EOL Weather Derivatives - Japan (Legal Advice)

Alan further to our discussion last week. Attached is request for further
advice from Baker and McKenzie on trading weather products with Japanese
counterparties through EOL. As discussed would you forward it to B & M. The
date of the previous advice which indicated there are no regulatory issues
with weather trading needs to be inserted in 2 places. (Would you be able to
send me a copy of this advice.)

We need to have all legal issues resolved prior to 23 June. This is the
scheduled date for function the public function to launch of EOL weather
trading in Australia . We plan to trade Tokyo and Osaka in addition to
Australian cities. There was discussion of Seoul weather products but this
has not progressed. If it does then will need to do the required due
diligence for Korea.