  We construct a time-symmetric asymptotically flat initial data set to the
Einstein-Maxwell Equations which satisfies the inequality: m - 1/2(R + Q^2/R) <
0, where m is the total mass, R=sqrt(A/4) is the area radius of the outermost
horizon and Q is the total charge. This yields a counter-example to a natural
extension of the Penrose Inequality to charged black holes.
