News Release

Exchange to Launch Natural Gas "Look Alike" Options

Mon Aug 08 2005

NEW YORK, N.Y., August 8, 2005 — The New York Mercantile Exchange, Inc., announced today that it will introduce a natural gas look-alike options contract during regular trading hours beginning on August 15.

The contract will be listed for 72 consecutive monthly contracts beginning with the September 2005 contract. The options will be European–exercise style and financially settled. The contracts will expire on the second to last business day prior to the underlying futures month.

On expiration day, a call option pays out the difference between the settlement price of the underlying futures contract less the strike price multiplied by 10,000 MMBtu, or zero, whichever is greater. On expiration day, a put option pays out the difference between the strike price and the settlement price of the underlying futures contracts multiplied by 10,000 MMBtu, or zero, whichever is greater. Strike prices will be listed at $.010 intervals and a minimum price increment of 0.0001/MMBtu.

Exchange President James E. Newsome said, "We are pleased to add another contract to the wide–ranging slate of products offered on the Exchange as we strive to fit the risk management needs of our customers."

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