IN: I have submitted the security requests to get the three of you access to the "Other Agreements" subdirectory of the Financial Agreement Database. That approval usually takes about a day, as soon as it comes through I'll let you know. You will of course, still need to solve how to get into the directory with Mike Neves. Let me know when you can get in.

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OUT: lotus notes link

IN: Hi Just FYI - A collection of racquets is more than just a luxury. On Friday, after the matches, I was keen to assert my new found tennis prowess. I thought I could do it too. I was playing like a spring chicken until my first big overhead. I set up well, ready to bounce that ball right over Grant's head. I thought I was so cool. Up I went to find the ball and out came flying my racquet. On the other side of the net. Cracked. Everybody stood to stare to see if it was anger or incompetence that created such a mess. I think I better work on that shot. Tennis on Wed.? Elizabeth

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OUT: meeting

IN: Dear Market Participants: Methodology used in developing the NYISO Virtual Bidding Credit Requirements: Day Ahead Market Hourly Zonal LBMP and Real Time Market Integrated Hourly Zonal LBMP values were used as the data source for developing the NYISO Virtual Bidding Credit Requirements. These values are available on the NYISO web site. The time period of June 1, 2001 through August 31, 2001 was used. Peak hours are defined here as the hours of 6am (06:00) through and including 10pm (22:00). The absolute value of the difference of the DAM and R/T price was calculated for each peak hour. The 97th percentile of these series of prices was calculated for each zone. The maximum of these zonal 97th percentiles was calculated to be $159.33. The data manipulation and calculation was performed in MS Excel. The attached spreadsheet contains the data used in the June 2001 to August 2001 calculations. (See attached file: Virt Bidding Credit Req data.xls) Please contact the Customer Relations department with any questions. Regards,

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OUT: Virtual Bidding - data release

IN: Guys, attached you will find a final cut on the ENA 2001 expense budget. Please review and make any adjustments to your existing plan that are appropriate to hit the net ENA target. In order to stay flat year on year, I split the remaining positive variance equally across the groups. As we had discussed earlier, these costs will not be allocated to the business units and will be tracked on the ENA income statement below the line and the accountability managed by each of you. All outside variable costs, specifically related to specific deals, will be charged to the business units eg) outside legal and tax, outside technical expertise, facility costs, outside research support, incremental back and mid office support for specific asset management deals, specific entertainment, etc. I look at this cost structure as the minimum capacity charge we need to operate our business and evaluate/manage our risks. Wes, can you please finalize the one page plan (expenses and headcount) for each group with these changes. Regards

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OUT:
2001 Group Expenses