Coal Initiative

John & Louise -

To follow up on our previous meeting regarding the coal initiative, I've attached a brief description of the approach going forward, including some first-cut proforma results. Our goal over the next month is to more fully vet the cost and operations numbers in the attached and to nail down probable sites.

In mid-April, after we've more fully vetted the costs, we'll route our detailed proforma.

After reviewing, let me know if you have questions or want to discuss further.

Mitch