Regulatory Highlights:

All Block transactions must conform to the minimum size as prescribed by NYMEX (50 in the
case of CL-BB). Further, aggregation of orders to meet the minimum Block size requirement is
prohibited, except in connection with the activity of registered CTAs.

While all parties to a block transaction must be an Eligible Contract Participant (“ECP”) as that
term is defined in Section 1a(12) of the Commodity Exchange Act, all Members of the contract
market who maintain trading rights are considered ECPs for purposes of conducting Block
Transactions in contracts that are available for trading.

All Block Trades must be submitted to NYMEX within 5 minutes of execution.
NYMEX will price report all block transactions.

All questions concerning operational procedures for submitting permissible Block
Transactions should be directed to the NYMEX Customer Service Desk at (800) 438-8616
domestically and (212) 299-2670 for international callers. Questions regarding the actual rule or
regulatory matters should be directed to Thomas LaSala, Chief Regulatory Officer, at (212) 299-
2897, Nancy Minett, Vice President Compliance, at (212) 299-2940, or Adam Wernow
Compliance Counsel, at (212) 299-2851. Questions regarding Fees should be directed to Sean
Keating, Senior Vice President, Clearing, at (212) 299-2135. For all other contract information
please call the NYMEX Marketing Hotline at 212-299-2301 or email marketing@nymex.com.

New Rule 6.21C, Block Trades

(A) Block trades (privately negotiated transactions) shall be permitted in such Exchange
products, and for such minimum threshold quantities and under other such conditions as are
listed in paragraph (B) of this Rule 6.21C. The following shall govern block trades:

(1) A block trade must be for a quantity that is at or in excess of the applicable minimum
threshold. Orders from different accounts may not be aggregated in order to meet the
minimum threshold, except in connection with the activities of a registered commodity trading
advisor or foreign person performing a similar role, as described in Paragraphs 8 and 9, below.

(2) Each party to a block trade must be an Eligible Contract Participant as that term is defined in
Section 1a(12) of the Commodity Exchange Act.

(3) A member shall not execute any order by means of a block trade for a customer unless such
customer has specified that the order be executed as a block trade.


Notice No. 07-12

January 4, 2007

TO: All NYMEX Members, Clearing Members and Member Firms

FROM: James E. Newsome, President

RE: REVISED: New NYMEX Block Trade Rule 6.21C for the CL-BB Spread

Effective for trade date January 8, 2007, new NYMEX Rule 6.21C, “Block Trades,”
(attached below) will be effective for the NYMEX Light Sweet Crude Oil-Brent Financial (CL-
BB) spread exclusively. The Rule will allow for the submission of the spread with a minimum
quantity of 50 lots for each leg to the NYMEX Customer Service Desk (“NCS”) via a fax
submission.

Procedures:

All Parties who are eligible for participating as a principal in Block Trades as per Rule
6.21C MUST also be NYMEX ClearPort® Clearing (“CPC”) registered. Information on CPC
registration can be obtained via the following link: http:/www.nymex.com/cp_start.aspx. All CPC
brokers may submit Block Trades via the attached form and fax it to the NCS. The form for use
in the submission includes all relevant phone and fax numbers at the NCS and can additionally
be obtained via the following link: http:/;mww.nymex.com/media/vb_blocksub.pdf

All eligible registered principals who wish to conduct a Block Trade without the use of a
registered broker may contact the NYMEX Facilitation Desk (“NFD”) at (866) 246-9639 in
order to submit Block Trades. All Block Trade submissions will be permitted commencing at
8:00 P.M. on an Exchange calendar date for the subsequent trade date, through 5:00 P.M. the
next day for the same trade date. No RAV or automated credit/risk limiting facility is in place
when the Block Trades are entered by the NCS or the NFD. As such, Clearing Members should
review these trades which are coded as type S-BLK through any of the intra-day clearing
transmissions made available by NYMEX and may call the NCS within 90 minutes of trade
execution time to void a trade. If such a call is made, the NCS will advise the parties that entered
the trade and the opposite clearing member that the trade has been voided. All parties will
subsequently have the ability to resolve issues around the trade and then resubmit it.

