News Release

New York Mercantile Exchange and Multi Commodity Exchange of India Sign Memorandum of Understanding

Mon Oct 10 2005

NEW YORK, N.Y., October 10, 2005 — The New York Mercantile Exchange, Inc. (NYMEX), and the Multi Commodity Exchange of India Limited (MCX) announced today that they have signed a memorandum of understanding to explore areas of cooperation that could mutually benefit the exchanges.

MCX, located in Mumbai, offers light, sweet crude oil and Brent crude oil futures contracts. The exchanges will work together to develop areas of cooperation and business opportunities with the goal of assisting and benefiting the underlying producers, end-users, and investors in their commonly traded products by maximizing the application of itnernational best practices for price risk management and exchange operations.

NYMEX President James E. Newsome said, "We are pleased to work with the Multi Commodity Exchange of India. With the unprecedented demand in Asia, we are proud to work with such a reputable partner to serve this growing marketplace."

Jignesh Shah, MCX managing director and chief executive officer, said, "We believe in the best, and, therefore, we are happy to integrate the Indian energy sector with the best and the largest energy marketplace in the world at a time when all economies are facing an energy crisis. We believe NYMEX and MCX will work closely to help the Indian petroleum and petrochemical industries to hedge their price risk more efficiently."

About the New York Mercantile Exchange
The New York Mercantile Exchange is the largest physical commodity exchange in the world, offering futures and options trading in energy and metals contracts and clearing services for off–exchange energy transactions. Through a combination of open outcry floor trading and the NYMEX ACCESS® and NYMEX ClearPort® electronic trading platforms, a wide range of crude oil, petroleum product, natural gas, coal, electricity, gold, silver, copper, aluminum, and platinum group metals markets are available virtually 24 hours each day.

About Multi Commodity Exchange of India Ltd.
Multi Commodity Exchange of India Ltd., having a permanent recognition from the Government of India, is an independent and demutualised multi–commodity exchange. MCX is a state–of–the–art nationwide, digital exchange facilitates online trading, clearing and settlement operations for commodity futures trading. The key shareholders of MCX are State Bank of India (India's largest commercial bank) & all its subsidiaries, National Stock Exchange (NSE), National Bank for Agriculture & Rural Development (NABARD), SBI Life Insurance Co. Limited, Canara Bank, Corporation Bank, HDFC Bank, Bank of India, Union Bank of India, Bank of Baroda and a leading software company, Financial Technologies (India) Limited. Headquartered in Mumbai, MCX is led by an expert management team with deep domain knowledge of the commodity futures markets. MCX has grown exponentially transcending regional boundaries, striking strategic global alliances & initiating many fronts in commodity futures markets. The exchange now clocks an average daily turnover of about INR 3,300 Crores, which is equal to US$ 767.50 million.

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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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