Contract

Vintage Year

Commodity Code

NFI

Bank

NA

NFI

2007

NB

NFI

2008

NC

NFI

2009

ND

DESCRIPTION: NFI-OS (OS = Ozone Season)

Exchange Code:

03

Contract Size:

5 U.S. EPA NOx SIP Call emission allowances

Clearing Price Format:

U.S. Dollars and Cents per contract

Sample price:

Actual = $305.00 per contract

7 digit = 0030500

Price Limits:

No daily price limits

Minimum Tick Increment:

$1.00 per ton = $5.00 per contract

Last Trading Day

The last trading day will be the third to last business day of the expiration month.

Deliverable Instruments:

Environmental Protection Agency NOx SIP Call emission allowances equal to the contract size. The eligible allowances for delivery are:

Bank Vintage – all NOx SIP Call emission allowances having vintages prior to the current compliance year (December expirations of Bank Vintage contracts will include the allowances having a current calendar year Vintage i.e. allowances that as of December 1 switch from current year vintage to bank vintage)

Current Compliance Year Vintage, 1-Year Deferred Vintage and 2-Year Deferred Vintage – NOx SIP Call emission allowances with the vintage year corresponding to the specific product vintage

Delivery Process:

CCorp participants and parties trading the market must have SO² registry accounts established with the Environmental Protection Agency. Delivery is a three day process consisting of Position Day, Intention Day and Delivery/Payment Day. The three days occur over three consecutive business days.

The seventh trading day prior to a contract’s expiration (expiration occurring after the close on the final trading day) is the first day that CCorp clearing participants must report their long futures positions in the expiring contract.

CCorp will release the delivery proceeds to the selling participant once Client Services and Support receives from the seller the EPA confirmations. For confirmations received prior to 12:30 p.m., the proceeds will be included in the mid-day variation process.

Trading Hours (CT):

7:30 a.m. – 2:30p.m. Central Time

Contract Months:

Standard-cycle contract listings:

a. Six consecutive quarterly contracts on a March, June, September, December cycle;

b. Front two serial calendar months; and

c. Up to four annual September contracts

Reportable Position Limits:

25 contracts, equivalent to 125 allowances

Speculative Position Limits:

4,000 contracts, equivalent to 20,000 allowances