PX Investigation

The attached PDF file summarizes our view (Mary Hain's and mine) of the
possible outcomes of taking the PX investigation the FERC route or the PX
Settlement route. To make a commercial decision, we need to know what
jurisdiction we would like this case to be settled in and the rules of
engagement in each jurisdiction. For example, if we do a FERC filing we must
meet a "just and reasonable" standard while if we appeal an ADR decision to
FERC we have to prove that the ADR finding was "Arbitrary and Capricious."
Please review the attached file and let me know if any of it is wrong.
Personally, I need more input from legal and regulatory on what our odds of
winning our in the different juridictions before I can make an informed
decision.