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The following is an excerpt from a DEF 14A SEC Filing, filed by NYMEX HOLDINGS INC on 3/5/2002.
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NYMEX HOLDINGS INC - DEF 14A - 20020305 - PROPOSAL_2

PROPOSAL PRESENTED TO THE 2002 ANNUAL MEETING FOR
STOCKHOLDERS OF NYMEX HOLDINGS, INC.

Approval of the Incentive Compensation Plan as more fully described in the Proxy Statement.

[ ] FOR [ ] AGAINST [ ] ABSTAIN

PROPOSAL PRESENTED TO THE 2002 ANNUAL MEETING FOR
CLASS A MEMBERS OF NEW YORK MERCANTILE EXCHANGE, INC.

Approval of the proposed amendment to bylaw section 401 ("Executive Committee") as more fully described in the Proxy Statement.

[ ] FOR [ ] AGAINST [ ] ABSTAIN


2002

NYMEX CANDIDATES'

BIOGRAPHIES


VICE CHAIRMAN


ROBERT COAKLEY ("SWIM")

Mr. Robert Coakley graduated from Fordham University in 1985 with a Bachelor of Science Degree in Accounting and a Bachelor of Science Degree in Finance. While at Fordham University he was a 1984 Olympic trails qualifier in the 1500 meters swim.

Upon his graduation from Fordham, Mr. Coakley went to work for Neuberger and Berman's Risk Arbitrage Group. In 1987, he joined the retail arm of the International Trading Group's Commodity Options Sales Department. In this position, he became intricately involved in NYMEX futures and options trading. His success in the energy retail sector convinced Mr. Coakley that he can best serve his clientele from the NYMEX trading floor. In 1990, Mr. Coakley became a NYMEX Member.

Currently, Mr. Coakley is the President of Win Futures Inc., a brokerage firm which transacts business NYMEX Crude and Heating Oil Futures contracts. He is also an active trader in the crack spread area and in the Unleaded Gasoline ring.

Mr. Coakley was elected to the Board of Directors in 1999 in the At-Large Category. As an incumbent member of the NYMEX Board, Mr. Coakley could have opted to seek re-election from his current At-Large category, but feels that he can be a more effective director and make an even greater contribution to NYMEX's future as its Vice-Chairman.

Mr. Coakley is presently Chairman of the Floor, Settlement, Training and Education, as well as the Members Benefits Committees, Mr. Coakley is also the Vice-Chairman of the Finance and Control Committees. As a NYMEX member for the past decade, he has served on almost every Exchange committee, and is thoroughly familiar with all of NYMEX's operational and managerial divisions. Mr. Coakley is presently working with the Information Services Department to introduce a hand-held wireless EACCESS system to be used on the floor to trade the Henry Hub swap contract. Mr. Coakley believes his understanding of technology and the Exchange's systems will be very helpful in the future of developing systems needed to integrate the floor and enhance open auction outcry trading. In addition, after the events of September 11th, Mr. Coakley created a Building Emergency Evacuation Team that is used to account for everyone in the building as well as a quick response to unanticipated emergencies.

Mr. Coakley believes that NYMEX's future growth will come from the creation and introduction of new tradable instruments that are directly pegged to NYMEX's current liquid product mix. These new trading instruments will attract a larger universe of participants that to date have not availed themselves to our menu of energy products. Currently, Mr. Coakley is working on a new product, which, in his opinion will, markedly increase trading volume that will benefit every segment of the NYMEX/COMEX membership and its users.

Mr. Coakley believes that the recent Enron saga has presented NYMEX with new opportunities, and if elected Vice-Chairman he fully intends to use his new position to insure that the membership will get its fair representation and an outspoken voice to secure these opportunities.

Always the optimist, Mr. Coakley has not given up on a viable NYMEX electricity contract. If elected and imbued with this new authority, Mr. Coakley intends to revisit the possibility of creating a contract that will provide this energy sector with a viable hedging instrument.

Mr. Coakley understands that as Vice-Chairman you must have a working relationship with the Chairman. He believes he has proven this with the instrumental role he played working side by side with Chairman Viola in the re-opening of NYMEX after the September 11th attacks.

Mr. Coakley has extended his swimming experience into the charitable arena through his active involvement with Swim Across America, a non-profit organization which raises money to fight cancer. He serves as the treasurer on Swim Across America's board which donates approximately 90 cents on the dollar to cancer research. He is the founder of the Hudson River Swim, which has raised 3.7 million dollars for cancer research at Memorial Sloan Kettering's Swim Across America Lab.

