CTRM Vendor and Product Sourcebook Nov 11 by Commodity Point

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

CTRM Software November, 2011

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Table of Contents Introduction to the CommodityPoint CTRM Software Sourcebook ................................................. 5 Important Disclaimer ..................................................................................................................... 6 How CommodityPoint Can Help Your Selection Process ................................................................. 7 What Is Commodity Trading, Transaction and Risk Management Software? .................................. 9 Front-Office Applications................................................................................................................. 11 Electronic Trading ......................................................................................................................... 11 Deal Capture ................................................................................................................................. 11 Real-time Trade Capture .............................................................................................................. 12 Trader Analytics ............................................................................................................................ 12 Position Keeping ........................................................................................................................... 13 Scheduling Applications................................................................................................................... 13 Pre-Scheduling and Scheduling .................................................................................................... 13 eTagging & ISO/RTO Interfacing .................................................................................................. 13 Middle-Office Applications .............................................................................................................. 14 Risk Management ......................................................................................................................... 14 Credit Management ..................................................................................................................... 14 Back-Office Applications .................................................................................................................. 15 Contract Management ................................................................................................................. 15 Settlement & Invoicing ................................................................................................................. 15 Hedge Accounting ........................................................................................................................ 15 Other CTRM Functions ..................................................................................................................... 16 Requirements Dictated By Assets and Location ............................................................................. 16 Summary .......................................................................................................................................... 17 Product and Vendor Listing .......................................................................................................... 18 Abacus Solutions, Inc. Saturn Version 3.0.................................................................................................................... 20 Allegro Development, Inc. Allegro ..................................................................................................................................... 22 Amphora, Inc. Symphony ................................................................................................................................ 24 Ascend Analytics, Inc. PowerSimm ............................................................................................................................. 26 Aspect Enterprise Solutions AspectCTRM ............................................................................................................................ 28 Brady PLC Brady 2011 .............................................................................................................................. 30 Comfin Software & Consulting Services Gmbh The Bulldog Version 3.0 ........................................................................................................... 34 Constellation of Energy Solutions

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook Constellation............................................................................................................................ 36 Contigo Ltd enTrader .................................................................................................................................. 38 Delta Energy Solutions AG Delta XE, ET3000 ...................................................................................................................... 40 Eka Software Solutions Pvt Ltd EKA CTRM Version 8................................................................................................................. 42 Encompass Technologies, Inc EnCompass Energy Suite .......................................................................................................... 44 Energeya LLC XDM Suite ................................................................................................................................ 46 ENSYTE Energy Software International GASTAR ................................................................................................................................... 48 Enuit Enstep ...................................................................................................................................... 50 e-Opt Solutions PriceHub .................................................................................................................................. 52 HGH Dycotrade ................................................................................................................................ 54 iRely iTrade ...................................................................................................................................... 56 IRM (An OpenLink Company) iOpt Version 6 .......................................................................................................................... 58 JustCommodity Software Solutions ContraxCentral......................................................................................................................... 60 KYOS Energy Consulting KYOS PRM Version 2.4 ............................................................................................................. 62 Lacima Group Lacima Analytics Version V6..................................................................................................... 64 Murex S.A.S. Murex MX.3 ............................................................................................................................. 66 Navita Systems AS Pomax ..................................................................................................................................... 68 Open Access Technology International OATI webTrader Enterprise Version 7 ....................................................................................... 70 OpenLink Endur,dbcSMARTsoft ............................................................................................................... 72 Pioneer Solutions, LLC TRMTracker ............................................................................................................................. 74 SAS and RiskAdvisory (A Division of SAS) SAS for ETRM Version 9 ............................................................................................................ 76 Sisu Group, Inc. PetroMan Version 11.4.0 ......................................................................................................... 78 Softsmiths Inc SoftSmiths TMS ........................................................................................................................ 80 Solarc, Inc. RightAngle Version S11 ............................................................................................................ 82 SunGard Energy and Commodities Aligne ...................................................................................................................................... 84

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook Kiodex...................................................................................................................................... 86 TRADEPAQ TRM llc TRADEPAQ TRM Version 4.1..................................................................................................... 88 TransGraph Consulting TransRisk ................................................................................................................................. 90 Triple Point Technology, Inc. Commodity XL .......................................................................................................................... 92 Ventyx TRM ......................................................................................................................................... 94 Woodlands Solutions, LLC Phoenix ETRM .......................................................................................................................... 96 References & Other Useful Resources .......................................................................................... 98 References ........................................................................................................................................ 98 Useful Resources .............................................................................................................................. 98 About CommodityPoint ............................................................................................................... 99 About UtiliPoint速 International, Inc. .......................................................................................... 100

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Introduction to the CommodityPoint CTRM Software Sourcebook The CommodityPoint CTRM Software Sourcebook is designed to be a useful and usable resource to help those seeking to select CTRM software. It is a starting point in that process providing a high-level guide to allow you to select a long list of vendors that may or may not prove to be capable and competent to supply your solution after you have conducted an RFI and/or RFP process. IT is NOT designed to be a replacement for your selection process. CTRM software is simply too complex to be selected properly without a reliable and complete selection process. We hope the CommodityPoint CTRM Sourcebook will allow you to compile a list of vendors that may include some you might otherwise not have considered or may even not previously been aware of. In that way, we believe it can make your selection process more complete.

We have developed a readily consumable format for each vendor and product listing that has summary information about each vendor and product that includes: 

Functional and commodity coverage,

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Contact details,

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CommodityPoint research highlights,

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Product and vendor information,

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Representative clients,

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Geographical and industry segment distribution of users,

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Website details.

The product functionality and other information are presented using charts which are easily readable providing information about the vendor’s functional coverage by commodity. CommodityPoint’s methodology for constructing the Sourcebook was to develop a spreadsheet and questionnaire for each vendor. The spreadsheet was completed by the vendor in which they identified by commodity and function or feature whether their software had capabilities that were in use by a current user, capabilities not currently used by a client or lacked capabilities in each area. These were inspected by CommodityPoint and some adjustments made before final collation of the information. The questionnaire was used, in part, to complete the vendor/product listing along with information collected in other CommodityPoint surveys and research. The listings are compiled by CommodityPoint analysts.

We believe that the Sourcebook by CommodityPoint is the ultimate source for product and vendor data utilized by end users seeking new software.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Important Disclaimer It should be noted that CommodityPoint cannot guarantee the accuracy of the Vendor listings although we have attempted to match vendor claims against our knowledge of the market. In fact, given the complexity of the CTRM space generally, we cannot guarantee that the vendors have interpreted the terminology we used accurately in preparing their responses nor that each vendor has applied the same approach and/or interpretation in answering our questions. Rather, the material is presented on the basis that it is indicative of the broad capabilities of vendorâ&#x20AC;&#x2122;s products at the time of going to print. CommodityPoint strongly advises users of this document to verify with the vendors and undertake requisite due diligence when selecting software. Additionally, CommodityPoint analysts are available to assist or provide additional input on a consulting basis.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

How CommodityPoint Can Help Your Selection Process CommodityPoint is well known for its analysis capabilities in the CTRM software area but we also offer services of tremendous value to those seeking to select and implement CTRM software designed to reduce costs, timescales and risks. CTRM software selection and implementation projects can be fraught with risk, slippage and cost over runs and for that reason, CommodityPoint offers advisory and audit services into those types of projects.

We deliver our advisory and audit services as a part of your extended project team coming in at specific points along the project to provide external audit services while being on call in an advisory capacity to help guide the project at any particular moment. Our audit function is usually geared to match up with project checkpoints where we can examine project deliverables. These might include: 

RFI review – we examine your RFI for omissions and oversights while helping ensure that the vendors that it is sent to are the ones that can in fact meet the requirements of the project;

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RFP review – we examine the RFP for omissions and oversights while helping ensure that the vendors it is sent to are the ones that have the best chance of meeting the requirement;

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Vendor response analysis and scoring – we help in reviewing vendor responses and developing scoring mechanisms for the project;

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Project plan reviews – we examine the project plan and scope and advise on omissions, timescales and costs;

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Pre-selection workshop – CommodityPoint educates the core selection team on the market, vendors, implementation experience and more to better prepare you for the experience;

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Final Selection – review of project deliverables and advice on the contracts process as well as starting to review proposed implementation teams, costs, and timescales;

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Implementation Assistance – Checkpoint and milestone reviews of the project.

CommodityPoint has delivered such services on numerous occasions and has been credited with saving money, reducing timescales and project risks by our clients.

Please contact us for more details on how we can assist you by emailing us at mtredway@utilipoint.com.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

What Is Commodity Trading, Transaction and Risk Management Software? Commodities trading, transaction and risk management (CTRM) software is that category of software applications, architectures and tools that support the business processes associated with trading energy and broader commodities. In the broadest sense, commodities trading means both the buying and selling of commodities such as crude oil, coal, natural gas, electric power, agricultural commodities such as sugar, corn, wheat, metals such as gold, copper, emissions and refined products, the management of the movement and delivery of the commodities, and associated risk management activities. CTRM software therefore comprises a broad set of functions that can vary considerably depending on what commodities are traded, what assets are employed in the business, where those assets are located, and what the companyâ&#x20AC;&#x2122;s business strategy and associated business processes are.

Usually, CTRM solutions are fully integrated suites of software that help manage the front-, middle- and backoffice aspects for a trading entity. Although such definitions and organizational structures differ quite widely across the industry, the front-office is usually concerned with deal capture and position management, the middle-office with managing and reporting various risk exposures as a result of trading activities and the back-office with settlements and accounting functions. Additionally, there will usually be a scheduling or logistics management component to CTRM solutions that allow the energy company to plan, track, manage and account for quantities of commodity that have to be physically moved from its source to some point of usage.

Recently, with the emergence of commodities as an asset class and of financial traders such as hedge funds and banks, the boundary between ETRM (Energy trading & risk management software) and CTRM has become increasingly blurred. CommodityPoint research indicates that few, if any trading firms, now trade a single commodity and even what constitutes â&#x20AC;&#x2DC;energyâ&#x20AC;&#x2122; is less distinct than it once was. These days, commodities such as freight rates, ethanol and emissions might be traded by energy trading firms in addition to crude oil, natural gas and so forth. ETRM software is increasingly likely to cater for commodity trading generally and not just energy commodities these days and into the future.

CommodityPoint analysis also demonstrates that there are also significant new areas of functionality required by asset-heavy users of ETRM systems such as power generators. These involve various market analysis and forecasting activities including load forecasting and price forecasting in particular regional commodity markets and asset optimization modeling. The requirement is to optimize the use of assets employed by the business against usage and outage trends in regional markets helping to determine the most profitable way in which to manage those assets given the market needs. There is also a real-time trading component to these requirements since adjustments need to be made in real-time through the day as market dynamics change. Another area of functionality required in this industry segment is in market communication; particularly in regional power markets

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook where bidding, dispatch, scheduling, ISO communication, settlements and reconciliations are needed. Figure 1 is a simplified comparison of "traditional" ETRM with our view of the emerging need for an Asset-ETRM solution.

With the emergence of commodities as an asset class, the increase in the trend to trade energy-related and other commodities, the ETRM software space is both broadening in scope as new niches emerge such as that discussed above for more asset-heavy oriented traders. Indeed, the ETRM software category is becoming even more complex than it once was.

Today, many of the larger software vendors in the CTRM space offer comprehensive suites of solutions while other software vendors specialize in market communication, load forecasting and other asset-oriented requirements.

Table 1 - Requirement summary for ETRM users

Up to the Trade

Moving and Accounting for the Commodity

Deal Capture

Pre-scheduling / Scheduling / Logistics

Position Keeping

Physical Settlement and Invoicing

Trader Analytics

Volume Management

Market/Data Analysis

Reporting

Risk Analytics

Market Communication

Risk Reporting

NOMS / Confirmations

Counterparty Credit

Asset Management

Trade Settlement and Invoicing

Dispatch

Data Mining

Asset Optimization

Trading and Risk Controls

Use Decision Support for Optimal Operations

“Speculators”

“Asset heavy users”

Although CTRM software functional coverage can be difficult to define, another way to look at it is to consider the types of company that need to utilize CTRM software as follows:

Hedge Funds trading commodities;

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Investment banks trading commodities;

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Energy merchants trading commodities;

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Multinational oil companies trading commodities;

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Producers selling their production;

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Utilities (Investor-owned, Municipal utilities and cooperatives) buying fuel for power generation and

for the sale of wholesale gas or electric power;

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook 

Local Distribution Companies buying wholesale energy to sell to retail markets;

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Large commercial and industrial end users of energy and other commodities;

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Petrochemical and refining companies that procure feedstock in wholesale markets;

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Agricultural producers;

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Metals and other raw materials miners;

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Food processing companies.

Given the list of different segments of the industry that might require CTRM software, it can be readily understood that the required functionality of such systems can be very extensive and complex.

Perhaps another way to think about CTRM software is to consider the management of two primary functions across these entities. First is the business of managing the assets employed in the business (whether those assets are generation facilities, produced quantities of oil, gas or electric power), and secondly the merchant function that is involved in the buying and selling of commodities and managing associated risks. CTRM software is used to manage the merchant function and but increasingly it has to be integrated with and/or include asset management functions. However, it remains very difficult to define the entire functional coverage of an CTRM system simply as a result of the different variations in requirements at the detailed level. On a broad level, the software will comprise most of the following applications or functions;

Front-Office Applications Electronic Trading Electronic trading is utilized by a variety of industry players that conduct trades and those trades need to be captured in the CTRM system so as to insure that it is the primary system for position keeping and risk management.

Deal Capture The deal capture application area supports the traders and/or administrators capture of deals into the system for further processing. Generally, deal capture is the start of the transaction flow through to invoicing but it usually requires other set up data to function correctly such as contract and counterparty data. Deal capture requires a high level of ease of use to allow traders and administrators to enter deals rapidly. Many vendors have therefore developed “deal blotter” screens in addition to long-form deal capture screens. The deal blotter screen looks and behaves like a spreadsheet and is a familiar work environment for traders. Additionally, it may often be configurable allowing a specific trader to ‘default’ many of the data items on the screen for more rapid data capture.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Deal capture systems need to be able to capture any number of transactions - both physical and financial. It is this that adds to the complexity of deal capture systems since each deal type requires any number of additional and unique attributes to be also entered. One issue that may arise with the deal capture function is in capturing physical and financial deals in different systems. Financial deals may sometimes be captured in a risk system while the physical deals are captured in the transaction management systems. This results in a need to link corresponding deals and can lead to integration and position keeping problems.

As the industry has evolved, the deal capture business function has become more standardized, with better definition of the instruments and deal types used across the industry. In turn, this has allowed vendors and solution providers to develop better solutions to support traders. Nonetheless, deal capture can be a complex piece of functionality especially if it is combined with trader tools for what-if analysis and if it is required to provide instantaneous valuation and risk measures such as Value at Risk and Mark to Market valuation.

Despite the increased standardization in this business function, since it is often provided as a module in a broaderbased solution, it is rarely deployed stand-alone. In almost all cases, the deal capture module is bundled with other functionality to provide transaction processing through pre-scheduling and often to invoice.

There are many ways in which deals get done today including over the telephone, through an exchange, using Interactive Messaging and email. All of these different media have to be captured in the CTRMâ&#x20AC;&#x2122;s deal capture area.

Real-time Trade Capture For any power company with generation, real-time trading also has to be performed and those deals captured in the system. Real-time trading is conducted to maintain balance as generation operations progress and as real-time needs arise on the grid and it is a separate function from the actual wholesale trading operations that deal with time periods beyond the day of operations. Real-time trading is therefore more typically a requirement for utilities and generators than merchants and often managed by the regulated arm of the company.

Trader Analytics Analytic tools to support traders in their activities have become common additions to many CTRM systems in recent years. These tools can include price calculators (option prices, etc.) as well as â&#x20AC;&#x153;what-ifâ&#x20AC;? tools allowing traders to analyze the impact of a trade against a portfolio. One evolution that has taken place in the analytics area is one from models developed primarily for financial markets to more energy-specific models that take account of the specific behavior of the underlying commodity.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Position Keeping Position keeping is the function that essentially tracks trades and their offsetting physical and financial positions and has long been an area of short coming in many trading/marketing departments and systems. Despite the fact that most third-party packages provide some position keeping functionality, many trading floors still rely on manually update whiteboards and spreadsheets to keep overall position. The issue is partly about the diversity of systems used by marketers/traders and the lack of a coherent integration framework that can bring all the required data together and present it in a usable form and, partly related to business process shortcomings â&#x20AC;&#x201C; particularly where deals are entered after the fact. Position is required in multiple formats. For example, overall portfolio position, position at various points on the grid as well as physical and financial position. It is this level of complexity that has kept position keeping a largely manual activity in many marketing/trading shops.

Scheduling Applications Pre-Scheduling and Scheduling Scheduling involves organizing planning and tracking the movement of physical energy commodities via some transport mechanism and for that reason scheduling systems have different functionality depending upon the commodity to be scheduled and the geographic location in which the movement will take place. Scheduling or prescheduling is another function that can be extremely complex and that many vendor-provided solutions still fail to address completely. In North America, gas scheduling comprises pathing, nominating, and confirming gas volumes through various pipelines whereas electric power scheduling involves pathing power through various grids and communicating back and forth with the regional power markets. Scheduling for other commodities such as crude oil and coal may involve utilizing barges, trains, trucks or vessels and the tracking of those shipments from one place to another.

