Dear David

Thank you for your email. Enclosed is a copy of the latest set of our
General Terms and Conditions. Following are the comments on the points which
you raised:

1. Calculation Period. We have used the term "Calculation Period" as that is
a term which is used in the Australian electricity market. Although it is
common practice for the "Calculation Period" to be defined in confirmations
by reference to an attached schedule we have also included a definition in
paragraph 2.1(h) of the attached General Terms and Conditions (Electricity
Financial - Australia).

2. Notional Quantity per Contract Period. In the electricity market in
Australia it is standard practice to refer to the "Notional Quantity per
Calculation Period" in megawatt hours. Hence, for consistency we would
prefer to use that term.

We recognise under Section 4.3 of the 1993 Commodity Definitions the terms
"Notional Quantity" and "Notional Quantity per Calculation Period" are
interchangeable.

3. Index. We prefer to use the current definition of the Index because it
directly tracts the wording used to describe a spot price in Australian
Addendum No. 13 to the ISDA Master Agreement which covers electricity
transactions. You will note for this addendum is incorporated into the GTCs
pursuant to paragraph 2.1(g).

Enclosed are the latest versions of the long form product definitions for
swaps. They cover three load shapes being peak, off peak and flat.

Regards

David Minns