QUESTION: Notice No. MS-80 December 19, 2001 COMMODITY EXCHANGE, INC. SWITCH OF GUARANTEE Please be advised that effective with the open of business, December 18, 2001, Brian Beatty (BEA-7611) will no longer be guaranteed by F.C. Stone, L.L.C. However, Mr. Beatty will remain a member guaranteed by Spear, Leeds, & Kellogg. In connection therewith, notification of any claims against the aforementioned individual arising out of transactions executed on the Exchange up to the close of business on December 17, 2001, must be submitted to the Corporate Secretary's Office within (10) days of this notice.
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ANS: (MS-80) SWITCH OF GUARANTEE

QUESTION: Greetings Kari: Forgive the delay. Much going on today, PUC draft decision in particular. The draft does not look promising for the utilities' financial position. Attached are our comments on the Governor's Proposals and some more detail on the demand-reduction proposal. We continue to work on the Nord Pool research for you and will turn that around as quickly as we can.
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ANS: Additional Materials

QUESTION: Ken - I appreciate the time today. We look forward to working with Enron, if the opportunity presents itself. Atlas can assist in structuring and raising substantial new equity - we already have $150mm (subject to due diligence and terms and conditions) that has been "soft circled". Please feel free to call me at any time.
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our discussion today