Fees- per contract for the CL side of the spread (a fee waiver is in effect for BB):

Member - $.40

COMEX Member/Blended - $1.35

Non member - $1.35

S-BLK transactions are NOT eligible for day trade rates


(4) The price at which a block trade is executed must be fair and reasonable in light of (i) the
size of the block trade, (ii) the prices and sizes of other transactions in the same contract at the
relevant time, (iii) the prices and sizes of transactions in other relevant markets, including
without limitation the underlying cash and futures markets, at the relevant time, and (iv) the
circumstances of the markets or the parties to the block trade.

(5) Block trades shall not set off conditional orders (e.g., Stop Orders and MIT Orders) or
otherwise affect orders in the regular market.

(6) The buyer and seller must ensure that each block trade is reported to the Exchange within
five minutes of the time of execution. The block trade must be submitted in accordance with
procedures prescribed by the Exchange. The Exchange shall promptly publish such information
separately from the reports of transactions in the regular market.

(7) Clearing members and members involved in the execution of block trades must maintain a
complete record of the transaction in accordance with Exchange Rule 8.50.

(8) A commodity trading advisor ("CTA") registered or exempt from registration under the Act,
including, without limitation, any investment advisor registered or exempt from registration
under the Investment Advisors Act of 1940, shall be the applicable entity for purposes of
Paragraphs 1, 2, 3, and 4, provided such advisors have total assets under management exceeding
$25 million and the block trade is suitable for the customers of such advisors.

(9) A foreign Person performing a similar role or function to a CTA or investment advisor as
described in Section I, and subject as such to foreign regulation, shall be the applicable entity for
purposes of Paragraphs 1, 2, 3, and 4, provided such Persons have total assets under management
exceeding $25 million and the block trade is suitable for the customers of such Persons.

(B) Block trades shall be permitted in accordance with this Rule 6.21C in the following
Exchange products, under the conditions described:

(1) Spreads transactions between the Light Sweet Crude Oil (CL) and the Brent Crude Oil —
Financial (BB) futures contracts, for a threshold minimum quantity of 50 contracts in each leg of
the spread.


January 4, 2007

Via E-Mail

Office of the Acting Secretary
Commodity Futures Trading Commission
Three Lafayette Centre

1155 21st Street, N.W.

Washington, D.C. 20581

Re: Rule Certification. NYMEX Submission 07.03: Notification
of New NYMEX Rule 6.21C, Block Trades.

Dear Ms. Eileen Donovan:

The New York Mercantile Exchange ("NY MEX" or the "Exchange") is notifying the
Commodity Futures Trading Commission (“CFTC” or “Commission”) of new NYMEX Rule
6.21C, Block Trades.

Effective for trade Date January 8, 2007, new NYMEX Rule 6.21C, Block Trades, will be
effective for the NYMEX Light Sweet Crude Oil-Brent Financial (CL-BB) spread exclusively.
The Rule allows for the submission of the spread with a minimum quantity of 50 lots for each leg
to the NYMEX Customer Service Desk (“NCS”) via a fax submission. Pursuant to Section Sc(c)
of the Commodity Exchange Act (“Act”) and CFTC Rule 40.6, the Exchange hereby certifies
that the attached new Rule complies with the Act, including regulations under the Act.

If you have any questions, please contact Adam Wernow, Compliance Counsel, at (212)

299-2851, Nancy Minett, Vice President, Compliance, at (212) 299-2940, or myself at (212)
299-2897.

Sincerely,

Thomas F. LaSala
Chief Regulatory Officer

cc: Brian Regan


NYMEX BLOCK TRADE ENTRY FORM
(This form should be faxed to NYMEX Customer Service at: 212-301-4751)
This form should only be used by registered CPC Brokers.

