Raptor: Notice Pursuant to Equity Swap and other items

1. I was not sure whose doc the referenced notice was, but I think the
address should be Talon c/o LJM2@ Co-Investment, L.P. rather than just to
Talon.

2. Vargas met with me last night. I am printing out and copying proposal
sheets and valuations and stock ownership (the latter of which they are
making corrections to and resending this morning. My asst. is coordinating a
meeting with Stuart, Sara and myself this morning to coordinate further
review actions and swap preparation.

3. Based upon the latest voice from Sefton re note adjustment, I checked
with A. Currey and she advised that nothing need be said in the swap re same
as the structure docs will automatically cause payment via adjustment.

Mary