1. Coal - Second Quarter Highlights
SIGNIFICANT COMPLETED TRANSACTIONS
Domestic Coal:
FirstEnergy - 3 year BTU deal mmt
KCLP - 1 year PRB coal sale mmt
Ameren - 3 year PRB coal sale - 7 mmt
Kennecott - 1 year PRB coal purchase mmt
EOL - about 75% of OTC market
Future - Coal:
AEP - 3 year “Twist” deal with AEP mmt (coal synfuel)
EFC - 3 year coal sale mmt
PG&E - 1 year coal sale mmt
Orlando - 3 year coal sale mmt
Restructure existing PRB sales contracts

2. Second Quarter Highlights - Con’t
Coal - International:
IBT - Port throughput option - UK
Freightliner - rail capacity and term options - UK
Drummond - 2 year purchase - 8 mmt (Colombia)
China Light & Power - 3 year sale mmt (Hong Kong)
British Energy - 1 year sale mmt - UK
Scottish Power - 1 year sale mmt - UK
Billiton Vessel Freight - 1 year sale mmt
SECA - OTC standard contract - trading

3. Forecast for Second Half 2000
COAL ORIGINATION - FUTURE
Synfuel:
Sempra (2)
Pacificorp (4)
Komar (2)
Earthco (1)
Producer Finance:
Panther mine sale to Cline
Jupiter - Eagle Energy J.V. - Massey
DPR - restructure / sale -
Anker - coal fired generation project

4. Forecast for Second Half 2000
INTERNATIONAL COAL - FUTURE
Mission coal contract restructure - 3 years mmt - UK (executed July)
British Energy - contract extension - 5 years - 15 mmt - UK
AES Drax - 5 year sale - 7 mmt - UK
AES Drax year rail transport deal - UK
DRS - term rail capacity - UK
Bewag - 5 year sale - 5 mmt - Germany
Reliant - 5 year sale - 7 mmt - Holland
South Africa - term coal - rail - port capacity deal - Billiton/Eskom
Establish EOL as a trading platform (first transaction in late July)

5. Second Quarter Highlights
EMISSIONS
Increased volumes - SO2
Future:
NoxTech - licensing agreement (completed July)
CMS - NoxTech demo - EMS deal (MOU signed in July)
NoxTech - technology sales - Europe/USA
Emission Management Services
Capture 50% of emissions trading market
Establish middle marketing coverage

6. Progress Report - Coal Domestic Trading: International Trading:
Establish fundamental / analytics capability to support trading
Continue to develop a spot market via EOL
Develop sales capabilities in Synfuel
Continue to develop BTU deals
Restructuring existing sales contracts - PRB, Synfuel “twist” deals
International Trading:
Increase liquidity of European SECA market
Establish SECA market in Asia
Trade coal - EOL
Trade vessel freights - EOL
Expand middle market role in Europe, Asia - utilities, large industrials
Integrate UK rail-port strategy into Europe
Strengthen producer relationships in South Africa, China (Shenua, Billiton, Eskom)
Extend term of “stock pile” deals - secure new customers (AES, BE, Reliant, Bewag)

7. Progress Report - Coal Origination: Synfuel
Rail capacity - trading - UK and USA
Restructure DPR
Brownfield coal generation sites - USA
Producer finance opportunties - Australia

8. Progress Report - Emissions
Push NoxTech into the market
Integrate emissions trading, technology, middle market, and regulatory, EMS
Develop a commercial EMS product
Participate in California ERC market
Research developing international CO2 market
Continue to increase EOL volumes