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Once considered the most complex solution, we are now driven by the need to increase trading volumes, shorten transacting times and increase visibility of our bid/offer prices in all our markets while continuing to reduce costs. As such, we will build a single gas and power trading portal, which will be accessible via our own branded portals, as well as via trading marts and EnronOnline. Transacting on one trading portal, with one set of rules, will simplify the transacting of gas and power in the UK, allow us to capture increased trading value and, moving forward, extend our brand and Enron's brand throughout the world. This will also serve to send a strong message in support of e-trading in general. While this project is ongoing, we will progressively raise the functionality scope and enhance the portal for the specific use of gas and power trading. As part of this process we will develop the following: A common rule book for gas and power which will govern the conduct of trading operations; A common dataset, which will describe the main characteristics of our traded commodities; A process for capturing the value added by our trading operations; A process for calculating the value of our trading portfolio as well as the portfolio of all participants; A process for allocating these values to our books; A process for daily settlement of our trading operations; and Various mechanism for identifying and quantifying the key risks in our business. In addition to developing our IT platform, we are currently investigating the need to develop a risk management system for the new trading structure we are anticipating. We are also in the process of adding new functionality to the single launch point for each commodity. This should be compared with EnronOnline, where we are focused on building a broad trading platform for a number of commodities and where we will be expanding our activities to include: a pulp and paper trading business; middle and back-office services for the trading business; broadband solutions for trading; and a number of other EnronOnline businesses, including our recently announced customer broking business. In conclusion, we are moving ahead with the development of our gas and power trading operations. Regards Richard Lewis