RE: Physical Gas

John,

I understand Peter Keohane is here today and through the weekend if necessary to complete contracts for Canada with UBS legal. I am hoping that completion of contracts includes identification of corporate entity (vain hope?)

Dave

-----Original Message-----
From: Zufferli, John
Sent: Thursday, January 31, 2002 8:45 AM
To: Forster, David
Subject: RE: Physical Gas

that was our plan but I am not sure whether UBS has the proper Canadian corporate structure to allow to do that yet

-----Original Message-----
From: Forster, David
Sent: Thursday, January 31, 2002 6:39 AM
To: Zufferli, John
Subject: FW: Physical Gas

John,

Can you confirm whether or not you guys had planned to launch physical gas from day 1?

Dave

-----Original Message-----
From: Lambie, Chris
Sent: Wednesday, January 30, 2002 6:58 PM
To: Forster, David
Cc: Cowan, Mike
Subject: RE: Physical Gas

I have forwarded you e-mail to John Zufferli. I don't know who in Canada had input into the Cdn. Operations timetable but I would have thought we would have wanted some physical day 1. We have 5 of 8 traders here who are very, very, physical in what they have typically traded. Hopefully John can give you some further insight.

Chris.

-----Original Message-----
From: Forster, David
Sent: Wednesday, January 30, 2002 5:17 PM
To: Lambie, Chris
Subject: Physical Gas

Chris,

Do you guys want to trade physical gas (and power?) from day 1?

If so, I note that Cdn. Operations timetable identifies this as a post day 1 item, as they think physical trades will not start until later.

Dave