This is the content of an email: Please prepare a fed ex package to go out tonight, as described below. Also, please prepare a transmittal letter to Heather for me to sign. Thanks,

Subject: CRRA LOU

This is the content of an email: With respect to the attached list, a few things: 1. With respect to Dynegy Power Marketing, my records reflect that they are approved for all products (including financial & power). Can you let me know if your approvals reflect otherwise? 2. With respect to Nicor Gas Company and Northern Illinois Gas Company: Northern Illinois Gas Company should be restyled to be "Northern Illinois Gas Company d/b/a Nicor Gas Company". We have just received the executed ISDA Master with this entity and that is how the counterparty directed us to set the master up. Nicor Gas Company appears to be their physical gas trading arm, so that entity name should be left alone. I haven't forgotten the 8/11/00 list, I am waiting to hear back from Australia about a question.

Subject: Counterparty Approval List for 8/14/00

This is the content of an email: Good Monday Morning! Abbreviated Edition. IMPACT CALLS Internet Security Israel Hernandez Company Updates/Rating Changes q Investment Conclusion: Below are specific company updates and our views on each company in our coverage universe. Reiterating our thoughts published on September 17, we believe last week's attacks are likely to cause numerous short-term disruptions that put the September quarter at risk for all the security software vendors, particularly those vulnerable to discretionary spending cuts or large deals. In light of recent events, we are adjusting our ratings on two companies. We are raising our rating on VeriSign from a 2-Buy to 1-Strong Buy based on good earnings visibility amid a generally uncertain outlook for most software vendors. We are also lowering our rating on Internet Security Systems from a 1-Strong Buy to 2-Buy to adjust for these uncertainties and lack of visibility. While valuations for many of the companies are starting to look interesting, as a whole, we remain somewhat cautious on the security software vendors given the uncertainties introduced into the market over the last two weeks which could lead to more downward revisions in the September and December quarters and spill over in the first quarter of 2002. Internet Secuirty Systems Israel Hernandez Downgrading from Strong Buy to Buy 2 - Buy / $13.00 (USD) q We are downgrading ISSX from a 1- Strong Buy to a 2-Buy rating to reflect the lack of near-term visibility, and changing economic backdrop that increases the likelihood of a potential shortfall to our Q3 forecast. q Given the events of the past two weeks, we believe ISS and other security software vendors may run into difficulty closing business in a back-end loaded September quarter. q We are lowering our price target from $35 to $20, or 4 x FY01 revenues of $223M, to reflect the increased economic uncertainty in the current environment. VeriSign Inc Israel Hernandez Upgrading to Strong Buy from Buy 1 - Strong Buy / $38.30 (USD) q Given VeriSign's strong revenue visibility in a period of global economic uncertainty, we are raising our rating from 2-Buy to 1-Strong Buy making it our top pick in the sector. q In light of the global slowdown, we believe VeriSign provides investors with exceptional earnings visibility given its services model and strong deferred revenue balance. This visibility should enable VeriSign to sustain a premium valuation and outperform most technology stocks, even in a contracting environment. q We believe new value added services laid on top of a relatively fixed cost structure will provide significant margin expansion, currently at 14.6% and growing to the low thirties in the next 2 years. Oil & Gas: Exploration & Production Thomas R. Driscoll Some E&P Shares Now Appear Attractive q We are lowering our natural gas price forecasts as well as revising target prices and codes for the large-cap oil exploration and production companies we cover. We now believe that several companies we cover offer compelling values today. As a result we are upgrading our ratings on the shares of EOG Resources (EOG), Noble Affiliates (NBL) and Pioneer Natural Resources (PXD) from 2-Buy to 1-Strong Buy. We are also downgrading our code on the shares of Devon Energy (DVN) from 2-Buy to 3-Outperfrom to reflect heightened concerns about the increased debt load that will result from recently announced acquisitions. We are also downgrading our codes on Vintage Petroleum (VPI) from 1-Strong Buy to 2-Buy. AOL Time Warner Holly Becker Fund. Remain Strong In Unstable Environm 2 - Buy / $29.25 (USD) q The economic and advertising slowdown has obviously been compounded by recent tragic events. AOL Time Warner remains the premier integrated media company with a uniquely valuable portfolio of assets. While near-term estimates may need to come down further, we view the stock's pullback as a compelling buying opportunity. q AOL Time Warner's core businesses offer investors superior earnings power and growth, while new cross-platform initiatives should propel the company's long-term growth rate to above industry norms. q Advertising represents only 25% of revenue, considerably lower than comparable companies including Viacom (45%) and Disney (30%). Gaming & Lodging Joyce Minor Rich Bottom Fishing, But Dangerous Water q The gaming and lodging sectors saw huge downside moves last week, with the large cap gaming stocks down an average of -33% and the lodging stocks down an average of

Subject: The Morning Market Call - Monday September 24th, 2001.

This is the content of an email: Sara, Gary wants to remove Andy from the current list of officers for ECT Investments, Inc. He would like this filing done as soon as possible. Thanks Sheila
Subject: Remove Andrew S. Fastow from ECT Investments, List of officers