Scheduling is a function that both plans the movement of the commodity but also tracks and accounts for that movement. So for example, a company may plan to move a volume of natural gas along a pipeline but it needs to have the legal right to do so and then communicate back and forth with the pipeline on issues such as the actual volumes delivered and shipped, the transportation costs and any losses in volume that take place on the pipeline and so on. It is a very complex function and different solutions are required for each commodity and geography.

eTagging & ISO/RTO Interfacing These functions are important in scheduling electric power in North America and as the interfacing and e-tagging requirements are largely regional (by ISO or RTO) in nature, this business function has not and might never truly standardize in North America. It therefore provides a niche opportunity for specialist solution providers. The function involves communicating to the regional power market operator using its standards for data interchange as well as reconciling and settling on the actual quantities that moved.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Middle-Office Applications Risk Management Risk management systems in the energy industry became essential tools after wholesale power markets opened up. The instantaneous nature of power, its lack of storage capabilities, and price volatility drove the adoption of risk management across the industry. The risk system generally captures financial trades directly and then provides various exposure reports for both financial and physical trades/portfolios.

Many risk systems provide a variety of tools to value trades, books, and portfolios including Value at Risk and Earnings at Risk. The diversity of instruments/trades that need to be represented in risk systems may include weather, interest rates, and foreign exchange transactions as well as energy commodity related instruments. Risk system vendors are now adding methods and reports to address aspects of the physical side of the business such as volumetric and deliverability risk. Earnings at Risk and similar tools are an example of the shift that has taken place in this area. Earnings at Risk possibly provides a better assessment of how earnings would be impacted by certain events or price movements as opposed to making the assumption that positions can be unwound. For marketers with generation, for example, power is actually taken to delivery and therefore the position cannot be “unwound” in the same way that a financial position might be. This volumetric risk aspect to today’s power marketers’ business differs considerably to the market risks faced by asset-light merchants.

Another facet of the changing risk management world is the mark-to-market valuation versus accrual accounting often used by utilities. While mark-to-market valuation is a common and accepted method, the difficulty is in understanding how a mark-to-market profit actually gets booked on an accrual basis. Often, traders and marketers have been rewarded based on mark-to-market position as opposed to actual accrued profits. In the past, price manipulation resulted in inflated mark-to-market valuations that after settlement weren’t reflected in the company’s books, causing apparent profits to “evaporate.” As a result, more emphasis is now placed on independent price data but this is difficult in more opaque Over the Counter (OTC) transactions.

Credit Management Credit management and credit risk management has become an area of concern for all energy companies after the collapse of the merchants and the counterparty credit issues that followed. The credit management function requires access to contract data as well as external credit agency and other credit data. The credit function usually establishes credit profiles for counterparties, monitors credit limits against counterparties as well as manages collateral requirements. It has rapidly become something of a specialized function that has growing importance and is now served by specific credit management application providers.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook Additionally, many of the existing CTRM platform vendors also provide some credit management functionality. In this instance, the functionality is usually limited to monitoring trade exposure to counterparties although some systems do go further. Very few traditional trading and transaction management systems however also manage the collateral side of credit management.

With the ongoing emphasis on credit and collateral management as a component of good corporate governance and risk management, this is an area that may see a continued emergence of specialist vendors and a requirement to integrate with existing trading and transaction management systems.

For marketers with both wholesale and retail operations, credit management is a much more complex proposition. If utilizing a CTRM systemâ&#x20AC;&#x2122;s credit functionality, this is generally built to provide credit management for wholesale trading activities only lacking the ability and scalability to manage counterparty credit exposure for thousands of retail counterparties. Generally, the solution is to aggregate like contracts into groups and then load those into the credit management module and this again requires external spreadsheets or customized solutions be built.

Additionally, there are developing a number of risk measures such as Credit Value at Risk (CVaR). While some systems ostensibly offer the ability to calculate and report on CVaR, the devil is in the details of the methodology and the ability to enter and store credit data at the appropriate level.

Back-Office Applications Contract Management Contract Management data is a key component for trading, credit management and scheduling activities and it is generally provided as a part of a CTRM system. Generally, these systems maintain the key contract data that provides for counterparty credit limit monitoring, transmission terms and trading limits, and so on.

Settlement & Invoicing While settlement and invoicing are often grouped together, they are two different and important functions. While both functions are often provided by CTRM software packages, many companies actually utilize solutions other than their primary CTRM system to perform these functions. Again, while invoicing is a function provided by many of the primary trading and transaction management systems, but many companies also utilize a different system to produce invoices.

Hedge Accounting Hedge Accounting has become a mandatory function since the inception of FAS 133 and its equivalent accounting standards. As with credit management, a host of niche solutions has been developed specifically to help perform

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook hedge accounting. At the same time, many traditional vendors have added some degree of hedge accounting functionality to their systems, too.

Other CTRM Functions Depending upon the type of company utilizing and CTRM system a number of other functions may be required including gas storage, inventory management, generation dispatch, load forecasting, market simulation, stress testing, gas measurement, and more. Additionally, all CTRM solutions will require some administrative functions including security of access, audit trailing, workflow, interfaces to external price feeds and other external data sources and, document management.

Part of the complexity of CTRM is that there is no real standard for what comprises an CTRM system. However, as regulations and recommendations are made by various organizations and governing bodies, more standardized approaches are emerging in areas such as risk management, deal capture, and the back office. Still, as the CTRM software class serves such a broad set of essentially niche markets from hedge funds to regional utilities, what constitutes a CTRM solution is very variable. It is this that allows so many vendors and products to coexist in the industry since many products are targeted at niche vertical markets or at specific functions within the context of CTRM.

Some CTRM software solutions have gone further in terms of back office functionality too and offer general ledger, accounts payable and accounts receivable functions. However, many companies utilize their existing accounting packages to perform much of this functionality requiring an interface between the CTRM system and the accounting system.

The industry is actually a very heterogeneous market for CTRM software with horizontal and vertical niches that, on the surface at least, appear to share similar requirements. While many â&#x20AC;&#x153;outsidersâ&#x20AC;? see a large and attractive homogeneous market for CTRM software with good revenue and profit potential, the truth is that there are a plethora of company business models and each model has its own detailed version of the same set of requirements. Indeed, at a certain level of detail, all companies involved in buying and selling commodities have common business functions yet, as you drill down, there are significant and fundamental differences in those requirements. The idea that there are standard functionality requirements is simply a mirage created by a fundamental lack of understanding of the energy business at a detailed level.

Requirements Dictated By Assets and Location The nature of each company's physical assets and the geographic location of those assets actually dictate the majority of the software requirements at the detailed level. The need to record and report on data and

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook transactions is inevitably governed by the regulatory regimes under which the company operates its assets and by the type of assets employed in the business. For example, an electric generator with predominately hydro generation facilities will have different requirements from the company that has predominantly coal-fired facilities. Generators in different geographic regions will have different reporting requirements. During the energy trading bubble, the fundamental importance of assets was overlooked and the recent return to asset-centric trading has increased the importance of asset-related software requirements.

Summary It is difficult to define CTRM software precisely. At its core, CTRM software comprises deal capture, position keeping, risk management, settlement and invoicing along with some scheduling modules organized such that data is entered only once and flows through the system from the front office to the back office. In reality, each company using a CTRM solution has its own particular requirements and each vertical market niche from production to Local distribution requires some variation in functionality and some extensions to functionality. Indeed, it is this variability in requirements that adds to the overall complexity of implementing CTRM software.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Product and Vendor Listing Each Vendor and Product listing is arranged according to the same format for clarity and ease of use. Each listing comprises:  The name of the vendor and product,  A graph showing the distribution by geography and industry segment of the product’s installed base,  CommodityPoint research highlights regarding the vendor and product,  Company and product information comprised from a variety of sources including vendor’s website, collateral and CommodityPoint material,  A graphical matrix providing an overview of the product's capabilities, by function (vertical axis), by commodity (horizontal axis),  Vendor’s office locations,  A representative list of users of the product, and  The vendor’s website address.

The listing allows rapid comparisons between vendor products as well as a pulse check in terms of whether that product is one utilized in your geography of operation and/or industry segment. The functionality matrix shows, by major commodity and area of functionality or system feature, whether the product has capabilities that have been deployed in a particular functional area, capabilities in that area not yet deployed at any client site, or cannot support that feature or function. This is indicated via color coding to make the graphic rapidly consumable and easy to read or compare and contrast with other listed products.

Overall, the listings provide sufficient compact detail to identify vendors and products that may meet your requirements and should therefore be candidates for your long list at the start of a selection exercise.

Those thinking about a software selection exercise may wish to consult our book – Selecting & Implementing Energy Trading, Transaction & Risk Management Software – A Primer (Reames & Vasey, 2008) published by Booksurge Publishing, for additional best practices and guidance.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

SATURN, Version 3.0 Abacus Solutions Inc 24704 Voorhees Drive Los Altos Hills, CA 94022

Markets/Geographies Served

CommodityPoint Research Highlights As a relatively new vendor, Abacus Solutions Inc has made steady progress with its innovative SATURN product which benefits from having been built on modern technology and designed from first principles incorporating physical assets into the risk picture. SATURN was among the solutions ranked as a market leader in CommodityPoint’s 2009 CTRM Vendor Perceptions study for Market Risk and in the Generation segment of the industry.

Company/Product Information Abacus Solutions Inc is the developer of SATURN, a webbased integrated enterprise ETRM system designed to meet the market need for an integrated platform that can address the financial and physical requirements of vertically integrated energy companies. Using modern technology, SATURN integrates twelve key applications:  Market Simulation: All markets, Forward/Spot, different processors, multivariate correlations  Parameters Estimation: All markets/simulation parameters, historic/recent market data  Generation Optimization: Thermal, Renewable (wind, solar, hydro, other), and Storage; operational and environmental constraints  Load Analysis: Electric/gas, regression analysis, renewable requirements  Trade Capture: All commodities, all trade types, templates, structured contracts Copyright 2011 UtiliPoint International, Inc.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook       

Trade Valuation: All commodities, all trade types, MTM, VAR, Greeks, etc. Business Intelligence: Markets, weather, loads, generation Market Integration: Trading platforms, brokers, counterparties, etc. Credit Management: Rating transition matrix, default probability, current/future exposure Financial Analysis: Key performance indicators, targets, margins, other financial metrics Risk Management: Financial/volumetric metrics Portfolio Management: Existing/potential portfolios, efficient frontier, risk/return tradeoffs

SATURN users can generate statistics about prices, loads, and generation, and transfer their results to PowerPoint and/or other tools. Price simulation parameters can be automatically developed from recent data and market quotes. Managers and executives can review performance updates through customized dashboards. Traders can quickly review updated market information and hedge positions. SATURN features:  Advanced Analytics: Markets, generation, credit, risk, portfolio management  Performance: 64-bit architecture, multi-threaded, N-tier, parallel processing  Modular Architecture: Comprehensive vertical and horizontal scalability  Integration: Markets, generation, trades, loads and credit, short/mid/long term  Extensive Reporting: Different formats, flexible granularity, extensive configurability

  

Intuitive Interface: Standardized layout, extensive configurability, web-based Enterprise Services: Document management, users forum, news feeds, notifications, etc. Enterprise Mobility: Access/Anytime/Anywhere, SOA, authorization/authentication, etc.

SATURN is scalable along several dimensions including geographies (countries, regions, locations, etc.), commodities (power, fuels, emissions, FX, etc.), granularity (hourly, daily, etc.), number of markets, number of generation units, number of trades, time frame (a few days to many years), number of simulations, number of users (including physical location), level of users (from analysts to executives), organizational structure (across many functional areas), functional applications (market analysis, generation optimization, trading, load analysis, etc.), analysis type (transactional, analytical, presentation, reporting, decision support, etc.), etc. SATURN’s scalability is due to its modern 64-bit multi-threaded/multi-core architecture and efficient handling of data storage, retrieval, processing, and dissemination. Main Office 24704 Voorhees Drive Los Altos Hills, CA 94022 Other Locations New York, USA 646.360.1247 California, USA 650.941.1728 London, UK 44.20.3384. 2676 Representative Clients  Scottish Power  PSEG  Texas Retail Energy Website http://www.abacussolutionsinc.com

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Allegro, Version (Not Specified) Allegro Development, Inc 1445 Ross Avenue, Suite 2200 Dallas, Texas 75202 USA

Markets/Geographies Served

CommodityPoint Research Highlights Allegro is one of the top five vendors in the ETRM space according to the most recent CommodityPoint Vendor Perception study. Allegro ranked third overall in terms of brand recognition and fourth in terms of perceived market leadership. Its longevity in the industry is a major factor in market leadership perceptions. It is better known in North America where it ranked second for brand recognition. Allegro ranks between third and fifth in all major functional categories in that study and also is perceived to be the market leader for reporting and second for integration. In CommodityPoint's 2010 Non-Energy CTRM Vendor Perception Study, Allegro ranked third in combined prompted and unprompted brand recognition.

Company/Product Information Allegro is a global provider of energy trading and risk management software for power and gas utilities, refiners, producers, traders, and commodity consumers. The Allegro 8 platform drives profitability and efficiency across front, middle, and back offices, while managing the complex logistics associated with physical commodities such as coal, crude oil, natural gas, and refined products.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook For 27 years, Allegro has committed itself to advanced architecture, unique development and deployment approaches, and innovative products that closely align with customer business objectives. Allegro’s agile deployment enables rapid achievement of business objectives with phased implementations and minimal risk. The company’s Collaborative Development Program allows customers to participate in an iterative, market-driven development process. Allegro provides the key functionality that customers need to improve decision making and increase profitability through effective risk management, trading, compliance and control, logistics management, asset optimization, and accounting functions.

Agile ETRM Allegro energy trading and risk management software delivers a fast realization of business objectives and great flexibility with minimal risk and disruption to their customers’ business. The key to this approach is that every effort centers around a specific business objective. This focus minimizes the number of specific business processes involved in achieving the objective. It also minimizes the number of technology changes required and minimizes the number of personnel affected. The result of all these steps is a faster realization of business objectives for their customers, better cost/benefit alignment, and higher total benefits over time.

Their advanced software architecture and componentbased approach allow Allegro to rapidly deploy agile solutions to perfectly match customer priorities and deliver a high return on investment.

Main Office 1445 Ross Avenue Suite 2200 Dallas, TX 75202, USA +1.214.237.8000 +1.888.239.6850

Allegro solutions help companies: • Improve Position Analysis and Valuation - Make better business decisions with accurate and instantaneous views of positions and valuation • Improve Trader Productivity - Streamline and automate trade processes to reduce the risk and cost of dual-entry and manual processes to allow maximum attention to profitable opportunities • Manage Market Price Exposure - Mitigate exposure to volatile market prices with effective hedging and realtime updates, comprehensive metrics, and simulation • Manage Counterparty Exposure - Mitigate exposure with credit and collateral management, and a flexible credit scoring process • Manage Liquidity Exposure - Manage cash and capital adequacy with efficiency • Achieve Hedge Accounting Compliance - Manage compliance with accuracy and confidence

Other Locations Houston +1.713.650.6877 Calgary +1.403.705.4171 London +44(0)20.7382.4310 Zurich +41(0)44.211.92.00 Singapore +65.6236.5730

Representative Clients  Capital Power  Koch Minerals  National Grid  Saudi Aramco  SourceGas  Southwest Airlines  SUEK Website http://www.allegrodev.com Allegro offers its software on a traditional licensed basis, SaaS or hosted solution.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Symphony, Version (Not specified) Amphora, Inc. 2500 CityWest Boulevard Suite 750 Houston, TX 77042

Markets/Geographies Served

CommodityPoint Research Highlights Amphora ranked 7th overall in terms of vendor perception in CommodityPointâ&#x20AC;&#x2122;s 2009 Vendor Perception Study. Amphora ranked 8th in North America and 10th in Europe where they are less well known. Amphora also ranked as a perceived market leader for crude oil (3rd), refined products (5th) and Agricultural commodities (4th).

Company/Product Information Founded in 1997, Amphora, Inc. is a leading global provider of software solutions designed and developed for companies in the field of commodity trading and risk management. Their team includes some of the most experienced software designers, developers and business analysts in the commodities industry today. Since their inception, their main goal has been to provide the trading community with the most robust, user-friendly, enterprisewide software package available. Amphora continues to launch new products that address customers' needs and adjust to dynamic market demands. Amphora, winner of the Energy Risk ETRM Software House of the Year 2011 award, is a leading provider of energy trading, logistics and risk management solutions. It services the global crude oil, refined products and energy derivatives marketplace.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook Symphony, Amphora’s ETRM solution, has a deep liquid hydrocarbon functionality. It provides deal capture through settlement, straight-through processing and real-time position/profit and loss (P&L) management capabilities. Symphony provides accuracy and a deep level of P&L attribution. It provides scenario modeling of the full life cycle of even the most complex trades and consistently gets the numbers right. Symphony has robust audit and control capabilities, giving businesses complete operational confidence. It features a highly intuitive, efficient and userconfigurable interface, fast back-end performance and powerful visualization capabilities. Symphony’s architecture allows it to be rapidly and easily integrated to any third-party system. Symphony’s reliability and accuracy gives traders more time to trade and instills confidence in their clients’ operations. Symphony’s ease of use drives higher user-adoption rates that further enforce the integrity of their clients’ business rules, processes and validations. Amphora has a loyal and growing customer base due to its singular focus on doing what is right for the customer. Amphora’s reputation for outstanding customer service is built on its desire to go the extra mile for clients and work collaboratively for the long term. Amphora is headquartered in Houston, Texas, with support and development centers located in Zug, Switzerland; Singapore, Malaysia; and Hyderabad, India, for 24/7 ‘follow-the-sun’ support. Amphora appeals to a broad client base, including integrated oil companies, merchant traders, refiners and marketers, utility companies and financial services companies such as hedge funds and banks.

Amphora software solutions are a central element in risk management and transactional strategies for global crude, refined products and energy derivatives, and are designed for performance that is essential in today's perfect storm of heightened regulatory scrutiny and tight energy market supply conditions. Amphora software enables their clients to handle any aspect of the energy commodities lifecycle around the world. Main Office 2500 CityWest Boulevard Suite 750 Houston, TX 77042 +1.713.339.5600 Other Locations India +91 40 2789 0166 Singapore +41 41 710 92 94 Switzerland +65 6533 8763 Representative Clients  Mercuria  Noble Americas  Petro Plus Website - http://www.amphorainc.com Amphora offers its software on a traditional licensed basis or hosted solution.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

PowerSimm, Version (Not specified) Ascend Analytics 1877 Broadway, Suite 706 Boulder, Colorado 8030

Markets/Geographies Served

CommodityPoint Research Highlights Ascend Analytics have been offering risk tools and solutions for some time. It registered on a prompted brand recognition basis in CommodityPoint’s 2009 Vendor Perception Study.

Company/Product Information Founded in 2002, Ascend is an employee owned software service company based in Boulder, Colorado. Ascend’s management team has over 60 years of direct energy experience. Its focus remains the analytic and data infrastructure to support decision analysis from the next hour to the next thirty years. Ascend has utilized the latest technologies and modeling techniques to allow energy analysts and risk managers to meet today’s challenges. Primary Software Uses:      

Portfolio analysis Asset valuation Hedge optimization Planning & budgeting Capacity expansion Risk & scenario analysis

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook many of the world's leading energy companies to achieve efficient processes and superior decision analysis. Its clients are provided with software solutions that reliably capture the factors that impact their business operations and financial performance. Ascend Analytics provides a modular analytical platform to manage decision analysis from the next day to the next thirty years. Ascend Analytics provides a single analytical platform to manage medium, long-term and short term portfolio optimization. Energy companies now have the option to manage all of their model-based decisions from one platform. Ascend Analytics software solutions provide analysis across the entire time horizon of decisions faced by today’s energy companies. Informing good decisions requires getting the modeling details right to accurately represent the physical and financial dynamics of energy. Industries  Utilities  Fuels  Gas Storage  Hydro Generation  Renewable Generation  Retail Energy  Wholesale Generators

Ascend Analytics is currently supporting the following job functions:                

Asset Valuation Capital Allocation Cash Flow & Budgets Dispatch Optimization Energy Planning Energy Scheduling Financial Planning Market Data Analyst Portfolio Optimization Quantitative Analyst Regulatory Planning Risk Control Risk Management Structuring Analyst System Balancing Trade Analyst

Main Office 1877 Broadway, Suite 706 Boulder, Colorado 80302 +1. 303.415.1400 Other Locations Montana + 1 303.415.1400 California + 1 303.415.1400 Representative Clients “Energy companies in North America and Europe” Website - http://www.ascendanalytics.com

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

AspectCTRM, Version (ASP) Aspect Enterprise Solutions, Ltd Castlewood House 77-91 New Oxford Street London WC1A 1DG

Markets/Geographies Served

CommodityPoint Research Highlights Aspect had a relatively low unprompted brand recognition in North America in the CommodityPoint 2009 Vendor Perception study. They also ranked in the lower third of vendors on a prompted name recognition basis. However, since that study was undertaken, Aspect has been rebranded (from OILspace) and has increased their visibility considerably and are one of the market leaders in SaaS delivery of ETRM software, particularly for crude centric market segments. It was amongst the top two recognized SaaS vendors in CommodityPointâ&#x20AC;&#x2122;s 2010 SaaS Study.

Company/Product Information Aspect was founded in 1999 and was previously known as OILspace. It offers a SaaS (Software as a Service) delivered CTRM solution which delivers front to back office functionality for most energy commodities. The solution is entirely web-based, utilizes a modern SOA architecture and OLAP technology. The company supplies a number of products including AspectDSC, a Web-based information and decision support system for traders, which supports a broad basket of commodities, AspectCTRM Lite Edition, a deal capture system, and AspectCTRM, a fully fledged CTRM solution. Copyright 2011 UtiliPoint International, Inc.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook Aspect CTRM includes the following functionality at a highlevel: Front Office:  The AspectCTRM deal capture process handles physical and financial trading contracts along with position management.  With customizable screens, traders can tailor their screen as desired.  This coupled with security parameters and workflows creates a much bespoke application to fit the company’s business processes.

Back Office  Financial control and planning module allows creating necessary reports on income for any chosen period.  Accounting functions  Settlement AspectCTRM comprises of a number of functional modules including:

 

Main Office Castlewood House 77-91 New Oxford Street London WC1A 1DG +44 20 7632 0170 Other Locations Singapore +65 6738 6525 Moscow +7 495 925 7245 Chicago +1 847 866 8689 Kuala Lumpur +603 2776 6805

Middle Office  Managing and reporting risk exposure  Real-time profit and loss reporting in trade management component



Use of the Saas deployment model means that all users, and all client companies, utilize a single code base and that implementations are short and fast while the cost of entry and total cost of ownership are significantly lower than traditionally licensed solutions.

Trade – manages deal entry through to back-office settlement. Risk – an energy risk trading system that can be provided stand-alone. Operations – manages movements, payments and costs associated with operating the enterprise and interacting with counterparties. It can also be provided stand-alone. Price Manager – Used to consolidate and support a global price forecasting process. Inventory Manager – Allows companies to manage volume and inventory control against changing portfolios and physical movement in real time.

Representative Clients  Trafigura  TNK-BP  Masefield  Noble Resources  Chemoil  ITOCHU  Masoil  Core Petroleum  MRS Oil Nigeria  Petrodiamond  Hanwa  Bominflot  Integral Petroleum  Select Energy  Ambrian  OiLive  Sage Ghana Website http://www.aspectenterprise.com

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Brady, Version 2011 Brady PLC 281 Cambridge Science Park Milton Road Cambridge UK CB4 0WE

Markets/Geographies Served

CommodityPoint Research Highlights Brady ranked 13th in the 2009 Vendor Perception study for unprompted brand recognition. However, it is much better know in Europe where it ranked 7th than in North America. Aquarius was recognized by a small number of European respondents and was also ranked as a market leader for Base Metals, for integration and cost effectiveness. Brady was also perceived to be a market leader in Precious Metals and Base Metals. In CommodityPoint's 2010 Non-Energy CTRM Vendor Perception Study, the company ranked third in perceived overall market leadership and fifth in combined prompted and unprompted brand recognition. The company ranked first in perceived leadership in base metals and raw materials (tied w/4 others); second precious metals; and fourth in supply chain management (tied w/3 others).

Company/Product Information Brady has more than 25 years of history in serving commodity markets including Base, Precious Metals & Raw Materials, Energy including Oil, Coal and Gas and Softs. It has over 100 customers worldwide, including financial institutions, trading companies and mining corporations. Brady is a public company and had revenues of just over 11.1 million GBP for the 2010 financial year.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook Brady has acquired a number of other providers in the last 2-3 years including VIZ Risk Management, Viveo Switzerland and ComSoft, expanding its commodities and industry sector footprints as well as its global client base.

transactions. The workflow in Fintrade follows the lifecycle of a deal closely, starting with the contractual phase, followed by the execution phase and finally linking the data to the accounting and financial reporting.

Brady offerx a choice of trading and risk management solutions designed to help producers, consumers, financial organizations and trading companies manage all of their commodity transactions in an integrated solution including pre-deal analysis, trade capture, risk management, foreign exchange, credit risk, logistics, cash management, physical operations, back office financials and treasury settlement.

Elviz Brady Elviz is the specialist integrated ETRM system for energy, with over a decade of dedicated development and focus on the energy market, particularly the electricity, gas, oil, coal and emission markets. Brady Elviz combines sophisticated trade and risk management functionality with flexible, state of the art reporting, data warehousing and integration technology. Brady Elviz is easy to install, with clearly defined customisation and integration interfaces giving it a fast ROI and low total cost of ownership.

Brady’s solutions include; Trinity Trinity is a single integrated supply chain and risk management solution. It has a comprehensive range of features across derivatives, physicals and treasury and is capable of handling all stages of a transaction from front to back office. Opval Opval is a fast and flexible option pricing and risk management system. It provides a fully integrated suite of front to middle office functions from quick and efficient pricing of various types of options, through deal entry and portfolio management, to risk analysis and reporting. Aquarius Developed in a live mining, trading and smelting organization, Aquarius provides a single solution to companies looking to manage their metal assets from raw materials at the mine through trading and smelting along with associated hedging and risk management. Fintrade Fintrade is a powerful software solution for organizations trading physical softs, oil, gas & coal that provides the facility for simple and swift manipulation of typical trading

Main Office 281 Cambridge Science Park Milton Road Cambridge CB4 0WE Tel: +44 (0)1223 479479 Other Locations London - Tel: +44 (0)20 7002 1619 Philadelphia - Tel: +1 610-941-2780 Paris - Tel: +33 1 45 26 59 37 Singapore - Tel: +65 6725 6503 Geneva – Tel: +41 22 8691000 Representative Clients  Aleris  HSBC  Malteurop

  

Standard Bank Trafigura Xstrata Copper

Website http://www.bradyplc.com Brady PLC offers its software on a traditional licensed basis or hosted solution.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Calypso, Version (Not specified) Calypso 595 Market Street, Suite 1800 San Francisco, CA 94105, USA

Markets/Geographies Served

CommodityPoint Research Highlights Calypso is well known in financial markets and offers support for commodities.

Company/Product Information Calypso Technology is a global financial software and services company delivering integrated cross-asset solutions for trading, risk, processing and control. They serve a broad spectrum of customers including sellside financial institutions such as banks and prime brokers, buy-side firms such as asset managers, hedge funds, insurers and corporates, as well as treasury services providers including exchanges and service consortiums. Founded in 1997, Calypso brought together capital markets knowledge from London, Paris and New York with technology knowledge from Silicon Valley. Today - with 120+ top tier customers (including 8 of the top 10 global banks), 18,000+ users, 500+ dedicated staff and 15 offices worldwide - Calypso is well recognized for its product innovations and strong customer service culture. The Calypso Capital Markets Platform The Calypso platform incorporates a full range of seamless front-to-back office functions for derivatives and treasury products, including trading, risk, processing, clearing, securities financing, collateral, reporting and accounting.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook The Calypso platform is a real-time global straight-through processing environment that supports all capital markets business models on a single workflow-based framework. Calypso enables clients to achieve their objectives of growth, responsiveness, compliance, efficiency, transparency and command over risk. Calypso’s open architecture provides seamless real-time API connectivity to data, trade execution facilities, affirmation platforms, custodial services and settlement systems. Calypso serves as the foundation for capital markets businesses in all spheres of operation. The platform supports a diverse range of 120+ clients in over 40 countries - banks, central banks, sovereign funds, asset managers, insurers, hedge funds, brokers, prime brokers, exchanges, clearing houses, processing services and other service providers. With 15 offices and over 500 employees, Calypso is committed to providing industry-renowned levels of customer service, research, development and innovation. Calypso® Commodity Derivatives Calypso® Commodity Derivatives is a comprehensive crossasset front-to-back solution to fully support all trade capture, risk management, hedging activity, and lifecycle processing for commodities trading. Standard interfaces to real-time market data and electronic trading platforms allow for real-time automated trade entry, valuation and risk. Calypso’s Commodity Derivatives solution offers solutions for both the financial and physical commodity markets.

Main Office 2595 Market Street, Suite 1800 San Francisco, CA 94105, USA Tel: +1 415 817 2400 Other Locations New York - Tel: +1 212 905 0700 London - Tel: +44 20 7826 2500 Brighton - Tel: +44 (0) 1273 806 350 Paris - Tel: +33 1 44 50 13 99 Frankfurt – Tel: +49 69 920389 0 Johannesburg – Tel: +27 11 881 5708 Copenhagen – Tel: +45 33 37 71 79 Moscow– Tel: +7 495 663 80 63 Tokyo – Tel: +81 3 5214 1800 Singapore – Tel: +65 6372 1121 Sydney – Tel: +61 2 8249 8115 Mumbai – Tel: +91 22 6681 5600 Chennai – Tel: +91 44 4347 5350 Hong Kong – Tel: +852 3478 3796 Representative Clients  Banca Akros  HypoVereinsbank  RMB

  

ING Lukas Bank Toyko stock exchange group

Website http://www.calypso.com

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

The Bulldog, Version 3.0 Comfin Software & Consulting Services Gmbh Wollzeile 6-8 1010 Vienna, Austria

Markets/Geographies Served \

CommodityPoint Research Highlights While ComFin did not rank as an unprompted vendor in CommodityPoint's 2009 Vendor Perception Study, the company does have a significant presence in the market for crude oil and products and it has been significantly more visible in the market over the last 12months.

Company/Product Information ComFin is a JBC Vienna GmbH company. TheBullDog CTRM software solution was first developed in 1999 by PVM Vienna. ComFin was created in 2005 to support and market the software as a subsidiary of PVM Vienna which was itself restructured in 2008 and renamed to JBC Vienna. ComFin provides software solutions and consulting services to the commodity and energy industries. ComFinâ&#x20AC;&#x2122;s TheBulldog software supports trading, trade administration, operations, risk management, back office, finance, storage, logistics, and reporting for companies in the crude oil, chemical, petrochemical, soft commodity, shipping, and refined product industries. It covers both physical transactions and paper instruments. TheBulldog provides automatic market quote downloads from data vendors and exchanges such as Platts, Argus, ICE, and NYMEX.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook ComFin offers several software components as follows:  TheBullDog Oil – A fully fledged CTRM solution that incorporates; o Deal capture o Analysis, operations and administration o Inventory management o Limits management (trading, credit) o Risk management (positions, stress testing, VaR) o Control and full audit trails o Automatic market data download (Platts, PVM Forward Curves, Imarex, etc.) o Invoice management o Interfaces to 3rd party systems (SAP, Navision, etc.)  TheBullDog Marine - A module that provides the functionality required by shipping companies including derivatives.  TheBullDog Agriculture – A module for producers and manufacturers of agricultural commodities  TheBullDog Finance – A module that covers the treasury function. ComFin also offers a variety of consulting services in the following areas:      

Integration and interface solutions (e.g. to 3rd party systems like SAP, Navision) Market data access & data download services Correlation and volatility calculations Risk management metrics Time series analysis Hedge accounting and efficiency tests (IAS 39)

Main Office Wollzeile 6-8, 1010 Vienna, Austria +43 1 513 4704 Other Locations Singapore +65 682 313 24 Representative Clients  A.P. Moller – Maersk, Denmark  Basf Intertrade, Switzerland  Deltagrip Limited, Uk  Grupa Lotos, Poland  Petrogal, Portugal  Petrosa, South Africa  Rompetrol, Romania  Sasol Oil, South Africa  Torm, Denmark  Litasco, Switzerland  Enoc, Dubai  Petrol Ofisi, Turkey  Teekay Shipping, Canada  Ptt, Thailand  Overseas Shipholding Group, Usa  Gazprom Neft Trading, Austria  Essar Oil, India  Vector Energy, Switzerland  Hindustran Petroleum Corporation, India  Oando Plc, Nigeria  Argos Groep, The Netherlands Website http://www.comfin.net

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Constellation, version (Not specified) Constellation of Energy Solutions 123022, Moscow, st. 1905 года, д.7 стр.1 1905, 7 p. 1 Russia

Markets/Geographies Served

CommodityPoint Research Highlights Constellation of Energy Solutions originated in Russia, has limited market exposure outside of that region and has not been identified in any market research responses in CommodityPoint research to date.

Company/Product Information Constellation of Energy Solutions has its origins going back to 2002 and the foundation of the Institute of Energy Systems in Russia. It was founded in February 2006 as a satnd alone entity however. The company developed an Energy Trading software solution for Russian manrkets called “Sozvezdie” or Constellation. It provides implementation services, consulting services for Russian power markets and software development services in addition to the product. Today, it has around 40 clients and comprises around 40 staff. It is the main provider of Energy Trading software in Russia holding more than 60% of the market including two out of three foreign investors in Russian power markets and 27% of all power traded is traded using its software. Having been developed in relative isolation for Russian power markets, Constellation looks a bit ifferent to western

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook ETRM solutions and comprises modules for the following functions;           

Data Gathering Business Analysis Equipment Management Marginal Cost Analysis Commercial dispatch Price Forecasting Energy Trading (Deal Capture) Bid Formation Maintenance Planning Data Validation Consumption Forecasting

Main Office 123022, Moscow, st. 1905 года, д.7 стр.1 1905, 7 p. 1 Russia Tel: - 7 (495) 989-1470 Other Locations None

The Constellation solution combines power trading and logistics functionality with operations functionality such as dispatch, maitenance planning and load forecasting. It is a utility-centric and physical power – oriented solution.

Representative Clients  E.On  Enel  OGK-1  OGK-2  OGK-4  TGK-9  Generating Company  TGK-11  JSC Concern Energoatom  Sibirenego  Siberian Coal Energy Company  IES Trading  TransneftServis C  Solvin Website http://www.sozvezdie.net

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

enTrader, version (Not specified) Contigo Ltd Blythe Valley Innovation Centre Central Boulevard Blythe Valley Business Park Solihull, West Midlands, UK B90 8AJ

Markets/Geographies Served \

CommodityPoint Research Highlights Contigo is a relative newcomer to the CTRM software arena; although this UK-based software and consultancy firm has been offering custom development for some time. In 2009, Contigo began marketing a set of products that it had progressively developed via its custom software business. It has enjoyed recent success and now has several clients for its product.

Company/Product Information Contigo is a leading provider of trading and logistics software products for the energy industry. Based in the UK, it has developed the innovative and flexible enTrader Suite of products that deliver significant business value and early ROI to its customers. The enTrader suite was designed from first principles to provide a more flexible and innovative solution for todayâ&#x20AC;&#x2122;s complex energy markets. With an emphasis on ease-of-use, ease-of implementation and cost effectiveness, enTrader delivers the information and functionality needed across all trading business functions.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook The enTrader suite is a “next generation” energy retail portfolio management and fuel logistics solution and is quickly establishing itself as a serious contender in the ETRM/CTRM space. It has been built “from the ground” using the latest technologies and development approaches to meet the Software as a Service (SAAS) application delivery model. It is equally well suited to being deployed on a customer’s own infrastructure or accessed via “the Cloud”.

