As provided by Section (A) of NYMEX Rule 9.03 "Guaranty Fund"), the Board of Directors has determined that the Guaranty Fund will be increased from $200 million to $250 million. This change will become effective on June 30, 2007. This increase is a direct reflection of the increased volatility and open interest the Exchange experienced during the past year.

Clearing Member contributions to the Guaranty Fund are calculated on a quarterly basis and will continue to be based on a hybrid formula of Risk (85%) and Volume (15%). Please be advised that the minimum contribution required of each Clearing Member is being increased from $2 million to $2.5 million. Absent receipt of a “Special Matter” petition from owners of Class A Memberships as further described below, this change, which will be codified in NYMEX Rule 9.03(B), will also become effective on June 30, 2007. Acceptable deposits include cash (U.S. Dollars), U.S. Treasuries, and shares of approved Money Market Mutual Funds. There is no maximum contribution level.

The applicable change to NYMEX Rule 9.03 is noted below.

(Additions are Bold and Italicized; Deletions have a strike-through)

Rule 9.03, Guaranty Fund

(A) Contributions

Each Clearing Member shall deposit, and keep deposited, with the Exchange the amount prescribed in Section (B) as a contribution to the Guaranty Fund. The monies, securities, and instruments so deposited shall collectively constitute a fund known as the "Guaranty Fund" and shall be used as provided in the Rules to reimburse the Exchange for any loss sustained by the Exchange as a result of the failure of any Clearing Member to discharge his obligations in accordance with the Rules. The Board of Directors shall determine the appropriate size of the Guaranty Fund.

(B) Schedule of Contributions

The amount required to be deposited by each Clearing Member shall be determined by a formula as recommended by the Clearing House Committee and approved by the Board of Directors. Such formula will include certain components of risk and volume and will be calculated by the Exchange staff on a quarterly basis, or more frequently if deemed appropriate. At no time will a Clearing Member's minimum contribution be below $2.05 million.

The amount deposited shall be in the form of any combination of:

(1) U.S. Dollars,

(2) shares of certain Money Market Mutual Funds as approved by the Board of Directors and subject to the provisions of NYMEX Rule 9.05 (E) (4),

(3) securities issued by the Department of the Treasury of the United States maturing within ten (10) years of the date of the deposit and guaranteed as to principal and interest by the United States government valued at ninety-five percent (95%) of par value.

This Rule change triggers the provisions of the New York Mercantile Exchange, Inc. (the “Exchange”) Bylaws that were amended in connection with the closing of the General Atlantic transaction in March 2006, which contain new rights for owners of Class A Memberships as well as procedures to be followed for any proposed Bylaw or other changes affecting such rights. (These procedures are similar to the procedures that have been in place for nearly thirteen years with regard to certain rule or product changes on the COMEX Division in relation to the NYMEX-COMEX merger agreement.)

Section 311 of the Exchange Bylaws contains rights pertaining, among other things, to "material changes to the Membership, eligibility or capital requirements to become a Member, Member Firm or clearing member, to lease a membership or to exercise the associated trading or clearing rights or privileges. . . ."

In particular, Section 311 provides that any such change is a "Special Matter," subject to approval by the owners of Class A Memberships. The amendments to NYMEX Rule 9.03 therefore constitute a Special Matter. Accordingly, owners of Class A Memberships have fifteen (15) days from the date of this Notice to submit a petition by the owners of 82 Class A Memberships (representing at least 10% of the 816 outstanding Class A Memberships) requesting a Special Meeting of the owners of Class A Memberships to vote on the rule amendment to NYMEX Rule 9.03t. If such petition is not received within this time period, or if the rule amendment is approved at such a Special Meeting, the rule amendment will be deemed approved and will subsequently be submitted to the Commodity Futures Trading Commission (CFTC). A special meeting request form is attached to the end of this Notice in satisfaction of Exchange Bylaw Section 202 (B).

Inquiries regarding the aforementioned may be directed to Donna Talamo, Vice President – Office of the Corporate Secretary, at dtalamo@nymex.com or by fax to 212-301-4645.

RESPONSE FORM - REQUEST FOR SPECIAL MEETING

My name is _____________________ and I am the owner, either directly or by ABC, of __________ Class A Membership(s) in the New York Mercantile Exchange, Inc., and I hereby request a special meeting in response to the Fee Schedule contained in this Notice.

Signed By:

______________________________

Print Name: