Hello Mark, David, Matt, Jane and Angeline,

I have provided the additional questionnaire which we sent to our European 
counsel with respect to trading in Bandwidth capacity. You may wish to 
provide this to your counsel as a basis for the questionnaire regarding the 
physical trading of Bandwidth capacity. Please note that one of the key 
issues may be the location of the respective geographical points for each 
Bandwidth transaction. We would anticipate that there would be fewer issues 
or none at all where a particular counterparty wishes to trade in Bandwidth 
capacity where the two respective geographical points are not located in 
their jurisdiction. (ie. A German counterparty trading Bandwidth from 
Brussels to Paris)


If you have any questions or concerns please do not hesitate to contact me at 
0207 783 4084.

Kind Regards,

Ian Brungs