IN: Jordan: Congratulations on your promotion! I am forwarding to ;you one of the Raptor 2 hedges which was to be finalized earlier this month. My most recent draft was dated October 5 and I never received comments until this morning (from Ryan Siurek) which prompted the revisions attached. Ryan is also expecting comments from Rodney Faldon. I don't know if you have been updated on the various Raptor swaps which have been created over the past few months. The attached is to hedge ESA assets. I'd be glad to give you a brief overview, as would Ryan. Thanks. Sara

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OUT: Raptor 2 hedge

IN: Barbara/Jeff: In the TurboPark world there will be certain impacts on how power projects involving physical capacity are structured and implemented. I know some (but not all) of it. I can say that it is fairly easy to bust the structure and wind up with assets on the balance sheet, and that the commercial folks aren't always (or even usually) sensitive to the issues. Maybe after the first of the year those group members who will be working on the power origination and development side could get briefed by the finance and accounting folks. Kay

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OUT: Power origination and development under TurboPark

IN: The transfer of your securities and mutual funds is in process. There are a few Canadian items that will not transfer. You mentioned that you would like to sell the Canadian securities and transfer the cash. Can you please call Dale Onrait at 250-712-2195 and have him liquidate the Canadian positions and tell him you would like the proceeds and the Candian cash to be converted to US dollars and transfered to RBC Dain Rauscher. This instruction must come from you. If you have any questions, please give me a call.

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OUT: Canadian Transfer

IN: Guys, lets set up a meeting between the three of us on Monday ASAP to discuss. I have a few ideas and I probably need to go have dinner with Lew to get him comfortable. This may be setting up to be a larger asset management transaction. Don can you try and find a time next week with Lew for me to have dinner - get Beverly to schedule the plane to get me in and out that day. If not next week then early the following. I think it will take a one on one with Lew to get this one centered. At our meeting, I would also like a status update on the other iniatives eg) Ameren, DPL, Cinergy, etc. The accounting issues on the generation projects need to be addressed as well. Regards

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OUT:
FPL Update