Mike / Brent / Beth,  

This summarizes the near term delivery milestones for the Position Manager 
functionality within Thunderball.  

The first release of  Position Manager    ( Phase I )  within the Thunderball 
Moneypenny application is as follows for Liquids, Crude, Products and Coal  :

? Houston  UAT  (User Acceptance Test)  -- Week of May 7 through week of May 
14 . User acceptance test started today and is going well. 
 
? London UAT    (User Acceptance Test)    -- Week of May 14 through May 21

? Singapore UAT  (User Acceptance Test)      -- Week of May 21

Phase I full release will be complete by May 31 (all trader desktops)
The target is to deliver the following Phase 1 and Phase 2 functionality 
through the May / June time frame in a series of iterative releases.  

Phase I includes (Liquids, Crude, Products, Coal) : 

? Option Specific Views
? Spread Option Position (although not real-time updates)

Phase II Includes:

? User configured total columns/rows
? Counterparty filter
? Notional/Exposure calc toggle
? More meaningful labels for curves
? Geographical grouping of curve codes
? Predictive roll off
*with option to incorporate into current position
? Volumetric trading limits
? Roll risk

As an FYI -- We are in the process of developing a management level view of 
all EGM delivery expectations and plans for the next 12 months. This will be 
ready by the end of this month. We will also be developing a weekly report 
that will summarize status against planned milestones for Thunderball.  
Eventually this will be published for the other key projects that we will be 
starting for EGM.    

Let me know if you have questions or concerns.