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        <P ALIGN="center"><FONT FACE="Verdana" SIZE="2"><B>Power Markets 2002:
        Risk and Reward</B><BR>
        April 17-18, 2002 ? Excalibur Hotel ? Las Vegas, NV<BR>
        <A HREF="http://www.pmaconference.com/markets2002.pdf">Click Here to
        Download a Complete Conference Brochure</A></FONT></TD>
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      <TD COLSPAN="2"><FONT FACE="Verdana" SIZE="2">We will see record numbers
        of new powerplants coming on line this year. New, much larger RTOs
        promise dramatic increases in liquidity. The Enron fallout will continue
        to force balance sheet improvements-- perhaps more mergers and
        acquisitions. Price volatility will continue, and risk management
        techniques will continue to be honed.</FONT></TD>
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      <TD WIDTH="250" VALIGN="top"><B><FONT FACE="Verdana" SIZE="2">Transmission
        and RTOs<BR>
        </FONT></B><FONT FACE="Verdana" SIZE="2">Representatives from PJM, Cal
        ISO and Midwest ISO on their respective regions.</FONT>
        <P><FONT FACE="Verdana" SIZE="2"><B>Insurance<BR>
        </B>Scott Ettien f!
rom NCM, Lynda Clemmons from Element Re and Pat Toner
        Goudarzi from ACE, on Credit Insurance, Weather-risk Insurance and
        Innovative Insurance Products, respectively</FONT>
        <P><FONT FACE="Verdana" SIZE="2"><B>Exchanges<BR>
        </B>Monte Simpson of InterContinental Exchange and Brad Leach of NYMEX
        on the growth in the use of exchanges.</FONT></TD>
      <TD WIDTH="250" VALIGN="top"><FONT FACE="Verdana" SIZE="2"><B>Credit<BR>
        </B>Susan Abbott of Moody's on evolving credit standards in our industry</FONT>
        <P><FONT FACE="Verdana" SIZE="2"><B>Markets<BR>
        </B>Chris Pollatos of Mirant, Dave Freeman of Panda and Mike Young of
        Aquila on the state of various aspects of the power markets.</FONT>
        <P><FONT FACE="Verdana" SIZE="2"><B>And More!<BR>
        </B>Cabell Poindexter of Wyndham Mills on job prospects! John OBrien of
        Skipping Stone on the outlook for Transmission! Henwood on outlook for
        pow!
erplant construction! Adrian Palmer of Caminus Corp on European
        Markets!</FONT></TD>
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      <TD WIDTH="250" VALIGN="top"><FONT FACE="Verdana" SIZE="2">Mirant Americas Energy Marketing<BR>
        Panda Energy<BR>
        Aquila, Inc.<BR>
        Moody?s Investor Services<BR>
        Skipping Stone<BR>
        NYMEX<BR>
        California ISO</FONT></TD>
      <TD WIDTH="250" VALIGN="top"><FONT FACE="Verdana" SIZE="2">ICE&nbsp;<BR>
        NCM Americas<BR>
        Henwood Energy Services<BR>
        Element Re<BR>
        Caminus Corporation<BR>
        Wyndham Mills International </FONT></TD>
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      <TD WIDTH="500" VALIGN="top" COLSPAN="2"><FONT FACE="Verdana" SIZE="2">On
        April 16, Scott Spiewak will be repeating his &quot;Fundamentals of
        Power Marketing&quot; preconference seminar. Essential for the new
        industry participant, it is also a valuable overview for the industry
        professional.</FONT></TD>
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        <P ALIGN="center"><FONT FACE="Verdana" SIZE="2"><A HREF="http://www.pmaconference.com/markets2002.pdf">Click
        Here to Download a Complete Conference Brochure</A></FONT></TD>
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