PAM - Trading Information

Three types of futures contracts will be offered on PAM:

Quarterly contracts based on data indices that track economic health, civil stability, military disposition, and U.S. economic & military involvement in Egypt, Iran, Iraq, Israel, Jordan, Saudi Arabia, Syria, and Turkey
Quarterly contracts that track global economic and conflict indicators
Specific possible events (e.g., U.S. recognition of Palestine in the first quarter of 2005)

When trading starts on October 1, 2003, there will be contracts of the first two types that mature at the end of the 4th quarter 2003, 1st 2004, 2nd 2004, and 3rd 2004. On January 1, 2004, contracts that mature at the end of the 4th quarter 2004 will be issued. In this way, the forward view of PAM will be maintained at one year.

Contracts of the third type will be issued into PAM as specific potential events of interest are identified.