Press Release

TFS licensed as globalCOAL product broker

LONDON, UK, 7th July, 2003

globalCOALTM's product coverage is set to make further gains following the announcement that TFS has entered into a licensing arrangement to allow the brokerage firm to voice-broker transactions based on globalCOALTM products.

The licensing arrangement allows TFS to market and arrange transactions based on globalCOALTM's various proprietary products including the Standard Coal Trading Agreement (SCoTATM), the RBTM Index, the NEWCTM Index and the various quality specifications developed by globalCOALTM for the SCoTATM contract, which includes the following: RB1TM, RB2TM, NEWCTM, ARA and BOLTM. Any transactions arranged by TFS under the licence must be between globalCOALTM Market Members or companies holding a globalCOALTM licence, for which there is no charge.

The deal demonstrates TFS's support for globalCOALTM's objective of creating standards for participants in the international coal industry, on the principle of "of the industry, for the industry". In a joint statement, TFS's David Jenkins and Mark Walters of globalCOALTM said: "We have common views on the need to provide the industry with a focal point in terms of products and indices against which participants can manage their coal price risk. The idea of focusing market liquidity in contracts designed to promote confidence and the promotion of risk management is something we share, and which we believe is beneficial for the market".

The list of parties authorised to use globalCOAL products in the course of their business can be found atwww. A copy of the globalCOALTM Product Licensing Agreement can also be found at this address.


Patrick Markey
+ 44 20 7758 9110 (tel)
+ 44 20 7758 9102 (fax)

David Jenkins
+44 (0) 20 7796 0888 (tel)

Issued by Global Coal Limited which is regulated by the Financial Services Authority.

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