Steve, I attach a further draft of the presentation incorporating comments 
from John Sherriff.



I have made the following changes:

Cover Page. Listed key themes in the notes
Benefits of Liberalization. Expanded reference to "Improved allocation of 
risk"
Benefits- Cost Savings graph. Simplified graph by removing OECD average
Benefits - What went wrong in California. Reworded
Benefits - Improved Customer Choice. Deleted
Policy Goals. Deleted
Successful Transition to Deregulation. Deleted reference to "phased 
liberalization"
Successful transition to Deregulation. Replaced reference to "investment" 
with reference to "independent regulator"
Transition issues and Solutions. Replaced reference to "Germany" with the 
"Netherlands"
Today's New Economy. Deleted reference to "Winner Takes All"
Components of Transformation Process. Moved a number of industries to 
"Transformed Markets" category
Enron and the Japanese Market. Referenced broadband
Conclusion. Changed the last bullet point.