Mr. Coakley also enjoys teaching scuba diving, he holds a master scuba diver trainer instructors rating with PADI. He also holds a United States Coast Guard 100 ton Masters Captains License. Mr. Coakley is the owner of Kitchell Developers, which builds homes in New Jersey. Mr. Coakley currently lives in New Jersey with his wife of seven years, Lisa. Mr. Coakley is asking all shareholders to support his candidacy as NYMEX's Vice-Chairman.


MITCHELL STEINHAUSE (STEN)

Mitchell Steinhause has been the Exchange Vice Chairman for the past two years and a member of the Exchange since 1975, working as a floor broker for 15 years and, for the last 12 years as a local. He 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. Steinhause was first elected to the board in 1992 and has been a member of the executive committee for the past 8 years. Mr. Steinhause says it is his practical approach to committee work and problem solving that resulted in accomplishing many significant projects to be successful during his board tenure.

He says, "My involvement with Exchange projects have been extensive over my 10 years on the board. I served on the NYMEX/COMEX negotiating committee and played an integral role on the project management committee in the construction of our present building. As chairman of the member benefits committee, I take great pride in having introduced many of the benefits we enjoy today."

Mr. Steinhause currently serves as chairman of the facilities committee, business conduct committee, and equity holders committee and is a member of the compliance review, local advisory, and COMEX governors committee. He was the vice chairman of the finance committee for 7 years.

Mr. Steinhause says, "Each year the challenge to NYMEX grows. New technology allows electronic trading systems to attack our open outcry system. I'm a firm believer in our method of trading which provides liquidity and transparency that cannot be rivaled. It provides a marketplace where all of our constituents, FCMs, oil companies, floor brokers and locals can most efficiently accomplish their business."

Mr. Steinhause points out that despite his veteran service, he has remained open to innovative ideas as well, in supporting the Exchange's restructuring into a for-profit corporation and in listening to customer needs and responding by providing them with TAS, LOX and EFS. He says, "The ability to listen to our membership is my greatest value to the Exchange. The ability to adapt to change is most important and I believe I have proved that I have done that over my 27 years as a member."

Mr. Steinhause continues to live up to the commitment he made during his last campaign of trading in the ring everyday and acting as a bridge that unifies all of the Exchange's business sectors so that their voices are heard. He says, "My experience and integrity allows me to confront each problem in a sensible, fair, and even-handed manner. The Vice Chairman needs to be a businessman who will remain level-headed under any scenario. After 27 years in the business, I believe I am that person."


FLOOR BROKER


VINCENT P. GREENAN (VENO)

I would like to take this opportunity to allow you to become familiar with me. I was born and raised in the Inwood section of Manhattan. I graduated from Manhattan College in 1982 with a degree in Business. During those years I worked part time to assist in the payment of my tuition expense. It was after my graduation from Manhattan College that my career at NYMEX began. I am married to my wonderful wife Denise who has blessed me with two children. Ryan who is 12, and Jillian who is 7.

I started with Gerald Commodities Inc. in 1982 under the tutelage of Julie Raber, Michael Clancy, and Robert Norchi. It was a time of significant growth at NYMEX, and through hard work and determination, I became a member in 1983. I have been a member in good standing continuously since that time. In 1985 I began working for Man Financial. I have worked diligently for Man for the past 17 years. I am an assistant vice-president of the firm. Man has been a major contributor and marketer to the energy environment in many ways. They own 15 seats on the Exchange, and they have supported and fully staffed all of our core contracts from their inception. Man currently employs approximately 60 people on the floor alone. Most recently Man contributed $250,000 through the Charitable Foundation to assist the stricken families of NYMEX as a result of the terrorist attack on 9-11-01. It was also during the events of 9-11-01 that Man supported the use of e-access to provide a trading vehicle for price transparency during those trying times, thus helping NYMEX to reestablish itself as the major window for pricing energy contracts. I have served on several Exchange Committees. Among them are Floor, Settlement, Membership, Arbitration, and Facilities Committees. They have all proved to be enriching and rewarding.

It is my objective at this time to become more involved in the decision making process here at NYMEX. I have been a Floor Broker for 19 consecutive years (all served on NYMEX) and would like to bring the floor and customer bases together to achieve a common goal. That goal is working together to make NYMEX the primary place to achieve price transparency, liquidity, and neutrality. I have served both Man and NYMEX with fairness and integrity and I vow to make every effort to make the energy community an enjoyable place to meet our business objectives. This will result in an exchange we all can be proud to be a part of for many years to come.

