REGULATORY STATUS

NGX's trading system is owned and operated by Natural Gas Exchange Inc. and is located in Calgary, Alberta. The lead regulator for NGX is the Alberta Securities Commission.

NGX currently holds an Exemption Order from the Securities Commissions of the Provinces of Alberta, Saskatchewan and Manitoba (the "Order"). The Order, renewed on December 1st, 2004, provides NGX and any Contracting Party with an exemption from the prospectus and registration requirements of applicable securities legislation for any instrument traded on NGX. In addition, the Order exempts NGX from: (i) the prohibition in securities legislation against carrying on business as an exchange unless recognized by securities regulators as an exchange, and (ii) trading exchange contracts or commodities futures contracts on an exchange that is not recognized unless the form of contract is accepted by the securities regulators.

NGX holds similar orders from the Provinces of Quebec and B.C. and has an interim exemptive relief order in the Province of Ontario.

NGX also has Exempt Commerical Market status in the U.S. under the applicable legislation and regulations of the Commodity Futures Trading Commission.
© 2004 Natural Gas Exchange Inc. and/or TSX Inc.
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