Subject: "Sovereign Bond Spreads, 7 September 2001".

Body: Sovereign Bond Spreads: =20 Significant New Issuance - CSFB Commentary: ?=09The first week of September was extremely positive for the region with = a significant increase in secondary trading volumes and bond prices. Relati= ve financial stabilisation in Argentina removed pressure from Latin America= n and other emerging markets, shifting the focus to the impact of local fac= tors on prices in each region. It was a busy week in the Turkish market, wh= ich started initially on a weaker note because of the disappointing inflati= on data released on Monday, but then recovered to follow other Eastern Euro= pean markets and closed around 1.5 points higher on the week. The long awai= ted resignation of the Minister of Public Works added to the positive senti= ment in the market. The Russian market rallied this week, first on the back= of Latam stabilisation and then encouraged by the Moody's rating upgrade (= see below). Prices peaked on Thursday, immediately after the upgrade, but f= ailed to stay at those levels due to profit taking and a sliding Latam mark= et, closing only one point higher than last Friday. Central and Eastern Eur= opean investment grade assets remained stable throughout the week, which is= a good sign given the sell-off in US Treasuries. Other countries in this r= egion gained around ? point, with Romania being the best performer gaining = ? point. ?=09On Wednesday, Moody's raised the ratings of outstanding Eurobonds of th= e Russian Federation to B2 from B3 and changed the outlook for all hard cur= rency instruments to "positive" from "stable." Moody's noted that Russia's = recent economic performance and tax reforms have generated twin surpluses (= current account and budget) and large foreign currency reserves. In combina= tion with some debt relief, these factors have made the country's capacity = to service its debt much greater.

Subject: "MS Excel session with Eugenio".

Body: Hello Warriors, Would you be interested in learning MS Excel shortcuts & tricks from the Excel guru, Eugenio? If so, please email me & let me know what things you would like to learn. If there is enough interest, we will reserve a room and have Eugenio teach an Excel session next week. Ayesha

Subject: "Call to Discuss California PUC Action".

Body: These folks will need to be added to the distribution list. Lysa/Joseph: it's going to be a bit wacky, because, as the note indicates, I'm not sure what time the call will be. Anywhere from about 11 AM to 2 PM PST. We'll need to keep the number of ports as unlimited as possible, because I have a feeling that the note indicating that there be a meeting will get around, perhaps globally. As soon as I know what time I'll want to have the call, I will notify Joseph, who will need to set up the call and distribute the info to the original list I sent around plus the names below. If you two have suggestions on how you'd like to handle, like Ross Perot, I'm all ears. Thanks so much for your help. Also, please make sure to add Vicki Sharpe and Michael Smith of EES on the list, too. Jeff

Subject: "Add This to your Price Discovery Sites".

Body:
Williams Launches uE Web Site For Cross Commodity Pricing Tulsa-based Williams on Monday launched uE, a cross-commodity price index for both spot and future energy prices, as a companion to its web-based EnergyNewsLive.com. Similar to the Dow Jones for equity markets, the Williams uE will offer an equivalent benchmark for the overall price of energy, measuring the price average of eight individual commodities: electricity, natural gas, unleaded gasoline, heating oil, ethane, propane, residual fuel and jet fuel. The site includes information on pricing trends including a national spot uE, forward uE, regional uE, commodity quotes, as well as daily, weekly and monthly commentary. Included on the site is EnergyPulse, which will feature Dr. Dennis O'Brien, director of energy and policy at the University of Oklahoma. EnergyPulse now airs every Friday on Williams' EnergyNewsLive site, and offers an analysis of trends in energy pricing and the impact the economy has on energy. Williams uE was introduced a year ago when EnergyNewsLive debuted, and Williams said it has tested and refined the site for the company's own market activity. It also has been reviewed by the Energy Information Administration, said Williams. To view the site, visit www.williams-ue.com.