Catalytica Write-down

On the 12/11 MPR to be issued on 12/12, we will be taking a $56 million loss
on Catalytica Energy Systems. This asset will begin trading on the open
market either Friday, 12/15 or Monday, 12/18 under the ticker CESIV. The
potential trading range of $10 - $20 per share is disclosed in the company's
S-1. This asset is in Raptor I and therefore this write-down will exhaust
$56 M of the remaining Raptor I capacity.

Please call me at x3-6983 with questions.