At that time, the Membership will elect members to fill the following expiring positions:

- Chairman
(Two Year Term)

- One Representative of the Trade Group
(Three Year Term)

- Two Representatives of the Membership At-Large
(Three Year Terms)

(i.e., to be elected without regard to group registration)

If you wish to stand for election to the COMEX Governors Committee, you must be nominated by petition. Nominations to serve as a representative of the Trade Group requires the signature of at least 10 Commodity Exchange, Inc. Members* registered in that group. Nomination to serve as Chairman or as an At-Large representative requires the signature of at least 40 Commodity Exchange, Inc. Members* regardless of group registration. A blank petition for each of the foregoing categories is attached for your convenience.

* ONLY THOSE COMMODITY EXCHANGE, INC. MEMBERS WHO OWN OR ABC FULL SEATS ARE ELIGIBLE TO SIGN NOMINATING PETITIONS.

Commodity Exchange, Inc. Members wishing to seek election to the COMEX Governors Committee must submit their duly executed petitions to the Office of the Corporate Secretary NO LATER THAN 5:00 PM. ON TUESDAY, FEBRUARY 1, 2005.

Please note that subsequent to receipt of petitions by the Office of the Corporate Secretary, notice of the Annual Meeting of Commodity Exchange, Inc. Members will be promptly distributed to the Membership.