I would like to appeal to you at this time to give me your support, so that I can prove to you that my candidacy was well deserved. I am looking forward to reaching out and listening to all members of the energy community and equity holders to help keep NYMEX healthy and strong. Thank you for your support, and I will be honored to work with/for you.

Vincent P. Greenan (VENO)


STEVEN J. KARVELLAS & CO., INC.
(KVL)

Dear Fellow Members,

I am pleased to again have this opportunity to present my qualifications as candidate for the Board of Directors, Floor Broker category, and to ask for your support for re-election to this important position. As an independent, self-employed member, I earn my livelihood as many of you do -- all day, every day on the trading floor. I am a seat owner on both the NYMEX and Comex, and have also been successful in business ventures away from the trading floor.

In short, I offer experience, independence, a proven track record of fighting for your interests, and a firm understanding of your needs and the needs of this Exchange in order to stay healthy and vital, providing expanded opportunities for all members.

After majoring in finance at the University of Pennsylvania, I started my career on the trading floor in 1981 as a clerk. I became a Comex member in 1984, and a NYMEX member in 1990. My business is primarily in the natural gas ring, representing a diverse customer base. I was elected to the NYMEX Board in 1996, previously serving on the Comex Board and Executive Committee. I have been active in many committees, and currently serve as Chairman of the Natural Gas Advisory, Floor Broker Advisory, and Adjudication Committees. I have served on the NYMEX Executive Committee since 1998, having been selected to serve four times by my fellow Board members, this year on a reduced Committee of only five members.

Based on my experience as a member as well as a director, I believe that the important issue facing the Exchange today is to place the NYMEX at the top of the list of the world's energy trading forums. We need to be agile in how we compete, make the most of our strong brand identity, reputation and customer recognition, and not concede any part of the energy trading marketplace to any competitor without a fight.

Initiatives that I will continue to work toward include expanding our lines of business into OTC trading and clearing, taking the competition head-on. With our current, dynamic leadership we will continue to pursue increased trading opportunities for our membership by introducing e-mini contracts on an electronic platform with a close tie-in to the trading floor for member trading opportunities. Enhancing our trading floor technology to sustain the continued vitality and competitiveness of open outcry trading, not for two years or five years, but forever, has been a continuing focus of our business initiatives.

While NYMEX needs to invest in itself, we also need to return to the principles of financial prudence that govern all successful businesses and recognize the need to maintain profitability and shareholder value. My experience as an independent businessman, not owing allegiance to any group or company, allows me to carry on focusing on the best interests of the NYMEX and its membership.

The shocking collapse of Enron indicates that our Exchange does wear a white hat in the financial world. We illustrate how markets should operate, honestly and with openness and transparency that gains the public's trust. Re-electing me will help to insure that our positive message is broadcast in the press and throughout the government.

I ask for your vote. I know you have a choice. I have a proven record of working closely and effectively with our new management. I am a no-nonsense businessman, not a politician, and I will represent you to the very best of my abilities.

Sincerely,

Steven J. Karvellas


LOCAL


KEVIN T. MCDONNELL (KMAC)

Kevin McDonnell has been a member of the Exchange for more than 18 years, two as a floor broker and the past 16 years trading for his own account. During this time, he has seen first-hand how the Exchange has grown and prospered. He has been a member of the board of directors for the past three years. He has been crucial to bringing the Brent crude oil futures contract to the trading floor as chairman of the crude oil advisory committee. He is also co-chairman of the local advisory committee and the NYMEX ACCESS(R) advisory committee.

Prior to his board service, Mr. McDonnell served on the following committees: finance, membership, floor, settlement, and crude oil advisory.

Before becoming a member of the Exchange, Mr. McDonnell was employed as an account executive for a large futures commission merchant, and later as a cash and futures trader for an off-the-floor oil trading company.

With his past experience and knowledge of the industry, Mr. McDonnell believes that he has the experience necessary to properly represent the membership as a director of the Exchange.

With the threats of business leaving the Exchange for the over-the-counter market and of electronic trading, Mr. McDonnell believes that the Exchange faces continued challenges in the near future and these challenges must be faced together by the floor community and the off-the-floor traders. He says, "In order for the Exchange to continue to prosper and be a leader in the industry, business needs to be transacted on the floor of the Exchange."

