Beginning on a date to be determined in early February 2008, the New York Mercantile Exchange, Inc. will list two financially settled Index futures contracts on the NYMEX Trading Floor, CME Globex^® and NYMEX ClearPort^® Clearing.  The contracts will be based on the settlement prices of a strip of six months of the Exchange’s Crude Oil futures contract.  The following are contract specifications:

Index Values of Respective Futures:

NYMEX Crude Oil Backwardation-Contango Index Futures contract will be based on the NYMEX Crude Oil Backwardation-Contango™ Index, initially set at $100.  On the first business day of the calendar month, this index will be adjusted by subtracting the first nearby NYMEX Crude Oil futures contract settlement price (divided by 6) and adding the 7^th nearby NYMEX Crude Oil futures contract settlement price (divided by 6). 

The NYMEX Crude Oil MACI futures contract will be based on the NYMEX MACI for Crude Oil™ Index.  On the first day of trading, the NYMEX MACI for Crude Oil index will equal the average of the 2^nd through 7^th nearby NYMEX Crude Oil futures contract settlement prices plus $100.  This index will adjust at the close of business the first business day of each calendar month thereafter as follows:  subtract the first nearby NYMEX Crude Oil futures contract settlement price (divided by 6), add the 7^th nearby NYMEX Crude Oil futures contract settlement price (divided by 6), add the current value of the NYMEX Crude Oil Backwardation-Contango Index, and subtract $100.

Monthly Listings:     

For the NYMEX Crude Oil Backwardation-Contango Index futures contract, one initial month will be listed for December 2010 expiration.  Beginning in 2009, each January the Exchange intends to list an additional contract month for the subsequent December month termination such that on the second business day of January 2010 there will be three total contracts for expirations in December 2010, 2011, and 2012. 

For the NYMEX Crude Oil MACI futures contract, one initial month will be listed for January 2011 expiration.  Each subsequent January the Exchange intends to list an additional contract month for the subsequent January month termination such that on the second business day of January 2010 there will be three total contracts for expirations for January 2011, 2012, and 2013.

Expiration:     

Final settlement will be on the first business day of December for the NYMEX Crude Oil Backwardation-Contango Index futures contract, and on the first business day of January for the NYMEX Crude Oil MACI futures contract.  Trading on the expiring contract will end as of the close of NYMEX regular trading hours on the day of final settlement.

Trading Hours:          

NYMEX ClearPort® Clearing and CME Globex®:          

From 6:00 PM Sundays through 5:15 PM Fridays, Eastern Time, with a 45-minute break each day between 5:15 PM and 6:00 PM.

NYMEX Trading Floor:                                 

Regular Trading Hours, currently 9:00 AM to 2:30 PM

NYMEX Fees:           To be determined

Contract Value:          $200 times Index Value 

Minimum Tick:          0.05 index point or $10.00 contract value 

Margins:                     To be determined