Contigo’s enTrader suite consists of applications for:

The enTrader suite provides a powerful and highly flexible solution to managing today’s complex and changing commercial environments within the energy industry. Contigo launched the enTrader software suite in 2009. Since then it has acquired significant market share in its initial target market of the UK energy industry. Contigo's clients include RWE, E.ON, British Gas Business, First Utility DRAX, Barking Power, OVO energy, Gas de France, Wingas and others.

Main Office Blythe Valley Innovation Centre Central Boulevard Blythe Valley Business Park Solihull West Midlands B90 8AJ +44 (0)8458 386848

enTrader has succeeded in application areas where other ‘more established’ ETRM platforms have been deemed to be suboptimal; impractical, inflexible and costly in terms of both resources and fees. The product’s obvious competitive advantages include reduced "total life time cost", rapid implementation and ROI, ease of use, flexibility and extensibility - these are all factors in enTrader’s selection. Contigo’s focus has principally been within the UK market; although many aspects of the software are market agnostic, and more recently the company has won a number of contracts within Europe.

• Cross-commodity energy trading and portfolio management • Full supply chain and power station fuel logistics including fuel stock accounting and environmental reporting • Accurate energy pricing quotations • UItra-industry communication • Market data analysis and reporting

Representative Clients  Barking Power  Centrica  Drax  E.ON  First Utility  RWE Website http://www.contigoenergy.com Contigo offers its software on a traditional licensed basis, SaaS or hosted solution.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

DeltaXE, ET3000 Delta Energy Solution AG Peter Merian-Strasse 90 CH-4052 Basel Switzerland

Markets/Geographies Served

CommodityPoint Research Highlights Delta Energy Solution registered in the 2009 CommodityPoint Vendor Perception study in the "first to mind" category by virtue of its position in Europe where it ranked 12th.

Company/Product Information Delta‘s focus is to support traders in contract management, scheduling and nomination, energy and capacity disposition, capacity management and balancing with it‘s new standard software DeltaXE® (eXchange Energy). The very highlight is the scheduling/nomination and balancing functionality which covers more than 20 European markets (internal and cross border) up to now. DeltaXE® is configurable for different commodities such as power and gas and for different roles such as balancing group responsibilities, network carriers and control block responsibilities. DeltaXE® replaces the well established software ET3000, which is in use at many satisfied customers throughout Europe. Some of them, for example Alpiq and Repower have used it for more than 10 years for their scheduling business. Some advantages for customers using DeltaXE are: - Modular Structure

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook A number of business applications use the same common system infrastructure, in which third party applications can be integrated. - Intuitive User Interface The use of the system is easy and similar across the modules. The presentation of the results is as graphically and numerically and the application context can be stored and reused. - Unlimited Use No limits in terms of time zones, calendars, commodities, frontiers. A service bus is the interface to the outside world. - Time-to-Market Data can be preconfigured for future market changes and then be activated time-point sharp. Business applications can be created by the customer with freely usable and customizable filters and calculations. - Business Processes A process engine is used for configuring business rules. - State of the Art Architecture The 3-tier architecture was realized with the open programming standard Java. The data is persisted in a scalable, high-performance database. - Scalable Security and Availability The safety concepts can be adapted to the respective company specifications. A role-concept simplifies administration. Transactions are logged auditable. Highavailability concepts guarantee reliability. Communication is secured by signatures and encryption.

Productivity Productivity can be increased dramatically with the introduction of the Java platform (e.g. component architecture, flexible functions). This means that the customer is getting new functionality faster for less money. - Quality High quality of delivered releases as testing for procedural as well as business process level is done automatically. Main Office Peter Merian-Strasse 90 CH-4052 Basel Switzerland Tel.: +41 (061) 270 84 40 Other Locations Germany +49 511 235 32 35 Representative Clients  Alpiq  Energiedienst  Düsseldorf  Olten  Rheinfelden  Statkraft Markets Website http://www.delta-energy.ch Delta Energy offers its software on a traditional licensed basis or SaaS solution.

- Flexibility Java provides open interfaces and easier integration of third party software.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

EKA, Version 8 Eka Software Solutions Pvt Ltd Vrindavan Tech Village, Phase II, Aster Building 2A, East Tower, Devarabeesanahalli, Outer Ring Road, Bangalore 560 037 India

Markets/Geographies Served

CommodityPoint Research Highlights Eka is better known in Europe and Asia/Pacific where it was ranked 17th for unprompted brand recognition in CommodityPointâ&#x20AC;&#x2122;s 2009 Vendor Perception Study. It was ranked as a perceived market leader in Agricultural Commodities and Precious and Base metals. In CommodityPoint's 2010 Non-Energy CTRM Vendor Perception Study, the company was ranked fourth in combined prompted and unprompted brand recognition. It also ranked highly in several categories of perceived market leadership, including second in settlements (tied w/several others), tied for third with several others in grains, softs, and reporting; fourth in contract mgmt. and risk (tied w/ several others; and ranked fifth in contract management.

Company/Product Information Eka Software Solutions is a market leader in software for global commodity markets. Their products and services help companies that buy, sell or trade commodities manage the challenges of volatile markets and 24x7 global operations more efficiently. They see themselves as partners in their customerâ&#x20AC;&#x2122;s growth, working with them to

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook improve operational control, increase profitability, accelerate growth and manage risks and exposures. Eka is derived from the word “EKAM”, which means ‘unified’ or ‘integrated’ in Sanskrit, the ancient Indian language. It signifies its organizational intent to provide a single-platform solution for managing trade and risk across commodities, industry verticals and business segments. Eka is a 220+ member strong team that caters to clients across a cross-section of commodities, segments and sizes from offices in Australia, India, UK and USA. About its products Eka’s suite of products are designed ground up from a “Physical” management perspective, offering unmatched control over trade management, logistics execution, secondary cost, invoicing, inventory, MtM, PNL, Derivatives, Fx, and organization wide exposure management, including operational, counterparty, market and regulatory risk. 1. Eka.Agriculture addresses the needs of different participants in the commodity supply chain, from origination, trading, exporting through to processing, across grain, coffee, cotton, sugar and other commodities 2. Eka.Metals is a comprehensive product specifically designed to handle requirements of trading in base metals, concentrates, ferro-alloys, steel, secondary/scrap, precious metals and other raw materials. 3. Eka.Mining & Smelting gives the commercial department of miners and smelters a comprehensive solution to manage their concentrates requirements, including TC’s, RC’s, payable metal, penalties, assay

rules, assay exchange, umpire rules, settlement, blending and tolling 4. Eka.Metal Processor assists risk managers to identify, measure and manage any mismatch in the metal pricing between their incoming raw materials and their outgoing end products. 5. Eka.Energy is a specialized solution for traders of crude oil, refined products, bio-fuels and coal, with an unmatched solution focused to manage the entire trade lifecycle including detailed management of logistics operations and physical invent Main Office Vrindavan Tech Village, Phase II, Aster Building 2A, East Tower, Devarabeesanahalli, Outer Ring Road, Bangalore 560 037 India +91.80.4081.9200 Other Locations United Kingdom +44.208.973.2683 Connecticut, USA +1 203 810 4250 Sydney, Australia +61.0.4479.77831 Selected Clients  CHS Inc.  Oman Cables  Superior Essex Web site http://www.ekaplus.com Eka offers its software on a traditional licensed basis, SaaS or hosted solution.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

EnCompass Energy Suite, Version (Not specified)

Encompass Technologies, Inc. #730 734 7th Ave S.W., Calgary, Alberta T2P 3P8

Markets/Geographies Served

CommodityPoint Research Highlights EnCompass was ranked 13th in the "first to mind" category in North America in CommodityPointâ&#x20AC;&#x2122;s 2009 vendor perception study and also ranked in the "prompted name recognition" category. It was ranked among the market leaders in Natural Gas, for use by Brokers and End User businesses, for implementation and integration.

Company/Product Information Established in 1993, EnCompass Technologies Inc. is focused on the delivery of energy transaction and risk management solutions to the energy trading industry. The EnCompass Energy Suite is a fully integrated physical and financial ETRM platform. From inception the system has been designed to simplify the complex nature of both physical and financial trading while providing advanced processing and risk management capabilities. Developed initially by EnCompass Technologies in conjunction with one of North America's leading power and natural gas trading firms the platform was designed as a single platform to support multiple commodities, transaction types, currencies and unit of measures for the entire life cycle of complex physical and financial transactions.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook EnCompass' focus is on providing an exceptional ETRM platform utilizing current technology and supporting clients with outstanding service. The system provides clients with the ability to manage the commodity trading and operations from automated trade loads to settlement with complete control and audit over all the activities in the trade life cycle. The full range of risk metrics apply to all transaction types including complex physical structures on best available quantities without the requirement for 'modelling' the transaction. Advanced capabilities such as day over day PnL explained by risk factor and deal activity, VaR, FX and interest rate exposure all are 'out of the box'.

   

Handles any commodity using delivery profiles (e.g. power), and all associated impacts of time zones and daylight savings Supports any commodity with grades (crude oil, natural gas liquids) Allows segregated management of multiple legal entities from transaction capture to invoicing and risk reporting Fully multi-currency, with exchange rates managed at multiple levels in the system Manages all components of commodity risk, including FX exposure and interest rates

The EnCompass Energy Suite is a fully integrated energy transaction and risk management system that covers all aspects of the energy transaction life-cycle. Beginning with the capture of transactions, through confirmations, operations, risk management and ending with invoicing, EnCompass handles transactions that cover the full spectrum of types and commodities.

Main Office #730 734 7th Ave S.W., Calgary, Alberta T2P 3P8 Tel - +1 (403) 237-7740

 Covers the complete life cycle of a transaction from transaction capture through confirmations, operations, risk management, credit management and settlement.  Manages any commodity with hourly, daily or monthly delivery  All units of measure supported within a particular commodity (both energy and volume), with appropriate conversion factors 

Representative Clients Alta Gas EDF North America TD Capital Markets

Other Locations None

Website http://www.encompass-technologies.com EnCompass offers its software on a traditional licensed basis or SaaS Solution.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

XDM Suite, Version (Not specified) Energeya LLC 914 Shaw Circle Melbourne FL 32940 USA

Markets/Geographies Served

CommodityPoint Research Highlights Energeya is a relatively new company that has a strong emphasis and position in the Italian energy markets. The company has indicated that it is now seeking to expand into Europe and North America.

Company/Product Information Energeya addresses the business and process requirements of energy companies with a proven methodology and with the knowledge of the local market regulations. Energeya guarantees its clients a quick and efficient time-to-market solution, in complete compliance with each company's existing and evolving market strategy. Understanding and control of client and market requirements is provided by Energeya's Business Consulting practice. Moreover, Energeya highly values the business partnerships with best-of-breed trading and energy consulting companies. Such partnerships provide Energeya with the further insight and competence on the different local markets which are key differentiators in the construction and evolution of the relationship with its clients. By covering the entire Energy Management value chain, Energeya can both support regulatory changes from a

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook technological standpoint and grant a cross redesign of vertical processes to support IT solutions Energeya's solutions are conceived with the knowledge that each company requires its own rules and process flows to support the business. Energeya's Rules Engine is natively embedded in all modules of the product suite. Standardized libraries of algorithms and models provide the start up elements for the personalization and adaptation of the solution to the client's business needs. Energeya’s XDM Suite is designed to support the physical and financial aspects of the business, managing straight through processesing from pre-deal to deal capture to deal execution to settlement, risk management and analytical modeling. » Origins: “We come from Power and Gas” » Power is the most complex commodity to be fully supported by an ETRM solution (incredibly large data volumes, mixed interval-lengths, real-time physical position balancing, settlement involving both financial and physical rules etc.). Embedding the complexity of Power in the native design of the product provides maximum flexibility and effectiveness in dealing with other commodities. » Gas Supply management involves specific processes and data structures, such as complex formulas, contractual constraints and the capability to evaluate logistic value chain costs in an effective way. Embedding specific processes, such as Gas Supply management, in the native design provides the capability to manage effectively not only a gas portfolio but a mixed (multi-commodity) portfolio » Model: “From Contracts to Trade Positions: Curves (or Time Series) "- The underlying atomic unit of information » Energeya’s model for managing Time Series allows mapping any sort of profile or vector-based commodity data » Using configurable trade templates, Energeya can easily map all types of deals, physical positions, financial positions, fees, internal deals, etc. » Consistency: “A value proposition growth in time on the same platform”

» A uniform technology, architecture and approach » Significant organic growth without third party product acquisitions Main Office 914 Shaw Circle Melbourne FL 32940 USA Other Locations Italy: + 02.303123637 Representative Clients EGL Enel GEM Enel Green Power Website http://www.energeya.com Energeya offers its software on a traditional licensed basis, on a SaaS basis and as a hosted solution.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

GASTAR, Version (Not specified) ENSYTE Energy Software International, Inc 770 S. Post Oak Lane, Suite 330 Houston, TX 77056 USA

Markets/Geographies Served

CommodityPoint Research Highlights Ensyte is a specialist provider of Oil & Gas technology solutions based in Houston, TX and has been in business since 1982. The company's non-CTRM products have been implemented globally.

Company/Product Information Configured on a common ORACLE or Microsoft SQL Server RDBMS, ENSYTE offers the GASTAR™ and PRISM™ application suites for managing natural gas, liquids and crude oil from the production source to the consumption point. GASTAR™ is the mid and downstream solution for gas marketers, gathering pipelines, local distribution companies (LDC) and large natural gas end users, power generators, co-generation plants, etc. PRISM™ is the producer’s solution for production and revenue accounting including natural gas and crude oil sales, netback allocations and regulatory reporting. An international version also includes component allocations, scheduling and optimization of gas supply with contract volume, energy and composition terms. Business Associates: Counter parties, contacts, alerts, contact role based application security and system code tables that are tightly integrated for seamless workflow. Credit Manger: Credit authorization for sales counter parties/contracts with real time transaction updates as deals are entered.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook Contract Module: Contracts for Gathering, NAESB Master Purchase/Sales, Pipeline Transportation, Storage, Asset Management, Physical Exchange (Put/Call), Agent/Choice, Agent/Broker, LDC Transportation, Market Trading Services. Pipeline Setup: Operated/non-operated pipelines inclusive of tariff/rate management, transaction zones, points, pools and interconnects, measurement volume, energy and composition, SCADA and instrument interfaces. Transaction Accounting and GL Interface: Full tracking of AP/AR transactions with month end accrual, invoicing, reconciliation, GL account summary and rollup. Hedge Manager: A hedge management tool for futures and options for any commodity and exchange with mark to market, gain/loss and the ability to integrate the financial book with a physical book

Division of interest: Well and Lease ownership profiles for working and revenue interest parties. Production Management: Full field, reservoir and well management modules addressing all aspects of standard production operations, including water, steam and CO2 floods. Measurement Data: Interface to various electronic data sources and OSISoft real-time database for tracking SCADA and flow control computer output for real-time monitoring of gas and liquid flow in high volume installations. The GASTAR™ and PRISM™ highlights provide a broad overview of the functionality available within the integrated data model and application programs. Semi-custom version of these application programs have been installed for clients in the United States, Canada, South America, Indonesia, Malaysia, Vietnam, United Kingdom, Norway and Nigeria.

Physical purchase/sales and exchange deals: Quick deal setup, linked Buy/Sell transactions including transportation for margin disclosure, Index pricing with provider interface, NAESB confirmations, linked pathing to calculate all delivered costs for city gate, pipeline pool WACOG and Storage inventory values.

Main Office 770 S. Post Oak Lane, Suite 330 Houston, TX 77056 USA +1 713-622-2875

Gas Scheduling: NAESB compliant scheduling screens with integration to EDI for pipeline transportation and customer EBB for operated pipelines, LDC and gathering, imbalance management, actual and scheduled variance.

Representative Clients Not provided.

Allocations: Allocation of delivered volumes and energy to sources using ‘keep whole’, ‘fill first’, ‘fill equal’ and directed allocation procedures. Transportation costs may also be allocated to assign direct costs to sources. Comprehensive allocation algorithms for oil and gas with component volumes carried for gas allocations.

Other Locations None

Website http://www.ensyte.com

Ensyte offers its software on a traditional licensed basis.

Well Netback Contracts: Unique contract structure for handling purchase or sale netback volumes and energy allocations with associated costs and revenue. Gas and oil settlement calculations, including state severance tax reporting.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Enstep, Version (Not specified) Enuit, LLC 4002 Bay Shore Drive Missouri City, TX 77459, USA

Markets/Geographies Served

CommodityPoint Research Highlights Enuit is a relative new comer to the CTRM markets, having completed several implementations of their core product Enstep within the last year and a half.

Company/Product Information The principals of Enuit have over 50 years of combined experience in the energy trading industry. Thery have led the development of many information software packages, some of which are still used to run energy trading companies around the world. Enuit's founders truly believe in staying on the cutting edge with the best development tools and latest technology that will help our customers get and stay ahead of the competition. The Product Spreadsheet-style or form-style deal entry • Enter deals quickly using templates • Handles both daily volumes and prices as well as date range based volumes and prices • Decomposes risk using user-defined rules • Transfers risk automatically with Inter-book trades • Captures miscellaneous deal fees

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook Pathing and scheduling • Replaces pathing spreadsheets generally used today in most commodity trading organizations • Maintains pre-determined scheduling paths, just like pathing spreadsheets used by NG schedulers today. • Records Upstream and Downstream contracts, and even allows multiple upstream or downstream contracts with volume allocations • Displays Pipeline balances by pipeline and zone, including and excluding scheduled shipments. • Generates nominations automatically in all three nomination formats: Pathed, Non-pathed, and Pathednon-threaded. • Actualizes nominations to pipeline statements Transportation Contract and Tariff data Management • Handles summer and winter tariff rates matrices and user-defined charges, fees, and fuel loss rates. • Stores Contract, zone-based, and point-to-point-based MDQs, rates, and fees • Facilitates firm contract release management Inventory (Storage) Contract Management • Captures and uses storage ratchets to create injection and withdrawal schedules automatically • Maintains inventory value using FIFO, LIFO, or weighted average inventory costing methodology Producer Services and NG Processing Contract management • Manages processing agreements with NG Processors and Producers • Forecasts, schedules, and settles all revenues, costs, and calculation factors embedded in processing agreements. • Reconciles pipeline and processor settlement statements.

