News Release

Exchange Delivery Committee Meets to Address Concerns About Natural Gas Futures Contract

Mon Aug 29 2005

NEW YORK, N.Y., August 29, 2004 — The delivery committee of the New York Mercantile Exchange, Inc., convened this morning to review deliveries in progress related to the NYMEX Division natural gas futures contract for August 2005. Based upon the shutdown and force majeure declaration by the Sabine Pipeline, which operates the Henry Hub facility in Louisiana, all remaining delivery obligations in the August contract month are operating under force majeure considerations subject to NYMEX rule 220.18.

The committee is currently in contact with Sabine regarding handling of any outstanding delivery obligations as expressly prescribed in NYMEX rule 220.18, section (C)(6). All market participants with any outstanding August 2005 natural gas futures obligations will be advised of any further decisions by the committee. All parties have available now, as always, the ability to mutually agree to execute an ADP pursuant to NYMEX rule 220.17A for the August 2005 delivery obligations. Further, the committee will be considering any appropriate decisions and actions pursuant to the rules regarding any upcoming obligations in the September 2005 natural gas futures as conditions at the Henry Hub are evaluated.

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