News Release

Exchange Promotes Senior Vice President

Mon Oct 10 2005

NEW YORK, N.Y., October 10, 2005 — The New York Mercantile Exchange, Inc., announced today that it promoted Richard Kerschner to senior vice president of corporate governance and strategic initiatives from associate general counsel and vice president of corporate governance.

Mr. Kerschner joined the Exchange in 2004 as associate general counsel and director of corporate governance. His responsibilities have included Securities and Exchange Commission reporting, corporate governance, private equity and other corporate transactions, and general corporate and securities matters.

Mr. Kerschner's in–house, public company experience includes corporate governance issues, debt and equity financings, acquisitions and joint ventures, intellectual property licensing, international transactions, and material litigation. Prior to joining the Exchange, he served as special counsel and senior advisor to the legal department of T–Mobile USA; as the senior vice president, general counsel, and corporate secretary of SmartServ Online, Inc., previously a Nasdaq-listed mobile data company; and as the managing counsel of Omnipoint Communications, a multi–billion dollar Nasdaq–listed wireless telecommunications carrier acquired by VoiceStream Wireless and subsequently, by T–Mobile USA. Prior to joining Omnipoint, Mr. Kerschner was in private practice with a New Jersey law firm.

Mr. Kerschner received a bachelors degree from the University of Pennsylvania in 1988 and a juris doctor from Georgetown University Law Center in 1991. He subsequently received a Certificate in Investment Banking from New York University and served as a barrister with the Bankruptcy American Inns of Court.

Mr. Kerschner currently serves on the advisory boards of the National Association of Corporate Directors – New Jersey Chapter and the Georgetown University Law Center's Corporate Counsel Institute. He is a member of the Association of Corporate Counsel and is admitted to practice law in New York and New Jersey. Exchange President James E. Newsome said, "Rich has been instrumental in revising our corporate governance and guiding us through the private equity investment process. We look forward to his continued contributions in his new role."

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