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EFiled: Sep 30 2009 5:50PM EDT Transaction ID 27343338 Case No. Multi-case

IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE IN RE NYMEX SHAREHOLDER LITIGATION ----------------------------------------------------------SHELBY GREENE, on behalf of herself and all others similarly situated, : : : Plaintiff, : : v. : : NEW YORK MERCANTILE EXCHANGE, : INC., NYMEX HOLDINGS, INC., : RICHARD SCHAEFFER, THOMAS GORDON, : JAMES NEWSOME, STEPHEN ARDIZZONE, : A. GEORGE GERO, NEIL CITRONE, : FRANK SICILIANO, WILLIAM FORD, : HARVEY GRALLA, WILLIAM MAXWELL, : HOWARD GABLER, DANIEL RAPPAPORT, : DENNIS SUSKIND, MELVYN FALIS, : ROBERT STEELE, JOHN McNAMARA, : CME GROUP, INC. and CMEG NY INC., : : Defendants. : : : C.A. No. 3621-VCN

C.A. No. 3835-VCN

MEMORANDUM OPINION

Date Submitted: March 17, 2009 Date Decided: September 30, 2009

Pamela S. Tikellis, Esquire, A. Zachary Naylor, Esquire, Scott M. Tucker, Esquire, and Tiffany J. Cramer, Esquire of Chimicles & Tikellis LLP, Wilmington, Delaware, Attorneys for Plaintiffs Cataldo J. Capozza, Polly Winters, Joan Haedrich, and Shelby Greene; Mark C. Rifkin, Esquire, Rachel S. Poplock, Esquire, Russell S. Miness, Esquire of Wolf Haldenstein Adler Freeman & Herz LLP, New York, New York; Avi Garbow, Esquire and Lynda J. Grant, Esquire of Cohen, Milstein, Hausfeld & Toll, P.L.L.C., New York, New York; and Richard A. Speirs, Esquire and Stephen L. Brodsky, Esquire of Zwerling, Schacter & Zwerling LLP, New York, New York, Attorneys for Plaintiffs Cataldo J. Capozza, Polly Winters and Joan Haedrich; Denis F. Sheils, Esquire, Christina Donato Saler, Esquire, and Jared Solomon, Esquire of Kohn, Swift & Graf, P.C., Philadelphia, Pennsylvania, Attorneys for Plaintiff Shelby Greene. Raymond J. DiCamillo, Esquire and Jillian M. Grob, Esquire of Richards, Layton & Finger, P.A., Wilmington, Delaware, and Greg A. Danilow, Esquire, John A. Neuwirth, Esquire, Joshua S. Amsel, Esquire, and Stefania D. Venezia, Esquire of Weil, Gotshal & Manges LLP, New York, New York, Attorneys for Defendants New York Mercantile Exchange, Inc., NYMEX Holdings, Inc., Richard Schaeffer, Thomas Gordon, James Newsome, Stephen Ardizzone, A. George Gero, Neil Citrone, Frank Siciliano, William Ford, Harvey Gralla, William Maxwell, Howard Gabler, Daniel Rappaport, Dennis Suskind, Melvyn Falis, Robert Steele, and John McNamara. Edward P. Welch, Esquire, Edward B. Micheletti, Esquire, Stephen D. Dargitz, Esquire, Jenness E. Parker, Esquire, and Rachel J. Barnett, Esquire of Skadden, Arps, Slate, Meagher & Flom LLP, Wilmington, Delaware, and Christina M. Tchen, Esquire and Christal Lint, Esquire of Skadden, Arps, Slate, Meagher & Flom LLP, Chicago, Illinois, Attorneys for Defendants CME Group, Inc. and CMEG NY Inc.

NOBLE, Vice Chancellor

These two actions involved challenges to the now-consummated acquisition of Defendant NYMEX Holdings, Inc. ("NYMEX") by an entity controlled by Defendant CME Group, Inc. ("CME"). Some of the claims are brought on behalf of former shareholders of NYMEX.1 Others are brought on behalf of the Class A Members (i.e., those "seat holders" having contractual trading rights) of the NYMEX Exchange, which was a subsidiary of NYMEX.2 In this memorandum opinion, the Court addresses Defendants' motions to dismiss both actions. I. BACKGROUND A. The Parties NYMEX (or the "Company"), formerly a publicly traded Delaware corporation, was the largest commodity futures exchange in the world.3 The

Company's principal operations were conducted through its two subsidiaries, the New York Mercantile Exchange, Inc. ("NYMEX Exchange") and Commodity Exchange, Inc. ("COMEX").4

In re NYMEX S'holder Litig., C.A. No. 3621-VCN (the "NYMEX Action"). Greene v. NYMEX Holdings, Inc., C.A. No. 3835-VCN (the "Greene Action"). For convenience, the Third Consolidated and Amended Class Action Complaint in the NYMEX Action will be referred to as the "Complaint," and the Amended Class Action Complaint in the Greene Action will be referred to as the "Greene Complaint." 3 Compl.

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