Contract analysis

I. Executive Summary Calderwood & Harkness LLP ("C&H" or the "Firm") was engaged on May 24, 2023, by Dunmore Energy Holdings Ltd. ("DEH" or "Dunmore") through its General Counsel, Martin Llewellyn, to represent DEH and its wholly owned power marketing subsidiary, Dunmore Power Trading LLC ("DPT"), in connection with a preliminary inquiry initiated by the Federal Energy Regulatory Commission's Office of Enforcement ("

II. Background on the Client A. Dunmore Energy Holdings Ltd. (DEH) Dunmore Energy Holdings Ltd. is a Cayman Islands exempted company with its registered office at 4th Floor, Harbour Place, 103 South Church Street, George Town, Grand Cayman, KY1-1002, Cayman Islands. Its principal United States office is located at 2200 Post Oak Boulevard, Suite 3100, Houston, Texas 77056. DEH's Employer Identification Number is 98-13

III. Origin of the Investigation A. Velthorn Market Analytics Referral Velthorn Market Analytics, Inc. serves as MISO's Independent Market Monitor under the terms of MISO's FERC-approved Open Access Transmission, Energy, and Operating Reserve Markets Tariff ("MISO Tariff"). Velthorn's principal office is located at 900 North Michigan Avenue, Suite 1400, Chicago, Illinois 60611, and is led by Dr. Patricia Engel, Presi

IV. The Alleged Conduct A. Relevant Period FERC OE has defined the Relevant Period as January 3, 2022, through March 17, 2023 — a span of approximately fourteen and one-half (14.5) months comprising approximately 310 trading days. The conduct at issue occurred within MISO's organized wholesale electricity markets, specifically at the Indiana Hub and Minnesota Hub pricing nodes. The Indiana Hub is a commercial pricing

V. Legal Framework and Potential Exposure A. Applicable Statutory and Regulatory Provisions The FERC OE investigation is grounded in the following statutory and regulatory provisions:

Section 222 of the Federal Power Act (16 U.S.C. § 824v). Enacted as part of the Energy Policy Act of 2005, Section 222 prohibits "the use or employment of any manipulative or deceptive device or contrivance" by any entity "in connection with the purchase or sale of electric energy or the purchase or sale of transmission services subject to the jurisdiction of the Commission," in contravention of such rules and regula

VI. Preliminary Assessment of Defenses A. Portfolio Optimization Defense Our central defense theory is that DPT's negative Day-Ahead offers reflected a legitimate portfolio optimization strategy, not market manipulation. Under this theory, the negative offers were economically rational when viewed in the context of DPT's overall portfolio, which included physical generation assets, FTR positions, and virtual position

VII. Prior Counsel Conflict — Aldercroft & Beane LLP Dunmore's prior FERC regulatory counsel was Aldercroft & Beane LLP, a Washington, D.C.-based energy regulatory boutique led by Warren Aldercroft, Named Partner. Aldercroft & Beane's offices are located at 1875 K Street NW, Suite 600, Washington, D.C. 20006. The firm had previously handled DPT's FERC market-based rate filings (Docket No. ER05-1128-000), tariff compl

VIII. Key Information Gaps and Investigative Priorities A. Document Collection and Review The highest immediate priority is implementing the litigation hold directive issued on May 25, 2023, through Martin Llewellyn and Rhonda Vasquez, and commencing the systematic collection and review of electronically stored information ("ESI") from the eleven (11) identified custodians. Key Custodians:

1. Kyle Renfro — Senior Trader, MISO Day-Ahead Desk

2. Anastasia Petrov — Trader, MISO Real-Time Desk

3. Derek Sung — SVP, Power Marketing & Trading

4. Rhonda Vasquez — VP, Regulatory Affairs

5. Jennifer Caulfield — Chief Compliance Officer

6. Elena Mirova — President & COO

7. Through 11: Five additional trading desk and operations personnel to be identified through interviews with Sung and Vasquez Document Date Range: January 1, 2021, through May 22, 2023. We have set the start date approximately one year before the start of the Relevant Period (January 3, 2022) to capture communications and documents reflecting the development of the trading strategy and the acquisition of FTR positio