Canada appears to be an issue.

We need to make swift progress on this - unlike in the US the contracting entity with our counterparties will not be UBS AG, London Division but UBS Warburg Energy (Canada) Ltd.  With the lack of parental company guarantees forth coming from UBS, this is going to be an issue.

There are two main points, because of our current history our customers will not contract lightly with a subsidiary with no guarantee and secondly the credit group are asking for guarantees from our customers.

Please let me know how we can progress on this.

Louise