Morgan Stanley Cal 04 Reserve for EOL

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

CP: Morgan Stanley Capital Group Inc.
Deal No: 774674.1
EOL No: 1855290
Deal Date: 9/14/2001
Deal Specifics: EPMI to buy 50MW On-Peak Power from Cinergy for Calendar Year 2004.
Term: 1/1/2004 thru 12/31/2004
Volume: 50 MWs On-Peak
Price: $38.25
Delivery Point: Cinergy
Trader/Mid-Marketer: Fletch Sturm
Credit Reserve Amount: $20,000 (twenty thousand US dollars)

CP: Morgan Stanley Capital Group Inc.
Deal No: 773376.1
EOL No: 1852188
Deal Date: 9/13/2001
Deal Specifics: EPMI to buy 50MW Off-Peak Power from Cinergy for Calendar Year 2004.
Term: 1/1/2004 thru 12/31/2004
Volume: 50 MWs Off-Peak
Price: $21.75
Delivery Point: Cinergy
Trader/Mid-Marketer: Fletch Sturm
Credit Reserve Amount: $23,000 (twenty-three thousand US dollars)

CP: Morgan Stanley Capital Group Inc.
Deal No: 772602.1
EOL No: 1848996
Deal Date: 9/13/2001
Deal Specifics: EPMI to buy 50MW Off-Peak Power from Cinergy for Calendar Year 2004.
Term: 1/1/2004 thru 12/31/2004
Volume: 50 MWs Off-Peak
Price: $21.50
Delivery Point: Cinergy
Trader/Mid-Marketer: Fletch Sturm
Credit Reserve Amount: $23,000 (twenty-three thousand US dollars)

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

Please call w/any questions.

Kortney
x30616