1 MILBANK, TWEED, HADLEY & McCLOY LLP Paul S. Aronzon (#088781) 2 Robert Jay Moore (#077495) 601 South Figueroa Street, Suite 3000 3 Los Angeles, California 90017 Telephone: 213/892-4000 4 Facsimile: 213/629-5063 5 Proposed Counsel to the Official Committee of Unsecured Creditors 6 7 8 UNITED STATES BANKRUPTCY COURT 9 NORTHERN DISTRICT OF CALIFORNIA SAN FRANCISCO DIVISION 10 11 12

13 In re: Case No. SF 01-30923 DM ELECTRIC 14 PACIFIC GAS AND Chapter 11 COMPANY, a California corporation, 15 Debtor. NOTICE OF MOTION AND MOTION 16 OF OFFICIAL COMMITTEE OF 17 UNSECURED CREDITORS FOR ENTRY OF AN ORDER PERMITTING 18 TRADING IN AFFECTED SECURITIES 19 AND PUBLISHING RESEARCH UPON ESTABLISHMENT OF ETHICAL 20 WALL PROCEDURES 21 Hearing: 22 Date: [To Be Set] Time: [To Be Set] 23 Place: 235 Pine Street, 2 2nd Floor San Francisco, CA 24 25 [Motion For Order Shortening Time Filed Concurrently] 26 27 28

LAI :#6203103v7 COMMITTEE'S MOTION FOR TRAD7G ORDER 7/ TO THE HONORABLE DENNIS MONTALI, UNITED STATES BANKRUPTCY 2 JUDGE, ALL PARTIES IN INTEREST AND THEIR COUNSEL OF RECORD: 3 4 PLEASE TAKE NOTICE THAT the Official Committee of Unsecured

5 Creditors (the "Committee") of Pacific Gas and Electric Company, the Debtor and Debtor in the 6 Possession (the "Debtor") in the above-captioned chapter 11 case (the "Case"), hereby moves 7 Court for entry of an order permitting members of the Committee to trade in the Debtor's

8 securities and debt, to trade in energy related commodities and derivatives, and to publish 9 research, all as more particularly described below, upon the establishment and implementation of 10 "Ethical Wall Procedures"' and in accordance with the terms and conditions of any such order 11 (the "Motion"). A hearing on this Motion has not yet been scheduled.

12 I. RELIEF REQUESTED 13 1. By this Motion, the Committee moves for the entry of an order, 14 substantially in the form of the proposed order attached hereto as Exhibit "1" (the "Proposed 15 Order"), determining that Committee members acting in any capacity will neither violate their 16 duties as Committee members nor subject their claims to possible disallowance, subordination or 17 other adverse treatment by buying, selling or otherwise trading in, or in publishing research 18 relating to, any of the following during the pendency of the Debtor's chapter 11 case,

19 (i) the Debtor's stock, notes, bonds, debentures, and commercial paper or other 20 paper, 21 (ii) participations in any of the Debtor's debt obligations, 22 23 24 As used herein, the term "Ethical Wall Procedures" refers to'procedures established by an institution to isolate its trading activities from its activities as a member of an official creditors' 25 committee. An Ethical Wall Procedure typically involves: staffing arrangements whereby the institution's personnel responsible for performing committee functions are different from the 26 personnel responsible for performing trading and research functions; physical separation of the office and file spaces used by those personnel; establishment of procedures for securing 27 committee-related files; establishment of separate telephone and facsimile lines for trading activities and committee activities; and special procedures for the delivery and posting of 28 telephone messages.

LA1 :#6203103v7 -2 COMMITTEE'S MOTION FOR TRADING ORDER

, 0 including without 1 (iii) credit derivatives, gas, power, coal, and other commodities, other transactions and products, 2 limitation physical, financial, derivative and in the markets in which the 3 involving or relating to the Debtor or its affiliates, or operations or in other markets, 4 Debtor or its affiliates conduct the same or similar 5 or ((i) and (ii) and (iv) 6 (iv) any other claims against or interests in the Debtor, as long as any 7 collectively, the "Affected Securities" and (iii) the "Affected Commodities") Securities or Affected 8 Committee member that engages in any such transactions in Affected the 9 Commodities establishes and effectively implements policies and procedures to prevent

10 misuse of any non-public information that may be obtained through its activities as a Committee

11 member ("Confidential Committee Information").

12 II. FACTS

13 A. BACKGROUND under 14 2. On April 6, 2001, the Debtor filed a voluntary petition for relief Debtor is 15 chapter 11 of title 11 of the United States Code (the "Bankruptcy Code"). The

16 operating its business and managing its property as debtor in possession pursuant to Bankruptcy

17 Code sections 1107(a) and 1108.

18 3. On April 10, 2001, the United States Trustee appointed the Committee, 19 and on April 13 and 20, 2001, the United States amended its appointments to the Committee. As

20 of the date hereof, the Committee consists of the following eleven (11) members: Bank of

21 America, NA, PE-Berkeley, Inc., The Bank of New York, City of Palo Alto, The Davey Tree

22 Surgery Company, Dynegy Power Marketing, Inc., Enron Corp., GWF Power Systems, LP, State

23 of Tennessee, Merrill Lynch and Morgan Guaranty. In addition, the Committee has selected

24 Bank of America, NA and PE-Berkeley, Inc. to serve as Co-Chairs of the Committee.

25 4. On April 16, 2001, the Committee selected Milbank, Tweed, Hadley &

26 McCloy LLP ("Milbank") as counsel to represent the Committee in the Case. Milbank has

27 separately filed an application for employment for this Court's approval. 28

LAI :#6203103v7 COMMITTEE'S MOTION FOR TRADING ORDER this Motion pursuant to 28 U.S.C. §§ 157 1 5. This Court has jurisdiction over U.S.C. § 157(b)(2). The statutory 2 and 1334 and this matter is a core proceeding under 28 Code section 105(a). 3 predicate for the relief sought by this Motion is Bankruptcy

4 B. NEED FOR REQUESTED RELIEF direct or indirect affiliates 5 6. Certain members of the Committee, and certain functions, trade in, or render financial 6 or subsidiaries of members of the Committee, among other Securities or the Affected 7 advice (including providing research) with respect to the Affected and private securities, and energy 8 Commodities, including but not limited to municipal, public the 9 related commodities and derivatives, as a regular part of their business (collectively,

10 "Trading Entities"). creditors of the Debtor and 11 7. The Trading Entities are among the largest Entities have both the 12 bring considerable expertise to the Committee. Therefore, the Trading and this Case. 13 incentive and ability to make significant contributions to the Committee the Committee if 14 8. However, the Trading Entities are unwilling to serve on in, and/or, as the 15 they are not permitted, pursuant to reasonable Ethical Wall Procedures, to trade Affected 16 case may be, render financial (including providing research) advice with respect to, the

17 Securities and the Affected Commodities, which include, but are not limited to, those Affected

18 Securities or Affected Commodities held by the Trading Entities as of the date hereof or 19 subsequently directly or indirectly acquired by them.

20 9. As members of the Committee, Trading Entities may receive information

21 regarding the Debtor that has not been released to the public and which may be released only

22 subject to a confidentiality agreement. Absent entry of the Proposed Order, the Trading Entities

23 may not be authorized to trade in the Affected Securities or the Affected Commodities, or

24 publish research relating thereto, without being accused of violating their fiduciary duties as

25 Committee members, thus subjecting their claims in this case to possible disallowance or

26 subordination, or subjecting themselves or their clients to disgorgement of trading profits or

27 other adverse treatment.

28

LAI :#6203103v7 -4- COMMITTEE'S MOTION FOR TRADING ORDER in other chapter 11 cases 1 10. Many institutions have faced the same dilemma regularity, permit 2 in recent years. To resolve this issue, bankruptcy courts, with increasing serving on an 3 institutional creditors and broker/dealers to trade in the securities of a debtor while on such 4 official creditors' committee. Such authorization, however, typically is conditioned 5 institutional creditors establishing Ethical Wall Procedures. from any harm 6 11. The use of Ethical Wall Procedures will protect the public to the 7 that might otherwise occur by virtue of a Trading Entity's simultaneous service on or and 8 Committee and continued trading in the Affected Securities and the Affected Commodities 9 publication of research. At the same time, entry of the Proposed Order will benefit the public by 10 allowing the significant market players that sit on the Committee to actively trade, which will 11 assist in providing liquidity for the Affected Securities and the Affected Commodities. 12 III. ARGUMENT

13 A. AUTHORIZING TRADING AND RENDERING ADVICE WITH 14 RESPECT TO AFFECTED SECURITIES AND AFFECTED COMMODITIES BY COMMITTEE MEMBERS IS IN THE BEST 15 INTERESTS OF THE ESTATE AND THE MARKET 16 12. Procedures for establishing an Ethical Wall were clearly articulated by the 17 United States Bankruptcy Court for the Southern District of Ohio in the chapter 11 bankruptcy 18 case of Federated Department Stores, Inc. 1991 WL 79143, Bankr. No. 1-90-00130, (Bankr. 19 S.D. Ohio 1991). In that case, Fidelity Management & Research Company ("Fidelity"), a 20 member of an official bondholders' committee, moved for an order determining that it would not 21 violate its duties as a committee member by trading in the debtor's securities if procedures were 22 implemented to insulate its trading activities from its committee-related activities. Numerous 23 parties, including the Securities and Exchange Commission (the "SEC"), supported Fidelity's 24 motion, and even the debtor responded that they were not opposed to the requested relief. The 25 SEC's memorandum, attached hereto as Exhibit "2," in support of Fidelity's motion urged the 26 court to adopt the SEC's position that: 27 28 consistent with the requirements of the federal securities laws and the bankruptcy laws, an entity that is engaged in the trading of securities as a regular part of its LA] :#6203103v7 -5. COMMITTEE'S MOTION FOR TRADING ORDER 1 business and that has implemented procedures reasonably designed to prevent the transmission to its trading personnel of information obtained through service on and, at the 2 an official committee is not precludedfrom serving on the committee same time, tradingin the debtor's securities. 3 SEC Memorandum at 6 (emphasis added). The SEC went on to point out that institutional creditors "have skills and expertise that are likely to be extremely valuable to the committee" and permitting the service of such entities on official 6 concluded that there "is no legal impediment to 7 committees." Id.

with Judge Aug ordering that "Fidelity will 8 13. Fidelity's motion was granted, not be violating its fiduciary duties as a committee member and, accordingly, will not be or other adverse treatment by 10 subjecting its claims to possible disallowance, subordination, pendency of these Cases, provided that 11 trading in the securities of the Debtor... during the or [Ethical] Wall." In re Federated 12 Fidelity employs an appropriate information blocking device "Federated Order"). 13 Dep't Stores, Inc., 1991 WL 79143 at *1 (the for establishment of an 14 14. The Federated Order specified certain.procedures acknowledgment by personnel 15 Ethical Wall by an institutional creditor, including: (i) written and are aware of the 16 performing committee work that they could receive non-public information trading personnel from the 17 Ethical Wall Procedures in effect; (ii) preventing the trading entity's designated representatives 18 misuse of any non-public information obtained by the trading entity's for committee work that is 19 for Committee-related activities; (iii) creation of separate file space committee-related 20 inaccessible to employees that are not responsible for performing any and (v) 21 functions; (iv) restrictions on committee personnel's access to trading information; 22 establishment of a compliance review process.

23 15. Since the entry of the Federated Order, numerous other bankruptcy courts, have 24 including the United States Bankruptcy Court for the Central District of California, 25 recognized the importance of having institutional creditors participate on official committees in 26 large cases, and accordingly, have entered orders permitting institutional members of official 27 committees to trade the debtor's securities and publish research as long as Ethical Wall 28 Procedures are implemented.

