P r e s s  R e l e a s e

August 16, 2000 - Sydney, Australia

TFS reveals successful brokering of OTC Australian
Weather Derivative Transactions

TFS is seeing increased interest in OTC Australian weather derivatives and recently brought together an end-user with a power marketer through its Sydney branch. While most details of the transaction dated July 28th remain confidential it's reported that the deal allowed for the end-user to hedge out its remaining winter risk by purchasing a Melbourne Australia call with a strike price of 205 heating degree days (HDD's).

TFS Director Kendall Johnson, commented, "The deal has drawn much attention among market players, demonstrating the feasibility for weather derivatives to branch far beyond the key market cities cultivated in the continental U.S. since the late 1990's." TFS was one of the first brokers to commence with coverage of the weather markets back in 1997. New trading partners continue to emerge primarily in the energy and insurance markets both in the U.S. and abroad.

Bill Gheen of TFS Sydney added: "We're really pleased to have intermediated the transaction and would like to offer thanks to the counterparts for giving us that opportunity. The Australian market is extremely receptive to utilising weather trading strategies and we're happy to conclude this most recent deal. " TFS brokered what is believed to have been the first Australian weather deal this past April.

To complete weather transactions and access market data, please contact: Kendall Johnson, TFS Stamford, telephone 1-203-351-9520 or Bill Gheen, TFS Sydney, telephone 612-9221-1957.

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Notes For Editors:
Contacts
London: Louise Croucher 44-207-375-3780
New York: Lisa Cohen 212-943-0583

Founded in 1985, TFS (www.tfsbrokers.com) is a leading broker of OTC inter-dealer physical and derivative products. The company covers global foreign exchange, commodity, equity and energy markets as well as pulp & paper and bandwidth. The TFS Energy Division was established in 1989. Specializing in derivatives across the whole energy spectrum, OTC businesses are operational in coal, electricity, emissions, natural gas, oil, and weather. Affiliated companies include energy consultants Capstone Global Energy (www.capstoneenergy.com), global recruitment specialists The Recruitment Company (www.therecruitmentco.com), and venture capitalists Equitek Capital (www.equitekcapital.com). TFS is listed on the Second Marché in Paris and is part of Compagnie Financiere Tradition, which is headquartered in Lausanne, Switzerland. Both companies are, in turn, part of VIEL & Cie, in Paris, France.