Subject: "Multi-Product Counterparty Guaranty".

Body: Mary: Enclosed is the Counterparty form that we have come up with for Multi-Product Guarantys. Depending upon the products that need to be covered, each Guaranty will need to be modified to make sure that it describes the proper entities and products. I will send along the Enron form of this shortly but please pass this along to the appropriate people in the credit group. Jeff, Stacy and Harry, Are you going to change the Physical product form of Guaranty to look more like this? Power has changed their form and it may help for us to all be consistent especially when we are asked to amend an existing Guaranty to include more products. If you do decide to amend your form, please send the new form to credit. Thanks for everyone's input.

Subject: "Seattle City Light deals".

Body: Just for everyone's information - I've entered two buys from Seattle City Light to negate an earlier sale of power to the company (Deal 317868). The deals are as follows: 515404 STCA buys SCL 2/8/01-2/28/01 SP-15 Off Peak $115.00 515420 LTCA buys SCL 3/1/01-3/31/01 SP-15 Off Peak $115.00 I'm giving you this disclaimer either because you asked me to enter the deal, the deal is in your book, or the deal will affect your calc. The volume is shaped between 1 and 2 MW. Please let me know if you have any questions. Thanks,

Subject: "HEALTH & WELFARE BENEFITS".

Body: Peggy: Considering where we are in the divestiture process, I don't think it is the right time to have PGE contract for and administer the Health and Welfare Benefits noted in your memo dated 04/20/01. In addition, it is likely that a potential buyer would want PGE to come under its own Health and Welfare Benefits. Switching now could entail having PGE employees being under three Plans in a relatively short period of time. Stan

Subject: "Termination master log".

Body:
Sara, Thought you might find this useful. We've added in the valuation we showed in Infinity for each of our counterparties (Clara ran the valuations as off the Early Termination date referenced in the log). Please let me know if you have questions. Thanks.