LAI :#6203103v7 -6- COMMITTEE'S MOTION FOR TRADING ORDER Judge 1 16. For example, in In re County of Orange, Case No. SA 94-22272-JR, as Exhibit "3," 2 Ryan entered an order (January 31, 1995), a copy of which is attached hereto of 3 permitting members of the official committee of unsecured creditors and the subcommittee 4 bondholders to trade in the debtor's, and other, securities with "appropriate and effective set 5 information blocking procedures," the terms of which were substantially identical to those 6 forth in the Federated Order. 7 17. More recently, by orders dated October 19, 2000, December 11, 1999, 8 September 21, 1999, December 21, 1998, February 21, 1997, July 17, 1996 and September 8, 9 1995, in the respective chapter 11 cases of In re GST Telecom, Inc., Case No. 00-1982 (GMS), 10 In re Sun Healthcare Group, Inc., Case No. 99-3657 (MFW), In re ICO Global Communications 11 Services Inc., et. al., Case No. 99-2933 (MFW), In re Acme Metals Inc., Case No. 98-2179

12 (MFW), In re Mid American Waste Systems, Inc., Case No. 97-104 (PJW), In re Ace-Texas, 13 Inc., et al., Case No. 96-166 (PJW), and Wherehouse Entertainment, Inc., Case No. 95-911 14 (HSB), the Bankruptcy Court for the District of Delaware has permitted members of the official 15 creditors' committees appointed in such cases to trade in the debtors' securities during the 16 pendency of such cases provided that the committee members established and implemented 17 Ethical Wall Procedures. Other bankruptcy courts have entered similar orders. See In re Vista 18 Evecare, Inc., Case No. AOO-65214 (Bankr. D. Ga. June 1, 2001); In re America West Airlines, 19 Inc., No. 91-07505 (Bankr. D. Ariz. Oct. 23, 1991). 20 B. USE OF "INFORMATION WALLS" IS PERMITTED 21 UNDER SECURITIES LAWS AND REGULATIONS AND NOT PRECLUDED UNDER THE BANKRUPTCY CODE 22

23 18. As noted in the SEC Memorandum, "[Ethical] Walls and similar devices 24 are well-established means of preventing transmission of [material nonpublic] information..." 25 Id. at pg. A- 162. Moreover, such devices are mandated for broker-dealers and investment 26 advisers. 15 U.S.C. § 780(f) and 15 U.S.C. § 80b-4A.2 27 2 Both sections (one from the Securities Exchange Act and the other from the Investment 28 Advisers Act of 1940) provide for the establishment, maintenance and enforcement of written

LAI :#6203103v7 -7 COMMITTEE'S MOTION FOR TRADING ORDER

. 0 1 19. Under certain circumstances, Ethical Wall Procedures may provide 14e 2 defenses to asserted violations of Rule 14e-3 of the Securities Exchange Act of 1934 ("Rule obtains 3 3"). Rule 14e-3 mandates a "disclose or abstain from trading duty" for any person who 4 inside information about a tender offer from either the offeror or the target company, or from 5 their officers, directors or employees. An exception to the Rule exists for those entities that can information and 6 show the individuals making the investment decisions are not privy to the inside 7 that the entity has implemented policies and procedures, reasonable under the circumstances, the

8 ensure that the securities laws would not be violated. Rule 14e-3(b). 9 20. The SEC, in the SEC Memorandum, argues that the same legal principles 10 provided for in Rule 14e-3(b) should extend to Section 10(b) of the Securities Exchange Act and 11 Rule 1Ob-5 thereunder. 3 See Koppers v. American Express, 689 F. Supp. 1413, 1413-5 (W.D.

12 Pa. 1988) (reprinting letter to court from the Commission's General Counsel stating that the 13 Commission "believes that violations of the federal securities laws stemming from these 14 conflicts can be avoided through the use of well-established preventative policies and 15 procedures, such as [Ethical] Walls, restricted lists and watch lists."); Slade v. Shearson, 16 Hammill & Co., Inc., Fed. Sec. L. Rep. (CCH) ¶ 94, 329 (S.D.N.Y. 1974), remanded 517 F.2d 17 398 (2d Cir. 1974) (supporting the use of Ethical Wall Procedures in brokerage firms if the 18 persons who engage in securities transactions for customers are thereby effectively isolated from 19 any inside information that the firm may receive as an investment banker).

20 21. While it is clearly established that members of official committees are 21 fiduciaries to the creditors they represent,4 no current Bankruptcy Code provision prevents the 22 trading in claims or securities of the Debtor or the publication of research relating thereto. 23 Indeed, when Congress enacted the Bankruptcy Code in 1978, it specifically deleted section 249 24 cont'd... policies and procedures reasonably designed to prevent the misuse of material, nonpublic 25 information. 63 Under Section 10(b) and Rule lOb-5 thereunder, an insider having material, nonpublic 26 information must disclose the information or abstain from trading in order to avoid violating 27 those provisions.

28 See Woods v. National Bank and Trust Co. of Chicago, 312 U.S. 262, 268-69 (1941).

LA1 :#6203103v7 -8- COMMITTEE'S MOTION FOR TRADING ORDER 1 of the former Bankruptcy Act, which provided that fiduciaries would be denied compensation for in the debtor's 2 services rendered in the bankruptcy proceedings if they engaged in any trading 3 securities. 4 22. Bankruptcy Code section 328(c), the successor to section 249 of the 5 Bankruptcy Act, authorizes the denial of compensation to professionals who are not of an 6 disinterested, but unlike section 249 of the Bankruptcy Act it does not apply to members 7 official or unofficial committee nor-is it a mandatory denial of compensation. 11 U.S.C.

8 § 328(c). 9 23. The SEC interpreted the omissions of the prohibitions cited in section 249 10 of the Bankruptcy Act as the intent of Congress to "give more flexibility for interpretation of the 11 fiduciary duty that is owed by members of official committees." SEC Memorandum at page 22.

12 This Court should extend that flexibility to permit Trading Entities to trade in, provide research 13 coverage of, and render advice with regards to Affected Securities and Affected Commodities, as 14 long as they comply with the established procedural protections set forth in the Proposed Order. 15 C. COMMITTEE MEMBERS SHOULD NOT BE RESEARCH COVERAGE 16 PRECLUDED FROM TRADING, PROVIDING OF, OR RENDERING ADVICE WITH RESPECT TO, THE AFFECTED 17 SECURITIES AND THE AFFECTED COMMODITIES 18 24. The Committee believes that current and future members of the 19 Committee should not be precluded from trading in, providing research coverage of, or rendering 20 advice with respect to, Affected Securities and Affected Commodities during the tenure of such 21 member(s) on the Committee. As recognized by the SEC in the Federated case, the Trading 22 Entities have resources and experience, including knowledge of the Debtor's business, industry, 23 capital structure and the gas and power markets, that render them particularly valuable for 24 official creditors' committee service. In addition, because the Trading Entities are among the 25 Debtor's largest creditors (or representatives thereof), they have a great incentive to pursue the 26 Committee's work diligently toward the goal of confirming a chapter 11 plan. 27 25. Beyond any negative consequences it would have in this case, denial of 28 the relief sought herein also will discourage large creditors with expertise and experience in

LAI :#6203 103v7 -9- COMMITTEE'S MOTION FOR TRADING ORDER in the I reorganizations from joining creditors' committees in other cases, despite the presumption creditors. See 11 2 Bankruptcy Code that the committee will "ordinarily" consist of the largest or in commodities 3 U.S.C. § 1102(b)(1). Creditors that regularly trade in the Debtor's securities 4 also traded by the Debtor simply should not be forced into the choice of serving on a committee 5 and risking the loss of beneficial investment opportunities or business opportunities or those same 6 transactions for their clients or foregoing service and possibly compromising 7 responsibilities by taking a less active role in the reorganization. which 8 26. Accordingly, the Committee seeks entry of the Proposed Order 9 provides a mechanism for the authorized trading of the Affected Securities and the Affected 10 Commodities by the Trading Entities. Many courts have entered similar orders to permit 11 Committee members to trade in and provide research with respect to the debtor's securities,

12 provided Ethical Wall Procedures were implemented. There is no impediment in the federal 13 securities laws, other laws or the Bankruptcy Code to the relief sought by the Committee. 14 Indeed, for some time now, the SEC has recognized the value and legitimacy of Ethical Wall 15 Procedures in the securities law context. As bankruptcy courts have repeatedly recognized, there 16 is no reason why Ethical Wall Procedures cannot prove to be just as useful in the bankruptcy 17 context.

18 27. For the foregoing reasons, the Committee respectfully submits that its 19 members should be permitted to trade in, and provide research with respect to, the Affected 20 Securities and the Affected Commodities during the pendency of this case on the condition that 21 such members establish and effectively implement policies and procedures, such as the Ethical 22 Wall Procedures, to prevent the misuse of non-public information obtained through their 23 activities as Committee members. 24 IV. NOTICE

25 28. Notice of this Motion has been given to the Office of United States 26 Trustee, the Securities and Exchange Commission, the New York Stock Exchange, the National 27 Association of Securities Dealers, the Commodities Futures Trading Commission, the Chicago 28

LAI :#6203103v7 -10 COMMITTEE'S MOTION FOR TRADING ORDER submits 1 Board of Trade, members of the Committee, and counsel to the Debtor. The Committee is required. 2 that due to the nature of the relief requested herein, no further notice 3 V. CONCLUSION 4 WHEREFORE, the Committee respectfully requests the entry of an order, "1," providing that a 5 substantially in the form of the Proposed Order annexed hereto as Exhibit a Committee member 6 Committee member acting in any capacity will not violate its duties as subordination, or other 7 (and, accordingly, will not subject its claims to possible disallowance, g adverse treatment) by publishing research and trading in Affected Securities or Affected 9 Commodities during the pendency of the Debtor's cases, provided that such Committee member 10 implements the applicable Ethical Wall Procedures to insulate its research and trading activities 11 from the activities related to its Committee service; and (ii) grants the Committee such further

12 relief as the Court deems just and appropriate. 13 Dated: May,&, 2001 MILBANK, TWEED, HADLEY & MgCLOY LLP 14

16 By: 17 " Pau onzon Robert Jay Moore 18 Proposed Counsel to the Official Committee of Unsecured 19 Creditors of Pacific Gas and Electric Company 20 21 22 23 24 25 26 27 28

LAI :#6203103v7 -11 COMMITrEE'S MOTION FOR TRADING ORDER EXHIBIT 1 1 MILBANK, TWEED, HADLEY & McCLOY LLP Paul S. Aronzon (#088781) 2 Robert Jay Moore (#077495) 601 South Figueroa Street, Suite 3000 3 Los Angeles, California 90017 Telephone: 213/892-4000 4 Facsimile: 213/629-5063 5 Proposed Counsel to the Official Committee of Unsecured Creditors Of Pacific Gas and Electric Company 6 7

8 UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF CALIFORNIA 9 SAN FRANCISCO DIVISION 10

11 In re: Case No. 01-30923-DM 12 PACIFIC GAS AND ELECTRIC Chapter 11 13 COMPANY, a California corporation, Debtor. [proposed] ORDER PERMITTING 14 TRADING IN AND PUBLISHING RESEARCH WITH RESPECT TO 15 AFFECTED SECURITIES UPON 16 Federal I.D. No. 94-0742640 ESTABLISHMENT OF ETHICAL WALL PROCEDURES 17 Hearing: 18 19 Date: [To Be Set] Time: [To Be Set] 20 Place: 235 Pine Street, 22"" Floor San Francisco, CA 21 [Motion For Order Shortening Time Filed 22 Concurrently] 23 24 Upon the motion (the "Motion") of the Official Committee of Unsecured 25 Creditors (the "Committee") of Pacific Gas and Electric Company (the "Debtor") for an order 26 permitting members of the Committee to publish research and trade in the Affected Securities 27 and the Affected Commodities (as defined in the Motion) upon establishment of certain "ethical 28 LAI :#6203159v4 05/17/01 10:08 AM PROPOSED ORDER APPROVING TRADING MOTION 1 wall" procedures (the "Ethical Wall Procedures"), and due and proper notice of the Motion

