globalCOAL<SUP>TM</SUP> Announces The Completion Of The First Transaction For The Newcastle Marker Price Intiative

globalCOAL^TM, the coal e-marketplace backed by leading industry consumers & producers, is pleased to announce the successful completion of the first Event in developing the Newcastle Marker Price Initiative. The Event involved a transaction at USD 22.00/mt for 130,000 metric tonnes F.O.B. Newcastle for delivery in September of 2002. The transaction was completed within the nominated window (7:30 a.m. - 8:30 a.m. London time) on globalCOAL's Standard Coal System with around 50 bids/offers being submitted during the Event.

This transaction as well as future transactions executed during the Event will be governed by globalCOAL's Standard Coal Trading Agreement ("SCoTA^TM) and participation is open to all globalCOAL^TM Market Members. Based upon transactions coupled with bids & offers from the Events, globalCOAL^TM will, with the assistance of input from the industry, derive a Newcastle Marker Price, free of judgement or interpretation and in accordance with a rigid and published methodology very similar to the creation of globalCOAL's RB Index ^TM.

The Newcastle Marker Price is intended to provide a robust indication of spot market prices on a monthly basis. It is anticipated that this initiative will spur further thinking and development and ultimately lead to the creation of an official weekly (or even daily) thermal coal price index for the Newcastle market.

globalCOAL^TM is an Internet-based, electronic marketplace where participants can buy and/or sell coal products and related instruments. In addition, globalCOAL^TM offers various value added services across the industry supply chain. The company was founded on April 18, 2001 by Accel-KKR Company LLC, Anglo American plc, BHP Billiton plc, E.ON Kraftwerke GmbH, Enel FTL S.P.A., EPDC Overseas Coal Co., Ltd., Glencore International AG, Rio Tinto plc and TXU Europe Energy Trading Limited and is headquartered in London, England. globalCOAL's business is founded on four principles:

Confidentiality: globalCOAL^TM will not disclose commercially sensitive information (such as the counterparties to a transaction) to any third party, including globalCOAL^TM shareholders.
Openness: globalCOAL's systems are available for use by all industry participants.
Independence: globalCOAL^TM is a distinct legal entity with an independent management team.
Neutrality: globalCOAL's Board of Directors provides balanced representation for both buyers and sellers. In addition, globalCOAL^TM itself neither buys nor sells coal.

There are currently 32 Market Members participating in the globalCOAL^TM Standard Coal System with over 122 client screens. Companies wishing to buy and/or sell coal via globalCOAL's Standard Coal System and Custom Coal System need to become Market Members by signing globalCOAL's Usage Agreement. Full details are available at www.globalcoal.com.