Established in 2001, Trade Exchange Network has evolved into a worldwide leader in real-time Internet trading.

After launching the world's first real-time person to person trading platform that incorporated trade matching, account management and settlement in 2001 we have continued to develop our service and now have members from over 127 countries worldwide, offering real-time trading in over 1,200 innovative products, 23 hours per day, 365 days per year.

Through our trading platform our members log on and deal on the latest real-time dealing prices. We permission each member to trade through a number of interfaces which all include full access to real-time market data.

Trade Exchange Network owns and operates TradeSports.com, Intrade.com and TradeBetX.com. The company in response to member suggestions provides tailored websites relevant and optimised to the trading patters of traders.

www.intrade.com is our financial, political and current event trading platform. There are no sports contracts on intrade.com

www.tradesports.com also has financial, political and current events but is has many sports contracts and other entertaining contracts.

www.tradebetx.com is an interface specifically optimised for our European members and includes many trading subjects.

Both TradeSports.com and intrade.com has become synonymous with real-time Internet trading on some of the most innovative products in the world and we have earned much recognition from the media, academic, and investment industries for the market data that we produce.

Should you be interested in receiving market data on any of our contracts please contact us.

The key to our success is our dedication and drive in creating maximum liquidity in innovative relevant products on a world class trading platform. We develop our own software using our own experienced development team. Our platform currently processes over 750,000 orders per day with all back office functions associated with your trading updated in real-time. Since launch we have matched several million trades.

Real-time position keeping and notifications just two features of our platform enables our members to monitor open positions and orders thereby helping them to know profit and loss, and margin related issues.

As a result of our business being built on a 100% Internet straight through processing system, we keep our members trading costs to a minimum. This has meant that trading fees are extremely competitive. No fees for price makers and as low as $0.03 per lot at price extremes and $0.05 per lot for price takers generally. There are no fees for entering orders, only for matched trades.

Following our continued success in the US, we have started a process to establish a regulated subsidiary. The company believes that offering trading and clearing services for innovative contracts on a regulated platform will allow members to manage certain financial risks that are currently not provided for on traditional futures exchanges.

Pricing, trading and software efficiency have all helped to establish us as a world leader in real-time Internet trading. However, without the continuing support and patronage of our members or our dedicated personnel none of this would have been possible.

We have many more opportunities ahead of us. We are very enthusiastic for new products and new markets. With our own experienced team of professionals, managers, and developers we continue to expand rapidly across the world.

Our customer focus, innovation and strong technology culture has been our platform for success to-date and will continue to be the basis for our future further expansion.

Yours sincerely
John Delaney
Chairman
Trade Exchange Network Limited
Dublin August 2005