This is the content of an email: Challenge Appetite for credit capacity is much greater than what is justifiable given credit quality of industry and liquidity of transactions. General Themes Dearth of liquidity in market (bearing in mind that EIM's purpose is to stimulate liquidity) Poor credit quality Highly structured nature of steel transactions (inventory management, illiquid options, etc.) M-T-M Accounting and incentives related to achieving earnings targets Size, tenor and rating drive credit exposure; size and tenor drive transaction value -- therefore ratings drive credit limits.

Subject: Revised EIM Meeting Notes (inclusive of notes from 9/17 & 9/18 meetings)

This is the content of an email: Guys: I've narrowed the list down to the minimum combination of packages. Please build all receipts to all deliveries except for Same Combos (Oasis-Oasis, etc.) or any Pool-Pool Combos. Thanks.

Subject: Point Packages for TW/EOL

This is the content of an email: Last year we played with a mandatory Tight End. Do you want to continue this and thus start 1 QB, 2 RBs, 3WRs, 1 TE, 1 K, 1 Def? Also, I need to know if you would prefer to determine the draft order prior to the draft. I would prefer to do this b/c it gives the opportunity to plan and trade your picks. Let me know. Eric

Subject: Draft

This is the content of an email: Susan: I wanted to clarify whether Enron Australia Pty. Ltd. needs to execute ISDA Master Agreements with the SAME counterparties which already have agreements with ENA (and vice versa). As an example, I can only rely upon tax advice ENA has previously received in connection with the services agreement between ENA and ECT Canada. For book and tax purposes, the trade is recorded on the risk books of the Enron affilate ultimately booking the trade but the transaction is actually documented in the name of the Enron affiliate having the Master Agreement with the counterpary. The Enron affiliate having the Master Agreement with the counterparty then transacts with Risk Management & Trading Corp. (through a bulk swap arrangement). The credit risk remains with Risk Management & Trading Corp. (through an internal back to back transaction with the "booking" Enron affiliate) for which the "booking" Enron affiliate will presumably pay a fee pursuant to the services agreement. Consider: ENA is negotiating an agreement with Commonwealth Bank of Australia. Will Enron Australia require a separate master with Commonwealth Bank of Australia? Or will the services agreement permit the hereinabove described arrangement?
Subject: Financial Trading - Enron affiliates