This is the content of an email: I am taking Good Friday as my discretionary holiday for the year. I will be in Austin with my daughter for her official tour and info session at UT, plus a look at dorms. Patti will have numbers where I can be reached in Austin. We are making final changes to the orig presentation today - I will be reviewing those tomorrow in Austin. I am e:mailing you a current draft version, although it does not yet reflect all of the changes needed. I am still trying to eliminate some pages to make it more a more manageable size. I have taken the work that Rahil and Fred have done on the services and have made that into an appendix - nice work, but way too much detail for a presentation.

Subject: Discretionary Holiday - Friday, April 13

This is the content of an email: The Fourth Quarter and Year 2001 Performance: The model portfolio has gained 12.78% during the fourth quarter versus a 10.42% gain for the S&P500. While the market has not delivered positive returns for the year, we are happy to point out that the Industry Selector is in positive territory as the year comes to an end. The year to date gain of 1.12% is leading the benchmark by 1407 basis points. Looking forward to the first quarter of 2002, our Industry Selector favors: Aerospace/Defense, Auto Parts & Equipment, Communication-Equip/Mfrs., Distributors, Electronics (Semiconductors), Electric Companies, Electrical Equipment, Equipment (Semiconductors), Financial (Diversified), Foods, Footwear, Health Care (Drugs), Insurance Brokers, Insurance (Life/Health), Publishing (Newspapers), Retail Stores (Dept. ), Retail Stores (Drug). (full article attached) LJE www.lajollaeconomics.com

Subject: The Industry Selector*

This is the content of an email: In order to ensure our Network resources are available for critical business purposes, IPTV will be unavailable until further notice. We will be sending out another email when IPTV becomes available. Thank you for your support and understanding.

Subject: IPTV

This is the content of an email: Dear Vince, We have been working on the curriculum for some of the educational programs to be offered by the Energy Markets Institute that Arthur Warga and I discussed with you in the summer. I am attaching (tentative) curricula for two important programs: (1) A graduate certificate in Energy Finance, (2) A 5-year BBA/MS program in Energy Finance. Briefly, the certificate is a 5-course for-credit program that is available to people with sufficient basic background in finance, economics, statistics and mathematics. This certificate includes coursework in accounting issues specific to the energy industry, basic aspects of energy sources and the organization and regulation of energy industry, forecasting and time-series econometric methodologies, basics of financial engineering and derivatives, real-options and project analysis as it applies to the energy industry, and energy derivatives and risk-managament. The 5-year program is more ambitious. It seeks to provide a broad but rigorous curriculum for future energy industry professionals and managers. In the undergraduate component students take rigorous courses in math, probability and statistics, economics, chemistry and physics, and accounting and finance. This is conceived to be an "elite" and highly demanding program where students have to handle the more demanding courses in a variety of areas. The 5th or graduate year of the program is given over to the energy certificate and additional graduate courses in finance and accounting. I know you are extremely busy, but it would be very helpful to get your reaction (even at a broad level) to these programs and the type of courses that are envisaged. We view these programs to potentially form the core of the educational activities of the Institute, but the next step would be to develop more specialized programs (of shorter duration) aimed at professionals already working on challenging problems in the industry. We are in the process of setting up the Institute and developing its governance and administrative structure. I will give you more details very shortly.
Subject: Energy Institute Curriculum