ENERGY TRADING RISK MANAGEMENT SYSTEMS VENDORS MATRIX

Allegro Algorithmics ArcIT Caminus Excelergy

12 Quoting3 Reporting

4

56 Pricing7 Billing

8

910 Multiple commodity

1112 Forecast volumes13 Net Valuation14 Allocations15 Force majeure

1617 Liquidity

1819 Invoicing20 Scheduling21 Trading/transacting22 Forecasting23 Structured contracts24 Execution25 Structured deals26 Emissions27 Green energy28 Power29 Gas30 Accounting31 Transportation32 FAS 13333 FERC and regulatory

34Ease of implementation

Energy trading risk management system

features

Real-time transaction management

Connectivity to market operators

Extrapolation and interpolation

Revenue cycle management

Drill-down into data for decision support

Manage information throughout lifecycle of the contract

Counterparty concentration

Settlement, physical and financial

3536 Cost of ownership

3738 Scalability

3940 Risk modelling41 Volumetric exposure42 Data vendors

4344 Nomination45 Logistics46 Decision support47 Inventory48 Production output49 Counterparty credit50 Portfolio positions

51

52Multiple pricing options

53

54

5556 Audit trail

5758 Position reporting59 Central data repository60 ISDA documentation61 Real-time calculations62 Historical data63 Batch processing64 Ad-hoc reporting

65

6667 Cancel and corrects68 Funding liquidity69 Position concentration70 Trade notifications71 Technical analysis

Support and maintenance issues

Transaction cost analysis

Flexibility and configurability

Connectivity to reduce integration and interface issues

Imbalance management

Integration with market data providers

Link and connectivity to exchanges

OTC markets and participants

Compliance and surveillance

Data warehouse integration

STP and flow-through middle ofice and to back office

72 Fundamental analysis73 Notional quotation

74Contract specifications

75 Basis pricing

7677 Supply exposure

78

7980 Hedge exemption

8182 Risk monitoring

8384 Error and process logs

8586 Secure access87 Physicals88 Swaps89 OTC options

9091 VaR92 Real-time P&L93 What-if Analysis

9495 ClearPort clearing96 Platt's pricing feed

97

9899 Deal entry

100 Credit control

Allegro Algorithmics ArcIT Caminus Excelergy

Energy trading life cycle1 Deal details2 Deal capture3 Credit checks4 Exposure reports

56 Completed contracts

Transporation cost management

Prompt month and near month exposure

Production quantity by business units

Pre-trade and post-trade compliance

Integration with downstream systems

Web browser/Web-enabled

Futures and exchange traded options

Sarbanes-Oxley compliance

System availability - down-time metrics

Consolidated global trading platform

Contracts administration

7 Shipping8 Operations9 Load details

10 Actuals details11 Inventory management

1213 Freight cost14 Invoicing & Costing15 Accounts receivables16 Accounts payable

1718 P&L Reporting19 Risk management20 Margins calculation

c. 2009 Philip Green

Transportation cost control

Sales, revenues and costs

ENERGY TRADING RISK MANAGEMENT SYSTEMS VENDORS MATRIX

EnerXDevelopment Kiodex Murex OATIGlobal Energy/KWI

Open Link Endur

TradeCapture, Inc.

EnerXDevelopment Kiodex Murex OATIGlobal Energy/KWI

Open Link Endur

TradeCapture, Inc.

ENERGY TRADING RISK MANAGEMENT SYSTEMS VENDORS MATRIX

TriplePoint Sakonnet Siemens SolArc Zai*NetSunGard Energy

TriplePoint Sakonnet Siemens SolArc Zai*NetSunGard Energy

Energy Trading and Treasury - Risk, Valuation and Exposure MatrixReporting Compliance Business Intelligence

Decision support package FSA - Finanial Services Authority Data Governance

End of day reports Reference Data

LTO - License to Operate Exposure calculation

Open Interest FEA Business rules

Summary Gross Exposure Actual reports, layouts

Net Exposure Ad hoc queries

NFA - National Futures Association Operational Data Store

Limit management

Real-time risk management Real-time risk managementDrill Down Reports FINRA Price discovery

SOX - Sarbanes-Oxley

FAS 133 Price dataFront Months GAAP Open Interest

Spot Market prices SEC - Securities Exchange Commission Spot Market pricesLiquidity IFRS Commitment of tradersDeal level Data

Risk

Historical Market Data

BP Statistical Review

Credit exposure Indicative data

Volumetric Position Reports Risk adjusted rates of return Time series dataDaily Exposure Summaries Credit worthiness News and other feeds

