Wabash Offer

I've been working with Wabash Valley Power on a long-dated position based on
coal economics. The attached is a very basic model indicating what it would
cost to supply this power from a newly developed coal plant in the Cinergy
region. This is meant only as an educational tool for them to understand
that our offer is competitive with build economics.

I plan to offer them indicative pricing of $37.25 for a 10 year 7x24 strip
beginning Cal '05. Fletch's offer is $35.50, but credit will clip another
$1.75. I'm hoping to get credit comfortable with only $1.00.

Any thoughts/objections?

Mitch