Phillip,

Here are the key points that came out of today's meeting:

1. We will move Conversion and Arbitrage from the Simulation layer into the
Knowledge System layer. We will incorporate 5-10 problems of each type.

2. You will provide us with the name(s) of people who can give us content
for these problems. We will set up two rounds of meetings; one early next
week to gather content and a second meeting for review.

3. We will change "Gas Daily Risk" to "Intra-Month Risk" throughout the
simulation. Can you provide us with a definition of Intra-Month risk?

4. Just to clarify: For conversion, we were planning to cover problems
where there is no perfect hedge so the learner has to find creative ways to
hedge, as opposed to conversion of mmBTU to decatherms, conversion of oil
volumes to natural gas volumes, etc. Is that what you had in mind too?

Thank you in advance for your help. Have a great Thanksgiving.
Mery


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