1. European Federation of Energy Traders Gas Hub Development Group TTF Industry Forum - Prague 8.June.2004 Adam Cooper: Entergy Koch Trading

2. European Federation of Energy Traders TTF Trading qParticipants : l Electrabel l Essent l Nuon l EDF l BP l Centrica/Accord l RWE l Norsk Hydro l Gaselys l Stadwerke Hanover l Distrigaz l D Gas qTrading focused on prompt with some activity in W04/05 and GY05

3. European Federation of Energy Traders TTF Annex to EFET contract qAnnex now an Appendix qNeed to strengthen framework for trading through an EFET, in particular: l Credit liability l Firmness qDeveloped and agreed by GHDG mid April qDistributed to EFET membership mid April qComments received mid May qConference call to discuss issues held on 19.May.04 qWith EFET for Board approval this week – Done! qEKT to prepare guidance note to accompany Appendix

4. European Federation of Energy Traders Discussions continue with GTS qCredit issue l Ability of GTS to transfer their credit exposure to non defaulting customer is unacceptable l Issue arises because they have limited information on allocation in near term l However GTS should not transfer resultant risk to non defaulting parties l GTS must ensure appropriate processes are developed and implemented l GTS indicated that they are seeking a more appropriate solution qFirmness l TTF is a notional point l Physical constraints outside TTF should not result in constraint at a notional point l GTS considering amendments for TSC05 Meetings on these issues also held between GHDG and Dte/MEA

5. European Federation of Energy Traders Future Improvements - Roles qRole of Market Operator (MO) l Announcement of a gas exchange for WID and DAH trading l MO and gas exchange fully supported by GHDG qRole of Gasunie Trading and Supply l GHDG welcome recent announcement that GuTS will participate in the gas exchange l GHDG would wish to see GuTS active in TTF in a similar way to Distrigas at Zeebrugge (and British Gas at NBP in the nineties)

6. European Federation of Energy Traders Other Factors Affecting Liquidity q Transparency of information l Limited transparency undermines liquidity Emden entry capacity Limited information available (compared to Zeebrugge/NBP etc) qEntry/Exit capacity l Limited firm capacity available l Interruptible capacity available qQuality Conversion l Fully booked l Interruptible capacity available from GTS

7. European Federation of Energy Traders Gas Hub Development Group TTF Industry Forum - Prague 8.June.2004 Adam Cooper: Entergy Koch Trading