FYI!

 -----Original Message-----
From: 	Windle, Bill  
Sent:	Thursday, November 15, 2001 4:09 PM
To:	Vickers, Frank
Cc:	Muhl, Gil; Tawney, Mark
Subject:	Connectiv

Frank,

I wanted to let you know that we recently closed an innovative, "first of its kind" transaction with Connectiv. The multi-year deal involved our PJM Demand Swaps, whereby Connectiv financed the purchase of a strip of monthly calls with the sale of multi-year puts. This was an important transaction for us as it confirmed the viability of our Demand Swap product.

Of particular note, Gil worked closely with Partho Ghosh (from the weather desk) during the entire sales process. It was Gil who identified Connectiv as a viable target and he made the initial introductions. He also provided insight into Connectiv's decision making process as the deal unfolded. He was a great help throughout and we look forward to working with Gil on the other opportunities he has identified.

I just wanted to provide you with this quick update and, as always, we look forward to working with you and your team. Thanks.

Bill