Letter from the Chairman to the Membership

March 7,
2002

Dear NYMEX Member:

On the Proxy Statement and ballot you received for the upcoming Annual
Meeting on March 19, 2002, a proposal has been put forth by the Board of
Directors to amend bylaw section 401 of the NYMEX Exchange relating to the
composition of the Executive Committee. Currently, that bylaw requires the
Executive Committee to be composed of five members. Under the proposed
bylaw amendment, the Board of Directors would be given the flexibility to
set the number of members of the Committee. As is the case today, the
Chairman, Vice Chairman and Treasurer would sit on the Committee.

In the past year, the Exchange has faced a number of challenges, from the
tragic events of September 11 to the growth of competitive platforms. I am
proud to say that the Board of Directors has risen to the occasion and taken
on these challenges head on with a high sense of involvement with and
commitment to this institution. By giving the Board the ability to set the
size of the Executive Committee, the Board will have the opportunity to
tailor the Executive Committee size to a number which it believes will be
effective in rapidly responding to circumstances at that time.

Depending on the individual Board, this flexibility will enable the Exchange
to capitalize on the level of involvement and specific skills of individual
Board members by engaging the appropriate number of members in the
decision-making process and by ensuring that all segments of the community
are represented.

In addition, from a corporate perspective, the proposed amendment makes
sense. At the holding company level, the Board of Directors now has the
authority to set the number of members of the Executive Committee. Approval
of the proposed bylaw amendment would make the Board's authority consistent
at both the holding company and exchange levels and would eliminate the
potential for discrepancies between the parent company and the Exchange.

I strongly urge that you vote in favor of the proposal. As Chairman of the
Board, I have learned much about the workings of this institution in the
last year and believe that this proposal would enable this organization be
more efficient and effective. I appreciate your consideration of the
proposal and look forward to working to address your needs in the coming
year.

Sincerely,

Vincent Viola
Chairman