2 having been given, and after due deliberation, and sufficient cause appearing therefor, it is 3 hereby found and

4 ORDERED, that any Committee member acting in any capacity will not be 5 violating its fiduciary duties as a Committee member and, accordingly, will not subject its claims

6 to possible disallowance, subordination, or other adverse treatment, if any such Committee 7 member and/or its affiliates publishes research and/or trades in the Debtor's Affected Securities

8 and/or in the Affected Commodities during the pendency of this case (the "Trading Entity"), 9 provided that such Trading Entity establishes and maintains Ethical Wall Procedures to prevent: 10 (i) the employees of such Trading Entity engaged in preparing and publishing research and/or in 11 effecting or consummating trades on a day to day basis in the Affected Securities or the Affected

12 Commodities or employees to whom such trading employees directly report (collectively, 13 "Trading/Research Personnel") from misusing any non-public information obtained by such 14 Trading Entity's designated representative(s) for Committee-related activities ("Committee 15 Personnel"); and (ii) Committee Personnel from receiving information regarding (a) such 16 Trading Entity's trading in the Affected Securities or the Affected Commodities in advance of 17 such trades, or (b) the content of such Trading Entity's research relating to the Affected 18 Securities in advance of the publication of such research; and it is further 19 ORDERED, that the Ethical Wall Procedures to be employed by a Trading Entity, 20 if it wishes to trade in the Affected Securities and/or the Affected Commodities, and/or to 21 prepare and provide research relating thereto shall be deemed adequate procedures if they 22 include the following information-blocking procedures (it being understood that some of the 23 Trading Entities have established internal procedures regarding ethical walls devised from 24 longstanding compliance with federal and state securities laws and r~gulations): (i) Committee 25 Personnel will share non-public Committee information ("Confidential Committee Information") 26 only with employees of such Trading Entity that, due to such employee's duties and 27 responsibilities, have a need to know such information (including, without limitation, senior 28 management with direct and indirect oversight responsibility over the work or activities of the LA1 :#6203159v4 -2 05/17/01 10:08 AM PROPOSED ORDER APPROVING TRADING MOTION 1 Committee Personnel with respect to their participation as the Trading Entity's representative(s) Personnel with respect to 2 on the Committee, employees providing assistance to the Committee regulatory and 3 their participation as the Trading Entity's representative(s) on the Committee, and 4 compliance personnel, auditors and in-house legal personnel for the purpose of rendering Committee 5 regulatory, compliance audit or legal advice); (ii) notwithstanding the foregoing, Committee 6 Personnel and any other persons described in subsection (i) that receive Confidential 7 ..Information will.not share such information with any of such Trading Entity's Trading/Research Entity shall notify in 8 Personnel unless otherwise approved by in-house counsel; (iii) the Trading 9 writing all Committee Personnel and either (a) such other employees that are reasonably likely to 10 receive Confidential Committee Information; or (b) any other person approved by in-house 11 counsel who subsequently receives Confidential Committee Information, that during the

12 pendency of the Case (as defined in the Motion) they may receive Confidential Committee 13 Information, of the existence of this Order, and of their responsibility to comply with the Ethical 14 Wall Procedures that are in effect with respect to the Affected Securities and the Affected 15 Commodities; (iv) Committee Personnel and all other persons receiving Confidential Committee 16 Information shall keep such information in files that are inaccessible to Trading/Research 17 Personnel; (v) Committee Personnel will receive no information regarding the Trading Entity's 18 trades in the Affected Securities or the Affected Commodities in advance of such trades, nor the 19 content of any research related to the Affected Securities in advance of the publication of such 20 research, except that Committee Personnel may receive: 21 (a) the usual and customary internal and public reports showing the Trading 22 Entity's purchases and sales and the amount and class of securities and the 23 amount and types of commodities and derivatives owned by such Trading 24 Entity, including the Affected Securities and the Affected Commodities, and 25 copies of research reports issued by such Trading Entity after such reports are 26 released to the public, and 27 28 LAl :#6203159v4 -3 05/17/01 10:08 AM PROPOSED ORDER APPROVING TRADING MOTION in the 1 (b) information regarding the Trading Entity's trades or proposed trades of such 2 Affected Commodities with the Debtor or its affiliates in advance 3 trades. of 4 In the event that Committee Personnel inadvertently receive such information, no violation 5 this Order shall be deemed to have occurred if Committee Personnel promptly disclose the matter which might 6 receipt of such information to the Committee and abstain from voting on any 7 be affected by such information; and (vi).the Trading. Entity's icompliance department personnel as 8 shall review from time to time the Ethical Wall Procedures employed by the Trading Entity 9 necessary to ensure compliance with this Order and shall keep and maintain records of their 10 review; provided, however, that this Order is not intended to preclude the Court from taking any 11 action it may deem appropriate in the event that it is determined that an actual breach of

12 fiduciary duty has occurred because the procedures employed have not been effective or for 13 reasons unrelated to the relief granted in this Order; and it is further 14 ORDERED, that the provisions of this Order shall automatically apply and inure 15 to the benefit of all present Committee members, as well as any entities that become members of 16 the Committee after the date hereof. 17 18 Dated: May _, 2001 ______19 HONORABLE DENNIS MONTALI UNITED STATES BANKRUPTCY JUDGE 20

21 22 23 24 25 26 27 28 LA1:#6203159v4 05/17/01 10:08 AM PROPOSED ORDER APPROVING TRADING MOTION EXHIBIT 2 'I- A~PR. 23.2001 5:37PMl GCSGDC SF 2EE *#2 4151 3938304588 NO.856 P.16/44

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APR-09-200t MON 03:27 PM ODO FAX NO. 212 351 4035 P. 37

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uccipt t.s proy !l0ed tartion 327(tt), 3:7(a), ,Pr 1107(b) 45t ý:l I title I the cmuxt zzy d"y al:mmncc at 0 'Pfinsniýn far ServLats "it eXpt"" Of L PrZf 40*10nr-l person e=ploym U101L.- stetion 227 cr 1.1o; of d=!M7 Fuch I;Jtla Ifftat11,-0 mY tizze IF title, such Is nip% a dizinttresmed 6v beldS Ln inttrem rZoh or Z' worcaer,"ý-Mtlraz of tbt P-StAtL -With %hol:=httar on which su=h prafasxicnký 0 r4en is employed. '-NO.856 P.36/44 PPR.23.2001 5: 42PM GDC SF 20 #2 415 39383e4

APR-09-2001 MON 03.'27 PM GUO FAX NO. 212 351 4035 P. 348

21

dr-pecdant or. M.-Lxm M=tCry provisigrao), zn rareqnIzed cqQI.t-&h;4 repwt--% ME

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Steuzitics Ip.VF. For im the Hc=a Uport cri the bill

that vat ulti--asaxy enk d LS P.-he mu=mnt Cola, thtra is a discussicbm- Lbou% why the roposad bLI1 =do che rppeintmerm of a tý.%isTrIbS LA a c2n7tar :I unrianization mat di2crEtiontry. T-Int %Ppcrtztat&s: eva rmiall I&V Lnd Practima. bLx ChLn r I subs-,4r,--iLILY LZ tkg PEA 140 ytxrs, bm-otyr.-, LmA tAg Absclutz -toessity emk. k, um;rw every cast has cassad, 06-ja sertaut LbQxaz 09 ths LISOIN h:Vj 1Ar-upbly I'lum c=cd ty the &dcp-.icn of týhc sea--=ftimm IIVAI andi -wu antortsamr. by rho. Socuritimp Itont;', 21hd 1% 1.979 W, . =de cong. 7 Xd.

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Zhe ulle. týhLt =e Cavrýw hold tUt All 4mritit-S be P*:--ittod UPL-Idt in the Samaritics of the debtor whj-ýr. 562-.11.1nq an Ar. Offj JbI co=zitce. CzLnssa walls Lrt fic": NO.856 P.39/44 APR.23.2001 5:42PM GDC SF M #2 415 3938304

APR-09-2001 MON 030 PM GRO FAX Ra 212 351 4035 P. 39

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29

tvninessf, Efth -a gilt= ALis not-facad by ý&ntitLks Whimh de, nn

r--;u1Sx.1T crigar,-, LA xe!-ý ej

. PA a firI&I j*P$L-htT 4-0 cM=Mqmjffjfrm urfax Q11M caumt to the =tity to iftle 4 a of Lts CUM454 vau ar otharp:rvtntive palicita Lud vLt& %be bLn$zWtW Coun prior tz Sua v--Itrm to il3eve-, WaCLI;.d raqui-rk t-lk,: the Ontivy --Ahr. Its ObligrationA Ln thi

Vr

41A F 44

we :5mta "it we a meral ur:7inq IL vd am n0t, S'J;9tVti1' t.4A t ti bankrapt--y the mdecNacy e! r-he C in"t Ve 'II PZvC&dvrtSO EXHIBIT 3 APR.19.2001 10:28AM NO.S? 3 P.:-/6

U.S.L4Ne..p:.', '

1 PATRICK A. MURPHY (S.B. No. 038832) S U ROBERT JAY MOORE (S.B. NO. 77495) s-. J 2 MARY L. YOUNG (S.B. No. 152667) MURPHY, WEIR & BUTLER *r2*5 3 A Professional Corporazion Lit 2049 Century Park East, 21st Floor 4 Los Angeles, California 90067 Telephone Number: (310) 788-3700 5 Facsimile Number: (310) 788-3777 6 Proposed Attorneys for the Official i of Creditors of the County of O'range 7 8 UNITED STATES ANKRUPTCY COURT - '

9 - CENTRAL DISTRICT OF CALIFORNIA

21 In re Case No. SA 94-22272-JR 12 (Administratively Consolidated with Case No. SA-94-22273-JR) 13 COUNTY OF ORANGE, a I political subdivision of Chapter 9 ] 14 the State of California; ORANGE COUNTY INVESTMENT (This Pleading Applies to Case No. i5 POOLS, an instrumentality SA-94-22272-JR only) i of the county of Orange, 16 ORDER GRANTING MOTION OF THE OFFICIAl COMMITTEE OF UNSECURED CREDZTORS OF 17 Debtors. THE COUNTY OF ORANGE FOR ORDER REGARDING TRADING OF MUNICIPAL is SECURITIES BY MEMBERS OF OFFICIAL COMMITTEE AND OFFICIAL SUBCOMMITTEES 19 Date: January 31, 1995 20 Time: 11:00 a.m. Place: Courtroom 606 21 34 Civic Center Plaza Santa Ana, CA 92701 22

23 AT SANTA ANA, CALIFORNIA, IN SAID DISTRICT, THISZ ' 24 DAY OF • 1995: 25 The Court, having read and considered the "Motion of the 26 Official Committee of Unsecured Creditors of the County of orange

27 For Order Regarding Trading of Municipal Securities by Members of

28 Official Committees and Official Subcommittees" (the "Motion") and

LRB-036.bpb 3865.000 q1%.'

