Project Raven

----- Forwarded by Sue Nord/NA/Enron on 05/31/2001 04:08 PM -----

Brad Richter@ENRON COMMUNICATIONS
05/31/2001 03:55 PM

To:
cc: (bcc: Sue Nord/NA/Enron)
Subject: Project Raven

To the due diligence teams of Project Raven--

As you may have already heard, EBS decided this week not to pursue continued
discussions with Raven. I wanted to take the time to thank each of you for
the many hours you put into the transaction. I firmly believe that we did
the most thorough due diligence possible given our time constraints and the
relative disarray of Raven's organization. Each diligence team pitched in
with helpful suggestions and worked toward a common goal, and we should be
proud of the manner in which we arrived at our conclusions. But as is the
rule in business, you win some and you lose some. Regardless of the outcome,
I sincerely appreciate your efforts and hope that we can meet up again on the
next deal. In the meantime, if you have any questions about the process or
would like to tie up loose ends please fell free to stop by.

Thanks again,

Brad Richter
EBS Corporate Development