Subject: "Tenn supply in Zone 4".

Body: Fred with Equitable said he has 2 deals with CES. 1. Tennessee - Equitable is selling CES 2,500 day delivered to Zone 4 at NYMX + .35. Equitable has the trigger and this deal goes through March 2000. CES is currently receiving this gas at Beldon & Blake. 2. Tetco - CES gave Equitable 100,000 dth in April and Equitable is giving CES 100,000 dth in January 2000 delivered to Tetco M2. CES has(or will) pay Equitable $.65 for the exchange. We call this a synthetic storage deal. Do you know anything about these deals?

Subject: "ENE: Adjust Historical EPS As Per Restatements; Lower 4Q & 2002 Ests.".

Body: ENE: Adjust Historical EPS As Per Restatements; Lower 4Q & 2002 Ests. * We adjust Enron's historical EPS for the restatements filed in their 8K published on November 8th. * We revise our stand-alone 2002 EPS estimates to $1.50 from $2.15. We think this could prove conservative, but await further data on Enron's ongoing performance in their energy trading & marketing business. * Enron is currently trading at a relatively large 20% discount to their implied merger value of $12.40. We think this spread could contract as certainty improves over accounting issues, stand-alone earnings power, and the scope of hurdles to merger completion. <<ENE EPS adjustments 11-14-01.pdf>> <<ENE EPS adjustments 11-14-01.doc>>

Subject: "Jumps no jumps".

Body: VAR is using the May 1st run. VaR without jumps is saved out in RMS_Value_at_Risk_copy table. Of curiosity, West-DPR-VAR is not really impacted by jumps. I suspect the reason for this may be that back in 1998 that region was less deregulated than today. Let me know your thoughts. Frank

Subject: "Tomorrow's GE phone call/ TODAY's meeting to prepare?".

Body:
Lisa Bills and Brian Barto are also invited. I haven't heard from anyone yet. Please call the list around 200 to see if people are available. Also, can you find a conference room? Thanks,