He explains that for both floor and off-the-floor traders, the Exchange provides the following critical roles:

- Instant price discovery

- The elimination of counter-party risk

- Liquidity

Mr. McDonnell believes that, because of the factors just mentioned, the floor is the "first" and "best" option for all traders involved in the industry. He feels his diverse experience and professional background in all different areas of trading will allow him to excel as a board representative of all of the various categories of members as well as its customers.

Mr. McDonnell is a graduate of Fordham University with a bachelor of science degree in accounting and finance. He currently resides in Katonah, New York, with his wife, Nancy, and five-year-old daughter, Ciara.


FUTURES COMMISSION
MERCHANT


RICHARD M. SCHAEFFER

Richard M. Schaeffer, treasurer of the New York Mercantile Exchange since 1993, has been a member of the board of directors since March 1990 and an executive committee member since 1992. He has been an active Exchange member and seat-owner since 1981. He is 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.

Since becoming a member of the executive committee, Mr. Schaeffer has played a key role in such critical issues as the demutualization of the Exchange, the NYMEX/COMEX merger (as a member of the negotiating committee), the relocation to the new facility (as a member of the project management committee), the introduction of NYMEX ACCESS(R) (as chairman of the NYMEX ACCESS(R) advisory committee), and the development and introduction of new products. Along with two other board members, he is currently spearheading the drive to devise direct distribution to shareholders of profits generated through the expansion of the NYMEX ACCESS(R) trading rights.

Despite his heavy involvement with executive committee issues, Mr. Schaeffer also serves as the chairman of a number of major Exchange committees. As treasurer and chairman of the finance committee, he has created fiscal responsibility at the staff level that has resulted in millions of dollars in budget reductions -- money which was distributed back to the members through the rebate program. Through the work of the finance committee under Mr. Schaeffer's guidance, member benefits have also increased dramatically.

Mr. Schaeffer is also chairman of the clearing house committee and margin committee and believes that the Exchange's core clearing services and expertise will be the key to its success in over-the-counter initiatives.

Mr. Schaeffer traded as a local on the Exchange until 1982, when he formed Star Futures Inc., a floor brokerage business, and was an operating partner through 1986. In 1985, he took on the challenge of developing and running Collins Commodities's New York operation. In 1987, he became a partner in the Chicago Corporation, founding its clearing operation on all of the New York exchanges and developed an institutional clearing business for its New York office. In 1990, he became a director, and was put in charge of its New York branch.

As someone who, in his current position, is responsible for the largest energy floor operation in the world, Mr. Schaeffer feels the future of open outcry is "my number one priority, not only because of how I got into this business, but, more importantly, because my future success and livelihood depends on the growth of the floor."

Mr. Schaeffer graduated from the University of Maryland with a bachelor of science degree in Business Administration, majoring in accounting. He later became a partner with the firm Schaeffer, Schaeffer & Schwartz, C.P.A., P.C.

Mr. Schaeffer believes that his years of board and executive committee service have given him in-depth insight into and first-hand knowledge of the workings of the Exchange as well as areas for potential improvement and expansion. Yet, having just completed his fourth term, his ideas remain fresh and innovative, and he feels he offers creative solutions to the issues surrounding Exchange growth and profitability well into the 21st century.

Mr. Schaeffer believes that the enormous challenges and increased competition facing the Exchange can only be met through a strong relationship between the board and membership. Throughout his service on the board, Mr. Schaeffer has placed a premium on maintaining close communication with the membership, and continues to encourage member input. By working on innovative new projects, developing significant new contracts, and working to open new markets around the world, continued growth is assured, and each and every member will benefit from the Exchange's good fortune and well deserved reputation in the financial community. He says, "We've come a long way since I became a member of this Exchange, but we still have a long way to go and we can only continue to do it with the full involvement of our membership."


TRADE


Stephen L. Forman began his career as a margin clerk for Shearson Hayden Stone in 1974. Throughout his 28-year career, he has advanced himself in the industry holding various positions covering a broad range of functionality both in operations and trading.

He currently is the conferring member and Deputy Managing Director-Tangible Commodities of FIMAT USA, Inc., a wholly owned subsidiary of the Societe Generale Group. Fimnat is currently ranked #4 as a NYMEX clearing member, clearing customer business.