• Analyze risk and independent analysis “play” area using private curves, “what-if” scenarios, and several different Value at Risk methods • Implement trading and position limits • Manage counterparty credit using personal credit scoring methodology • Generate billing statements and assigns general ledgers codes automatically for general ledger interfaces • Calculate netback prices for production marketing business units and create distribution networks to ease scheduling • Bolt Enstep on to your existing technological infrastructure to extend its capabilities and functionality. Main Office 4002 Bay Shore Drive Missouri City, TX 77459, USA +1 713-882-7544 Other Locations None Representative Clients Arch Energy Resources MXEnergy (Now Constellation) TexlaEnergy Texon LP Website www.enuit.com Enuit offers its software on a traditional licensed basis, on a SaaS basis and as a hosted solution.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

PriceHub, Version (Not specified) e·Opt Solutions Storchenstrasse 24 68259 Mannheim, Germany

Markets/Geographies Served

CommodityPoint Research Highlights e-Opt's products were initially designed to service the German energy markets and the company has enjoyed solid success in the region. They are less well known outside of that region and do not regularly appear in market responses to CommodityPoint's global CTRM research.

Company/Product Information Configured PriceHub has been designed as an integrated set of software tools that complements conventional ETRM systems and adds to the competitiveness of trading operations. PriceHub is available for deployment in 2 modes: PriceHub Classic Mode (Enterprise Deployment) in which application components are physically installed in the client’s application landscape and maintained by client’s IT team; and PriceHub as a Service Mode - PaaS The various modules within the PriceHub suite are: e·Curve: This is a highly optimized Forward Curve engine, that allows just-in-time generation of hourly Forward Curves. Together with e·Spot, which is our Day-Ahead Spot Price Forecast and simulation model, it provides an extremely flexible Price Forward Curve toolset. e·Price: In order to provide users with a Transparent and Rule based energy pricing platform, e-Opt developed this module.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook It brings a unique Risk based pricing methodology, and also assists the Portfolio Manager in evaluating the optimal instruments to hedge the risk with. e·Val: With this module e-OPt bring an end-to-end Portfolio Valuation engine that can either be hosted in-house by the Trading entity, or can be accessed in a secure data desensitized environment, hosted by them. e·Val has a comprehensive set of tooling for valuing all types of commodities and instruments likely to appear in an Energy Trading company's portfolio. e·VaR: Energy Trading companies, particularly those active in power, have always struggled to report the true risk on their portfolio. The reasons stem from the nature of the commodities as well as the business rules. With e·VaR and its constituent sub-modules e·IVaR and e·Stress, e-OPt have tried to address some of these issues. They collectively provide an end-to-end Risk valuation framework for Energy companies, and have been specifically designed for portfolios that include complex instruments. e·Pool: With this e-Opt have addressed a long-standing need for a robust and efficient Market Price Data Management System that offers all the functionality that is needed in an energy trading environment, yet at the same time retains an optimal footprint, for rapid response to external or internal

changes. e·Pool has a ready library of more than a hundred pre-configured data curves and can handle all types of data formats for upload. e·Pool also exposes programming APIs for providing seamless market data integration to third party applications, as well as a proprietary Excel Add-In for bespoke Report building in MS Excel 2003 - 2010 e·Link: This is e-OPts Market Integration module, which allows seamless integration of popular Broker/Trading Platforms based on the Trayport or ICE engines, with the client's Trading Systems. e·Report: This is a flexible BI tool useful for complex business rule based Reporting. It allows user based Report definitions and scheduling. Main Office Storchenstrasse 24 68259 Mannheim Germany +49 621 728 7123 Other Locations None Representative Clients Eneco Energy Trade BV, The Netherlands RheinEnergie AG, Germany Syneco Trading GmbH, Germany Website www.eopt.org

e-Opt offers its software on a traditional licensed basis, on a SaaS basis and as a hosted solution.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Dycotrade, Version (Not specified) HGH Stroombaan 6-8 1181 VX Amstelveen The Netherlands

Markets/Geographies Served

CommodityPoint Research Highlights HGH was initially designed to provide capability for the Netherlands' energy markets and does not regularly appear in market responses to CommodityPoint's global CTRM market research.

Company/Product Information HGH as developer of Dycotrade has been active for more than 10 years as a business consultant in ICT. They develop branch-specific solutions based on Microsoft Dynamics AX, such as DycoTrade, a standard solution that has all the qualities to become a market leader in the ERP market for commodity traders. In HGHâ&#x20AC;&#x2122;s activities they look, literally and figuratively, across the borders. Together with international partners, they strive for a full-cover network in the Netherlands and the rest of the world. The certification of DycoTrade by Microsoft gives HGH relations and partners the assurance that the solution meets the same quality standards that Microsoft applies to its own products. Thanks to growth of the customer base, HGH can quickly add new functionality. This solution takes into account all facets of national and international trading processes and links work flows. A client can have real-time insight into what is happening with just a single push of the button: such as an open position compared to the actual margin, the closed position Copyright 2011 UtiliPoint International, Inc.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook against the margin, cash flow and history achieved. And because the solution is completely integrated, clients can rely on one truth. LOGISTICS PROCESSES DycoTrade contains extended support for the logistics operation. In this way a client can track various purchase and sales contracts in one shipment or transport order and have a week planning with on demand status. Thanks to route templates completed in advance, a client can have financial insight into costs for freight, customs, commission for agents and storage. DycoTrade provides all the lay-outs and reports that a logistics department needs. A client can have information whenever needed about the stock position: reserved, location, quality, packaging and value of the goods. RISK FUNCTIONALITY A client can hedge the outstanding physical contracts against Future contracts using the Risk functionality. For this clients can, when desired, choose for specific exchanges. Clients can also quickly retrieve current information about covered and open positions. Dycotrade contains: • Physical contracts • Commission contracts • Futures and Options contracts • Currency contracts • Goods positions • Currency positions • Dynamic fields functionality (tracking specific characteristics per article or group)

• Extended contract screens • Calculations contracts and demands • Intercompany relations • Intercompany trade • Logistics and shipping • Product specifications • Revaluation / Mark to Market • Extensive reporting possibilities • Integrated ERP functionality such as Finance, CRM, Production, Warehouse Management and Logistic operations. Main Office Stroombaan 6-8, 1181 VX Amstelveen The Netherlands +31 (0)20 - 640 3413 Other Locations Astronaut 28 3824 MJ Amersfoort The Netherlands +31 (0)33 - 450 8760 Representative Clients Meelunie B.V. Rhumveld Winter & Konijn Van Rees Marvesa Ecoval Fuga Website http://www.hgh.nl HGH offers its software on a traditional licensed basis, on a SaaS basis and as a hosted solution.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

iTrade, Version (Not specified) iRely 4242 Flagstaff Cove Fort Wayne, IN 46815 USA

Markets/Geographies Served

CommodityPoint Research Highlights iRely’s did receive mention in the "unprompted name recognition" category in CommodityPoint's 2010 NonEnergy CTRM Vendor Perception Study and ranked in the fourth quartile in "prompted name recognition' in that study.

Company/Product Information iRely is a global provider of software for the physical commodity ecosystem serving organizations that handle origination, trading, manufacturing and distribution of commodities. iRely consists of 175+ co-workers globally with locations in USA, Europe and India. Over 450 customers in 15 countries run their commodity business on iRely software. iRely covers the following high level functionality for commodities: • • • • • • • •

Contract Management Futures Management Allocations Enterprise Risk Management Traffic/Logistics Management Inventory Management Warehouse Management Blend Management

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook • • • • • • • • •

Quality Management Traceability Claims Management Sampling and Approval Currency Management Costing Finance Management Alerts and Reminders Extensive reporting with drill down capabilities.

iRely’s clientele consists of leading commodity based corporations in the following industries:         

Processors Grain Terminals and Elevators Merchandisers Agribusiness and Petroleum Cooperatives Feed manufacturers Commodity Traders Food manufacturers Biofuel manufacturers Petroleum distributors Convenience Stores

Main Office 4242 Flagstaff Cove Fort Wayne, IN 46815, USA USA Other Locations Fort Wayne, IN, USA: + 1.800.433.5724 New Jersey, USA: + 1856 780 9150 Bangalore, India: + 91 80 41122584 Philippines: + 63 27571886 UK: + 44 1202 863839 Representative Clients • Cevital spa • SOPEX Group • C. Steinweg Handelsveem B.V. • Tata Coffee Ltd • Webcor SA • Blaser Trading Ag Website http://www.irely.com iRely offers its software on a traditional licensed basis, SaaS and as a hosted solution (if requested).

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

iOPT, version 6 IRM (An OpenLink Company) Wienerbergstr. 31-39 A-1120 Vienna

Markets/Geographies Served

CommodityPoint Research Highlights IRM is an OLF company and as such it was included under OLF in the 2009 Vendor Perception study – please see OLF listing for more details.

Company/Product Information IRM began commercial operations in 1999 with 11 employees. The company quickly established itself as a leading solution provider in Europe with more than 60 clients and a staff of over 120. It was acquired by OLF in 2007. It markets the iOPT Suite which includes iOPT_COMMONS, iOPT_PRO, iOPT_OPT and iOPT_TRADE as well as iOPT_SALES. iOPT_COMMONS combines a set of functionalities available in each of the four large system applications. The business connector is the basis on which all business process fundamentals are parameterized. iOPT_COMMONS controlls and supports  

Central management of master data and business model information Process automation, monitoring and alarms

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook   

Flexible time series management and formula management Sophisticated reporting system Standardized interfaces for smooth integration into the enterprise infrastructure

Companies trading in energy or producing / converting energy can use iOPT_OPT’s optimization models to maximize revenues and minimize costs. 



The main emphases are put on efficient utilization planning and optimum use of physical and financial portfolio assets, hedging against investment risks and maintenance scheduling, profitability analyses of portfolios as well as sensitivity analyses for system parameters such as market prices. iOPT's OPTIMIZATION SCENARIO MANAGEMENT (OSM) offers an integrated system framework to handle several scenarios of input data including their comparison. It is used for what-if analyses, stress testing, price simulations, …

The iOPT_PRO forecasting application enables the estimation of developments of the (gross) load, price and inflow forecasting parameters with different models and methods support planning horizons from the next few hours up to several years. iOPT_SALES provides optimal support for wholesale distribution and the handling of complex multi-commodity requests. iOPT_SALES covers process support in sales trading and transfer pricing, contract management for multi-commodity structures and scenario comparison and contribution margin accounting.

iOPT_TRADE is the trading and portfolio management system of the iOPT family. By fully supporting all front-, middle-, and back-office functions, it covers the complete value chain of enterprises. iOPT_TRADE includes contract registration and handling in different markets. Integrated interfaces to information services and power exchanges permit prompt and secure trading, fully supported by a powerful portfolio and cross-commodity risk management system. Back-office and schedule management functions prepare and provide any necessary reports in accordance with international standards and applicable regulations. Main Office IRM Intergriertes Ressourcen Management GmbH Wienerbergstr 31 – 39 A-1120 Vienna Tel: +43 1 81 130-0 Other Locations See OLF listing Representative Clients  AXPO  CURRENTA  Eni Power  RheinEnergie Trading GmbH  Shell Energy Website: http://www.irm.at

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

ContraXcentral, Version (Not specified) JustCommodity Software Solutions 22 North Canal Road #03-02 Singapore 048834

Markets/Geographies Served

CommodityPoint Research Highlights JustCommodity ranked well in CommodityPoint's 2010 Non-Energy CTRM Vendor Perception Study, placing seventh in "prompted name recognition" and ranked second place in perceived leadership in softs (tied w/one other), bulk commodities; second in contract management and third in financial trading (tied w/several others), risk management (tied w/several) and reporting (w/ties); and fourth in "overall named market leadership" and supply chain (tied w/several).

Company/Product Information Singapore-based JustCommodity provides a CTRM solution; ContraXcentral, with particular emphasis on food and agricultural commodities. ContraXcentral is a contract management and execution software suite, designed to support the needs of commodity trading houses. ContraXcentral Palm Oil is built with expert Palm Oil domain knowledge, incorporating current industry practices and regulations including rules from PORAM, MEOMA and FOSFA. The ContraXcentral framework is configurable and customizable to suit the needs of individual companies. The solution includes: Operational Efficiency ď&#x201A;ˇ Contract Execution ď&#x201A;ˇ Buy/Sell, Forward/Spot Contract Execution

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook          

Document Automation Contract Management Delivery/Collection orders International Shipping documents Automated MPOA/MPOB/PORAM trade reporting Trade Confirmation Audit Compliance and Control User access control Workflow approval management Audit and change logs

Control Risk and Exposure  Risk Management  Credit Risk Exposure  Counterparty Sales and Purchase limits  Market and Material risk exposure  Value at Risk  Pre-Deal Analytics  Trading and Position Management  Strings, Circles and Washouts  Overall Group trading activities  Mark to Market with “live” market prices  Futures and Derivatives Management  Margin management  Convert contracts from Futures to Physical  Material Hedging strategies  Settlement alerts and reminders  Position exposure reports

     

Empower Business Intelligence Management Dashboard Group realised and unrealised Profit and Loss Trade by trade analysis Trader limit management Counterparty exposure management Overall stock position management

Enhance Financial Control  Financial and Treasury Management  Accounts Receivable and Accounts Payable  Financial Reports  Invoice, Credit/Debit Note and Settlement Documentation Generation Main Office 22 North Canal Road #03-02 Singapore 048834 +65 6372-4842 Other Locations None

Co-ordinate Production and Distribution  Mill Allocation and Fulfillment  Dispatch and Collection  Ocean Voyage Dispatch/Receivables (FOB/CIF)  Freight Management  Inventory and Production Management  Stock Management - drill down reporting by product > region >mill.  Production Planning  Maximize Plant efficiency through Balance to Sell and Materials to cover  Reports

Representative Clients  Asian Agri  CTP Holdings  Felcr Berhad  IOI Group  Sime Darby  Tropical Oil Products  Unimills, BV Website http://www.JustCommodity.com JustCommodity offers its product traditionally licensed and also hosted.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

KYOS PRM, Version2. 4 KYOS Energy Consulting Nieuwe Gracht 49 2011 ND Haarlem The Netherlands

Markets/Geographies Served

CommodityPoint Research Highlights KYOS is a risk analytics providers focused in the enduser centric European markets and not often noted outside of those markets in market responses to CommodityPoint's global CTRM market research.

Company/Product Information KYOS offers specialized advice on trading and risk management in energy markets. Their expert team has years of experience in quantitative modeling and advisory services in commodity markets. Their solutions are developed to support decision making, investment proposals and risk calculations. They have a broad customer base including the major players in the commodity markets. KYOS has a clear focus on the following areas: Products KYOS applies sophisticated financial engineering techniques to energy market cases. A strong theoretical background is combined with practical solutions to solve day-to-day problems. The offer tailor-made solutions next to their standardized models Consulting KYOS has years of experience in advisory services on commodities and commodity related activities. With their

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook global focus and broad client base, KYOS has a very clear picture of 'best practices' within the industry Training KYOS organizes numerous workshops, trainings and seminars throughout the year. In-depth knowledge on energy markets, risk management experience, knowledge of the latest concepts and techniques combined with real life examples make our courses extremely useful for commodity and trading professionals

Over the years they have built numerous solutions, tailored to the specific needs of market participants. A strong theoretical background is used for practical solutions, which can directly be implemented in day-to-day business. KYOS often use simulations, as they allow for a flexible way to analyze a large number of variables. The results may include Value-at-Risk, Earnings-at-Risk, Potential Future Exposure (for credit risk) and optimized hedge strategies

KYOS uses financial engineering techniques in energy markets. A strong theoretical background is combined with practical solutions to solve day-to-day problems. They use advanced simulation techniques to incorporate real life complexity of market dynamics in useful results.

KYOS has core competencies in the following areas:  Price modeling  Fundamental price modeling  Power plant investments  Load modeling  Risk calculations  Value-at-Risk, stress tests, hedge statistics

KYOS develops standardized first-class tools. Basis for these models is a strong theoretical background with a user friendly interface. This ensures that customers can use KYOS tools in an effective way with actual day-to-day problems. These models are tested extensively and used throughout the energy industry. The tools are also useful in benchmarking results from other (in-house) models. Their portfolio of standardized models consists of:        

KyStore: Storage Valuation Model KySwing: Swing Option Valuation Model KyPlant: Power Generation & Valuation KySim: Forward and Spot Price Simulation Model KyCurve: Forward Curve Builder KyGasPortfolio: Optimize Gas Portfolio KyPowerFundamentals: Expected Power Price KyWind: Wind Energy Toolkit

Main Office Nieuwe Gracht 49 2011 ND Haarlem The Netherlands +31 (0)23 551 02 21 Representative Clients  Vattenfall  E.ON  ESBI  GasTerra  Enel  Nuon  Eneco  Econgas  Google  Worldbank  European Commission  Electrabel  Statoil

            

Statkraft SPE Nidera Delta Energy NMa Taqa BKW RWE PointCarbon CEZ E.ON Ruhrgas Continental Gas Storage Essent

Website http://www.kyos.com

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Lacima Analytics, Version V6 Lacima

1 Berkeley Street London W1J 8DJ UK

Markets/Geographies Served

CommodityPoint Research Highlights Lacima have some level of brand recognition in CommodityPointâ&#x20AC;&#x2122;s 2009 Vendor Perception Study but it has traditionally been viewed as a specialist risk vendor as opposed to a mainstream ETRM platform. Lacima was also viewed as a perceived market leader for market risk.

