News Release

Dubai Mercantile Exchange Names Chief Executive Officer

Wed Dec 07 2005

December 7, 2005, New York, N.Y. — The board of directors of the Dubai Mercantile Exchange (DME), the joint venture between the New York Mercantile Exchange, Inc., (NYMEX) and Dubai Holding, today announced the appointment of its chief executive officer, Gary R. King.

Mr. King has more than two decades of experience across the energy and finance sector, working for leading companies such as Neste Oy (the national oil and energy company of Finland), Morgan Stanley, and the Emirates National Oil Company. In the private equity sector, he was instrumental in developing the Standard Bank/GIB GCC energy fund, one of the first products of the Dubai International Financial Centre, and most recently was seconded into the Treasury and Commodities joint venture between Macquarie Bank and Abu Dhabi Commercial Bank.

"With Gary's appointment as CEO, we have set a strong foundation to the Dubai Mercantile Exchange, providing diverse and experienced leadership," said Ahmad Sharaf, chairman of the DME. "Gary is well–respected in the energy and finance sectors in the Middle East. He brings extensive experience to the Exchange and has the full support of the DME board of directors and the joint venture partners. He will contribute in making the DME a world class international exchange."

"It is an honor to be appointed the CEO of the DME," said Mr. King. "The DME is unique, in that it is supported by the world's largest physical commodities futures exchange and the leading company in the Arab region. One of our key short–term goals is to build a liquid market that is secure and transparent for regional and international companies."

Mr. King is a graduate of the University of London with a bachelor of science degree in petroleum exploration geology and a masters of science degree in D.I.C in petroleum exploration geology.

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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.

Dubai Mercantile Exchange's (DME) establishment of an exchange inside the Dubai International Financial Centre (DIFC) is subject to regulatory approval from the Dubai Financial Services Authority (DFSA) and it being granted an Authorised Market Institution licence to operate inside the DIFC. Furthermore, all clearing and settlement services to be provided by the New York Mercantile Exchange to DME are subject to the New York Mercantile Exchange becoming recognised by the DFSA to operate a remote clearing house in the DIFC and subject to the review and/or approval of the Commodity Futures Trading Commission."

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