Over the years, he has served on various exchange committees and currently serves as a member of the COMEX Business Conduct Committee, as well as being a Board Member of the NYBOT Clearing Corporation.

During his tenor, he has served on many Futures Industry Association operations committees, the Board of Directors of Futures and Options for Kids, and has been an arbitrator for the National Futures Association since 1992.

Mr. Forman feels that he can provide a broadened awareness of industry insight as a NYMEX Board representative. "There are many challenges that still face us, such as open outcry, creative technology, innovative product development and cost reduction, to name a few. Most importantly, the membership has to be confident that the candidates they choose (for whatever category) will represent their collective concerns and be able to communicate a bipartisan agenda for discussing and resolving issues that affect us all."

He is married and has three children, Alyssa (20), Gregory (17) and William (1) and resides in New Jersey.


[PRUDENTIAL FINANCIAL LETTERHEAD]

Anthony George Gero is a Senior Vice President of Investments, First Vice President of the Futures Division and a President Council Member of Prudential Securities. Mr. Gero is also a First Vice President of Prudential Securities Incorporated.

Mr. Gero is a Director and has been a member of NYMEX since 1966 and has served on the Board of Directors for 22 years. He now chairs Government Relations, Stock and Index Futures, the European Advisory, Asia Pacific and Latin America Committee. Currently he serves on the Membership and Metals Committees. He is also a member of the FCM, Business Conduct, Clearing House, Petroleum Delivery, Compliance Review and Adjudication Committees, as well as many other sub committees. Formerly he Chaired the Finance, New Products and Presidential Search Committees and was a member of the Executive Committee. As Chairman of the 1988 Benefits Committee, Mr. Gero pioneered the Retention Plan and insurance for members. He guided the Clearing House Committee in revising the Clearing House Rules, for which the Board of Directors adopted a special resolution of commendation. He now serves on the FCM Committee of the FIA.

Mr. Gero is also a member of all the CEC Commodity Exchanges and the AMEX and serves on the Finance, Admissions and Nominating Committees for other CEC exchanges. In 1988 and 1991, Mr. Gero served as Chairman for the NYMEX Nominating Committee. Recently, he chaired NYBOT Nominating Committee. For over 10 years, he was an Allied Member of the New York Stock Exchange, and a member of the Hearing Board. He now serves on their Arbitration Panel. He also authored a text called Precious Metals. Mr. Gero is presently Chairman of the Commodity Floor Brokers and Traders Association, which includes members of all the CEC Exchanges. He has also served as a Director of the CEC and is the Secretary of the Futures and Options for Kids Fund. He was elected to the Board of the FINEX and the NY Cotton Exchange in 1995. Commodity Clearing Corp. elected him Director in 1996. The IPMI, International Precious Metals Institute elected him Director in 1999.

Previously he served as a member of the Joint Task Force, Steering Committee, Swap and OTC Derivative Product Committees of the Security Industry Association and the FCM Committee of the FIA. Mr. Gero was a Director of Research and Director of International Divisions of several New York Stock Exchange Firms.

Mr. Gero graduated from the New York University School of Commerce. He received his Investment Banking Certificate from the Investment Bankers Association at the Wharton School in 1965, and is an Associate of the Financial Accounting of Great Britain.


AT LARGE


[ERIC BOLLING PHOTO]


ERIC BOLLING (RBI)

Eric Bolling (RBI) has been a member of NYMEX since 1988. He currently owns three seats on the NYMEX. Eric serves on the Natural Gas Advisory and Local Advisory Committees. In the past, Mr. Bolling has served on the Adjudication, Floor and Options Advisory Committees. Additionally, he is both a seat owner and member of COMEX and NYBOT.

Mr. Bolling began at NYMEX as a floor broker for SHB Commodities in 1988. Previously, he worked for Mobil Oil as a marketing representative. His career in the Energy industry began after a shoulder injury ended his career with the Pittsburgh Pirates in 1985. He received a Bachelor of Arts in Economics from Rollins College in Winter Park, Florida in 1984.

Mr. Bolling says, "Two years ago, people were convinced that our open-outcry system was a dinosaur about to become extinct. We were told that Enron Online and other electronic platforms were the wave of the future. Today the collapse of Enron has put the energy trading community and NYMEX on the front page of every newspaper."

Mr. Bolling believes that the advantages of doing business in an open-outcry environment where trading is completely transparent and strictly regulated have finally become apparent to the world at large. He is very conscious of the task at hand and is dedicated to giving 110% to integrating the best of open-outcry with the best of electronic order routing in order to make our markets as efficient as possible.

