MEMORANDUM

To: CAEM Board of Directors
Fr: Jeff Mangold
Subject: Liability Insurance for CAEM Officers and Directors
Date: October 18, 2001

REPLY REQUESTED

As a last step in securing liability insurance for CAEM's officers and
directors, the insurer requires all officers and directors to answer the
following questions. Our General Counsel has advised me that a simple
reply to this e-mail stating the answer to all questions is no will be
sufficient.

Thanks for your attention to this necessary administrative detail. If
you have any questions or concerns, please don't hesitate to contact me

Jeff Mangold
Center for the Advancement of Energy Markets
www.caem.org
jmangold@caem.org
Voice: 703-729-2710
Fax: 703-783-8720

Questions for officers and directors. If an answer to any of the
questions would be yes, we need the details.

1. There has not been nor is there now pending any claim(s) against any
person proposed for insurance in his or her capacity of either director
or officer of [CAEM].

2. No director or officer has knowledge or information of any act, error
or omission which might give rise to a claim(s) under the proposed
policy.

3. Has any officer or director:

a. Been involved in any antitrust copyright or patent litigation?

b. Been charged in any civil or criminal action or administrative
proceeding with a violation of any federal or state antitrust or fair
trade law?

c. Been charged in any civil or criminal action or administrative
proceeding with a violation of any federal or state securities law or
regulation?

d. Been involved in any representative actions, class actions, or
derivative suits?