Supply Report (Asset) Data warehouse

Hedge and risk policy Accurate master data

Inventory (Delivered Deals) Global energy markets risk Market Data

CFTC - Commodity Futures Trading Commision

Summary Compliance Information

FERM - Financal and Energy Risk Management

FERC - Federal Energy Regulatory Commission

Hedge Exemption Application Report

NASD - National Association Securities Dealers

FASB - Financial Accounting Standards Board

International Energy Agency - IEA

Forward-looking Position Reports

Energy Information Administration - EIA

Gross Long and Short Positions

Profitability of commodity-based investments

Production Report (Petroleum, Hydrocarbons

Longest Long/Shortest Short Country Risk Instruments

Consumption Political risk

Real-time risk management FuturesTrck Rack (Marketing) Currency risk Options

Inter BU Bulk Credit risk (default) SwapsDeferrals Deferral Paper DealsFull Settlement Cash Flow at Risk Tolling contracts

Pricing and Calculating VaR Contracts for differencesPhysical delivery PnL deviation Green certificates

Volumes Sensitivity analysis BilateralTrans-Adriatic pipeline What-if analysis OTCRenewable energies Parametric value at risk Exchange-tradedHydroelectric Deal capture Country SpreadNuclear Novation Product SpreadConsolidation Black-Scholes Cross-borderNatural gas pipeline FX FXProcurement Monte Carlo simulations Tolling agreementsDeregulation Brownian motion Capacity agreements

Gaussian CapsFee types Hull FloorsHistoric Prices variance-covariance StripsHoliday schedules Historical simulation Carbon creditsIndex locations Extreme value theory Heating Degree daysIndex subgroups Profit at Risk Cooling Degree daysIndexes Volume risk Synthetic positionsNetting Agreements Weather risk Interest Rate SwapsOperation Services Liquidity risk EUA ForwardsSettlement Instructions Stress testing CER Futures

Settlements Earnings at risk Metal SwapsSTP Exceptions Cash flow at risk Metal Options

Trade Blotter Principal Components Analysis EUA-CER SwapTrading terms PCA Term ForwardUnits Forward prices ImbalanceBatch simulation Forward Electricity price curve ElectrictyBroker and Fee setup Volatilities HybridsEnergy delivery Correlations Base MetalsTax events Turbill Wakeman Exchange for Physicals

Production Report (Petroleum, Hydrocarbons

Exchange Report (NYMEX - product specific)

Trans--European Energy Netwoirk

VAT Kirks approximation ECXPipelines Multi-variate normal EUA Contract Code ©Zones Historical sampling ExoticsLocations Regime switching ForwardsEOD Binomial Tree CO2 AllowancesBOD Trinomial Tree ERUConfirmations Lattices Emissions Reduction UnitCurrencies Forward curve CERElectricity Delivery Implied Volatility Certified Emission RightsDeal Modeling Parameter estimation EUA

EOD Queries Mean reversion European Union AllowancesEOD Simulations Hedge transactions ETS

Exchanges Emission Trading Scheme

Natural Gas Exchange - Canada ForwardsLimits reports Tokyo Commodity Exchange Crack Spreads

"Wet Deals"

Reuters EFP

Trading calendar NYMEX - New York Mercantile Exchange RBOB

Intercontinental Exchange Electricty

Chicago Mercantile Exchange Weather Derivatives

Chicago Board of Trade Congestion pricingInitial Inventory report Commodity Exchange Grids

Commodity Research Bureau Index - CRB Master Agreement

Dow Jones-AIG Commodity Index EU ETS

MISOAccurate master data ERCOT Carbon credits metric tonnes

PJM Interconnection Cap and trade

Credit limits Power

Credit Use Rogers International Commodities Index Carbon C02Volatility definitions Clearport EmissionsTrading partners GLOBEX Cascading futuresBrokers FEA Calendar StripsExchanges COMEX EUA-CER SpreadsPipelines Nordic Exchange Index TradesRisk Exposure Defintions NORD Pool Volume Swaps

Inventory treated` as "LONG" position report

Supply Exposue reports Inventory + Net Change

"Wet" deals - physical delivery reports

FT IDC - Financial Times Interactive Data Corporation

Financial deals - cash settled reports

Physical and Paper transactions

Supply - and Market based Activity

Crude and Product-related trading

Ins = Actual Production and Bulk Receipt

Outs = Bulk Delivery and Refinery Run

European Union Emissions Trading Schemes

Front and Near Month Exposure

EEX - European Energy Exchange - Germany

Market Risk Use Deutsche Bank Liquid Commodity Index Volatility Swaps

Price Curves Kansas City Board of Trade EUA

Indexes London Metals Exchange CERRisk Limit Checking New York Board of Trade European Union Allowances

Credit Risk GSCI - Goldman Sachs Commodity Index Certified Emission Reductions

EUREX European Derivatives

LIFFE London Futures and Options

MATIF French Futures and Derivatives

SIMEX - Singapore Mercantile Exchange

TIFFE - Tokyo Futures and Options

Tokyo Stock Exchange

OTCCL - OTC Cleared

SGX - Singapore Exchange

NYMEX - New York Mercantile Exchange

Chicago Mercantile Exchange

© 2009 Philip Green

RTO - Regional Transmission Organization

Energy Trading and Treasury - Risk, Valuation and Exposure MatrixCounterparty Trade Management