Mr. Bolling envisions a day when a trader can click on his computer and directly route his energy order to his broker in the pit, to NYMEX's e-mini platform or to NYMEX's OTC platform. Mr. Bolling sees this as an opportunity that will open the door for "new players" to enter our markets, which in turn will enhance NYMEX's value. "I truly believe that the next 3 years will determine what role NYMEX serves in the energy community for the next 30 years."

This past November, Mr. Bolling held a fundraiser benefiting the 'Widows and Children of the New York Firefighters Fund'. During the summer, Mr. Bolling serves as a mentor to the MBF Clearing Corporation summer intern program. Mr. Bolling currently resides in Livingston, New Jersey with his wife Adrienne and son Eric Chase, 3.


RICHARD BUCCELLATO
"BUCC"

Richard Buccellato has both trading experience and diverse business interests which make him a strong candidate for a position on the Board. "Bucc," as those at the Exchange know him, has been a NYMEX member since 1974, a COMEX member since 1979 and a COTTON member since 1977. In 1972, the inception of his career, he worked as a clerk for a floor operation owned by his brother Victor. In the last 30 years he has operated a floor brokerage operation, a clearinghouse for locals, B&B Commodities, and a self-clearing house, Bucc Trading Corp. 007, which is still active today. During his tenure, Bucc has served on numerous committees and currently serves on both the NYMEX Adjudication and Finance Committees. In addition, since its origination, he has been a Director of the Commodity Floor Brokers and Traders Association.

Bucc has diversified business experience and interests in addition to those associated with the Commodities Industry. He has owned and managed many businesses related to the Internet, Real Estate, Insurance and Manufacturing Industries, which have profited in important sectors of our economic structure. For example, HMS offers invaluable insurance coverage to home buyers via realtors on a national basis. Bucc's solely owned company, Buccel, owns the exclusive right to sell the HMS plan to buyers in the eight states which comprise the Northeast Corridor. Additionally, Bucc is co-owner of Seal Brand Products, an import/export manufacturer of a wide variety of patented plastic products currently being offered on the QVC Network and on the shelves of your local supermarket.

Bucc's trading experience and diversified business interests merged in 1999 when he was the first to bring electronic trading in equities to our downtown area. Although he was raised prior to the internet revolution occurred, Bucc's vision of an ever changing economy and trading industry led him to enter a partnership with Tradescape Corp., a premier securities electronic trading platform company in 1999.

While Bucc is proud of his accomplishments in businesses unrelated to trading, our industry remains his focus and passion. He recognizes that it has been the trading industry which has afforded him unlimited opportunities, both professionally and personally. With this recognition has come a sense of gratitude and loyalty to our industry as whole.

At a time when the board must be acutely aware of external factors and the ramifications of becoming a for-profit corporation, Bucc realizes that sometimes, what is best for the entity is not necessarily what is best for its members or stockholders. Bucc stresses that the transient nature of our industry requires that its board members not only possess the insight to anticipate and react to the inevitable changes the future will bring, but also the conviction to defend and protect the rights of those who have made this industry what it is today.

Bucc was raised in Bensonhurst, Brooklyn. He attended Layfayette H.S., and Pratt Institute of Art, and is an alumnus of Mondell Institute of Architecture. He and his wife, JoAnn, have four daughters and have resided in Holmdel, NJ for over 20 years. Buc believes that his strongest qualities are loyalty and common sense, and that they both are derivatives of being street smart.

STRONGEST PHILOSOPHY: "Don't live to work, work to live."

GREATEST ACCOMPLISHMENT: Creating with his wife a family that consists of individuals who never forget the importance and value of family.


Daniel Dicker Born: May 4, 1960
Married: 2 Children -- Samuel, age 11 Rachel, age 10 Wife -- Barbara
Residence: 20 Ascot Ridge, Great Neck, N.Y. 10021 School: State University of NY @ StonyBrook: BA 1982 (History) Work History: Commodities Trader, NYMEX since 1984 (Own 2 memberships) Extracurricular: Play trombone, chess and build Hi-fidelity sound equipment Swim for the NYMEX "Swim Across America" fundraiser

Fellow Shareholders,
The last 10 months have seen new leadership at NYMEX address, if not resolve, many of the issues that inspired my previous run for a board seat least year. E-NYMEX, a potentially crippling financial burden has been effectively abandoned. In addition, the cutting of staff and the reduction in unnecessary expenses have made the exchange profitable once again this year, if only marginally so. The heroic efforts of our leadership allowed us to move swiftly and decisively beyond the tragedy of 9/11, minimizing our financial exposure and helping us all cope with our personal losses. The strength of our seat prices reflects some of this progress we have made.

