IN: Rick, One thought to absorb some of the budget would be to purchase Blackberry mobile devices for some of the RAC staff. With many of the business units migrating to the new building, it is likely to be beneficial to have continuous e-mail access when Underwriters and others in the group are away from the floor. The cost of the units, which seem to be the technology of choice, is about $300 apiece; monthly charges are about $30. Please let me know your opinion. Regards,

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OUT: Blackberry Mobile Devices

IN: Attached please find referenced list. A few notes: No physical power or credit derivatives for any of these Japanese counterparties. Re: Bandwidth, as a general principle, what I'm hearing from the bandwidth lawyers is (1) for Japanese counterparties they can only trade the U.S. segment (which is currently the only segment we have online), and (2) for right now, we have 1 Netherlands and 2 German counterparties on the list, and they are still checking to get the scoop on those countries, so for right now I am shutting them down for bandwidth.

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OUT: Japanese Counterparty Approvals

IN: Paul: Just a few questions for you on the revised EEI master that we received from Engage today: 1. I just want to confirm that the collateral thresholds should be 9 million. 2. They want to have Section 8.1(b) and 8.2(b) apply which requires a party to post collateral if the other party believes that its creditworthiness is unsatisfactory. 2. In our Schedule, we delete the 3 day cure period for an event of default that occurs as a result of a Guarantor's non-payment. They want the cure period. do you care? 3. In Section 5.7, each party can suspend performance if a Potential Event of Default or an Event of Default occurs. They want to delete Potential Event of Default. 4. They want to extend the right to dispute invoices and to request adjustments to statements or payments from 12 months to 18 months. 5. They want to change the consent to assignments standard from being able to withhold consent in one's sole discretion to being able to withhold consent only when it is reasonable to do so. I look forward to hearing from you.

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OUT: Engage

IN: Andrew, Note conference room for our meeting today. I'm also attaching a brief writeup of the deal so far from our perspective. You might want to review before our meeting so you will know where our current understanding (or misunderstanding :-) ) of the deal currently is. Thanks,

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OUT:
Stage Coach