IN: We have received the executed First Amendment to ISDA Master Agreement dated as of April 10, 2000. This amendment revises the ISDA Master Agreement with the referenced counterparty to bring the agreement up to current form standards with changes including, but not limited to: 1. Adding the Canadian Securities Acts representation; 2. Making certain changes to elections with respect to Payments on Early Termination and amending the Setoff language; 2. Makes changes to certain credit provisions, including letter of credit provisions, the form of letter of credit, the Independent Amount,, and amends the definition of "Material Adverse Change" . Copies will be distributed.

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OUT: National Bank of Canada

IN: Brad Today (06-15-2000) I reiterated to Theresa on a recorded telephone that she must be profitable in the second half of the year. I believe that my exact statement was "If you are not profitable the next months we are going to have another talk". After thinking about it afterwards, this statement is probably too vague. Do I need to clarify this statement? Should I define the exact amount of profit? Should I explicitly say that I will ask her to leave the group? Your help would be appreciated. Hunter

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OUT: Theresa

IN: <<IPPupdate092001.pdf>> Good Morning, Attached, please find our latest FC note on the Power Generation sector. Summary: 1. IPPs Down 6%; Generation Oriented Utilities Down 2% On September 17, 2001, our IPP composite traded off 6.2%, outperforming the NASDAQ (-6.8%), but underperforming the S&P 500 (-4.9%). Reflecting their more defensive characteristics, our universe of generation oriented utilities traded off only 1.9%, outperforming all the major market indices. 2. CSFB Hosting Conference Call on Thursday at 11 AM EDT This Thursday (9/20/01) at 11 AM EDT we will be hosting a conference call featuring Judah Rose-a power generation expert with ICF Consulting. The dial-in number is 877/715-5321. Among other topics to be discussed, the relationship between economic conditions and power demand growth will be explored in greater detail. In the near-term, we believe the key analytical challenge for all equity investors will be to determine how the prospect of slower economic growth will impact the outlook for corporate earnings across sectors. 3. MIR Outperforms Following 2 Key Announcements MIR issued revised 2001 EPS guidance of $1.95 versus its prior forecast of $1.90. Management noted that this revision reflects its continued success in using its trading and marketing operation to optimize the value of its asset base. Concurrently, management announced that its board has approved the repurchase of up to 10 million shares over the next 30 days. We have revised our EPS estimate accordingly in a separate First Call note issued today. 4. ORN Down on NYC Power Market Concerns; Con Ed Filing Indicates Intact Fundamentals Orion Power traded off 14.6% owing to concerns surrounding the potential impact of the WTC tragedy on the New York City power market. In particular investors are questioning the magnitude of lost power demand and the potential impact on the supply/demand balance in the region. In an 8K filing issued yesterday, Con Ed notes that lost demand approximates 140 MW-30% below the low end of the initial range of estimates. In addition, a portion of this demand will likely be relocated to other parts of the city. Overall, Con Ed's filing gives us greater comfort in our conclusion that the fundamentals of the New York City power market remain intact. Regards,

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OUT: CSFB Power Generation Update; Hosting Conference Call at 11 AMED T on Thursday (9/20/01)

IN: Mark and Jim, As part of pulling together Data Room for possible EBS sale, we are asked to come up with information regarding in-house developed software and labor cost. I would like to have your direction on the policy question whether to include Enfiber and Sabor Settlement systems. Sabor Settlement system is using Unify Settlement as the foundation and Enfiber is patterned after EnPower which potentially could give some valuable competitive insight into our Trading. Do you think these systems should be included in the EBS sales package? As shown on the attachment, those systems are included at the present time. Thank you. (including PPCS/Dorado)

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OUT:
EBS-Sale Preparation