West Power Contracts

Don,

Process is well underway with the West Power Portfolio. We have the portfolio sorted by:

- MTM position
- terminated vs active
- collection risk
- type of contract

We have strategies for our top 5 exposures representing $600MM+ of estate assets and we are in discussions with several marketers that are looking at assignments. There are 5 commercial and 3 legal people working on this.

Going forward, JonAlan Page (Portland Estate) is interested and would be very good. Brad Richter is also interested and has one or two junior commercial people in mind to help as well (Brandon Wax). I think Brad is a perfect fit - he knows some of the contracts, counterparties and he knows the marketers and attorneys in Portland. He and I spoke today and agreed that it made sense for him to start working on this subject to your approval.

My thought is that the commercial and legal team expands with the addition of Brad, Brandon and JonAlan and then it contracts when Netco starts pulling them in a different direction in January.

Regards,

Chris Calger
503-464-3735