Sheridan,

I got your E-mail regarding the credit spread model. I have already passed it
to our corporate lawyers and, as I know from experience, they will sit on it
for some time. I may have an update on Monday when I return to the office (I
am in the New York area through Friday).

I talked briefly with my colleagues about the project but we have not
discussed the specifics. I shall call you on Monday morning before the
conference call to give you some information on what other universities are
doing in the area  of distance learning (you probably know about most
important initiatives in this field). The conference call will include Brad
Nabergall who is designing new products for our broadband business. I
mentioned to him the possibility of UT offering executive education energy
finance related courses over the Internet. I also mentioned that we should
explore the option of offering MBA courses over the Internet, assuming that
UT would be interested in being a content provider.

Vince