Yet, one cannot help but feel that the recent health of our organization is due more to good fortune than good foresight. The hiccups in the restructuring of the IPE, the questions of liquidity on the ICE, but particularly the rapid demise of Enron and its E-Online platform have all contributed to making our Exchange the premiere vehicle for energy trading and risk management. But I fear that this advantage will not last long unless we actively pursue our "lucky" circumstances.

As Washington and the business community recoil from Enron and its freewheeling, undisciplined, unregulated business model, our Exchange and its business practices should stand in sharp contrast; we are federally regulated and all trades are guaranteed by our clearinghouses. The opportunities for political support and widespread recognition have never been greater. Further, this newly found support could become an excellent springboard for expansion -- not only in our clearinghouse structure, but also into new contracts. In particular, I have continued to urge that NYMEX reintroduce electricity futures. The national deregulation of electricity, although slowed by the California crisis, will nonetheless continue. In my view, electricity represents our best opportunity for a new, long-term, continually profitable group of contracts -- particularly since the playing field of viable electricity commodity instruments has again been emptied by Enron's collapse.

I believe that we have only begun to tap our full potential. Mergers, IPO's or other wishful restructurings will become more than mere rumor when we come closer to realizing that potential. I ask for your support to so that I may help our exchange accomplish that.

Sincerely,
Daniel Dicker
(DANO) 917-402-2860 dbdicker@worldnet.att.net


EQUITY HOLDER


JOSEPH CICCHETTI "CICH"

Joseph Cicchetti has traded commodities on NYMEX as a ring trader and floor broker for more than twenty-seven years. He is a member of the New York Mercantile Exchange and the New York Board of Trade. He developed the Tradewise Technical System for the education of professional ring traders and brokers, and created the "MarketWatch" a technical trading report used by over 400 NYMEX Traders daily. Early in 1977 he created advanced technical concepts and strategies for trading commodities and stocks. With the advent of the CPU and increased software developments, Tradewise has evolved into a leader in the production of technical trading reports and educational services.

Joseph Cicchetti is an educator and lecturer, conducting public and private seminars on the art of technical trading. He is also a professional instructor for NYMEX's ring traders. He is a member of the NYMEX Training and Education committee and Technology Committee. Served for many years as a veteran member of the NYMEX Business Conduct Committee, and Floor Committee. He is currently the Equity representative to the NYMEX Board of directors. He is registered as a Commodity Trade Advisor, a Floor Broker, and a Business Information Newsletter Publisher. He is associated with the largest commodity clearinghouses, affiliated with members of the New York Stock Exchange, the American Stock Exchange and the Philadelphia Stock Exchange. He is currently trading, managing and consulting with some of the larger Futures and NASDAQ day trading operations located at NYMEX. He is an original member of the NYMEX equity advisory committee.

1/22/02


JAMES M. MINDLING NYMEX BIOGRAPHY

James M. Mindling brings a diverse background of business and personal experience to NYMEX.

A NYMEX Member since 1979, he offers the perspective of a Commodity insider, as well as the view of someone outside the industry; a person who is willing and able to consider new approaches and solutions, someone who has been involved in other types of businesses and projects, requiring he development of creative, imaginative and workable ideas.

He offers the perspective of a paradigm-breaker, one who is willing to make changes or at least consider them, to bring NYMEX into the new century.

The Board has many people who know the Exchange and the Commodity Business. However, he feels that it also needs thinking beyond the Exchange, off the floor, outside the everyday trading community; more creative marketing and business thinking; the implementation and integration of our current product structure into new markets.

Global partnering, including electronic and floor trading, is a business that must be forward looking and innovative, and it is toward this goal that he proposes his election to a position on the NYMEX Board.

His commodity experience began while working for E.F. Hutton, on the IMM/CME, in Chicago, as a trader/broker. After that, he worked in Los Angeles with Paramount Pictures, coordinating their Merchandising and Licensing for all Motion Picture and Television Production. Concurrently, he owned and operated a wholesale tour company, based in Los Angeles and Beverly Hills, California. The company concentrated primarily on student tours to Europe, and entertainment road tours.

