Mark,

Pls. find attached, a basic proposal outlining our terms of agreement with PH 
Energy Analysis.  We will need to structure a contract around these terms.  
In addition to the changes I've marked on the attachment, we need to add some 
clause to define exclusivity - where any content they publish cannot be 
published via a competing online site (in case they migrate to real-time 
coverage at a later date or add new content categories).  They will be 
allowed to sell directly to all potential customers - just not for 
redistribution outside the customer companies.

All fees are quoted in US dollars and are flat, regardless of the number of 
customers we have.  Dale Surbey, our head of structuring in London,  has 
helped define PPI for fee escalation next year, and we should use his 
definition verbatim in our contract.




Ideally, we should get a contract out to (and signed) by Heren ASAP as he's 
on vacation for 2 weeks, and we'd like to lay this to rest.

Louise/Jonathan, if you guys have any comments or suggestions, please feed 
them to me at your earliest so we can include those in our language.

Regards,
Rahil

N.B.  Jonathan, thanks again for helping us out with this one and spending an 
hour-and-a-half with Patrick.