Emmisions

The Emmisions book under Kevin McGowan will take a one time $4 Million hit
today. This is to move the curves to better reflect the current market.
This hit will stay in the Coal group but will be removed from its P/L from a
performance measurement standpoint. Now that the curves are corrected I
expect a focus on building our emmisions trading business in the following
ways:

1. Understanding the fundamentals.
2. Taking advantage of structural shifts that we forecast.
3. Building more liquidity and being the primary market maker.
4. Developing new traders.

Thanks

John