. 0 APR. 19.2001 10:29AM NO. 873 P. 3/6

1 the Declaration of Richard Kuersteiner in Support Thereof (the 2 "Kuersteiner Declaration"), and the responses of the County of

3 Orange and the Securities and Exchange Commission thereto, based 4 upon the pleadings, exhibits and documents of record in this case, 5 and having determined notice of the Motion was proper and other 6 good cause appearing therefor, it is hereby 7 ORDERED, that 8 1. The Motion is granted in its entirety; 9 2. For purposes of this Order, the term "Trading 10 Entities" shall mean all present or future members or exr 1I members of the Committee, the Official Subcommittee of Bondholders

12 (the "Subcommittee"), advisors to the Committee and the -" 13 Subcommittee, and/or the direct or indirect affiliates of any of 14 them, which are multi-service financial institutions which, among is other functions, trade in, or render financial advice with respect 16 to, municipal securities as a regular part of their business; 17 3. Trading Entities will not be violating any 18 fiduciary duties as members or ex officio members of or advisors 19 to the Committee or the Subcommittee, and accordingly will not be 20 subjecting their claims to possible disallowance, subordination, 21 disgorgement of trading profits or other adverse treatment$ by 22 trading in or rendering financial advice with respect to 23 securities of the County and OCIP Participants, provided that the 24 Trading Entities comply with the provisions of paragraph 4, below; 25 4'. Each Trading Entity shall either: (a) refrain from 26 trading any Affected Securities issued by the Debtor or any OCIP 27 Participant at any time that the Trading Entity is in possession 28 of nonpublic information regarding the Debtor (whether or not such

LR"O-36.bpb "-2- 3865.000 0 NO. 873 PPR.19.20 10:29AM" P. 4/6

1 information might be subject to public disclosure in the event of 2 a proper request under one or more Public Access Laws); or 3 (b) institute appropriate and effective information blocking 4 procedures which prevent specified employees of Trading Entities, 5 including investment professionals advising on and securities 6 traders engaged in trading of Affected Securities, from receiving 7 any such nonpublic information provided to the Committee, the a Subcommittee or the advisors and to prevent the representatives of 9 the Trading Entity sitting on or advising the Committee or the 10 Subcommittee from receiving information regarding the Trading 12 Entity's trading in Affected Securities, which procedure shall be 12 served on counsel for the County and the Committee, the Office of 13 the United States Trustee and the Securities and Exchange 14 Commission. Trading Entity personnel who are in possession of 15 Committee Information will not receive any information regarding 16 trades in Affected Securities more frequently than every ten days. 17 Trading Entities relying on clause (a) above shall maintain 18 records regarding the dates on which, and reasons why, trading has 19 been suspended pursuant to clause (a) and identifying trading 20 personnel involved in Committee business and the reasons for such 21 involvement. Such records shall be served promptly following / such 22 suspension or involvement on counsel to the County and the Commit 23 tee, and the Office of the United States Trustee and the Securi 24 ties and Exchange commission. Without limiting the generality of 25 clause (b) above, it shall constitute full compliance with such 26 clause (b) if the Trading Entity institutes and complies with the 27 following "information wall" procedures: (i) the Trading Entity 28 shall have all personnel who have access to nonpublic information

LRB-O36.bpb -3- 366.O00D NMI, O 0 czr APR.19.2001 10:29AM

1 arising out of their functions as members of or advisors to the 2 Committee ("Committee Information") execute a letter acknowledging 3 that they may choose to receive nonpublic information and that 4 they are aware of the "information wall"; (ii) Trading Entity per 5 sonnel will not share nonpublic Committee Information with any 6 affiliated personnel who may trade in or render financial advice 7- with--respect to,-Affected-Securities; and (iii) compliance profes 8 sionals of the Trading Entity shall review all trades in Affected 9 Securities to confirm that such trades were made in conformity 10 with the procedures set forth in this order and shall keep records 11 of such reviews or such Trading Entity shall otherwise direct its 12 compliance professionals to effectuate the foregoing provisions of 13 this paragraph with respect to all trading in Affected Securities; 14 provided, however, that this Order is not intended to preclude the 15 Court from taking any action it deems appropriate in the event 16 that it is determined that an actual breach of fiduciary duty has 17 occurred because the procedures employed are not so effective or 18 for reasons unrelated to the fact of any Trading Entity's ability 19 to trade based on the establishment of the procedures set forth 20 herein; and 21 5. This Order shall inure to the benefit of all 22 present and future members or ex o members or advisors to 23 the Committee or to the Subcommittee who are Trading Entities 24 intending to engage in trading of Affected Securities. 25 70O1HM I. 1ZY&W 26 HONORABLE JOHN E. RYAN UNITED STATES BANKRUPTCY JUDGE 27

28

ft.n' 6__ -4- 65.000 NO.973 P.6/6 APR.19.2001 10:29AM

1 Presented by:

2 MURPHY, WEIR & BUTLER

4 By: Mar y L; er n or Propos Afr S the OfTicil&1mmittee of Unsecured Creditors 6

7 8

9 10

11

12

13 14 15

16

17

18

19 20

21 22

23

24

25

26

27

28

I pm.In2 -5- 3965.000 1 PROOF OF SERVICE

2 STATE OF CALIFORNIA, COUNTY OF LOS ANGELES I am over the age of 18 3 I am employed in the County of Los Angeles, State of California. and not a party to the within action; my business address is 601 South Figueroa Street, 3 0th 4 Floor, Los Angeles, California 90017. NOTICE OF 5 On May 17, 2001, I served the foregoing document(s) described as MOTION AND MOTION OF OFFICIAL COMMITTEE OF UNSECURED CREDITORS FOR AND 6 ENTRY OF AN ORDER PERMITTING TRADING IN AFFECTED SECURITIES -PUBLISHING RESEARCH UPON ESTABLISHMENT OF.ETHICAL WALL PROCEDURES 7 on the interested parties in this action: stated on 8 _X By placing the true copies thereof enclosed in sealed envelopes addressed as the attached mailing list. 9 By placing the _ original _ a true copy thereof enclosed in sealed envelopes 10 addressed as follows: 11 SEE ATTACHED SERVICE LIST

MAIL) 0 12 (BY 13 I deposited such envelope(s) in the mail at Los Angeles, California. The envelope(s) 14 were mailed with postage thereon fully prepaid. • 14

- Following ordinary business practices at the Los Angeles, California office of Milbank, 15 Tweed, Hadley & McCloy LLP, I placed the sealed envelope(s) for collection and mailing with the United States Postal Service on that same day. I am readily familiar with the 16 firm's practice for collection and processing of correspondence for mailing. Under that practice, such correspondence would be deposited with the United States Postal Service 17 on that same day, with postage thereon fully prepared at Los Angeles, California, in the ordinary course of business. 18 X (BY OVERNIGHT COURIER) I caused the document to be delivered, in an envelope 19 with postage prepaid, to be sent by Federal Express.

20 (BY FAX) I caused all of the pages of the above-entitled document to be sent to the recipients noted via electronic transfer (FAX) at the respective telephone numbers 21 indicated.

22 X (FEDERAL) I declare that I am employed in the office of a member of the bar of this court at whose direction the service was made. 23 Executed on May 17, 2001, at Los Angeles, Calif rnia. 24

Virginia Moody 26 Type or Print Name igna r / 27( 28 LA1 :#6204292v1 SEC Headquarters Stephen Johnson James. L. Lopes et al 450 Fifth Street, NW Office of the U. S. Trustee Howard, Rice, Cntr., th Fl. Washington, DC 20549 250 Montgomery St., Ste. 1000 Three Embarcadero 7 CA 94111-4065 San Francisco, CA 94104-3410 San Francisco,

New York CFTC Headquarters Office New York Stock Exchange, Inc. The National Association of Lafayette Centre 11 Wall Street Securities Dealers Three 1155 21st Street, NW New York, NY 10005 33 Whitehall Street Washington DC 20581 New York, NY 10004

Chicago Board of Trade 141 West Jackson Boulevard Chicago, IL 60604-2994 I PROOF OF SERVICE

2 STATE OF CALIFORNIA, COUNTY OF LOS ANGELES in the County of Los Angeles, State of California. I am over the age of 18 3 I am employed is 601 South Figueroa Street, 30th and not a party to the within action; my business address 4 Floor, Los Angeles, California 90017.

5 On May 23, 2001, I served the foregoing document(s) described as NOTICE OF MOTION AND MOTION OF OFFICIAL COMMITTEE OF UNSECURED CREDITORS FOR AND 6 ENTRY OF AN ORDER PERMITTING TRADING IN AFFECTED SECURITIES PUBLISHING RESEARCH UPON ESTABLISHMENT OF ETHICAL WALL PROCEDURES 7 on the interested parties in this action:

8 X By placing the true copies thereof enclosed in sealed envelopes addressed as stated on the attached mailing list. 9 - By placing the - original _ a true copy thereof enclosed in sealed envelopes 10 addressed as follows: 11 SEE ATTACHED SERVICE LIST

C 12 (BY MAIL)

- I deposited such envelope(s) in the m ail at Los Angeles, California.S13 The envelope(s) 14 were mailed with postage thereon fully prepaid. S14 < X Following ordinary business practices at the Los Angeles, California office of Milbank, 15 Tweed, Hadley & McCloy LLP, I placed the sealed envelope(s) for collection and mailing with the United States Postal Service on that same day. I am readily familiar with the 16 firm's practice for collection and processing of correspondence for mailing. Under that < practice, such correspondence would be deposited with the United States Postal Service 17 on that same day, with postage thereon fully prepared at Los Angeles, California, in the ordinary course of business. 18 X (FEDERAL) I declare that I am employed in the office of a member of the bar of this 19 court at whose direction the service was made.

20 Executed on May 23, 2001, at Los Angeles, Califo nia. 21

22 Virginia Moody Type or Print Name ,.. / 23

24

25

26

27 28 LA1 :#6204292v1

ý I GENERAL SERVICE LIST

Adam A. Lewis Adam A. Lewis Morrison & Foerster Morrison & Foerster 425 Market Street, 33rd Floor 425 Market Street, 33rd Floor 94105 San Francisco, California 94105 San Francisco, California for Idaho Power] [Counsel for El Paso] [Counsel

Adrienne Vadell Sturges Alan Z. Yudowsky Anne E. Wells Sodexho Marriott Services, Inc. & Stroock & Lavan LLP 9801 Washingtonian Boulevard, 12th Floor Stroock Century Park East, Suite 1800 Gaithersburg, MD 20878 2029 Los Angeles, California 90067 [Counsel for Sempra Energy Trading Corp]

Alex Makler Arlen Orchard Calpine Corporation Sacramento Municipal Utility District 6700 Koll Center Parkway, Suite 200 6201 S. Street, Mail Stop B408 Pleasanton, California 94566 Sacramento, California 95817

Aron Mark Oliner B.C. Barmann, Sr. Buchalter, Nemer, Fields & Younger, A County Counsel Professional Corporation Attn: Jerri S. Bradley, Deputy 333 Market Street, 29th Floor 1115 Truxtun Avenue, Fourth Floor San Francisco, California 94105 Bakersfield, California 93301 [Counsel for MBIA Insurance Corporation] [Counsel for Phil Franey, Treasurer/Tax Collector for Kern County]

Bank of America National Trust and Savings Bank of America National Trust and Savings Association Association Attn: Peggie Sanders CA5-705-12-10 1850 Gateway Boulevard Attn: Adeline Tourunian Concord, CA 94520 555 California Street, 12th Floor San Francisco, CA 94104

Bank of America Bank One Attn: Clara Strand Corporate Trust Administration 555 South Flower Street Attn: Janice Ott Rotunno Mail Code CA9-706-11-21 Mail Code IL1-0126, 1 Bank One Plaza Los Angeles, CA 90071 Chicago, IL 60670-0126

Bank One, NA Bankers Trust Co. of California, NA Attn: Robert G. Bussa, Jane Bek Structured Finance Group Energy & Utilities Attn: Peter Becker Mail Code IL 1-0363, Bank One Plaza 4 Albany St., 10th Floor Chicago, IL 60670 New York, NY 10006

Bankers Trust Co. Bankers Trust Company Trustee Corp. Trust Corporate Trust Services Safet Kalabovic Attn: Safet Kalabovic 4 Albany Street, 4th Floor 4 Albany Street, 4th Floor New York, NY 10006 New York, NY 10006

