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

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.

http://www.nymex.com/jsp/news/press_releas.jsp?id=pr20050202a