News Release

Exchange Announces Margin Credit for Gold Futures Against iSHARES® COMEX® Gold Trust Spreads

Wed Feb 02 2005
New York, N.Y., February 2, 2005 — The New York Mercantile Exchange, Inc., will offer a unilateral margin credit beginning at the close of business tomorrow to market participants who hold positions on the COMEX Division gold futures contract against holdings of the iShares® COMEX® Gold Trust, an exchange traded fund that trades on the American Stock Exchange. The credit, which is 90% of the outright margin, will be granted in the ratio of one COMEX Division gold futures contract to 1,000 iShares COMEX Gold Trust shares.

Like other unilateral margin credits granted by the Exchange, interested clearing members will be required to submit a manual credit form listing the number of contracts that are part of the gold futures/iShares COMEX Gold Trust spread, with a minimum of 50 spreads.

To qualify for the spread margin rate, both legs of the gold futures/iShares COMEX Gold Trust spread are required to be maintained on the books of the applicable clearing member.

Net margins are $150 for clearing members; $165 for members; and $203 for customers.

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This communication shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities.

For further information about ishares COMEX Gold Trust, you may obtain a prospectus at www.ishares.com or call 1–800–iShares (1–800–474–2737). Please read the prospectus carefully before investing. The Gold Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act.

Forward Looking and Cautionary Statements
This press release may contain forward–looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to our future performance, operating results, strategy, and other future events. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, and similar words and terms, in connection with any discussion of future results. Forward–looking statements involve a number of assumptions, risks, and uncertainties, any of which may cause actual results to differ materially from the anticipated, estimated, or projected results referenced in forward–looking statements. In particular, the forward–looking statements of NYMEX Holdings, Inc., and its subsidiaries are subject to the following risks and uncertainties: the success and timing of new futures contracts and products; changes in political, economic, or industry conditions; the unfavorable resolution of material legal proceedings; the impact and timing of technological changes and the adequacy of intellectual property protection; the impact of legislative and regulatory actions, including without limitation, actions by the Commodity Futures Trading Commission; and terrorist activities and international hostilities, which may affect the general economy as well as oil and other commodity markets. We assume no obligation to update or supplement our forward–looking statements.

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