Neumin Unwind

Eric and Charlie -

Attached is the same Neumin spreadsheet that I sent you last week, showing
deals/volumes/prices per month. I have added a new sheet titled 'Unwind'
that shows the volumes and prices for the unwind trade(s) that I want to
propose to Formosa. You will see that I have held the unwind volumes
constant within each calendar year (e.g., the unwind volumes for Cal '01 are
8,000 MMBTU/day, the unwind volumes for Cal '02 are 19,000 MMBTU/day, etc.)
but the PRICES change each month, to correspond with the pricing of their
current "hedge" positions.

Can you please prepare a proposal for Formosa based on the attached unwind
structure? As you know, this unwind proposal would include an annuity
stream, payed out from the present through December 2006, that accounts for
the payment required to execute the unwind. I think we should prepare a
quote whereby Formosa pays an equal monthly amount from the present through
December 2006 to amortize the unwind payment.

I would like to get a proposal to Formosa ASAP; I told them that I would get
them a proposal on Monday. Maybe that was a little aggressive, huh? Please
let me know what you can do.

Thanks,

Jay