Company/Product Information

Lacima is a specialist provider of software dedicated to valuation, optimisation and risk management for global energy and commodities markets. Its solutions help its clients to maximise profit potential and make more informed decisions by providing tools that yield more accurate valuations, hedging and risk exposure analysis for portfolios of financial contracts and physical assets. Clients include structuring, valuation and risk teams in vertically integrated energy companies with physical assets, energy retailers, financial institutions and large energy consumers from Europe, North America and Australasia.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Lacima Analytics Lacima’s flagship application, Lacima Analytics, handles the full range of simple to sophisticated models and asset types. The application is developed and implemented by peer-recognised experts in energy analytics, offering an unparalleled level of expertise and personalised support. Lacima Analytics is designed to work seamlessly with other systems, resulting in quick implementation without the need to replace any existing deal capture systems and databases. The application has been designed to address the needs of clients who are interested in only a small subset of functionality (for example swing contracts or gas storage valuations), to a full risk application capable of interfacing with multiple ETRM systems. Furthermore, its flexible open framework architecture supports existing skilled in-house teams by enabling clients to easily incorporate their own internally developed intellectual property. Overview of software suites Lacima Analytics comprises three primary suites offering a full range of valuation, optimisation and risk management capabilities across portfolios of financial contracts and physical assets in a single consistent environment. Valuation and Optimisation Suite Structure, value and hedge portfolios that include standard financial contracts as well as swing, storage, pipeline and generation assets, taking into account their operational flexibility and wide-ranging constraints, with the ability to jointly optimise financial contracts and physical assets. Risk Management Suite Calculate and report a comprehensive range of risk metrics, taking into consideration the unique behaviour of energy prices, the complexities of financial hedge contracts as well as physical asset constraints. All key market and credit-based metrics available including: mark-to-market, delta value-at-risk (VaR), historic simulation VaR, Monte-Carlo VaR, potential future exposure, earnings-at-risk, revenue-at-risk and cashflow-at-risk.

Portfolio Management Suite Combine complex portfolios of physical assets and financial contracts to enhance value and profit potential. Lacima offer solutions for portfolio hedge optimisation, gas network optimisation, hydro dispatch, hybrid modelling and cargo shipping. Main Office 1 Berkeley Street London W1J 8DJ UK Tel. +44 (0)20 340 22173 Other Locations Houston - Tel. +1 713 353 3949 Sydney - Tel. +61 (2) 9275 8818 Representative Clients

• • • • • •

Captial Power Centrica Gazprom National Grid RWE Alinta

Website:www.lacimagroup.com

Lacima offers its product traditionally licensed.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Murex MX.3, Version (Not specified) Murex S.A.S. 8 rue Bellini 75782 Paris cedex 16 France

Markets/Geographies Served

CommodityPoint Research Highlights Murex ranked 11th on unprompted brand recognition in our 2009 Vendor Perception Survey and is marginally better known in Europe than North America according to that survey. It was also ranked as a perceived market leader in Crude Oil, Coal, Base and Precious Metals, Environmental Commodities, Freight Rates, Weather, Financial Transaction Management, and Market Risk as well as in the Banking segment, Brokers segment, Fund segment, Base metals segment and for support, architecture and integration. In CommodityPoint 2010 Non-Energy CTRM Vendor Perception Report, Murex ranked 8th in prompted and unprompted brand recognition and ranked first in market leadership in management of FX transactions. They also ranked 5th in leadership for financial trading and overall market leadership (tied with 5 others).

Company/Product Information Murex is a provider of trading & risk management solutions for multiple asset classes with more than 150 clients globally. Its MX.3 platform is also utilized by commodity trading firms for both financial and physical transactions across a range of commodities.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook The MX.3 commodities module is designed to manage price and delivery risks in commodity trading operations. In addition to interactive portfolio analysis, MX.3 provides global risk and limits management and full processing of transactions. MX.3 includes functionality in several areas as follows: 



Trading - features the Structured Trade Builder (STB), a pricing and structuring framework covering all products. Each product can be associated to valuation models selected from the Murex analytics library (MACS), or from proprietary models integrated by clients. Portfolio management functions cover scenario analysis and hedging. Risk Management o MX Risk Manager: An enterprise-wide risk management solution providing risk management tools for the management and control of Credit Risk, Market Risk and Liquidity Risk. o A Compliance & Constraints Server for pre-trade and post-trade compliance on a wide variety of rule types. o MX Collateral Manager: A Margining & Collateral Management solution for cross-product collateral management and margin trading.

Murex offers other software modules that can be added on including MX Asset Manager and Asset Manager. The MX.3 platform utilizes a distributed n-tier architecture resulting founded on a fault-tolerant infrastructure. It implements a layer of generic business components upon which specific applications are built and provides accessibility equally through either an efficient rich client or through language-independent XML-based APIs. Main Office 8 rue Bellini 75782 Paris cedex 16 France Tel: +331 44 05 32 00 E-mail: energy@murex.com

Other Offices Not provided Representative Customers Not Provided Website http://www.murex.com

Processing and Back Office – Includes organization and book structures, settlements and confirmations and work flows.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Pomax, Version (Not Specified) Navita Systems AS Storgata 7, 1751 Halden Norway

Markets/Geographies Served

CommodityPoint Research Highlights Navita was ranked 9th overall in CommodityPointâ&#x20AC;&#x2122;s Vendor Perception study on an unprompted basis. It is better known in Europe where it was ranked 5th on the same basis and 11th in North America. Navita was also ranked as a perceived market leader for Natural Gas and Electric Power. In CommodityPoint 2010 Non-Energy CTRM Vendor Perception Study, the company was ranked sixth (tied with several others) in unprompted brand recognition. In market leadership, the company was ranked first in environmental (tied w/1 other) and weather (tied w/several others). They also were ranked second for base metals, and settlements (tied w/several others); third in grains (tied w/several others) precious metals (tied w/one other), and contract management (tied w/one other).

Company/Product Information Navita and its POMAX product have their origins in the creation of NordPool in 1988 and the Institutt for Energiteknikk (IFE) in Halden, Norway. Navita was started in 2003 as a result of a management buyout of assets from the OM Group. Navitaâ&#x20AC;&#x2122;s POMAX supports trading in electric power, gas, crude oil, coal, emissions, freight, weather derivatives, interest rates, currencies, and equities. There

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook are more than 100 POMAX installations in Europe, North America, Australia and Asia. With its origins in supporting NordPool markets, Navita is strong in Scandinavian markets. Over the last few years, it has begun to expand into other European areas gaining clients and also has a number of clients in North America. The company has made several acquisitions over the last few years including most recently Edinburgh-based AESL, Ltd. It has also set up a number of partnerships with various firms to tackle new and existing markets such as North America and Russia.



  

POMAX is a CTRM solution covering a number of commodities including; electric power, natural gas, freight, carbon, Metals, Oil, Coal and Agricultural commodities from front to back office. POMAX includes the following functionalities; 



Trading – Deal capture, position keeping, market prices/volatility and time series data. It has two modes of deal capture for ‘standard’ trades and complex structured trades. Risk management - POMAX’s Risk Management capability is powered by a Monte Carlo engine. It can be used as part of POMAX, as a standalone solution, or an extension for legacy trading systems. It provides management of: o Market Risk, quantifying VaR, CFaR, and EaR using Monte Carlo simulation, stress testing, and market limit monitoring; o Credit Risk, validating automatic credit exposure vs. limits, collateral management, and credit rating schemas/thresholds; o Operational Risk, automating straight-through processing, deal/price and other ops limits. Portfolio Management - designed to provide midoffice managers useful views of portfolio data.

Power logistics – POMAX supports configuration of all bid, contract, and counterparty templates, automatically performs sales and production balancing, estimates aggregated retail, and extracts the data and performs all calculations needed to send notifications. Gas logistics - handles all the standard functions for balancing, nominating, and allocating natural gas in Europe. Electronic Data Management - automated collection of meter data and its use in shadow settlements. Market Data Analysis – via Curve Manager and/or NETA DSS.

POMAX is built using Microsoft tools on an Oracle database and .NET architecture. Main Office Storgata 7, 1751 Halden Norway +47 69 70 96 00

Other Locations Oslo: +47 69 70 96 00 Stockholm: +46 8 566 300 60 London: +44 207 469 2530 Edinburgh: +44 131 226 5566 US, Houston, +17135137182 Pasadena: +16265359868 , Germany, Frankfurt: +496975937135 Mississauga: + (905) 361-9838

Representative Clients Mercuria GDF Suez EDFT Website http://www.navita.com Navita offer POMAX on a traditional license and hosted basis.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

webTrader Enterprise, Version 7 Open Access Technology International, Inc. 3660 Technology Drive NE Minneapolis, MN 55418 USA

Markets/Geographies Served

CommodityPoint Research Highlights OATI placed number seven in name recognition for ETRM vendors and number four in North American power transaction management in CommodityPoint's 2009 ETRM Software Perceptions Study. The firm was also the named as the leading vendor in SaaS delivery of ETRM software in CommodityPoint's July 2010 study, Alternative Delivery Mechanisms for CTRM Software.

Company/Product Information OATI has been providing system critical and trade-related solutions to the energy industry for more than fifteen years. OATI is currently one of the leading software providers to the energy industry with more than 750 customers across numerous functional areas and throughout North America. OATI continues to provide innovative solutions to the energy industry to meet challenges in energy scheduling, trading, risk management, transmission and congestion management, Smart Grid, and compliance monitoring. OATI webTrader, webRisk, and webSettlementPro comprise the OATI CTRM solution which provides a complete and integrated commodity trading and risk management solution. It offers a single point of entry for Copyright 2011 UtiliPoint International, Inc.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook data and fully integrated interfaces to support the transaction management process for energy markets, including strategy assessment, e-Tagging, scheduling, OASIS management, deal management, mid-office confirmations, risk analytics, credit analysis, market settlements, hedge effectiveness, and reporting. The CTRM solution provides trading in RTO/ISO markets, financial markets and EDI connectivity to gas pipelines. The CTRM solution maintains Real-Time positions via reports and displays, as well as back-office settlements for counterparty settlements, RTO/ISO, ICE, and Gas Settlements. OATI solutions have a complete audit trail that captures user entries within the system. OATI webTrader provides reporting capabilities for all aspects of the CTRM solution, including risk, scheduling, accounting, checkouts, and user configurable reports. OATI webTrader is a NAESB-compliant system that manages the operations of gas transportation and trading operations. The solution also supports gas pools and storage, and includes configurable rate matrixes. The solution provides a realtime assessment of physical and financial positions, as well as generation of invoices and remittance letters electronically that can be sent directly to counterparties from the system. webRisk, the OATI Risk Solution is a fully integrated market and credit risk system built on a common platform that approaches risk from an energy perspective. webRisk offers a price mean reverting model with a seasonality function while using actual forward market quotes to build accurate energy based forward price curves. This cutting edge forward curve builder is the key to accurate mark-to-market functionality that is utilized for market and credit risk reporting. The system will support a wide variety of user defined time buckets, including daily, weekly, monthly, quarterly, and annual time buckets. System users will receive real time limit warnings from the market and credit risk monitoring system which will provide increase response for violations and greater system transparency.

OATI webSettlementPro transforms traditional ISO/RTO settlement capabilities to address the needs of real time settlements and profit and loss information. This system provides multi-version shadow settlements to support the accounting and audit requirements to meet the multiple settlement periods of each of the markets. The system calculates/estimates missing or after the fact market charges and allocates charges to individual transactions, trader and trading book. This functionality provides trading operations with real time P&L and shadow settlement information. This solution is fully integrated with CTRM Solution and supports settlements in all of the North American Markets. Main Office 3660 Technology Drive NE, Minneapolis, MN 55418 +1 763-201-2000 Other Locations Texas California Representative Clients ď&#x201A;ˇ First Wind Energy, LLC ď&#x201A;ˇ KCP&L Website http://www.oati.com OATI offers it solution on a traditional license, SaaS and hosted basis

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Endur,dbcSMARTsoft, Version (Not specfied) OpenLink 1502 RXR Plaza 15th Floor - West Tower Uniondale, NY 11556-1502

Markets/Geographies Served

NOTE: OpenLink has declined to disclose industry segment detail for its current installed base.

CommodityPoint Research Highlights OpenLink ranked 2nd overall in CommodityPointâ&#x20AC;&#x2122;s 2009 Vendor Perceptions study for first to mind brand recognition â&#x20AC;&#x201C; 3rd in North America and 1st in Europe. It is also perceived as the market leader, according to our study, in Europe and North America. OpenLink was also perceived as a market leader in the following areas; crude oil, natural gas, electric power, coal, NGLs, LNG, Refined Products, Agribusiness, biofuels, metals, financial transaction management, market risk, credit risk, utilities, generation, oil & gas, refining & petrochemical, energy merchants, retailers, banks and funds, and many other categories. In CommodityPoint's 2010 Non-Energy CTRM Vendor Perception Study, the company ranked first in unprompted and prompted brand recognition and first in perceived leadership in the following categories: overall leadership, grains, softs, weather, bulk commodities, raw materials (tied w/ 3 others), financial trading, risk management, settlement, supply chain, contract management and reporting. They ranked second (including ties) in FX, freight and credit; and third in environmental trading.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Company/Product Information OpenLink’s ETRM/CTRM (Endur) and Agribusiness (dbcSMARTsoft) Solutions are for Commodity and Energy Companies as well as Financial Institutions who are actively involved in cross-commodity/asset trading and need frontto-back office support for national and international operations. Trading & Risk Management Trading: Endur offers real-time trade, position and cash flow analyses, and limit monitoring, for all relevant physical and financial assets (including hedging). Unrivalled overthe-counter (OTC) derivatives coverage, extensive model library and seamless interface to third-party pricing services ensure superior trading decisions. Risk Management: Real-time integrated market, counterparty credit, volumetric and physical risk monitoring and management let organizations assess risk with clarity and manage it more effectively. OpenLink supports modeling of market structures, provide sophisticated pricing models, and allow for calculating volatilities and correlations. Back Office: Automates tasks including collateral management, confirmations, tax calculation, reconciliations, payments/invoices and documentation management. OpenLink can reduce operational risk and costs. Accounting: Integrated enterprise-wide solution enables user-defined posting rules and automatic ledger entry that is reconciled with trading desk and scheduler numbers. Traders, schedulers and risk managers become accountingaware and the analysis and monitoring of hedge effectiveness and the corresponding hedge accounting. Logistics & Scheduling pMotion, for the North American Power Market. Allows users to create and manage physical schedules, book-outs and provides interfacing to eTagging and market connectivity solutions. ESS , for the European Power Market. Provides support for balancing, nomination/notification management and market communication/connectivity for the European markets. gMotion, for the international Gas Market. Supports the different pipeline scheduling and balancing regimes in America and Europe and allows the effective management of all assets including flexible contracts, storage, capacities, etc. cMotion, scheduling and shipment solution for liquid and bulk commodities including Crude Oil, refined products, Coal, LNG, NGLs, etc. Supported modes of transportation include Vessels, Barges, Rail, Truck, Pipelines, and Batch Pipelines.

Production and Processing Producer Services allows companies to efficiently manage ownership and volume changes in their producing properties, changing marketing arrangements, managing owner imbalances, and calculating the marketable wellhead volumes to the custody transfer point for sales. Midstream Processing for the Gas Market supports the evaluation of processing options for residue gas and NGLs, managing gas component qualities, handling plant processing agreements, redirecting volumes to alternative processing plants, and managing planned and actual plant volumes. Resource Management See listing for IRM Agribusiness OpenLink’s solution for companies engaged in trading and physical movement and management of agricultural products is dbcSMARTsoft. It provides a complete CTRM system for this customer segment and is integrated with Endur/Findur for risk and advanced trade/position modeling. The solution can be either used fully integrated with Endur (end-to-end agricultural trading, movement and risk management) or as a stand-alone solution for purely agricultural clients. Main Office 1502 RXR Plaza 15th Floor - West Tower Uniondale, NY 11556-1502 +1 516 227 6600

London: 44 20 7330 8100 Berlin: 49 30 2233 1150 Vienna: 43 1 811 30-0 Singapore: 65 6593 0800 Sydney: 61 2 9229 8300 Sao Paulo: 55 11 3085 8500 Moscow: 7 (495) 644 0941 Toronto: 1 800 361 2114

Other Locations New York: 1 212 641 8787 Houston: 1 713 655 9600 Representative Clients  Apache  Austin Energy  Credit Agricole  Centrica  Energy Transfer

    

Hess Land O’Lakes Shell Statoil Petronas

Website http://www.olf.com OpenLink offers its software on a traditional licensed basis, on a SaaS basis and as a hosted solution.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

TRMTracker, version (Not specified) Pioneer Solutions, LLC 6000 Greenwood Plaza Blvd., Suite 115 Greenwood Village, CO 80111

Markets/Geographies Served

CommodityPoint Research Highlights Pioneer has seen recent success in expanding their client base after several years of organic growth.

