NOTE: In addition to the categories above (Futures Commission Merchant, Local, Floor Broker and Trade) each of the foregoing proposed nominees are also eligible to be nominated in the “At-Large” category.

To assist the Subcommittee in its final determination, NYMEX members may submit information regarding the eligibility of a proposed nominee to the Subcommittee. All such submissions must be received by 5:00 p.m. on January 30, 2004 at the Office of the Corporate Secretary. In addition, a proposed nominee may appeal the Subcommittee’s categorization. Such appeal must be made by 5:00 p.m. on February 3, 2004. The Subcommittee will consider the appeal and make a final ruling no later than February 6, 2004. At that time, the Subcommittee will assign the proposed nominees to the proper categories, regardless of the category for which the proposed nominee was originally recommended; however, only persons who were recommended to be candidates for Chairman are eligible to run for that office.

TO BE OFFICIALLY NOMINATED, EACH PROPOSED NOMINEE WILL BE REQUIRED TO FILE WITH THE OFFICE OF THE CORPORATE SECRETARY A DECLARATION WHICH STATES THAT CATEGORY IN WHICH THE PERSON INTENDS TO STAND FOR ELECTION. FAILURE TO SUBMIT A DECLARATION TO THE OFFICE OF THE CORPORATE SECRETARY BY 5:00 P.M. ON TUESDAY, FEBRUARY 17, 2004 WILL RENDER THE PROPOSED NOMINEE INELIGIBLE TO RUN IN ANY CATEGORY.

Note, only those persons who were proposed by January 23, 2004 will be permitted to be officially nominated.

Ballots will be mailed on or about March 1, 2004. A candidates’ forum is scheduled to be held on Thursday, March 4, 2004.

The election will be held on Tuesday, March 16, 2004.