New York Mercantile Exchange Board Elects Richard Schaeffer Vice Chairman

The board of directors of NYMEX Holdings, Inc. and the New York Mercantile Exchange, Inc., today appointed Richard Schaeffer to fill the year remaining on the term of vice chairman vacated by Mitchell Steinhause when he was elected chairman of the Exchange last week.

Mr. Schaeffer has been the treasurer of the Exchange since 1993, an executive committee member since 1992, and a member of the board of directors since March 1990. He has been an Exchange member and seat-owner since 1981. A University of Maryland graduate, he is executive director of global energy futures for ABN Amro, Inc., and has been a conferring member on behalf of the company and its predecessor, Chicago Corp., since 1987 on all of the New York commodity exchanges.

The board also appointed Kevin McDonnell to replace Mr. Schaeffer as treasurer. It will be his first term on the Exchange executive committee.

Gary Rizzi was re-appointed secretary and Scott Hess was reappointed as the at-large member of the executive committee.