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The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher. Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com. (See attached file: Energy-Letter12-04-01.pdf) - Energy-Letter12-04-01.pdf

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OUT: Energy letter 12/4

IN: This is an email
Rebecca, I would also like to bring Jeff Shankman with me to the board meeting. He has never attended one. It has been a long time since i have presented anything to board especially like this. Would you please provide me a copy of the last couple of presentations so that I can be consistent and give them the right kind of information. Thanks,

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OUT: August 14 board meeting

IN: This is an email
All: I have once again revised the confirm for the EBS Raptor deal. There will be only one swap transaction: Harrier I LLC/Talon I LLC. Please note the following changes: (1) the Initial Equity Notional Amount has been corrected (2) I have expanded the definition of Cash Dividends (3) I have ADDED a provison for "Payment Obligations" to avoid confusion for those of you unfamiliar with the 1996 Equity Definitions. Since I have removed the interest payment feature, the only payments changing hands will be upside/dividends and downside. The "Equity Amount Payer" pays the upside (difference between Initial Price (on the relevant Valuation Date) and Final Price) and dividends; the other party pays the downside. (4) I have retained the concept of multiple optional termination dates. (5) Kevin: I NEED the Harrier account/notice information. This confirm should serve as a template for additional Raptor equity share swaps so please review and comment. Thanks. Sara

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OUT:
Raptor swap