Morgan Stanley Cal 04 Reserve for EOL

Please note the following addition to the domestic credit reserve for September 2001:

CP: Morgan Stanley Capital Group Inc.
Deal No: 768891.1
EOL No: 1838461
Deal Date: 9/10/2001
Deal Specifics: EPMI to sell 50MW On-Peak Power into SOCO for Calendar Year 2004.
Term: 1/1/2004 thru 12/31/2004
Volume: 50 MWs On-Peak
Price: $35.15
Delivery Point: SOCO
Trader/Mid-Marketer: Kevin Presto
Credit Reserve Amount: $20,000 (twenty thousand US dollars)

RAC: transaction confirmed under Executed EEI dated 7/1/1997.

Please call w/any questions.

Kortney
x30616