IN: Matt - Zhiyun needs to make some code changes before I can move Craig to Palo in Enpower (she needs to treat Craig as a separate region from Palo so the deal will value as a Basis Option). Therefore I will not be changing this until she is ready. I will keep you updated. For the term of the UAMPS deal - Rockies is marked flat to Palo - so I ran the Intrinsic & Extrinsic evaluation. Once we change Craig to Palo in enpower and the correlation, we can revalue. MTM = 1,243,586 Intrinsic = 712,104 Extrinsic = 531,483

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OUT: UAMPS Intrinsic & Extrinsic

IN: Hey: We get these newsletters in our apartments every month and there is always a brain teaser on the back side of it. This was the one for this month: Let's see how well you will do. For every question, tell me who this person is, not their names, but their relationship to you. (eg. cousin, aunt, great-grandma, etc.) 1. Who is your father's, uncle's, brother's sister? 2. Who is your aunt's mother's, father's, wife? 3. Who is your mother's, nephew's, daughter's son? 4. Who is your brother's, son's, sister's mother? 5. Who is your sister-in-law's, father-in-law's grandson? 6. Who is your sister's, father's, step-son's mother? 7. Who is your uncle's, father's, grandchild? Make an honest attempt, and then scroll down for the answers... > > > > > > > > > > > > >

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OUT: Brain Teaser

IN: Are you creative? Do you have a great imagination? Can you create something out of nothing? Are you fast on your feet? If you answered yes to any or all of these questions, then I have a challenge for you! We are looking to create a team of 7-10 people to build a model of Enron's attributes: Smart, Innovative, Bold, Ambitious, and United. You will be provided with the building materials and you will have a total of 45 minutes to work along with your teammates to get your model completed. Oh, did I mention that your materials will consist only of Legos? That's right - LEGOS. Here is the layout - Friday, August 10th 11:00 a.m. Teams assemble to begin construction. 11:45 a.m. Construction is complete. 12:00 p.m. Ken Lay will host - The Applause Meter. The winning team will then be recognized by Mr. Lay and he will follow up with an e-mail to all Houston employees. Here are the guidelines - 1. Teams must consist of 7-10 members from your Business Unit. I need to have at least 3 executives (Directors, Vice Presidents, or Managing Directors) to this team. 2. The model must be free-standing. 3. Your choice of other materials may be used! Be sure to encourage your co-workers to come and cheer you on! Please give me a call or e-mail me if you are interested in participating. After the competition, the Legos will be donated to local non-profit child care centers. Thank you,

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OUT: Are you up for the Challenge?

IN: All, I have modified Deal Liquidation as follows (new version in stage). 1.) You can now query based on counterparty and phys/fin in addition to specifying a deal number 2.) You no longer need to provide the leg of the deal. Specifying the peer will grab all of the legs. 3.) The new splitting process will work as follows. If the entire deal is prior to the termination date (inclusive), then nothing is done to the deal. If the entire deal is after the termination date (exclusive), then the desk is simply changed to East Bank or West Bank. If the deal crosses the termination date boundary, the deal is copied as follows: For the original deal: All legs prior to the termination date (inclusive) are not changed. All legs after the termination date (exclusive) are killed. All legs crossing over the termination date are truncated. This includes deleting strips starting after the date and truncating strips that cross over the date. For the new deal: This deal will be in one of the Bankruptcy books All legs prior to the termination date (inclusive) are not copied. All legs after the termination date (exclusive) are copied as is - no strips are changed. Any legs crossing over the termination date are copied and modified to reside solely after the date. This includes deleting strips that end prior to the date and modifying strips that cross over the date. These changes should allow you to perform all of the tasks necessary to close out deals with any counterparty. Please test and let me know if there are any problems. Regards,

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OUT:
Deal Liquidation