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New York Mercantile Exchange: Mitchell Steinhause Elected Chairman - Eight Others To Board Positions

Date 16/03/2004

The shareholders of the NYMEX Holdings, Inc., and the New York Mercantile Exchange, Inc., today elected Mitchell Steinhause as chairman of the board and the following individuals to other positions on the Exchange board of directors: Gordon Rutledge, Michael McCallion, Gary Rizzi, Stephen Forman, Kenneth Garland, Michel Marks, Robert Steele, and Harley Lippman.

Mr. Steinhause has been the Exchange vice chairman for the past four years, a member of the executive committee for the past 10 years, and a member of the board since 1992. He joined the Exchange in 1975, working as a floor broker for 15 years and, for the last 14 years as an independent, trading for his own account. He was a member of the NYMEX/COMEX merger committee and project management committee that oversaw the design, construction, and occupation of the Exchange headquarters. Most recently he spearheaded the development of the Exchange's disaster recovery site and the arrangements with the New York Board of Trade to occupy trading and office space in the Exchange facility. He is also the board representative to serve on the COMEX governors committee since its inception.

Mr. Steinhause received his bachelor of arts degree from the University of Pittsburgh and holds a master of business administration in accounting from St. John's University.

Mr. Rutledge was reelected to his second term as the board representative in the floor broker category. Mr. Rutledge, who is co-founder and owner of Onyx Brokerage Inc., has been a floor broker on the Exchange since 1981, after working for Merrill Lynch as a newswire editor and technical analyst. Prior to starting Onyx, he also worked for MercOil and J. Tafaro Brokerage. He serves on the membership, technology, arbitration, adjudication, floor broker advisory, and political action committees. Mr. Rutledge has a bachelor of arts cum laude from Harvard University.

Mr. McCallion, who was elected to his first term on the board as the local representative, has worked his way up through the Exchange, beginning as a clerk and rising to vice president at Dean Witter Reynolds. He serves on eight Exchange committees and as a director of the Commodities Floor Brokers and Traders Association. He was the only non-board member to serve on the project management committee for the Exchange headquarters building.

Mr. Rizzi was reelected for the fourth time as a futures commission merchant representative to the board. In addition to serving on the board for the past nine years, Mr. Rizzi has served five terms on the executive committee, including three as secretary. He has been a member of the floor community for 25 years. After working for Dean Witter for a year as a clerk, Mr. Rizzi joined A.G. Edwards and became floor manager in 1982. He has been an officer of the company and a conferring member of the Exchange for 20 years. He is also a member of the COMEX Division and both divisions of the New York Board of Trade.

Mr. Garland was reelected to his second term as the at-large representative to the board. After receiving a masters degree in audiology from Long Island University, Mr. Garland worked as a private and industrial audiologist for eight years. He began trading at the Exchange for his own account in 1981. In 1982 and 1983, he also acted as a floor broker. Since purchasing his seat in 1983, he has exclusively traded for his own account, concentrating most of his time in the gasoline ring. He is chairman of the Exchange floor, settlement, and petroleum products advisory committees; and panel chairman on the adjudication committees. Mr. Garland was also recommended by the Exchange in 1994 to represent it on the National Futures Association membership appeals subcommittee, a position he continues to hold to this day.

Stephen Forman is a conferring member and senior vice president of sales for OTC-listed and derivative products at Prudential Financial Derivatives, LLC. Prior to that he was deputy managing director-tangible commodities of FIMAT USA, Inc., a wholly owned subsidiary of the Societe Generale Group. He has been a board member at the Exchange for two years and also serves as a board member of the New York Clearing Corporation.

Mr. Marks, chairman of the Exchange from 1978 to 1987, was reelected as an equity owner representative. He is president of SilibiS Corporation, advisors in corporate strategy and therapy. He also serves as a member of the board of Argus Media Ltd., an international oil price information company. Under Mr. Marks's leadership, the Exchange established the first successful futures markets in heating oil, gasoline, and crude oil and grew from the smallest market in the US to the third largest in the world. He was the founder and president of MercOil Corp., an energy floor brokerage company, as well as founder and president of Regal Properties, Inc. of USA, a Florida property management company. He was a partner in FuturesNet, an internet-based futures information and communications company. In recognition of his contribution to the energy and futures industries, Mr. Marks was selected 1986 Man of the Year by the Oil Trades Association. He has also served as a member of the board of directors of two educational organizations, the British American Educational Foundation and the Working Playground, and as president of the Monmouth County Arts Council and the Count Basie Theater from 1992 to 1994. He also lectures on market-related topics at Monmouth University.

Mr. Steele served as a public director of the Exchange from 1988 to 1994, and was re-appointed to the board in 1999. He is vice chairman of John Ryan Company, an international financial services marketing firm, and is director of the Merlin Retail Financial Center in Stamford, Conn. He previously served as president and chief executive officer of the Norwich (CT) Savings Society from 1975 to 1981, and as president and chief executive officer of Dollar Dry Dock Bank of New York from 1985 to 1990. Mr. Steele was a U.S. congressman (Second District,Conn) from 1970 to 1974, and was the Republican candidate for governor of Connecticut in 1974. While in Congress, he served on the House Foreign Affairs Committee, was the ranking minority member of the Latin American subcommittee, and chaired or co-chaired Congressional task forces on international drug trafficking and problems of the aging. Following Congress, he was appointed chairman of the Social Security committee of the White House conference on aging. He served as a Soviet affairs specialist in the Central Intelligence Agency from 1963 to 1968. He was a visiting lecturer in government at the United States Coast Guard Academy and is the recipient of an honorary doctor of laws degree from Sacred Heart University in Connecticut.

Mr. Lippman is the chief executive officer and owner of Genesis 10, an information technology consulting company he founded in 1999. Providing e-commerce, program and project management, strategy, and information technology services to Fortune 1000 companies nationwide, Genesis 10 employs approximately 1,000 people in 16 offices nationwide. Prior to starting Genesis 10, Mr. Lippman was the founder and sole owner of Triad Data Inc., also an information technology consulting firm. Mr. Lippman earned a master's degree in International Affairs at Columbia University, where he received its highest scholarship award and graduated number three in his class. He earned his bachelor's degree from the State University of New York at Stony Brook, where he graduated with highest honors as a political science major. He was then awarded a Fulbright Scholarship to study in Eastern Europe. Mr. Lippman was the first American undergraduate exchange student to study political science in a communist country since World War II.

For the past six years, Mr. Lippman has been a public director of the New York Mercantile Exchange, is chairman of the political action committee, and is a member of the audit, corporate governance, and compensation committees. He is co-chairman of the Dean's Council at the Columbia University School of International and Public Affairs. He has been named chairman of the advisory board of the American Jewish Congress on World Jewish Affairs and serves as vice chair of its national governing council. He is co-chairman of the New York International Affairs Committee, a member of the executive committee of the New York Regional Board, and a member of the executive committee and National Commission of The Anti Defamation League of B'nai B'rith. Mr. Lippman is also a board member of the Middle East Forum, an independent policy think tank on Middle Eastern issues. He is a citizen's advisory board member of the bipartisan House of Representatives and Senate Caucuses on U.S./Israel Security Cooperation which is chaired by republicans and democrats (senators and congressmen). He has also been named chairman of Congresswoman Carolyn Maloney's Foreign Policy Advisory Committee.