Subject: "Kennecott ETA Amendment Letter".

Body: David: Enclosed is a new draft of the Kennecott amendment letter. Mark and I have discussed the counterparty termination language and have come up with the language that I have high;lighted. Upon your approval, I plan to use the same language for the Duke and Cinnergy letters.

Subject: "Coral Energy Resources, L.P.".

Body: Attached are the latest drafts of the Coral Energy synthetic storage deal starting in April. These Transaction Agreements are, as Gregg says, Nicor-esque. However, I did remove the secondary delivery point concept. I did leave in the $0.20 and $0.25 administrative fee.

Subject: "Indicative Pricing for Dominion Resources".

Body: Hi All: Just got off the phone with the folks @ Dominion regarding some indicative pricing I gave them last week for (i) a 7000 Heat Rate Call in TVA; and, (ii) a 7000 Heat Rate Call in SERC. FYI, I had quoted the TVA Call @ $3.97/KW-mo ($1 over our mid) for a 4yr call beginning 1/1/03 with $2 VOM and 5x16 avail with 16hr mins. I also quoted the SERC 7000 call at $1 over our mid, at $3.98/KW-mo for 1 yr and $4.12/KW-mo for 4 yrs, again with 5x16 and 16 hour mins. The good news is --- this pricing generated some interest.

Subject: "SIMULATION PASSWORD".

Body:
Preparations are continuing for our simulation on Thursday, Feb. 7 from 9-11 AM. Following is a User ID and Password which will allow you to access the website, playing the role of a customer during the simulation. Your User ID will be: MUS54756 Your Password will be: WELCOME! Your goal will be to make money and finish the day with a balanced position. Market "News" events may be emailed to you at certain points throughout the simulation (e.g. "storm in the gulf"). Please log into www.ubswenergy.com at 9:00 am on Thursday. NON-UBS PERSONNEL WILL NOT BE ABLE TO SEE OR TRANSACT ON PRODUCTS DURING THE SIMULATION Immediately after the simulation, website ID's will be deactivated and the website inactivated, so that the operations group can test the mid/back-office systems, while the IT groups clean-up the transaction data from the simulation. The website will be made available for internal trading (book to book) between traders on Friday, February 8, 2002. If you can't log into any application on the day or are having trouble with your systems, please contact the UBSWenergy.com Help Desk immediately at 713.584.4444 Regards,