[AI:#6204952v] Ben Whitwell Banque Nationale de Paris Whitwell & Emhoff LLP San Francisco Branch N. Canon Drive Attn: Debra Wright 202 Beverly Hills, California 90210 180 Montgomery St., 4th Floor [Attorney for California Power Exchange] San Francisco, CA 94104 Smayda, Director Bennett G. Young Beth MBIA Insurance Corporation LeBoeuf, Lamb, Greene & MacRae, LLP 113 King Street One Embarcadero Center, Suite 400 Armonk, New York 10504 San Francisco, California 94111 [Counsel for Enron North America Corp and Enron Canada Corp.] Trust Company BMO Nesbitt Burns BNY Western Corp. Trust Administration Attn: John Harche Attn: Rose Ruelos, St., Suite 600 700 Louisiana, Suite 4400 550 Kearny Houston, TX 77002 San Francisco, CA 94108-2527 Co BNY Western Trust Company BP Energy Louis Anderson Attn: Rose Ruelos, Corp. Trust Administration Attn: Park Blvd 550 Kearny St., Suite 600 501 Westlake 77079 San Francisco, CA 94108-2527 Houston, TX

BP Energy Company Brian L. Holman 501 Westlake Park Boulevard White & Case LLP Houston, Texas 77079 633 West Fifth Street, 19th Floor Attn: Ken McClanahan Los Angeles, California 90071 [Counsel for Mirant Corporation]

Bruce Bennett, Esq. Bryan Krakauer, Esq. Bennett J. Murphy, Esq. Sidley & Austin Hennigan Bennett & Dorman One First National Plaza 601 South Figueroa St., Suite 3300 Chicago, IL 60603 Los Angeles, CA 90017 (Attorney for Bank of America, Admin. Agent) [Counsel for Sempra and Southern California Gas Company]

Bryant Danner California Farm Bureau Federation Southern California Edison 2300 River Plaza Drive 2244 Walnut Grove Ave. Sacramento, California 95833 Rosemead, CA 91770

California Independent System Op. California Independent System Operator Margaret A. Rostker Attn: Margaret A. Rostker P.O. Box 639014 151 Blue Ravine Rd. Folsom, CA 95630-9017 Folsom, CA 95630

California Power Exchange California Power Exchange Attn: Don Deach Attn: Lynn Miller 100 S. Freemont Ave., Bldg. A9 2000 S. Los Robles Avenue Alhambra, CA 91803-4737 Suite 400 Pasadena, CA 91101-2482

LAI :#6204952v2 2 California Public Utilities Commission California Power Exchange Alan Komberg, Esq. Lynn Miller Rifkind, Wharton & Garrison 100 S. Freemont Avenue, Bldg A9 Paul, Weiss, of the Americas Alhambra, CA 91803-4737 1285 Avenue New York, NY 10019-6064 (Attorney for California Public Utilities Commission)

California State Board of Equalization California Public Utilities Commission PO Box 942879 Attn: General Counsel Sacramento, CA 94279-8063 505 Van Ness Avenue San Francisco, CA 94102 Calpine Gilroy Cogeneration LP Calpine Gilroy Cogeneration LP Robert Brown Robert Brown Pass Highway, Gate 1 Pennzoil Building 1400 Pecheco Gilroy, California 95020 700 Milam Street, Suite 800 Houston, TX 77002 LLC Calpine Greenleaf Inc. Calpine King City Cogen 465 California St. #600 Robert Brown Pky #200 San Francisco, CA 94104 6700 Kill Center San Jose, CA 94568

Calpine Pittsburg Power Plant Carl A. Eklund LLP Zahir Ahmadi LeBoeuf, Lamb, Greene & MacRae, 50 W. San Fernando St. 125 West 55th Street San Jose, CA 95113 New York, NY 10019 [Counsel for Enron North America Corp and Enron Canada Corp.]

Chaim J. Fortgang, Esq. Chevron U.S.A. Production Co. Richard G. Mason, Esq. P.O. Box 840659 Wachtell, Lipton, Rosen & Katz Dallas, TX 75284-0659 51 West 52nd Street New York, NY 10019 [Counsel for Unofficial Committee of Pacific Gas & Electric Company First Mortgage Bondholders]

Christine C. Yokan Christopher Beard General Electric Capital Business Asset Funding Beard & Beard Corp. 306 N. Market Street 10900 N.E. 4th Street, Suite 500 Frederick, MD 21701 Bellevue, Washington 98004

Coast Energy Canada Inc. Coast Energy Group, A Division of Cornerstone 444-7th Avenue S.W., Suite 700 Propane, L.P. Calgary, Alberta 1600 Highway 6, Suite 400 Canada T2P 0X8 Sugarland, TX 77478 Attn: Caroline Pitre Attn: Ruben Alonso

LAI :#6204952vl 3 Craig H. Millet Cook Inlet Energy Supply Gibson Dunn & Crutcher LLP 10100 Santa Monica Blvd., 2 5 th Floor Center Los Angeles, CA 90067 Jamboree Suite 1400 Attn: Hans O. Saeby 4 Park Plaza, Irvine, California 92614 [Counsel for Tucson Electric Power Company]

David A. Burns N.R.G. Energy/Crocket Cogen Botts LLP Keith Richards Baker One Shell Plaza 750 B Street, Suite 2740 910 Loiusiana San Diego, California 92101 Houston, TX 77002 [Counsel for Reliant Energy, Inc.]

David A. Gill David J. Hankey Richard K. Diamond Gohn, Hankey & Stichel LLP Fidelity Building Danning, Gill, Diamond & Kollitz LLP Suite 1520, The 2029 Century Park East, Third Floor 210 North Charles Street Los Angeles, California 90067 Baltimore, Maryland 21201 for Corestaff Services (California), Inc.] [Counsel for Interested Party, Department of Water [Counsel and Power]

David L. Ronn David Neale Mayer, Brown & Platt Levene, Neale, Bender, Rankin & Brill LLP 700 Louisiana, Suite 3600 1801 Avenue of the Stars, Suite 1120 Houston, Texas 77002 Los Angeles, California 90067 [Counsel for Cook Inlet Energy Supply] [Counsel for California Independent System Operator, Inc.]

David Neale David T. Biderman Levene, Neale, Bender, Rankin Brill LLP Perkins Coie LLP 1801 Avenue of the Stars, Suite 1120 1620 26th Street, Sixth Floor Los Angeles, California 90067 Santa Monica, CA 90404-4013 [Attorney for California Independent System [Counsel for Bank of Montreal] Operator)

Department of Justice Deutsche Bank AG U.S. Attorney's Office New York Branch 450 Golden Gate Avenue Attn: E.S. Media Box 36055 31 West 52nd Street San Francisco, CA 94102 New York, NY 10019

Deutsche Bank AG DK Acquisition Partners, L.P. New York Branch c/o M.H. Davidson & Co. Attn: John Quinn 885 Third Avenue, Suite 3300 31 West 52nd Street New York, NY 10022 New York, NY 10019 Attn: Tony Yoseloff

Don Gaffney Duane H. Nelsen Snell & Wilmer LLP GWF Power Systems Company, Inc. One Arizona Center 4300 Railroad Ave. 400 East Van Buren Pittsburgh, CA 94565-6006 Phoenix, AZ 85004 [Counsel for Arizona Public Service Co.]

LA! :#6204952v 4 Dulcie D. Brand Dynergy Canada Marketing & Trade S.W. Ricky L. Shackelford 350 - 7th Avenue James L. Poth Calgary, Alberta T2P 3N9 Jones Day Reavis & Pogue Canada, Steve Barron 555 West Fifth Street, Suite 4600 Attn: Los Angeles, California 90013 [Counsel for Williams Energy Services and Williams Energy Marketing] Edwin Berlin Dynergy Marketing & Trade Richard Wyron 1100 Louisiana Street, Suite 5800 Shereff Friedman, LLP Houston, Texas 77002 Swidler Berlin Attn: Steve Barron 3000 K Street, N.W. Washington, DC 20007 [Counsel for California Independent System Operator, Inc.]

L.P. El Paso Merchant Energy Gas LP El Paso Merchant Energy, Darrel Rogers 1010 Travis Street Texas 77002 2500 City West Blvd., Suite 1400 Houston, Harrison Houston, TX 77042 Attn: John

Elaine M. Seid Enron Canada Corporation McPharlin, Sprinkles & Thomas LLP 3500 Canterra Tower 10 Alamaden Boulevard, Suite 1460 400 3rd Ave. S.W. San Jose, California 95113 Calgary, AB T2P 4H2 [Counsel for City of Santa Clara] Canada

Evan C. Hollander Evan Hollander White & Case LLP White & Case 1155 Avenue of the Americas 1155 Avenue of the Americas New York, NY 10036 New York, NY 10036 [Counsel for BNY]

Evelyn H. Biery Fernando De Leon Corestaff Services (California), Inc. Attorney at Law Fulbright & Jaworski LLP California Energy Commission 1301 McKinney, Suite 5100 1516 9th Street, MS-14 Houston, Texas 77010 Sacramento, California 95814 [Counsel for Corestaff Services (California), Inc.]

Franchise Tax Board G. Larry Engel PO Box 942857 Roberto J. Kampfner Sacramento, CA 94257-2021 Brobeck, Phleger & Harrison LLP One Market Spear Street Tower San Francisco, California 94105 [Counsel for City of Palo Alto and its municipality utility]

LAI :#6204952vi Geysers Power Company LLC Gary P. Blitz Joe McClendon Piper Marbury Rudnick & Wolfe LLP 6700 Koll Center Pky #200 1200 19th Street, N.W. Pleasanton, CA 94566 Washington, D.C. 20036 [Counsel for Certain Underwriters at Lloyd's and Interested Insurance Companies] Gordon P. Erspamer Glenn M. Reisman Morrison & Foerster LLP Two Corporate Drive 101 Ygnacio Valley Road, Suite 450 P.O. Box 861 P.O. Box 8130 Shelton, CT 06484 Walnut Creek, California 94595 [Counsel for GE Power Systems and GE Supply [Counsel for AES New Energy, Inc.] Divisions] Gregory W. Jones Grant Kolling El Paso Merchant Energy City of Palo Alto 1001 Louisiana, Suite 2754B P.O. Box 10250 Houston, Texas 77002 Palo Alto, California 94303 Harold L. Kaplan GWF Power Systems LP Jeffrey M. Schwartz 4300 Railroad Ave. F. Hebbeln Pittsburg, CA 94565 Mark Gardner, Carton & Douglas 321 North Clark Street, 34th Floor Chicago, IL 60610 [Counsel for Indenture Trustee for 7.90% Deferrable Interest Subordinated Debendures Series A]

Heather Brown Heinz Binder Williams Energy Marketing and Trading Co. Robert G. Harris One Williams Center, Suite 4100 Binder & Malter Tulsa, OK 74172 2775 Park Avenue Santa Clara, California 95050 [Counsel for Corestaff Services (California), Inc.]

Howard J. Weg Hydee R. Feldstein Peitzman, Glassman & Weg Katherine A. Traxler 1900 Avenue of the Stars, Suite 650 Kelly Aran Los Angeles, California 90067 Paul, Hastings, Janofsky & Walker LLP [Counsel for Powerex Corp.] Twenty Third Floor 555 South Flower Street Los Angeles, California 90071 [Counsel for Constellation Power Source, Inc.]