From 1988 until 1994, he traded both on and off the NYMEX Floor, and served as a NYMEX Committee Member.

In 1994, he turned to Commercial Real Estate Development, concentrating primarily on projects in Aspen, Colorado. During this time in Aspen, he developed a shopping center, operated a Motion Picture Theatre and marketed a Riverfront Ranch.

Jim lives in Weston, Ct. with his 5 year old daughter. In Vermont, where he also has a residence, he is a member of the Sage City Syndicate, which assists in development of the N. Bennington, Vermont area. Jim has also been an integral part of a group, which developed a new athletic facility for academically and emotionally challenged children in Ramat Hadassah, Israel.


ROBERT SAHN

Robert Sahn has been a member of the New York Mercantile Exchange for 20 years. Prior to joining the NYMEX, Mr. Sahn studied agriculture at Arizona State University. Mr. Sahn started his career on the floor with Heinhold Commodities. Mr. Sahn then founded RIS commodities, which was one of the largest floor operations employing 60 individuals and owning 10 memberships. He was also the first member of the NYMEX to become a member of the IPE in London. At present, Mr. Sahn is an associated person with DPM Futures, an IB active in all commodities traded on the NYMEX.

Mr. Sahn was recently asked his opinion on the present NYMEX environment. "My main interest is keeping the floor as a viable place to earn a living", Sahn said. "I am seeking to enhance current seat and lease values. I believe you accomplish that through new product introduction, variable contract sizes such as mini-contracts and consistently upgrading the efficiency of the floor operation", he stated. Mr. Sahn is concerned with the proposed plans to join the ICE group. Sahn believes that this is not in the best interest of the membership. "Why would we conclude a deal with ICE, when it does not accurately value each member's seat?" If there is a deal to be done, it has to be fair for all and not just a select few." Sahn is concerned that several key NYMEX members and senior staff member may benefit on a greater basis than the general membership.

Sahn also said, "Several electronic exchanges have emerged with the backing of industry participants. It is important that the NYMEX retains its "third party" autonomous relationship with the market so there are no questions of biased behaviour." On future technology, Sahn stated, "The Exchange should continue to develop an electronic platform that complements the open outcry system. This platform should update the efficiency of present clearing operations as well as increase market share in the fast-growing energy OTC markets. Communication between the Exchange Board and its membership should also be increased. Minutes should be published and distributed within two days of a Board meeting", Sahn replied.

Sahn also would like to see the rules change on corporations who are holding the minimum of two seats without the ability to lease them. "If you allow the member firms to lease one of their extra seats, the lease prices would move to an economic level. At current levels it is prohibitive for Floor Brokers to expand their business which ultimately hurts the overall exchange".

Robert Sahn believes that with these ideas, the value of the memberships will continue to strengthen and the New York Mercantile Exchange will continue to be the leader in the global energy markets.


PUBLIC


MELVYN J. FALIS
PUBLIC DIRECTOR

I presently serve as a Public Director on the Board of Directors of NYMEX and seek re-election in that capacity.

NYMEX is entering its most critical stage as an Exchange in its long existence. As a result of the recent approval by Congress of legislation affecting the manner in which commodities are traded throughout the world, NYMEX must not only maintain its competitive edge with other Exchanges, but as a matter of greater importance, act to withstand direct competition from private industry.

For more than 20 years, I have been closely dedicated to the NYMEX community. I previously served as General Counsel of NYMEX and was a principal author of the Heating Oil Contract. In that capacity, I met in person with each of the Commissioners of the CFTC to assure that NYMEX and its members be given the opportunity to achieve that historic breakthrough in the oil industry. Prior to serving as NYMEX's General Counsel, I was commodities and securities counsel for one of the largest Futures Commission Merchants (FCM) in the world. In that capacity I coordinated the FCM's business development plans in Latin America, Europe and Asia. I appeared before the House and Senate with respect to changes in business outlook and commented on various business proposals offered by Congress on both commodities and securities. While continuing my representation of all facets of the industry, I further serve as a public member on the Board of Directors of the Commodity Floor Brokers and Traders Association (CFBTA).

NYMEX must have the foresight to contend with an industry that is changing dramatically and will so continue in the foreseeable future. Keeping pace with other Exchanges is simply not enough, anymore. To achieve set goals requires a most vigorous and unrelenting effort which I will continue to do.

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