Trades 30 Jan 2007

All trades are main account unless otherwise stated

Debit Credit Reference Description

0.00 178.20 T1185690 Sell to open 1 WPP sep07 680 Put @ 21.5p

0.00 611.40 T1185741 Sell to close 2 National Grid mar07 750 Call @ 32p opened 4th Jan at 22.5 : gross profit = 42% Net = 125

Nat Grid looks good to go higher but may pull back in short term & the clock is eroding the time value of the march calls.

WPP looks well positioned in the global media / advertising sector with good news flow and reasonable valuation + presence in Asia + growing digital/ web presence + olympics next year + good chart uptrend ….all positive. So I don’t mind being paid to buy WPP at a discount in Sept.