ICC Energy Corporation Internal Revenue Service 302 N. Market Street, Suite 500 Fresno, CA 93888 Dallas, TX 75202-1846 Attn: Karl Butler

LAI:#6204952vl 6 Internal Revenue Service J. Christopher Kennedy Irell & Manella LLP Spec Proc / Bankruptcy Avenue of the Stars, 9th Floor 1301 Clay Street, Suite 1400 1800 90067 Oakland, CA 94612 Los Angeles, California [Counsel for party in interest]

J. Christopher Kohn J. Christopher Kohn Tracy J. Whitaker Tracy J. Whitaker Brendan Collins Brendan Collins Justice Civil Division Department of Room 10004 Department of Justice 1100 L Street, N.W. 20005 P.O. Box 875 Washington, D.C. States of America] Ben Franklin Station [Counsel for United Washington, D.C. 20044 [Counsel for United States of America]

J. Matthew Derstein James E. Till, Esq. Roshka Heyman & DeWulf PLC Perkins Cole LLP Two Arizona Center 1211 SW Fifth Ave., Suite 1500 400 North 5th Street, Suite 1000 Portland, OR 97204 Phoenix, AZ 85004 [Counsel for Bank of Montreal] [Counsel for Tucson Electric Power Company]

James R. Thompson Jeffrey M. Wilson Idaho Power Company Saybrook Capital LLC 1221 W. Idaho Street 303 Twin Dolphin Drive, Suite 600 Boise, Idaho 83702 Redwood City, California 94065 [Proposed Investment Banker to Committee]

Jeffry A. Davis JoAnn P. Russell Gray Cary Ware & Freidenrich LLP Duke Energy Trading and Marketing LLC 401 B Street, Suite 1700 10777 Westheimer, Suite 650 San Diego, California 92101 Houston, TX 77042 [Counsel for International Brotherhood of Electrical Workers, Local 47 and Local 1245]

John F. Shellabarger John G. Klaugberg Carriage Homes, Inc. LeBoeuf, Lamb, Greene & MacRae, LLP Law Offices of John F. Shellabarger 125 West 55th Street 928 Garden Street, Suite 3 New York, NY 10019 Santa Barbara, California 93101 [Counsel for Enron North America Corp and Enron [Counsel for Carriage Homes, Inc.] Canada Corp.]

John P. Dillman John P. Melko Linerbarger Heard Goggan Blair Wendy K. Laubach Graham Pena & Sampson, LLP Verner, Liipfert, Bernhard, McPherson and Hand P.O. Box 3064 1111 Bagby, Suite 4700 Houston, TX 77253 Houston, TX 77002 [Counsel for Sacramento Municipal Utility District]

LAI:#6204952vl 7 Jonathan Rosenthal John T. Hansen Jon P. Schotz Deborah H. Beck Jonathan Y. Thomas Nossaman, Guthner, Knox & Elliott Saybrook Capital LLC 50 California Street, 34th Floor 401 Wilshire Boulevard, Suite 850 San Francisco, California 94111 Santa Monica, California 90401 [Counsel for Committee of PG&E Retirees and Investment Banker to Committee] Survivors] [Proposed Joseph A. Eisenberg, P.C. Joseph A. Eisenberg, Esq. Victoria S. Kaufman Jeffer, Mangels, Butler & Marmaro .Jeffer,Mangels, Butler & Marmaro LLP 2121 Avenue of the Stars, 10th Fl. 2121 Avenue of the Stars, Tenth Floor Los Angeles, CA 90067 Los Angeles, CA 90067 (Attorney for California Power Exchange) [Counsel for California Power Exchange Corp.]

KBC Bank Kenneth N. Russak LLP Attn: Daniel To Pillsbury Winthrop Figueroa Street, Suite 2800 515 So. Figueroa St., Suite 1920 725 South Los Angeles, California 90017 Los Angeles, CA 90071 [Counsel for Dynergy Power Marketing, Inc.; El Segundo Power LLC; Long Beach Generation LLC; Cabrillo Power I LLC; Cabrillo Power II, LLC; Dynergy Marketing & Trade LLC; West Coast LLC]

Kevin K. Haah Kimberly S. Winick Ervin, Cohen & Jessup LLP Mayer, Brown & Platt 9401 Wishire Boulevard, 9th Floor 350 South Grand Avenue, 25th Floor Beverly Hills, California 90212 Los Angeles, California 90071 for Aera Energy LLC] [Counsel for Ronald A. Katz Technology Licensing [Counsel L.P.]

Kjehl T. Johansen Larren M. Nashelsky Legal Division Morrison & Foerster LLP Office of City Attorney 1290 Avenue of the Americas Department of Water and Power New York, NY 10104 P.O. Box 51111, Suite 340 [Counsel for El Paso Merchant Energy L.P.] Los Angeles, California 90051

Lillian G. Stenfeldt D. Cameron Baker Fred Hjelmeset City Attorney Gray Cary Ware & Freidenrich LLP City and County of San Francisco, 1755 Embarcadero City Hall, Room 234 Palo Alto, California 94303 1 Dr. Carlton B. Goodlett Place [Counsel for International Brotherhood of Electrical San Francisco, California 94102 Workers, Local 47 and Local 1245]

D. Cameron Baker M. Freddie Reiss City Attorney PricewaterhouseCoopers LLP L. Joanne Sakai 400 South Hope Street Theresa Mueller Los Angeles, California 90071 City Hall, Room 234 [Proposed Financial Advisor to Committee] One Dr. Carlton B. Goodlett Place San Francisco, California 94102 [Counsel for the City and County of San Francisco]

LA 1:#6204952v I 8 M.O. Sigal Jr Marc S. Cohen Jeffrey A. Krieger Simpson Thatcher & Bartlett Greenberg Glusker Fields Claman Machtinger & Lexington Avenue 425 Kinsella New York, NY 10017 1900 Avenue of the Stars, Suite 2100 [Counsel for Duke Energy Trading and Marketing] Los Angeles, California 90067 [Counsel for Official Committee of Participants' Creditors Claims]

Mark Finnemore Mark C. Ellenberg Internal Revenue Service Cadwalader, Wickersham & Taft Business/Self-Employed Division Counsel 1201 F Street N.W., Suite 1100 Small 160 Spear Street, 9th Floor Washington, D.C. 20004 San Francisco, California 94105 [Counsel for MBIA] [Counsel for the United States of America]

Marc Hirschfield Mark P. Weitzel Benjamin Hoch Paul C. Lacourciere & Priest LLP Dewey Ballantine LLP Thelen, Reid Street, Suite 1800 1301 Avenue of the Americas 101 Second San Francisco, California 94105 New York, New York 10019-6092 [Counsel for Burney Forest Products]

Martha E. Romero Martin L. Fineman LLP Law Offices of Martha E. Romero David Wright Tremaine Center, Suite 600 7743 South Painter Avenue, Suite A One Embarcadero 94111 Whittier, California 90602 San Francisco, California for Wheelabrator Shasta Energy Co.] [Counsel for Secured Creditors Various California [Counsel Counties in California]

MBIA Insurance Corporation Merle C. Meyers Attn: IPM-PCF Katherine D. Ray 113 King Street Goldberg, Stinnett, Meyers & Davis 2900 Armonk, NY 10504 44 Montgomery Street, Suite Mellon Bank, N.A. San Francisco, California 94104 Attn: L. Scott Sommers [Counsel for Modesto Irrigation District] 400 So. Hope Street, 5th Floor Los Angeles, CA 90071-2806

Merrill Lynch Michael A. Rosenthal Attn: Ahi Aharon Keith D. Ross World Financial Ctr., North Tower Gibson Dunn & Crutcher LLP 250 Vesey Street, 10th Floor 2100 McKinney Avenue, Suite 1100 New York, NY 10281-1310 Dallas, TX 75201 [Counsel for NRG Energy, Inc.]

Michael E. Ross Michael F. O'Friel AES New Energy, Inc. Wheelabrator Technologies, Inc. 350 South Grand Avenue, Suite 2950 4 Liberty Lane West Los Angeles, California 90017 Hampton, NH 03842

LAI :#6204952v 9 Michael Friedman Michael Hamilton PricewaterhouseCoopers LLP Richard Spears Kibbe & Orbe 1301 Avenue of the Americas Chase Manhattan Plaza One New York, NY 10019 New York, NY 10005 [Proposed Financial Advisor to Committee] [Counsel for DK Acquisition Partners] Michael Morris Michael L. Tuchin Bennet & Dorman David M. Stem Hennigan, Figueroa Street, Suite 3300 Michelle C. Campbell 601 South Los Angeles, California 90017 Klee, Tuchin, Bogdanoff & Stem LLP [Counsel for Southern California Gas Company] 1880 Century Park East, Suite 200 Los Angeles, California 90067 [Counsel for Caithness Energy, LLC and FPL Energy Inc.]

Mike R. Jaske Mitchell I. Sonkin Wickersham & Taft California Energy Commission Cadwalader, Lane 1516 Ninth Street, MS-22 100 Maiden Sacramento, California 95814 New York, NY 10038 [Counsel for MBIA]

Secretary Morgan Guaranty Trust Company of New York Mr. David Boergers, Attn: Carl J. Mehldau Federal Energy Regulatory Commission 60 Wall Street 888 First Street, N.E., Room 1-A New York, NY 10260 Washington, DC 20246

Nanette D. Sanders Office of the U.S. Trustee Sarah E. Petty Attn: Stephen Johnson Snell & Wilmer LLP 250 Montgomery Street, Suite 1000 1920 Main Street, Suite 1200 San Francisco, CA 94104-3401 Irvine, California 92614 [Counsel for Arizona Public Service Co.]

Pancanadian Energy Services Inc. Patricia S. Mar 1200 Smith Street, Suite 900 Morrison & Foerster LLP Houston, TX 77002 425 Market Street, 33rd Floor Attn: Brian Redd San Francisco, CA 94105-2482 E-mail: [email protected] [Counsel for AES New Energy, Inc.]

Patricia S. Mar, Esq. Peter J. Benvenutti Morrison & Foerster LLP Heller Ehrman White & McAuliffe LLP 425 Market Street, 33rd Floor 333 Bush Street San Francisco, CA 94105-2482 San Francisco, California 94104 [Counsel for Avista Energy, Inc. and GWF Power Systems Company, Inc.]

LAI :#6204952vl 10 Philip Warden Phillip S. Warden Winthrop LLP Pillsbury, Winthrop LLP Pillsbury 50 Fremont Street 50 Fremont Street Francisco, California 94105 San Francisco, California 94105 San Power Marketing, Inc.; El [Counsel for Southern California Gas Company] [Counsel for Dynergy Segundo Power LLC; Long Beach Generation LLC; Cabrillo Power I LLC; Cabrillo Power II, LLC; Dynergy Marketing & Trade LLC; West Coast LLC

R. Dale Ginter Pillsbury Winthrop LLP Downey, Brand, Seymour & Rohwer LLP 725 S. Figueroa Street, Suite 2800 555 Capitol Mall, 10th Floor Los Angeles, CA 90017-5406 Sacramento, California 95814 Attn: Kenneth N. Russak, Esq. for Merced Irrigation District, Occidental [Counsel to Parties in Interest: Dynergy Power [Counsel of Elk Hills, Diamond Walnut Growers, and Hertz Marketing, Inc., El Segundo Power LLC, Long Corporation] Beach Generation LLC, Cabrillo Power I LLC, Cabrillo Power II, LLC, Dynergy Marketing & Trade LLC and West Coast Power, LLC]

Rabobank International Rabobank Nederland Branch Attn: Gladys Montes New York Trade Services Four Embarcadero Center Attn: International Suite 3200 245 Park Avenue San Francisco, CA 94111 New York, NY 10167-0062

Randy Michelson Region IV Regulatory Commission McCutchen, Doyle, Brown & Enersen, LLP U.S. Nuclear Three Embarcadero Center Ellis W. Mershoff San Francisco, California 94111 Regional Administrator [Counsel for Reliant Energy, Inc.] 611 Ryan Plaza Drive, suite 400 Arlington, TX 76011-8064

Richard A. Lapping Richard Blackstone Webber II Louis J. Cisz, III Richard Blackstone Webber II, P.A. Thelen Reid & Priest LLP 2507 Edgewater Drive 101 Second Street, Suite 1800 2507 Edgewater Drive San Francisco, CA 94105-3601 Orlando, FL 32804 of Florida, [Counsel for Creditor, Calpine Corporation and its [Counsel for Blue Cross and Blue Shield Affiliated Entities] Inc.]

Richard C. Josephson Richard Hopp Stoel Rives LLP 14416 Victory Boulevard, Suite 108 900 SW Fifth Avenue, Suite 2600 Van Nuys, California 91401 Portland, OR 97204 [Richard Hopp in Propria Persona] [Counsel for PacifiCorp and Crockett Cogen.]

