<<IPPupdate092001.pdf>> Good Morning, Attached, please find our latest FC note on the Power Generation sector. Summary: 1. IPPs Down 6%; Generation Oriented Utilities Down 2% On September 17, 2001, our IPP composite traded off 6.2%, outperforming the NASDAQ (-6.8%), but underperforming the S&P 500 (-4.9%). Reflecting their more defensive characteristics, our universe of generation oriented utilities traded off only 1.9%, outperforming all the major market indices. 2. CSFB Hosting Conference Call on Thursday at 11 AM EDT This Thursday (9/20/01) at 11 AM EDT we will be hosting a conference call featuring Judah Rose-a power generation expert with ICF Consulting. The dial-in number is 877/715-5321. Among other topics to be discussed, the relationship between economic conditions and power demand growth will be explored in greater detail. In the near-term, we believe the key analytical challenge for all equity investors will be to determine how the prospect of slower economic growth will impact the outlook for corporate earnings across sectors. 3. MIR Outperforms Following 2 Key Announcements MIR issued revised 2001 EPS guidance of $1.95 versus its prior forecast of $1.90. Management noted that this revision reflects its continued success in using its trading and marketing operation to optimize the value of its asset base. Concurrently, management announced that its board has approved the repurchase of up to 10 million shares over the next 30 days. We have revised our EPS estimate accordingly in a separate First Call note issued today. 4. ORN Down on NYC Power Market Concerns; Con Ed Filing Indicates Intact Fundamentals Orion Power traded off 14.6% owing to concerns surrounding the potential impact of the WTC tragedy on the New York City power market. In particular investors are questioning the magnitude of lost power demand and the potential impact on the supply/demand balance in the region. In an 8K filing issued yesterday, Con Ed notes that lost demand approximates 140 MW-30% below the low end of the initial range of estimates. In addition, a portion of this demand will likely be relocated to other parts of the city. Overall, Con Ed's filing gives us greater comfort in our conclusion that the fundamentals of the New York City power market remain intact. Regards,
Answer: CSFB Power Generation Update; Hosting Conference Call at 11 AMED T on Thursday (9/20/01)
Here is an email: Hi, Teb: Here's my flight info. : Leave Manchester airport on Thurs., Dec. 20, at 5:50 p.m. on Continental Flt. 1445. Stop in Cleveland--no change--and arrive Houston Intercontinental at 10:33
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Q: Please do not reply to this e-mail. This is a post only message. If you do not wish to receive e-mail notifications in the future, please send an e-mail to seminars@aei.org, and we will take you off the list. Thank you. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Labor Conditions and Worker Rights in China and Hong Kong Monday, January 28, 2002, 3:00-5:00 p.m. Wohlstetter Conference Center, Twelfth Floor, AEI China's supply of cheap labor has drawn textile and electronic manufacturing jobs from the United States and many developing Asian countries. These jobs have not necessarily brought prosperity to the majority of Chinese workers-in fact, discontent has grown. An excess of unemployed rural workers and an increase in laid-off workers from closed or privatized state-owned enterprises has produced an angry and demoralized workforce. Worker demonstrations have been mounted in all parts of China, many regarding corruption in factory management. Some China watchers view this worker unrest as a recipe for instability and eventual chaos. The members of this panel suggest a possible solution: independent worker organizations in which workers can protect their own interests and contribute to the solution of some of the nation's economic problems, particularly corruption, through a democratic process. Panelists will also address related issues in Hong Kong. 2:45 p.m. Registration 3:00 Introduction: ARTHUR WALDRON, AEI Panelists: DONG FANG HAN, China Labor Bulletin TRINI LEUNG, author and researcher ELIZABETH TANG, Hong Kong Confederation of Trade Unions Moderator: ARTHUR WALDRON, AEI 5:00 Adjournment You may register online at www.aei.org/inv020128.htm, or fax the following form to 202.862.7171, or mail this form to Conferences, American Enterprise Institute, 1150 17th Street, N.W., Washington, DC 20036. For additional information, please contact Heather Dresser at 202.862.5884 or MengHao Zhao at 202.862.5805. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I will attend the panel discussion on Monday, January 28. Name: _________________________________________________________
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IN: Looks like we have an issue with RisktRAC access. In order to be able to set up books in RisktRAC, the only role that currently exists is the Risk Controls group, who has access to all books, hierarchies etc (all groups, all commodities). With NetCo coming on line, the Risk Controls group has been asked to approve RisktRAC access to the new NetCo controls group so they can set up the new gas books that have been requested. I am uncomfortable granting access to NetCo personnel, as they would be able to see all the estate info, including Europe, EIM, EGM, ENA etc. Also, it is my understanding that the IT groups are working on splitting out the systems but will not be able to do so until after these books have to be set up (deadline for them is next Monday). As such, I recommend the following: In order to ensure there is a segration between NetCo and the estate, until the systems are segregated, the IT groups should be responsible for setting up books, curves etc. How does that sound? Thanks

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OUT: NETCO access to RisktRAC
IN: This is an email
Hello Folks, The following attachment is a trip to Port Aransas (near Corpus Christi). The regular price of a Saturday trip is $29.95. The special price is only $8 and a minimum of 45 persons to from a trip. Another condition is that each person have to be 21 or older. The price includes donuts, snack, a bottle water, prizes & a free lunch buffet and free bingo. Please shoot me back an email to let me know the interest for this event. We're looking at Oct. 6. The costs for non-members would be a bit higher. I will also take any other suggestions for an event. By the way, please only reply to me and spare the others! Take care all and have a wonderful weekend. I know I will, I'm playing golf all weekend!!! Regards,

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OUT: Member's Night for October
Attached are some late night thoughts on the portal. Most of this is focussed on the portal for opinion leaders, but some of it could be applicable to the comemrcial portal as well. Could you forward this to Palmer ... for some reason my address book doesn't pull him up when I'm off the system.
Answer:
Portal