Company/Product Information Pioneer Solutions LLC has been providing enterprise-wide, commodity & energy trading and risk management (CETRM) and environmental compliance (EMIS) solutions since 2002. They serve some of the largest Utilities and energy trading companies in the US and in Europe with their new, all web-based work-flow-driven, Financial and Regulatory Risk Management System (FARRMS) technology architecture platform. FARRMS is an organically built, with no integration points, advanced technology platform for which all of Pioneerâ&#x20AC;&#x2122;s ETRM & EMIS solutions reside. This advanced template and formula-driven architecture empowers the business user with the ability to manage change, without needing coding expertise, thus lowering the total cost of ownership overtime. FARRMS automates workflow across multiple departments (with dynamic programmable alerts) by streamlining and automating complex processes, resulting in new efficiencies across organizations. Pioneer has several industry specific solutions including Emissions, RECs management and the top-rated derivative hedge

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook accounting solution that leverage the the FARRMS advanced platform. Pioneer a comprehensive, all web-based, energy & commodity trading and risk –C-ETRM system called “TRMTracker.” Built from the back-office forward by industry professionals, TRMTracker features an all commodities, all physicals mgmt. platform with a comprehensive back-office designed to handle complex energy contracts, settlement (bi-lateral & Shadow etc.) and billing with its advanced (FARRMS) formula-driven settlement and billing engine. The back-office also features a derivative hedge accounting automation module that is designed to automate many of the cumbersome derivative hedge accounting processes. This organically built, comprehensive C-ETRM solution supports all commodity types both physical and financial; from deal capture to risk management, physical scheduling to settlement and accounting processing (GL entries). TRMTracker's front-office has recently been improved for a better user experience including the ability to easily move and rename input variables to ones preference. The frontoffice boasts several methods for deal capture including a rapid deal capture blotter, with the ability to clone trades for and easy and quick deal entry processing. Also enhanced in 2011 is the reporting engine that features a true all web-based OLAP (slice & dice, drillable) 3d cube reporting business intelligence reporting framework. Additionally in 2011, TRMTracker's risk engine now features all at risk models including enterprise risk metrics like CFaR, TPE, PFE, EaR, CVaR and more. Included in the

middle office, is a robust credit risk management module that is flexible and comprehensive offering credit scoring, counterparty management, netting and more. Main Office 6000 Greenwood Plaza Blvd, Suite 115 Greenwood Village, CO 80111 Tel: +1 303-758-3780 Other Locations London: +44(0)20 7887 7870 Netherlands: + 3172 0255 0444 Nepal: + 977-1-4672708 Representative Clients Xcel Energy Laclede Gas Southern Nevada Water Authority RWE Essent Energy Eneco Energy Website www.PioneerSolutionsGlobal.com Pioneer Solutions LLC offers its software on a traditional licensed basis, on a SaaS basis and as a hosted solution.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

SAS for ETRM, Version 9 SAS and RiskAdvisory (A Division of SAS) Suite 970, Gulf Canada Square 401 9 Avenue SW Calgary, Alberta Canada, T2P 3C5

Markets/Geographies Served

CommodityPoint Research Highlights SAS and RiskAdvisory ranked 11th overall in terms of first to mind brand recognition in CommodityPointâ&#x20AC;&#x2122;s 2009 Vendor Perception Study (10th in North America and 18th in Europe). It also ranked as a perceived market leader for financial transaction management, credit risk, and for cost effectiveness.

Company/Product Information RiskAdvisory, a division of SAS, provides energy trading risk management solutions including SAS BookRunner which offers commodity capture, analytics, modeling and reporting capabilities, delivered in an integrated framework. RiskAdvisory was founded in Calgary, Canada, in 1995 and was acquired by SAS in 2003. BookRunner has been combined with a number of SAS analytical tools. SAS BookRunner is a front-to-back-office solution that includes deal capture, data integration, predictive analytics, compliance reporting, and a full suite of modeling tools. The modular solution provides organizations with the capability to proactively capture, analyze and simulate market and credit risks associated with energy price volatility, through an integrated energy trading risk management (ETRM) framework supported by SASâ&#x20AC;&#x2122;s

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook integrated data framework and superior business analytics, and support services. BookRunner provides the following functionality:  Trade capture  Pricing  Valuation  Exposure quantification  Position datastore  Contract management  Confirmations  Trading and risk management workflows  Settlements  Asset modeling (production, refining, generation, distribution, transmission, pipelines, storage and any associated emissions)  Invoice billing  Hedge accounting  Counterparty management  Credit, collateral and margining management  Limits monitoring  Risk analytics, modeling, & reporting  Simulation engine  Sensitivity analysis and stress testing

SAS RiskAdvisory also markets the SAS BookRunner analytics Workbench to provide analysts with a graphical tool to run analytics and build credit and market risk models in a centralized and controlled environment, SAS BookRunner Advanced Analytics to help model and assess market and credit risk in a company-specific framework, SAS RiskDimensions to measure and monitor risk metrics associated with physical or financial energy assets and contracts, and the SAS Operational Risk suite of tools. Main Office Suite 970, Gulf Canada Square 401 9 Avenue SW Calgary, Alberta Canada, T2P 3C5 (403) 263-7475 Other Locations North Carolina: (919) 677-8000 Representative Clients  AG Energy  Dominion  EnCana  EnMax  SaskEnergy  Xcel Energy Website http://www.riskadvisory.com

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

PetroMan, Version 11.4.0 Sisu Group, Inc. 8252 South Harvard Avenue Suite 157, Tulsa, OK 74137

Markets/Geographies Served

CommodityPoint Research Highlights Sisu Group, Inc. is a comparatively small specialist technology provider. The company has historically employed limited marketing efforts and has not been well known outside of their core client base.

Company/Product Information Sisu Group, Inc. has been in the ETRM business since 1998 serving clients that range from midrange privately held companies to large publicly held corporations. It specializes in Energy Supply and Trading solutions. Its flagship product PetroMan® is a fully integrated Enterprise Transaction and Risk Management system for the Energy Industry with a focus on Refined Petroleum and Natural Gas Liquids. The product supports the following functionality: • Capture of Cash • Futures and Option Deals • Confirmation Letter • Position • Profit & Loss • Scheduling • Billing • Treasury

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook • Inventory • Credit Risk • Broker Statement Reconciliation • Rack Marketing (fully automated, tax, etc.) • Extensive Interfaces to Pricing, Backend ERP, etc. • Audit Trail (comprehensive) • Security (comprehensive)

Main Office 8252 South Harvard Avenue Suite 157, Tulsa, OK 74137 Tel: +1-918-495-1364

The Petroleum Rack Marketing module in PetroMan® automates all aspect of rack marketing thru EDI in a completely paperless fashion. Bill of lading transmissions through DTN, TopTech or direct. Rack price calculations and posting, invoicing and EFT notification, ACH drafts are automated thru the industry’s most extensive distribution module. PetroMan® automatically calculates all federal, state and local motor fuel taxes.

Representative Clients QuikTrip Corp. Gavilon Coffeyville Resources Noble Group Petrocom Energy George E. Warren

Overall PetroMan® is easy to use. It is performs well even on low end hardware and it is easy to install and maintain. It is provided as a service or traditional license.

Other Locations None

Website http://www.sisugrp.com Sisu Group, Inc. offers PetroMan on a traditional licensed or SaaS basis.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

SoftSmiths TMS, Version (Not specified) SoftSmiths, Inc. 10696 Haddington Suite 102 Houston, TX 77043-284

Markets/Geographies Served

CommodityPoint Research Highlights SoftSmiths ranked 13th in North America in terms of first to mind brand recognition in CommodityPoint’s 2009 Vendor Perception study and are mostly known in North America.

Company/Product Information SoftSmiths, Inc is a Texas-based, privately held corporation. An ealy pioneer and leader in transaction management solutions, the company has been successfully delivering energy business solutions to energy service companies since commencing commercial operations in January 1997. SoftSmiths TMS provides transaction management systems and services for power and gas utilities, generators, transmission providers and retail electric providers, who operate in physical markets to sell, purchase, trade, and deliver energy in the most efficient and cost-effective way. SoftSmiths TMS is an integrated, scalable, and adaptable solutions provide ready-to-deploy, out-of-the box functionality that is highly configurable and customizable to meet companies’ unique needs SoftSmiths’ solutions and in-depth knowledge of the industry’s business practices allow its customers to automate manual processes around forecasting, resource

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook management & planning, position management & trading, scheduling, ISO/RTO communication, and accounting. As a result they eliminate redundancies and increase business visibility across the enterprise to allow faster decisionmaking and more informed decisions, thereby improving trading cost, operational efficiencies and cash flow, and increase asset value.

Load Forecasting Resource Management Real-Time and Term Trading Multi-Commodity Deal Capture Net Position, ‘What-If’ Impact Analysis Volume and Mark-to-Market Reporting Power & Gas Scheduling Transmission Reservation Management NERC Electronic Tagging Gas storage management Transport management Risk management

SoftSmiths utilizes a “Subscribe and Publish” architecture in a multi-tiered client server environment to allow users to request information and receive updates dynamically. It utilizes the Oracle DBMS.

Other Locations None

Middle Office  Operational and resource constraints  Calculated Cost Associated with Non-compliance  Controls and Monitoring  NAESB Compliant  Nominations  Pipeline Imbalances Back Office  Settlement  Invoicing  Payment Tracking  Reporting  Contract Management

Confirmations

Main Office 10696 Haddington Suite 102 Houston, TX 77043-2847 +1 713.626.9184

Front Office            



Representative Clients  Abacus Resources Energy  APNA Energy  Bonneville Power administration  DPI Energy  Indianapolis Power & Light  Grant County PUD  Mega Energy  Northern Indiana Public Service  Our Energy  Texas Power  True Electric Website http://www.softsmiths.com SoftSmiths offers this product on a traditionally licensed, hosted or SaaS basis.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

RightAngle, Version S11 Solarc, Inc. 9701 Richmond Avenue, Suite 250 Houston, TX 77042

Markets/Geographies Served

CommodityPoint Research Highlights Solarc was 5th overall in the first to mind category in CommodityPointâ&#x20AC;&#x2122;s 2009 Vendor Perception study (5th in North America and 6th in Europe). It is also perceived as an overall market leader. SolArc is perceived as a market leader for Crude Oil, Coal, NGL, LNG and Refined Products functionality as well as for Oil & Gas Producers, Refiners, and End Users. It is also perceived as a market leader for Architecture, Service & Support, Meeting Regional Requirements, Reporting and Integration. In CommodityPoint's 2010 Non-Energy CTRM Vendor Perception Study, Solarc ranked seventh for prompted brand recognition and eleventh for unprompted. They ranked first in perceived leadership in raw materials (tied w/3 others), second in settlement (tied w/several others); third in supply chain and freight (tied w/4 others); and fifth in bulk commodities (tied w/one other).

Company/Product Information NOTE: It was announced in Nov. 2011 that Solarc was being acquired by Open Link Financial.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook SolArc was founded in 1991 launching its RightAngle product in 1994. RightAngle is an integrated software solution for commodity procurement, tracking and risk management across a range of industries including energy, food and beverage, investment banking and transportation. Targeting energy companies dealing in petroleum, NGLs, natural gas and coal to investment banking, transportation and food and beverage companies, SolArc RightAngle provides functionality ranging from deal capture and scheduling to operational accounting and risk management, as well as reporting. RightAngle is a complete front to back office CTRM solution that also includes a number of add on modules: RiskCenter – Provides traders with information about their tactical activities such as volumetric positions for spot and forward months, valued and partially valued deals, profit and loss analysis and P&L shift analysis. Correlation and variance/covariance tools are provided to analyze worstcase scenarios. LogisticsCenter – Provides logistical functionality including, for example, the ability to take incoming fuel tickets or bill of lading data and book them into actuals, matched against the appropriate purchase/sale contract, and priced automatically. LeaseCenter – Provides additional functionality for firms that purchase crude oil at multiple leases and use commercial software and/or legacy royalty systems to manage lease movements and pricing. CreditCenter - Allows credit and treasury departments to set company credit policies as standard across their organizations and to track and enforce these policies across all system activity.

     

Processing plant and gathering operations Gathering and wellhead allocation Detailed contracts capture Plant PVR and residue model Integrated marketing and scheduling Accrual accounting and actualization

SolArc also offers the SolArc Developer Kit to help users to customize or extend their RightAngle installation. Main Office 9701 Richmond Avenue, Suite 250 Houston, TX 77042 Phone: 713-260-5100 Other Locations Dallas - Tel: 214-987-8900 Tulsa – Tel: 918-594-7320 London – Tel: +44 203 170 7855 Singapore - Tel: +65 67352522 Representative Clients  Chevron  ConocoPhillips  Constellation Energy  Tyson Foods  Union Pacific Railroad  Southwest Airlines  Virgin Atlantic  Merrill Lynch  JP Morgan  Barclay's Capital Website http://www.solarc.com

Additionally, the SolArc Natural Gas solution, targeting producers to end users, offers the following functionality;  Production planning  Contract administration  Gas and production accounting  Gas marketing and gas control

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Aligne, Version (Not specified) SunGard Energy and Commodities 1331 Lamar Street, Suite 950 Houston, Texas 77010

Markets/Geographies Served

CommodityPoint Research Highlights SunGard Energy is a well known supplier of CTRM software. In CommodityPointâ&#x20AC;&#x2122;s 2009 Vendor Perception survey it ranked 4th overall in unprompted brand recognition (4th in North America, 2nd in Europe). It is also viewed as an overall market leader (3rd) and a market leader for crude oil, natural gas, electric power, coal, and metals coverage, for financial transaction management, market risk, and credit risk, for coverage across all industry sectors, for its architecture, service & support, ASP delivery, ability to meet regional requirements, implementation, reporting and cost effectiveness. In CommodityPoint's 2010 Non-Energy CTRM Vendor Perception Study, SunGard was ranked 6th in combined prompted and unprompted brand recognition. They were ranked fifth (tied w/several others) in overall market leadership.

Company/Product Information SunGard Energy and Commodities is a division of SunGard, a company with a 25+ year history of providing financial software solutions. This division provides a variety of software solutions targeting energy, commodities, and

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook utility markets with three named products: Aligne, Kiodex and Fame Energy.

Aligne is offered in various configurations specifically targeting:

SunGard has pursued an acquisition strategy acquiring multiple vendors including Caminus and others in the process of building one of the largest installed bases among CTRM vendors. It has offered a number of products over the years including ZaiNet and ACES, many of which are still utilized by its clients. Its latest product, Aligne, integrates its predecessor software solutions into one modular, multicommodity software solution suite that provides a seamless end-to-end software solution for trading, risk/control, credit, fuels procurement, emissions compliance, back-office, treasury/finance and senior management information. It utilizes an integration framework to move data between functional components and facilitates integration both within the suite and between the suite and a customer's other software systems

· Energy financial traders · Energy physical traders and marketers · LDCs, Pipelines and Midstream companies · Utilities The Aligne Advanced Integration Platform is comprised of 4 major components: an Enterprise Service Bus (ESB), a common data model for energy, shared services, and a reference data database. Additionally, the framework provides the environment for a domain data mart and “adapters” for integrating applications on the framework.

Aligne provides front, middle and back office capabilities for commodity transactions. Components may be combined to support business requirements specific to utilities, traders and producer/marketers, LDCs, pipelines, storage operators, midstream gas companies, and large industrial consumers. It also offers real-time alerts, messaging and dashboards. Aligne includes the following capabilities: · · · · · · · ·

Supports trading for energy commodities, weather, emissions, heat, freight, metals and derivatives Captures physical and financial instruments for multiple commodities Supports long-term and real-time trading and scheduling Performs straight-through processing from deal capture to scheduling Manages A/R, A/P and all economic aspects of a deal including brokerage/third-party fees Calculates market-to-market positions in real-time across organizations Meets current and foreseeable regulatory requirements, such as those imposed by FAS 133 Aggregates historical and interval market data from multiple sources for analysis

SunGard also offers the Kiodex and Fame Energy (see separate listings for Kiodex and Fame Energy). Main Office 1331 Lamar Street Suite 950 Houston, TX 77010 USA +1 713 210 8000

Other Locations Dubai: +971 4 391 1180 UK: +44(0) 208 081 2697 Singapore: +65 6308 8333 Japan: +81 3 4570 3000 Australia: +61 2 8224 0000

Representative Clients Colorado Springs Utilities NRG Energy Iberdrola Renewables PPL Energy Plus WINGAS Tata Power Trading Website http://www.sungard.com/energy SunGard Energy and Commodities offers this product on a traditionally licensed or hosted solution

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Kiodex, Version (Not specified) SunGard Energy and Commodities 1331 Lamar Street, Suite 950 Houston, Texas 77010

Markets/Geographies Served

CommodityPoint Research Highlights SunGard Kiodex was not well known on an unprompted basis in the 2009 CommodityPoint Vendor Perception survey. It did have high prompted brand recognition however, where it was 5th overall in North America and 3rd in Europe. It is also perceived as an overall market leader. It was also perceived as being among the market leaders for Market Risk, in the hedge fund, agricultural producers and end user industry segments and for ASP delivery.

Company/Product Information SunGard Energy and Commodities is a division of SunGard, a company with more than 25-years of history of providing financial software solutions. SunGard Energy and Commodities division provides a variety of software solutions targeting energy and broader commodities including the Kiodex Risk Workbench. The Kiodex Risk Workbench (KRW) is a commodities risk management solution delivered via an ASP model. It Incorporates deal capture, proprietary valuation models, risk reports and independent market data to help manage risk. The Kiodex Risk Workbench includes modules for management reporting, documentation, and at-risk reporting. Copyright 2011 UtiliPoint International, Inc.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook The Kiodex Risk Workbench provides the ability to query and configure data for reporting purposes, features modules for management, documentation and at-risk reporting and aids in the process of confirming, reconciling, and tracking positions. Kiodex also offers Kiodex Real Time to provide real-time trade capture, mark-to-market and risk management for commodities. Captures futures, options and cleared trades instantly from multiple exchanges. It delivers view of markto-market valuation of positions using real-time market prices and settlements as well as providing views of option positions, prices and Greeks based upon live movements in the underlying contract.

