EnBW Default

Richard,

following up on our conversation earlier this week I would like to inform you
as to where we presently are.

I will send you tomorrow by fax, copies of the Master Agreement, Transaction
Agreement and all written communication between EnBW and our traders.
You will also receive a draft of the letter that we are intending to send out
on Friday, as well as a memorandum on the underlying issues as prepared by
outside counsel.

I would then like to arrange for us to go over this preliminary analysis
before we send out the letter on Friday.

Regards,
Michael