Richard Purcell Richard Stevens Conectiv Avista Corp. 252 Chapman Road P.O. Box 3727 Christiana Building Spokane, WA 99220 Newark, Delaware 19714

LAI :#6204952v1 11 Richard W. Esterkin Richard Wyron Morgan, Lewis & Bockius LLP Swidler Berlin Shereff Friedman LLP 300 South Grand Avenue 3000 K Street, NW, Suite 300 Los Angeles, California 90071 Washington, DC 20007 [Counsel for Fuji Bank, Limited] [Attorney for California Independent System Operator]

Darby Robert A. Greenfield, Esq. Robert Inc. Stutman, Treister & Glatt Corestaff Services (California), Fulbright & Jaworski LLP 3699 Wilshire Blvd., #900 865 South Figueroa, 29th Floor Los Angeles, CA 90010-2766 Los Angeles, California 90017 [Counsel for Corestaff Services (California), Inc.]

Robert E. lzmirian Robert M. Blum Aaron M. Oliner Thelen Reid & Priest LLP Suite 1800 Buchalter, Nemer, Fields & Younger 101 Second Street, 333 Market Street San Francisco, California 94105 San Francisco, California 94105 [Counsel for Davey Tree Surgery Company] [Counsel for MBIA]

Robert S. Mueller Robert S. Mueller, III United States Attorney United States Attorney Jocelyn Burton Jay R. Weill Assistant United States Attorney Assistant United States Attorney Douglas K. Chang Thomas MacKinson 450 Golden Gate Avenue, 10th Floor 160 Spear Street, Ninth Floor San Francisco, California 94102 San Francisco, California 94105 [Counsel for United States of America] [Counsel for the United States of America]

Roi Chandy Roland Pfeifer Teachers Insurance and Annuity Assoc. of America Office of the City Attorney 730 Third Avenue 1500 Warburton Avenue New York, NY 10017 Santa Clara, California 95050

Rosanne Thomas Matzat Scott 0. Smith Hahn & Hessen LLP Buchalter, Nemer, Fields & Younger 350 Fifth Avenue, Suite 3700 601 South Figueroa Street, Suite 2400 NewYork, NY 10118 Los Angeles, California 90017 [Counsel for Metropolitan Life Insurance Co.] [Counsel for Quanta Services, Inc.]

Secretary of Treasury Sandra W. Lavigna 15th & Pennsylvania Avenue Sarah D. Moyed Washington, D.C. 20549 Securities Exchange Commission 5670 Wilshire Blvd., 11th Fl. Los Angeles, CA 90036

Sempra Energy Trading Corp. Seth A. Ribner Tony Ferrajina Simpson Thatcher & Bartlett 58 Commerce Drive 10 Universal City Plaza, Suite 1850 Stamford, CT 06902 Universal City, California 91608 [Counsel for Duke Energy Trading and Marketing]

LAI :#6204952v1 12 B. Zuch Sierra Pacific Industries Sharyn File #51950 Wiggin & Dana San Francisco, California 94160 One CityPlace, 34th Floor 185 Asylum Street Hartford, CT 06103 [Counsel for American Payment Systems] State of California EDD Southern California Gas Company PO Box 826880 555 W. Fifth St., Sacramento, CA 94280 GT24E 1 .Los Angeles, CA.90013-1000 Attn: Jim Nakata State of California State of California of the Attorney General Dept. of Water Resources Office 455 Golden Gate Avenue c/o Chief - Energy Division Suite 11000 Attn: Dan Herdocia San Francisco, CA 94102-3664 1416 9th Street, Room 1640 Sacramento, CA 95814

State of California Stephanie Nolan Deviney LLP Office of the Attorney General Brown & Connery PO Box 94255 360 Haddon Avenue Box 539 Sacramento, CA 94244-2550 P.O. Westmont, NJ 08108 [Counsel for SAP America, Inc.]

Steve G. F. Polard Steve J. Reisman Perkins Coie LLP Curtis, Mallet-Prevost, Colt & Mosle LLP 1620-26th Street, Sixth Floor 101 Park Avenue Santa Monica, California 90404 New York, NY 10178 [Counsel for Creditor Puget Sound Energy, Inc.]

Steven H. Felderstein, Esq. Texaco Canada Petroleum Inc. Felderstein, Willoughby & Pascuzzi 2035 400 3rd Avenue, S.W. 400 Capital Mall, Suite 1450 Calgary, Alberta Sacramento, CA 95814-4434 Canada T2P 4H2 (Attorney for State of California) Attn: Bill Collier

Texaco Natural Gas Inc. The Bank of New York 1111 Bagby Street Attn: Michael Pitflick, Corp. Trust Administration Houston, Texas 77002 101 Barclay Street - 21W Attn: Bill Collier New York, NY 10286

The Bank of New York The Fuji Bank, Limited Michael Pitflick, Corporate Trust Ad Attn: Jonathan Bigelow 101 Barclay Street-21W 333 So. Hope Street, 39th Floor New York, NY 10286 Los Angeles, CA 90071

LA1:#6204952vi 13 The Toronto Dominion Bank The Sumitomo Bank Ltd. Attn: F.B. Hawley Attn: Al Galluzzo 909 Fannin, Suite 1700 777 S. Figueroa St., Suite 2600 Houston, TX 77010 Los Angeles, CA 90017-3138 Thomas C. Walsh B. Walper, Esq. Thomas BTM Capital Corporation Tolles & Olson LLP Munger, 125 Summer Street South Grand Ave., Suite 3500 355 Boston, MA 02110 Los Angeles, CA 90071-1560 [Counsel for Southern California Edison] Thomas MacKinson Thomas E. Lumsden Internal Revenue Service LLP PricewaterhouseCoopers Small Business/Self-Employed Division 199 Fremont Street 1301 Clay Street, Room 1400-S San Francisco, California 94105 Oakland, California 94105 [Proposed Financial Advisor to Committee] [Counsel for the United States of America]

TJ Vigliotta Timothy F. Hodgdon Freres & Co. LLC Teachers Insurance and Annuity Assoc. of America Lazard Plaza, 60th Floor 730 Third Avenue 30 Rockefeller New York, NY 10020 New York, NY 10017 Company TXU Energy Trading Canada Limited TXU Energy Trading Street 1717 Main Street 1717 Main Dallas, Texas 75201 Dallas, Texas 75201 Attn: Jeff Shorter Attn: Jim Macredie

U.S. Bank U.S. Nuclear Regulatory Commission Desk Corporate Trust Services Attn: Document Control Attn: LaDonna Morrison Washington, DC 20555-0001 180 East Fifth St., 3rd Floor St. Paul, MN 55170

U.S. Trust Company, National Association Union Bank of Switzerland One Embarcadero Center, Suite 2050 New York Branch San Francisco, CA 94111-3709 Attn: Paul Morrison Attn: Josephine Libunao 299 Park Avenue New York, NY 10171

US Bank, Corporate Trust Services Victoria Lang Ladonna Morrison AT&T Corp. P.O. Box 64111 795 Folsom Street, 2nd Floor St. Paul, MN 55164-0111 San Francisco, California 94107 [Counsel for AT&T Corp]

Wheelabrator Shasta Energy Co. Inc. White & Case, LLP 20811 Industry Rd. Attn: Neil Millard Anderson, CA 96007 633 West Fifth St., Suite 1900 Los Angeles, CA 90071-2007 (Attorney for BNY Western Trust Company)

LAI:#6204952vl 14 White & Case, LLP William Bates III Doyle, Brown & Enersen, LLP Attn: Neil Millard/C. Randolph Fishbum McCutchen, 3150 Porter Drive 633 West Fifth St., Suite 1900 Palo Alto, California 94304 Los Angeles, CA 90071-2007 Energy, Inc.] (Attorney for Bank of New York) [Counsel for Reliant William J. Flynn William H. Kiekhofer III Neyhart, Anderson, Freitas, Flynn & Grosboll Yale K. Kim 600 Harrison Street, Suite 535 Steven E. Rich Francisco, California 94107 Kelley Drye & Warren LLP San .....[Counsel for. IBEW Local #1245] 777 South.Figueroa Street, Suite 2700 Los Angeles, CA 90017 [Counsel for BP Energy Company, BP AMOCO]

William M. Rossi-Hawkins William P. Weintraub Ziehl Young & Jones Phillips, Lytle, Hitchcock, Blaine & Huber Pachulski Stang Embarcadero Center, Suite 1020 437 Madison Avenue, 34th Floor Three 94111 New York, NY 10022 San Francisco, California [Counsel for HSBC Bank USA] [Counsel for PG&E Corp.] & Trading Co. (Canada) Williams Energy Marketing & Trading Co. Williams Energy Marketing Center, 19th Floor One Williams Center, 19th Floor One Williams Department 558 Department 558 P.O. Box 2848 P.O. Box 2848 Tulsa, Oklahoma 74172 Tulsa, Oklahoma 74101 Attn: Kelly Knowlton Attn: Kelly Knowlton

Zack Starbird Thomas C. Walsh Mirant Corporation BTM Capital Corporation 1155 Perimeter Center West 125 Summer Street Atlanta, GA 30338 Boston, MA 02110

Daren R. Brinkman Steven M. Abramowitz Brinkman & Associates Vinson & Elkins LLP 800 Wilshire Boulevard, Suite 950 666 Fifth Avenue, 26th Floor Los Angeles, California 90017 New York, NY 10103 [Counsel for TransAlta Energy] [Counsel for TransAlta Energy]

Sertling Koch Jennifer A. Merlo TransAlta Energy Marketing (U.S.) Inc. Bradley E. Pearce Box 1900 Station "M" Moore & Van Allen, PLLC 110-12th Avenue, SW Bank of America Corporation Center Calgary, Alberta T2P 2MI 100 North Tryon Street, Floor 47 Charlotte, North Carolina 28202

Aaron M. Oliner Wendy L. Hagenau Buchalter, Nemer, Fields & Younger Powell, Goldstein, Frazer & Murphy 333 Market Street 16th Floor San Francisco, California 94105 191 Peachtree Street, N.E. [Counsel for CSAA] Atlanta, GA 30303 [Counsel for Intecom Inc.]

LAI :#6204952v5 15 O'Brien Julia Hill, County Counsel George County of Santa Cruz Vice President and Treasurer Office of the Treasurer - Tax Collector Intecom, Inc. 701 Ocean Street, Room 505 5057 Keller Springs Road Santa Cruz, California 95060 Addison, Texas 75001 [Counsel for County of Santa Cruz] Amy Hallman Rice Douglas P. Bartner Dorsey & Whitney LLP Andrew Tenzer Pillsbury Center South & Sterling Shearman 220 South Sixth Street Lexington Avenue 599 Minneapolis, Minnesota 5540-1498 New York, NY 10022 [Counsel for U.S. Bank Trust National Association] [Counsel for Citibank, N.A.] Chritine C. Yokan Carla Batchler Electric Capital Business Asset Funding Trust Department General Corporation Bank of Cherry Creek 10900 N.E. 4th Street, Suite 500 3033 East 1st Avenue Bellevue, Washington 98004 Denver, Colorado 80206 Neil J. Rubenstein Richard Purcell R. Shilliday CONECTIV Holly Arter & Hadden LLP 252 Chapman Road Embarcadero Center, 5th Floor Newark, Delaware 19702 Two San Francisco, California 94111 [Counsel for Association of Bay Area Governments and ALCAN Alum. Corp.]