Main Office 1331 Lamar Street Suite 950 Houston, TX 77010 USA +1 713 210 8000

Other Locations Dubai: +971 4 391 1180 UK: +44(0) 208 081 2697 Singapore: +65 6308 8333 Japan: +81 3 4570 3000 Australia: +61 2 8224 0000

Representative Clients Bank of America Clive Capital FC Stone Fifth Third Bank MF Global Taylor Woods Website http://www.sungard.com/energy SunGard Energy and Commodities offers this product as a SaaS solution

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

TRADEPAQ: TRM, Version 4.1 TRADEPAQ TRM llc. 150 White Plains Road, Suite 301 Tarrytown, NY 10591

Markets/Geographies Served

CommodityPoint Research Highlights TRADEPAQ has its origins in metals trading and risk management only recently moving into Energy and as a result it was not represented in the 2009 Vendor Perception survey performed by CommodityPoint. However, the company did rank well in CommodityPoint's 2010 Non Energy CTRM Vendor Perception study, ranking seventh in "unprompted brand recognition and sixth in "prompted brand recognition".

Company/Product Information TRADEPAQ TRM LLC is a global provider of supply chain execution, trade and risk management software for commodity organizations who produce, trade, consume or distribute physical commodities. Its flagship product, TRADEPAQ速:TRM (Trade and Risk Management) is a Commodity Trade & Risk Management (CTRM) software solution for companies who want to better manage their financial and physical supply chains and control their risk. TRADEPAQ:TRM may be installed as licensed software or delivered as a Software as a Service (SaaS) solution. They provide global turnkey implementation services to fit specific business including implementation services, change management, custom programming, and 24x7 global Copyright 2011 UtiliPoint International, Inc.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook support. Their modular design enables implementation of one or all of their CTRM building blocks. For a completely integrated system, TRADEPAQ TRM provides its own GAAP / IFRS compliant Financial Accounting and Hedge Compliance software enabling use of TRM as a primary accounting system. If there is already a financial package, TRADEPAQ:TRM virtually eliminates the inherent risks of complex integrations through its flexible design and open database architecture and integration tools. Clients ultimately choose TRADEPAQ:TRM to better manage the three TRM pillars for success: Control, Growth and Visibility. They uniquely offer a functionally rich set of CTRM capabilities enabling TRADEPAQ:TRM to be the ONLY system required to run a complete business. Add to that TRM’s comprehensive Risk management and analytical trader tools for a real competitive advantage for business. TRADEPAQ is part of a private multi-company software group founded in 1978. Headquartered in New York City, TRADEPAQ operates with local offices throughout Europe, Asia/Pacific, and North & South America. TRADEPAQ has hundreds of sites installed around the globe. Annual sales continue to grow year after year pushing the company’s continuing profitability into its fourth decade. TRADEPAQ:TRM focuses on the needs of Traders, Producers, Consumers and Distributors of physical commodities serving clients in many markets including: 

Agricultural Commodities o Grains, Seeds & Legumes o Coffee, Cocoa o Edible Oils o Sugar, Cotton, Rice o Many others (Dairy, Meat, etc.)



Metals o Raw Materials & Scrap o Smelters & Refineries o Refined (LME) & Precious Metals o Ferro Alloys & Minor Metals o Semi-Finished Products (Steel, Aluminium) o Carbon & Stainless Steel



Chemicals & Energy o Chemical Producers & Distributors o Plastics

TradePaq TRM also supports work flow via the TRADEPAQ: TRM Workbench Designer. The software is developed on Service Oriented architecture. Main Office 150 White Plains Road, Suite 301 Tarrytown, NY 10591 USA +1 914 332 9174 Other Locations Netherlands: +31 341-556166 India: +91 22 6712 6821 Columbia: +571 6 356760 Representative Clients  Arcelor Stainless USA  Norilsk Nickel  Viterra  United Company Rusal  Coex Coffee  ArcelorMittal  ELG Website http://www.tradepaqtrm.com

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

TransRisk, Version (Not specified) TransGraph Consulting Pvt. Ltd. 6-3-655/2/1, AP Civil Supplies Bhavan Lane, Somajiguda Hyderabad, Andhra Pradesh - 500082, India

Markets/Geographies Served

CommodityPoint Research Highlights CommodityPoint initiated coverage of TransGraph in 2010. The company and its products did receive mention in both the "prompted" and "unprompted brand recognition" categories in the 2010 NonEnergy CTRM Vendor Perception Study.

Company/Product Information TransRisk, a web-based market risk management solution provides manufacturing, processing and trading companies with a robust, customizable and stable commodity and currency risk management solution. It derives net exposures based on the business process and allows users to have single accurate, view of exposures, market-tomarket P&L and Value-at-Risk (VaR) across the organization, thereby bettering the synchronization of business strategies. ď&#x192;ź It calculates risk by VaR based risk engine using different methodologies like Monte-Carlo, Historical & Parametric. ď&#x192;ź Uses Conditional (EWMA) and Unconditional Volatility and Correlations

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook  Analysis risk by commodity / portfolio / trader / market / instrument / asset types and drills down into portfolio to find the cause of significant change in the risk  Simulates risk using stress testing and what-if scenario by editing necessary volatilities and correlations  Generates pre-configured risk and compliance reports using OLAP (online analytical processing) tool  Technical analysis is done on TransGraph's data or own data could be used  Custom commodity / risk management policy/region exposure / trader / M2M / P&L limits can be set to get automated alerts  Built on distributed n-tier application using web-based AJAX technology  User and menu level security is provided using .NET advanced security level features, keeping track of complete audit log of all users

Main Office #6-3-655/2/1 AP Civil Supplies Bhaven Lane Somajiguda Hyperabad India, 500082 Tel: - +91 40 306 8 5000 Other Locations USA: (+1) 630 853 2257 Representative Clients Asian Agri Golden Agri Wilmar Sinarmas R1 International Website http://www.transgraph.com Transgraph offers this product on a traditionally licensed, SaaS or hosted solution (if requested)

TransGraph Consulting is a pioneer in providing gamut of services in commodity consulting to the clients spread across the globe. TransGraph strength and expertise lie in the areas of Price Analysis and Forecasting, Statistical Analysis & Econometric Modelling, Risk Analysis, Quantification and Mitigation, Value Chain Assessment, Trading Advisory, Procurement and Supply Chain Metrics, and Risk Management Software solutions.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Commodity XL, Version (Not specified) Triple Point Technology, Inc. 301 Riverside Avenue Westport, CT USA 06880

Markets/Geographies Served

CommodityPoint Research Highlights Triple Point ranked #1 for unprompted brand recognition in CommodityPointâ&#x20AC;&#x2122;s 2009 Vendor Perception survey. It was also ranked #1 in North America and #3 in Europe. It was perceived as an overall market leader (#2) in that survey. Triple Point is also perceived as a market leader for crude oil, natural gas, electric power, coal, NGL, LNG, Refined products, Ags, and Metals, as well as a market leader for financial transaction management, market risk, and credit risk. It is also viewed as a market leader in serving Utilities, Oil & Gas, Refining & Petrochemical, merchants, retailers, banks and end users as well as for architecture, service & support, ASP delivery, reporting and meeting regional requirements. The company received high rankings in the 2010 Non-Energy CTRM Vendor Perception Study, ranking second in prompted and unprompted brand recognition. They ranked first for perceived leadership in precious metals, raw materials (tied w/3 others), environmental trading (tied w/ 1 other), freight, credit functionality, and weather trading (tied w/ several others). They ranked second (including ties) in overall leadership, grains, softs, weather, bulk commodities, risk management and reporting.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Company/Product Information Triple Point Technology® is a leading global provider of software to manage commodities and enterprise risk. The company provides solutions to address the complex commodities value chain: mining, buying, selling, trading, and procurement; enterprise risk management; scheduling and logistics; storage; processing; and settlement and accounting. Triple Point’s Commodity Management platform enables over 300 customers in 35+ countries to profitably manage exposure to energy and raw materials across industries, including energy, metals, minerals, agriculture, transportation, shipping, consumer products (CP), discrete manufacturers, and big box retailers. Founded in 1993, the company employs over 700 staff in 17 offices and support centers around the globe. Commodity trading, sourcing, and risk management Commodity XL™ integrates physical and financial markets on a real-time platform for commodities including power, oil, gas, coal, emissions, metals, agricultural products, biofuels and freight. Commodity XL meets all requirements for supply, trading, marketing, procurement, logistics, scheduling, risk management, and accounting in today’s complex markets. Treasury and regulatory compliance Triple Point’s treasury solution ensures compliance with hedge accounting and fair value disclosure standards ASC 815 (FAS 133), IAS 39 (IFRS 9), CICA 3865, AASB 139, SAS 133, ASC 81510 (FAS 161), ASC 820 (FAS 157) and IFRS 7. Counterparty credit risk management Triple Point’s credit risk system manages the "Five Cs" of credit risk (counterparty management; collateral optimisation; contract management; concentrations; and credit analytics) within a single, transparent platform. The system provides real-time visibility into credit exposure and captures a 360 degree view of counterparty relationships. Chartering and vessel operations Triple Point provides the leading software to manage commercial vessel operations, including all chartering, postfixture activities and freight risk management. Confirmation management Commodity XL has extended straight-through processing to include electronic confirmation matching for both EFET eCM and ICE eConfirm standards.

Mining supply chain Triple Point's advanced mining supply chain solutions manage the tonnage, quality, and value of coal and mineral supply chains from "pit" to the point of export, import, or consumption. They optimize all aspects of the mining supply chain including mine planning and scheduling, material tracking, logistical movements, 3D stockpile modeling, grade control, and blend management for coal and other minerals. Main Office 301 Riverside Avenue Westport, CT USA 06880 +1.203.291.7979

Other Locations Cape Town, South Africa +27 21.883.8060 Johannesburg, South Africa +27 (0)11.021.3883 Parsippany, NJ USA +1.973.244.1661 Houston, TX USA 1.713.334.9339 Geneva, Switzerland +41 (0)21.825.5656 São Paulo, Brazil +55.11.3568.2422 Singapore +65.6238.6221 Belo Horizonte, Brazil +55.31.2519.8644 Chennai +91.44.43.40.2900 London, England +44 (0)20.7065.7650 Newcastle, Australia +61 (0)2.4908.2222 Vienna, Austria +43 18.9030.4090 Perth, Australia - info@tpt.com Sydney, Australia - info@tpt.com Representative Clients

Glencore Unilever ConocoPhillips LDH Energy Bunge Xcel Energy Website http://www.tpt.com

TriplePoint offers this product on a traditionally licensed, hosted or SaaS basis.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

TRM (aka Monaco), Version (Not specified) Ventyx 3301 Windy Ridge Parkway Suite 200 Atlanta, GA 30339

Markets/Geographies Served

CommodityPoint Research Highlights Ventyx was ranked 5th on unprompted brand recognition in CommodityPointâ&#x20AC;&#x2122;s 2009 Vendor Perception study and was also ranked as an overall market leader (5th). It was also ranked as a perceived market leader for natural gas, electric power, and coal as well as, Utilities, Generation, and retailers. It was also among the perceived market leaders for architecture, and integration.

Company/Product Information Ventyx, an ABB company, delivers asset management, mobile workforce management, energy portfolio management, and customer care solutions to more than 1,250 energy, utility and communications customers around the world, as well as to asset-intensive customers in select commercial markets. Ventyx's Trading and Risk Management (TRM) software solution allows organizations to measure and monitor the risks associated with commodity positions resulting from operations, including natural positions (such as load and generation) and positions resulting from bilateral agreements.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook TRM supports the needs of asset-backed and trading companies by providing an integrated front-, middle-, and back-office solution that captures physical, financial, and asset transactions across all energy commodities. In addition, it offers: -- True straight-through processing -- Supports standard and non-standard deal types -- Advanced architecture for scalability -- Operations and Scheduling functionality -- Credit and trading limits monitoring -- Risk analytics including Value at Risk, Earnings at Risk, and Profit at Risk -- Role-based security model -- Full Audit trail of transactions By adding ABB's network management capabilities, Ventyx, an ABB company has become a market leader in proven enterprise and control software for the energy and utility sector. Ventyx is owned by ABB, a global leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact and holds the largest market share of worldwide energy analytics solutions users.

Main Office 3301 Windy Ridge Pkwy Suite 200 Atlanta, GA 30339 770-952-8444

Other Locations UK +44-1483-722777 France +33-13930-1717 Japan +81 3 5275 2634 South Africa +27 12 665 3600

Representative Clients Burgo Energia Dalkia E.oN IT Netherlands B.V. Enercity United Energy Trading Integrys Website http://www.ventyx.com Ventyx offers its product on a traditional licensed basis or as a hosted solution.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

Phoenix ETRM, Version (Not specified) Woodlands Solutions, LLC 594 Sawdust Road, Suite 174 The Woodlands, TX 77380

Markets/Geographies Served

CommodityPoint Research Highlights Phoenix is a relatively new entrant into the CTRM marketplace, having been founded in 2008, and has only within the last year begun signing new customers to their product.

Company/Product Information Woodlands Solutions is a relatively new entrant into the C/ETRM market place. The company was founded in 2008 by Michael Muse and Steve Wall, two ETRM industry insiders with over thirty five years of experience designing, building, managing, and implementing energy trading and risk management solutions. Notably, that experience includes the founding of a previously successful ETRM software company in 2000. According to Muse, the founders consistently heard from energy organizations about the lack of capable ETRM solutions which were also affordable. So, in the midst of the financial crisis, the long-time coworkers quit their jobs and founded Woodlands Solutions with a mission of providing â&#x20AC;&#x153;energy organizations with a cost-effective, highquality, feature-rich energy trading and risk management solution along with superior customer service.â&#x20AC;? In short, says Muse, their mission is to provide much of the functionality of the better known solutions but at a much lower price.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook Woodlands released version 5 of their Phoenix ETRM solution in December of 2011. The company describes Phoenix as â&#x20AC;&#x153;a full-featured, front-to-back office energy trading and risk management solution used by energy companies to cost-effectively manage their trading and marketing operationsâ&#x20AC;?. Phoenix ETRM supports many aspects of a trading/marketing organization, including: contract administration, deal capture, confirmation management, market data management, valuation (closed form and Monte Carlo), position management, risk analysis, scheduling, credit management, settlement, standard and ad hoc reporting, and more. And, according to Muse, they leveraged their prior experience to ensure the product could support the range of energy commodities and markets (e.g. multi-commodity, multiunit of measure, multi-currency, etc.).

The solution is also quite functionally rich on the risk management side, including features such as VaR, EaR and stress testing.

Despite attractive pricing, Phoenix ETRM includes many features expected of top tier C/ETRM solutions, including: straight-through real-time processing, integrated reporting tools, user personalization, and more. Moreover, Phoenix is unique in that it utilizes a data warehouse architecture, with the front, mid, and back office groups all accessing and updating a single data store (called the Phoenix Core). This approach, coupled with the real time distributed processing engine, provides users with up to the minute information as other users perform updates. It also provides position reporting functionality. The system makes use of pivot tables to provide powerful and flexible reporting functionality as well as extensive use of graphs.

Website http://www.woodlandssolutions.com

Main Office 594 Sawdust Road, Suite 174 The Woodlands, TX 77380 Other Locations None specified Representative Clients National Fuel Marketing RenRe Energy Advisors Eagle Rock Energy

Phoenix ETRM is offered on a traditionally licensed and a hosted basis.

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

References & Other Useful Resources References CommodityPoint - ETRM Vendor Perception Study Report, May 2009 CommodityPoint – Non-Energy CTRM Vendor Perception Study, Dec. 2010 Useful Resources Vasey, Gary M and Reames, Patrick : Trends in Energy Trading, Transaction and Risk Management Software – 2009 – 2010, Booksurge Publishing, 2010 Reames, Patrick and Vasey, Gary M: Selecting and Implementing Energy Trading, Transaction and Risk Management Software – A Primer, Booksurge Publishing, 2008 The TRM Directory – http://www.trmdirectory.com The CommodityPoint website – http://www.commodity-point.com The CTRM Blog – http://www.ctrmblog.com CommodityAlert Archives – CommodityAlert is our weekly free newsletter. You can find the archive for back issues at http://utilipoint.com/IssueAlert/IssueAlert_archive.asp and subscribe at http://utilipoint.com/issuealert/subscribe.asp?ListID=30

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

About CommodityPoint CommodityPoint provides Commodity Trading & Risk Management (CTRM) research, analysis and consulting services. Our services bring insight into business issues, trends, processes and technology, to utilities, energy companies, banks, brokers, funds, investors and vendors that enhance their competitive position and support critical business decisions. CommodityPoint has been formed to bring focus and clarity to the broad array of issues surrounding the wholesale trading of commodities. Our team provides expert analysis of market trends and, in particular, the technologies and applications supporting those that participate in regional or global commodity markets. Our principal analysts, Dr. Gary Vasey and Patrick Reames, bring years of practical experience to their roles. With offices in Europe and the US, and backed by an experienced research team, our organization provides an unparalleled view of the marketplace. CommodityPoint is a division of leading energy and utilities analyst and consulting firm, UtiliPoint International, Inc. CONTACTS CommodityPoint - A Division of UtiliPoint International, Inc. www.commodity-point.com

Mark Tredway, Director of Business Development International Business Center Prikop 4 602 00 Brno Czech Republic Tel: +42 0 533 433 658 mtredway@commodity-point.com Patrick Reames - Managing Director 19901 Southwest Freeway, Suite 121 Sugar Land, Texas 77479 Tel: +1 281-207-5440 preames@utilipoint.com

CommodityPoint, a division of UtiliPoint International Inc.

CTRM Vendor and Product Sourcebook

About UtiliPoint速 International, Inc. For more than 75 years, UtiliPoint International速, has been a trusted source of insight into the energy and utilities industry. With more than 500 clients worldwide, we are the leading provider of research and advisory services for the energy sector. Our company is comprised of industry experts from around the world with diverse backgrounds in utility generation, transmission and distribution, retail markets, mergers and acquisitions, new technologies, venture capital, information technology, outsourcing, renewable energy, regulatory affairs and international issues. UtiliPoint International, Inc. is a wholly owned subsidiary of Midas Medici Group Holdings, Inc. (OTCBB:MMED). UtiliPoint is headquartered in Albuquerque, New Mexico, USA and can be found on the Web at http://www.utilipoint.com/.

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