Louise,

- UBS do not want us to show "UBSWenergy.com" - they require "www.ubswenergy.com" (no caps) or "ubswenergy.com" (no "www").
- This means that for the homepage to look right, we will change the name to "UBS Warburg Energy" beside the globe graphic.
- Currently anticipate starting Top 50 marketing for PA's by tomorrow morning (UBS required changes on Splash page).
- Some traders in the market have started to refer to us as UB SOL. Although the low-profile approach we discussed made sense, on further reflection, I think we need to aggressively promote a positive short name for the system, to avoid the "SOL" connotation. Even "UBS Energy" is a lot of syllables. We are working on finding some alternative (perhaps which don't use "UBS" in the name, as that seems to be a sensitive point). If we are to do this, we will need to lobby at a level higher than where I have been so far. If you agree with my concern, some higher level contact might be in order; perhaps with some of the people you have been meeting?
- Will work with legal today on Master Agreements and GTC's, to try to get template approval AND to draft Masters for the Top 50, with specific credit terms.

Dave