Marc Barreca Janine D. Bloch LLP John R. Knall, Jr. Preston Gates & Ellis 2400 Preston Gates & Ellis LLP One Maritime Plaza, Suite 94111 701 Fifth Avenue, Suite 5000 San Francisco, California Montana, LLC] Seattle, WA 98104 [Counsel for PPL [Counsel for PPL Montana, LLCI

Lawrence M. Jacobson Samuel Jackson, City Attorney Baker and Jacobson Office of the City Attorney, City of Sacramento 11377 West Olympic Boulevard, Suite 500 Robert D. Tokunaga, Deputy City Attorney Floor Los Angeles, California 90064 980 Ninth Street, Tenth 95814 [Counsel for Tishman Construction Corp. of Sacramento, California California] [Counsel for City of Sacramento]

Robert D. Albergotti Paul M. Bartkiewicz Stacey Jernigan Joshua M. Horowitz Scott W. Everett Bartkiewicz, Kronick & Shanahan Haynes and Boone LLP 1011 Twenty Second Street 901 Main Street, Suite 3100 Sacramento, California 95816 Dallas, Texas 75202 [Counsel for Browns Valley Irrigation District and Yolo County Flood Control and Water Conservation District]

LAI :#6204952v1 16 Juan C. Basombrio Martin G. Bunin Kent J. Schmidt Craig E. Freeman Dorsey & Whitney LLP Thelen, Reid & Priest LLP 650 Town Center Drive, Suite 1850 40 W. 57th Street, 26th Floor Costa Mesa, California 92626 New York, NY 10019 for US Bank Trust National Association] [Counsel for Calpine Corporation] [Counsel Dale W. Mahon Estela 0. Pino 9951 Grant Line Road Cynthia E. Chisum Elk Grove, California 95624 Pino & Associates [Counsel for Mutual Hydro] 1260 Fulton Avenue Sacramento, California 95825 [Counsel for Elliot Jones, Jr.] Peter J. Gurfein Martin A. Martino Jeffrey C. Krause Castle Companies Gregory K. Jones 12885 Alcosta Boulevard, Suite A Strauss, Hauer & Feld San Ramon, California 94583 Akin, Gump, 2029 Century Park East, Suite 2600 Los Angeles, California 90067

Michael B. Lubic Ellen K. Wolf S. Abrams McCutchen Doyle Brown & Enersen LLP Michael Gilchrist & Rutter 355 South Grand Avenue, Suite 4400 Palisades Building Los Angeles, California 90071 Wilshire Ocean Avenue, Suite 900 [Counsel for Reliant Energy, Inc.] 1299 Santa Monica, California 90401 [Counsel for IBM Corporation]

Stanley E. Pond Cahal B. Carmody Winchell & Pond Bank of Montreal Bank Building 1700 South El Camino Real, Suite 506 4400 Nations San Mateo, California 94402 700 Louisiana Street [Counsel for General Capital Corporation] Houston, TX 77002

Lynne Richardson Karen Keating Jahr, County Counsel Counsel Air Products and Chemicals Inc. Michael A. Ralston, Assistant County Business Servces A6328 1815 Yuba Street, Suite 3 7201 Hamilton Boulevard Redding, California 96001 Allentown, PA 18195

Lori J. Scott Bill Wong Shasta County Treasurer - Tax Collector AMROC Investments, LLC P.O. Box 991830 535 Madison Avenue, 15th Floor Redding, California 96099 New York, NY 10022

LAI :#6204952v7 17 Stephen Shane Stark, County Counsel Nancy Newman Steinhart & Falconer LLP Enrique R. Sanchez, Sr. 333 Market Street, 32nd Floor County of Santa Barbara San Francisco, California 94105 105 E. Anapamu Street, Suite 201 [Counsel for Regency Centers, L.P.] Santa Barbara, California 93101 [Counsel for Santa Barbara County and Santa Barbara County Treasurer - Tax Collector] Daniel M. Pelliccioni James S. Monroe Julia W. Brand Lillick & Charles LLP Katten Muchin Zavis Two Embarcadero Center, Suite 2700 1999 Avenue of the Stars, Suite 1400 San Francisco, California 94111 Los Angeles, California 90067 [Counsel for SPL WorkdGroup, Inc.] [Proposed Counsel for Official Committee of Unsecured Creditors]

Marimargaret Webdell John Robert Weiss County Department of Finance Katten Muchin Zavis Sacramento 700 H Street, Room 1710 525 West Monroe Street, Suite 1600 Sacramento, California 95814 Chicago, IL 60661 [Creditor County of Sacramento] [Proposed Counsel for Official Committee of Unsecured Creditors] Wallenstein M. David Minnick Arnold Corporation Pillsbury Winthrop LLP ThermoEcotek Street, Suite 300 50 Fremont Street 245 Winter MA 02154 San Francisco, California 94105 Waltham, [Counsel for ThermoEcotek Corporation]

Martin Marz Peter S. Clark II BP Amoco Derek J. Baker P.O. Box 3092 Reed Smith, LLP Houston, Texas 77079 2500 Liberty Place 1650 Market Street Philadelphia, PA 19103-7301

Kelly Greene McConnell Rock S. Koebbe Givens Pursley LLP 5356 North Cattail Way 277 North 6th Street, Suite 200 Boise, ID 83703 Boise, ID 83702 [Counsel for Windpower Partners, 1987, 1988, Altamond Winds, Inc. Windworks, Inc.]

LA1 :#6204952vl 18 Roger L. Efremsky Mary B. Holland Austin P. Nagel Financial Consultant Law Offices of Efremsky & Nagel Salomon Smith Barney 5776 Stoneridge Mall Road, Suite 360 Ave. Suite 1800 1111 Superior Pleasanton, California 94588 Ohio 44114-2507 Cleveland, [Counsel for Toyota Motor Credit Corp.] [Trustee for the account of St. Edward's High School] Daniel P. Ginsberg Neil W. Rust Howard S. Beltzer White & Case LLP White &.Case LLP West Fifth Street, Suite 1900 633 1155 Avenue of the Americas Los Angeles, California 90071 New York, NY 10036 [Counsel for Deutch Bank AG, New York Branch] [Counsel for Deutch Bank AG, New York Branch]

Stan T. Yamamoto Mark Gorton Eileen M. Teichert Mary E. Olden City of Riverside Todd M. Bailey City Attorney's Office McDonough, Holland & Allen City Hall, 3900 Main Street 555 Capitol Mall, Ninth Floor Riverside, California 92522 Sacramento, California 95814 [Counsel for City of Riverside] [Counsel for Northern California Power Agency] John Chu Howard Susman Counsel Law Group LLP Duckor Spralding & Metzger Corporate 10th Floor 401 West A Street, Suite 2400 417 Montgomery Street, San Francisco, California 94104 San Diego, California 92101 [Counsel for Bay Area Rapid Transit District] [Counsel for Altamont - Midway, Ltd.]

Peter R. Boutin Ralph B. Levy Keesal, Young & Logan James A. Pardo, Jr. Four Embarcadero Center, Suite 1500 Brian C. Walsh San Francisco, California 94111 Jeffrey E. Bjork King & Spalding [Counsel for Texaco Natural Gas, Inc, Texaco 191 Peachtree Street Canada Pet., Texaco Exploration & Prod., Texaco Midway-Sunset Cogen., Texaco Yoakum Energy Atlanta, GA 30303 Natural Gas, Inc, Texaco Co., Texaco San Ardo Energy, Texaco Coal. [Counsel for Texaco Energy Co.] Canada Pet., Texaco Exploration & Prod., Texaco Midway-Sunset Cogen., Texaco Yoakum Energy Co., Texaco San Ardo Energy, Texaco Coal. Energy Co.]

Tony 0. Hemming Main V. Luce Texaco Legal Department Duane Morris & Heckscher LLP 1111 Bagby Street 4200 One Liberty Place Houton, TX 77002 Philadelphia PA 19103 [Counsel for Santa Clara Valley Water District)

Thomas M. Berliner Madison S. Spach, Jr. Duane Morris & Heckscher LLP Spach & Associates, P.C. 100 Spear Street, Suite 1500 4675 MacArthur Court, Suite 550 San Francisco, California 94105 Newport Beach, California 92660 [Counsel for Santa Clara Valley Water District] [Counsel for William Lyon Homes, Inc.]

LAI:#6204952vI 19 Michael Rochman Sheryl Gussett Reliant Energy, Inc. School Project for Utility Rate Reduction 1111 Louisiana, 43rd Floor 1430 Willow Pass Road, Suite 240 77002 Concord, California 94520 Houston, TX [Counsel for Reliant Energy, Inc.]

Paul J. Pantano, Jr. David Gould McDermott, Will & Emery McDermott, Will & Emery 600 13th Street, N.W. 2049 Century Park East, 34th Floor Washington, D.C. 20005 Los Angeles, California 90067 for Morgan Stanley Capital Group Inc.] [Counsel for Morgan Stanley Capital-'Group Inc.] -[Counsel Bruce W. Leaverton Gregory Clore Gnazzothill, A.P.C. Mary Jo Heston Powell Spears Lubersky LLP 625 Market Street, Suite 1100 Lane 1420 Fifth Avenue, Suite 4100 San Francisco, California 94105 WA 89101 [Counsel for Mid-Set Cogen. , Coalinga Cogen. Seattle, for Mid-Set Cogen. , Coalinga Cogen. Co., Salinas River Cogen Co., and Sargent Canyon [Counsel and Sargent Canyon Cogen. Co.] Co., Salinas River Cogen Co., Cogen. Co.]

Marilyn Morris Angela M. Alioto Alioto Kenneth M. Miller Law Offices of Joseph L. Morgan, Miller & Blair and Angela Alioto 1676 No. California Boulevard, Suite 200 700 Montgomery Street Walnut Creek, California 94596 San Francisco, California 94111 [Counsel for Pulte Homes Corporation] [Counsel for Frank Pinguelo]

Jody A. Meisel Terrance L. Stinnett 2632 Larkin Street, Suite 0 Miriam Khatiblou San Francisco, California 94109 Goldberg, Stinnett, Meyers & Davis [Counsel for Frank Pinguelo] 44 Montgomery Street, Suite 2900 San Francisco, California 94104 [Counsel for Pacific Bell Telephone Company, Pacific Telesis Group, SBC Global Services, Inc., SBC Communications, Inc.]

Melanie Fannin Isabelle M. Salgado General Counsel General Attorney Senior Vice President & Secretary Pacific Telesis Group 2600 Camino Ramon, Room 4CS100 2600 Camino Ramon, Room 4CS100 San Ramon, California 94583 San Ramon, California 94583

Michael A. Berman David Boies Securities and Exchange Commission Christopher A. Boies 450 Fifth Street, N.W. (Mail Stop 0606) Philip C. Korologos Washington, D.C. 20549 Boies, Schiller & Flexner LLP 80 Business Park Drive, Suite 110 Armonk, New York 10504 [Counsel for POSDEF Power Company, L.P.]

LAI :#6204952vl 20 Kenneth N. Klee David S. MacCuish David M. Stem Andrew M. Gilford Michael L. Tuchin Kara Hatfield Michelle C. Campbell Rochefort Weston, Benshoof, Klee, Tuchin, Bogdanoff & Stem LLP Forty Third Floor 444 South Flower Street, 1880 Century Park East, Suite 200 90071 Los Angeles, California Los Angeles, California 90067 [Counsel for POSDEF Power Company, L.P.] [Counsel for POSDEF Power Company, L.P.] David H. Ford Irving Sulmeyer .David Kovner A. Sahn Victor OZ Management LLC Frank V. Zerunyan 9 West 57th Street, 39th Floor Baumann & Rothman Sulmeyer, Kupetz, New York, NY 10019 300 South Grand Avenue, 14th Floor Los Angeles, California 90071 [Counsel for Certain California Counties with Claims against PG&E] Thomas E. Lauria Daniel A. DeMarco Jerry R. Bloom David T. Graham Brian L. Holman Loeser & Parks LLP Hahn White & Case LLP 21 East State Street, Suite 1050 633 West Fifth Street, 19th Floor Columbus, Ohio 43215 Los Angeles, California 90071 [Counsel for Twenty-First Century [Counsel for Oildale Energy LLC] Communications]

J. Christopher Shore White & Case LLP 1155 Avenue of the Americas New York, NY 10036 [Counsel for Oildale Energy LLC]

LAI :#6204952vi 21