Holli: EWEB's Board Resolution of December 5, 2000 permits financial hedging in general and authorizes: "The General Manager or other authorized officers as noted in the Power Risk Management Guidelines to execute confirmations of transactions within the limits specified in the Power Risk Management Guidelines." Each time ENA trades with EWEB, the trader must verify whether the EWEB trader is authorized under the then current version of the Power Risk Management Guidelines. Each date you execute a trade: (1) you will need a list of authorized traders (authorized to enter into derivative transactions) certified by EWEB's secretary to be correct as of the Trade Date and (2) a statement certified by EWEB's secretary that the Transaction falls within the limits specified in the most current version of the Power Risk Management Guidelines, effective as of the Trade Date. We have only a portion of the Power Risk Management Guidelines and it is dated April 19, 1999. Our version is incomplete and probably outdated. Maybe EWEB will provide you with the current version. It would be a lot easier if EWEB's resolution simply authorized it to enter into financial trades documented under the ISDA (which is what most resolutions permit). However, EWEB did not obtain a broad resolution. To Melissa, Sharen and Kim: We should also verify that our confirmations contain these representations. Please talk to me.

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