabilities and stockholders'
       equity                                 $2,153,609         $2,227,153



                         Non-GAAP Reconciliation


  The Company evaluates its financial performance using various measures.
  One  measure is to exclude one-time gains and losses from its results to
  arrive at a pro forma earnings per share amount.  Pro forma earnings per
  share is a non-GAAP (generally accepted accounting principles) performance
  measure, however, the Company believes that it is useful to assist
  investors in gaining an understanding of the trends and operating results
  of the Company's business.  Pro forma earnings per share should be viewed
  in addition to, and not in lieu of, the Company's reported results under
  U.S. GAAP.

  During the first quarter of 2008, the Company recorded $7.9 million of
  merger-related expenses, of which approximately $6.7 million are
  considered non-deductible for income tax purposes.  These costs were
  incurred in connection with the Company's proposed merger with CME Group
  Inc. and are recorded in other expenses under the caption "Operating
  Expenses" on its consolidated statements of income.  The following is a
  reconciliation of U.S. GAAP results to pro forma results for the periods
  presented:



                                                       (in thousands, except
                                                           share amounts)
                                                         Three Months Ended
                                                              March 31, 2008
  Net income                                                      $71,185
     Add:  Merger-related expenses, net of tax effect               7,405

  Pro forma net income                                            $78,590

  Earnings per common share on net income:
     Basic                                                          $0.75
     Diluted                                                        $0.75

  Pro forma earnings per common share on pro forma net income:
     Pro forma basic                                                $0.83
     Pro forma diluted                                              $0.83

  Weighted average common shares outstanding:
     Basic                                                     94,780,000
     Diluted                                                   94,964,000



                      Q1 2008     Q4 2007    Q3 2007     Q2 2007    Q1 2007
  Trading Days            61          64         63          63         61



             Average Daily Volume (round turns, in thousands)

                      Q1 2008     Q4 2007    Q3 2007     Q2 2007    Q1 2007
  NYMEX Floor            237         229        229         257        330
  NYMEX Electronic       814         704        687         608        597

  COMEX Floor             48          42         36          42         56
  COMEX Electronic       205         147        114         101         90

  NYMEX ClearPort        463         310        351         309        373

  Other                  104         107         74          79         68
  Total                1,871       1,539      1,491       1,396      1,513



          Gross Clearing and Transaction Revenue (in thousands)

                     Q1 2008     Q4 2007    Q3 2007     Q2 2007    Q1 2007
  NYMEX Floor        $23,040     $21,517    $20,824     $19,966    $23,664
  NYMEX Electronic    65,695      54,243     54,285      50,520     43,271

  COMEX Floor          4,787       3,948      3,072       3,249      4,244
  COMEX Electronic    20,373      14,572     10,786       9,791      8,253

  NYMEX ClearPort     53,375      38,217     46,905      44,281     49,609

  Other               11,780      12,433      9,387       9,583      9,136
  Total             $179,051    $144,930   $145,259    $137,390   $138,177



                          Net Rates Per Contract

                      Q1 2008     Q4 2007    Q3 2007     Q2 2007    Q1 2007
  NYMEX Floor          $1.59       $1.47      $1.45       $1.23      $1.18
  NYMEX Electronic      1.05        0.92       0.97        1.02       0.89

  COMEX Floor           1.64        1.46       1.34        1.24       1.25
  COMEX Electronic      1.36        1.26       1.16        1.19       1.20

  NYMEX ClearPort       1.50        1.51       1.67        1.72       1.66

  Other                 1.85        1.81       2.02        1.92       2.19
  Total Net RPC         1.32        1.23       1.28        1.29       1.24
     Direct Cost        0.25        0.24       0.27        0.28       0.26
  Gross RPC            $1.57       $1.47      $1.55       $1.56      $1.50

          Note: any differences in above tables are due to rounding

SOURCE: NYMEX Holdings, Inc.

CONTACT: investors, Keil Decker, +1-212-299-2209, or media, Anu
Ahluwalia, +1-212-299-2439, both of NYMEX Holdings, Inc.

Web site: http://www.nymex.com/

Corporate Communications

+1 312 930 3434
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