Credit Mark to market

Bi-lateral transactions End of day report

Contract management

Futures exchanges

Credit quality Confirmations

Ratings VaR

Position Management

Limit management Limits and Controls

Price Discovery Accurate master data

Derivatives accounting Derivatives accounting

Enterprise Functions

Trade captureDeal level

Limit managementBook level

Treasury Pricing engine

Asset Management Portfolio levelDerivatives Group level

Trade workflow

BlotterHedge Funds Trade entry

Infrastructure

Treasury

Cross Asset

Over-the-counter markets

Clearing and settlement risk

Real-time credit control and monitoring

Real-time risk management

Real-time risk management

Logistics, Nomination, Scheduling

Accounting (Settlement, Billing & Invoicing)

Risk repository (consolidated risk)

Real-time risk management

Inter-connected, scalable applications

Crude Error handling

Crude Products Data mappingWTI Message monitoring

Brent Sweet DeferralsSour Full Settlement

AuditLNG Asset Development

Softs Natural Gas procurementMetals Electricty portfolioAgricultural products Natural Gas PortfolioPrecious Metals ExchangesOil BrokersCoal TradingBase Metals Asset ManagementCopper OriginationAluminum Structured Products

Precious Metals Structured solutionsGold Energy rading analysisSilver Natural Gas MarketingStructured trades Wholesale CustomersSpots CounterpartiesDirectionals LogisticsSpreads ConfirmationsCapacity SettlementsOptimization Delivery schedulesCross-border trades Settlements Desktop

InvoicingGreen certificates Accounting

Certificate VerdiOrigination AcuRiskPeak QRMOff-peak NostroHybrids VostroPower Term Forwards Counterparty accountsLocation Swap Discount Indexes

Business to Business and Business to Customer interfaces (Transmission, Pipelines, Storage, marketing, customer database and vendor management)

Common, shared integration of applications

to reduce costs

Shared maintenance services

RBOB Gasoline Futures

Cross-commodity trades

Openlink Account Manager

Transport deal PartiesBrent Crude Futures PortfoliosGas Oil Futures Project IndexesWTI Crude Date sequencesHeating Oil Credit exposureEntry CapacityExit Capacity ConfirmationsStorage CurrenciesGuarantees of Origin Electricity deliveryLECS EOD Queries

EOD SimulationsRECS Deal Modeling

Unleaded GasolinePropane

Naptha Openlink Endur

Gasoline Sungard

Jet Fuel Allegro

Gas Oil Kiodex

Diesel Fuel Triple Point

Lubricating Oil gMotion gas schedulingHeavy Gas Oil cMotion ©

Crude Oil pMotion ©

Residual Fuel SolArc Right Angle

Palladium Murex MX.3 v1Lead Calypso

Nickel Reval

Natural Gas Encompass

OATIPlastics SASPolyethylene TradeCapturePolypropylene AcuRiskPower ConnexTin AlgorithmicsZinc Commodity XL

Levy Exemption Certificate System

Renewable Energy certificate System

Real-time risk management

Energy Trading Risk Management

Gas-fired combined cycle power plants

Ethanol

Electricity

Gas EuropeRotterdam Coal Nucleus

Entegrate

Calypso energy derivatives

Openlink Settlements Desktop - module of the Openlink Endur system providing invoicing and settlement functionality

Openlink Endur EEM European Emissions Model ©

Richards Bay Coal Futures

Energy Commodity Products - Europe

Emissions Power Oil Coal Gas

Rotterdam Coal Futures

EUA Spot Spot Gas Oil Futures Spot

EUA Futures Capacity WTI Crude Swaps Forward

Transport Heating Oil Entry Capacity

CER Spot Term Forward Exit Capacity

CER Futures Country Spread Swaps P2P Transport

EUA Average Out Product Spread Swaps

EUA Interest Yield

EUA CO2 Loans VPP Location Swap

EUA-CER Swaps Option Standard Storage

EUA Lending Generator Long-term Contract

Pumps Fee

Swaps Imbalance

Futures VTP

OTC Cleared LNG

© 2009 Philip Green

EUA Forward (EUA, EU Allowances)

Forward Standard Profile

Brent Crude Futures

Richards Bay Coal Futures

CER Forward (CER Certified Emission Reductions)

RBOB Gasoline Futures

Forward Custom Profile

Contracts for Differences

Energy Commodity Products - Europe

Freights Greens Metals

Futures Base Metals

Certificate Verdi Copper

LECS Aluminum

Precious Metals

RECS Gold

Silver

Power Platinum

Palladium

Guarantees of Origin

Levy of Exemption Certificate System

Renewable Energy Certificate System