Date:
Executing Broker: Email Address:
Broker Contact Info: Phone #
Commodity Description/Code: CL-BB Spread
Month/Year: Quantity (50 Lot min.): contract per leg
Specify Leg prices:
CL Price BB Price
OR Specify Diff Price’:

Buyer of CL/ Seller of BB Information (Buyer of the spread):

Company:

Clearing Member & A/C Number': CTI: __ C/H: _

Trader: Phone #

Seller of CL/ Buyer of BB Information (Seller of the spread):

Company:

Clearing Member & A/C Number': CTI:_ C/H: _

Trader: Phone #

Only one account per side may be specified. Multiple allocations at trade entry time are prohibited. Reallocations related to
appropriate CTA type activity must occur after trade submission and processing.

21f Diff is specified for pricing, the buyer of the spread will have the most recent settlement price of CL applied as the price of
the CL leg and the value of the BB leg will be then be calculated by subtracting the positive or negative differential from the CL
leg.

PLEASE CALL 1-800-438-8616 for domestic calls and 212-299-2670 for international calls
once you have sent the fax or if you have any questions.

Date and time Received by Fac Desk: Deal#t Trade Id.

Entered into system by FAC DESK APPROVAL


New Rule 6.21C, Block Trades

(A) Block trades (privately negotiated transactions) shall be permitted in such Exchange
products, and for such minimum threshold quantities and under other such conditions as are
listed in paragraph (B) of this Rule 6.21C. The following shall govern block trades:

(1) A block trade must be for a quantity that is at or in excess of the applicable minimum
threshold. Orders from different accounts may not be aggregated in order to meet the minimum
threshold, except in connection with the activities of a registered commodity trading advisor or
foreign person performing a similar role, as described in Paragraphs 8 and 9, below.

(2) Each party to a block trade must be an Eligible Contract Participant as that term is defined in
Section 1a(12) of the Commodity Exchange Act.

(3) A member shall not execute any order by means of a block trade for a customer unless such
customer has specified that the order be executed as a block trade.

(4) The price at which a block trade is executed must be fair and reasonable in light of (i) the
size of the block trade, (ii) the prices and sizes of other transactions in the same contract at the
relevant time, (iii) the prices and sizes of transactions in other relevant markets, including
without limitation the underlying cash and futures markets, at the relevant time, and (iv) the
circumstances of the markets or the parties to the block trade.

(5) Block trades shall not set off conditional orders (e.g., Stop Orders and MIT Orders) or
otherwise affect orders in the regular market.

(6) The buyer and seller must ensure that each block trade is reported to the Exchange within
five minutes of the time of execution. The block trade must be submitted in accordance with
procedures prescribed by the Exchange. The Exchange shall promptly publish such information
separately from the reports of transactions in the regular market.

(7) Clearing members and members involved in the execution of block trades must maintain a
complete record of the transaction in accordance with Exchange Rule 8.50.

(8) A commodity trading advisor ("CTA") registered or exempt from registration under the Act,
including, without limitation, any investment advisor registered or exempt from registration
under the Investment Advisors Act of 1940, shall be the applicable entity for purposes of
Paragraphs 1, 2, 3, and 4, provided such advisors have total assets under management exceeding
$25 million and the block trade is suitable for the customers of such advisors.

(9) A foreign Person performing a similar role or function to a CTA or investment advisor as
described in Section I, and subject as such to foreign regulation, shall be the applicable entity for
purposes of Paragraphs 1, 2, 3, and 4, provided such Persons have total assets under management
exceeding $25 million and the block trade is suitable for the customers of such Persons.


(B) Block trades shall be permitted in accordance with this Rule 6.21C in the following
Exchange products, under the conditions described:

(1) Spreads transactions between the Light Sweet Crude Oil (CL) and the Brent Crude Oil —
Financial (BB) futures contracts, for a threshold minimum quantity of 50 contracts in each leg of
the spread.