Subject: "hedge funds".

Body: Caroline: You should have already seen the two ISDA's (Valentis, CD Holdings) emailed yesterday evening per your instructions. I am still waiting for you to send information regarding inhouse/outside legal counsel for both parties. The Schedule and Paragraph 13 sent to Valentis et al is very much like the hedge fund template which legal is refining. We are reviewing the first draft and commenting. FYI - I will not be in the office on Friday, April 27. Also, the Enron legal conference is next week and the lawyers will be in San Antonio from May 2 (afternoon) through May 4. And finally, I will be on vacation during the week of May 7 - May 11. Please try to make plans (conference calls, counterparty comments, etc.) accordingly. Let me know if you have any questions. Thanks.

Subject: "SW Region Dir Mtg-2/21/02".

Body: Dan Pribble's next Director Meeting is scheduled for Thursday, February 21st in ECN45C2. Below are the proposed agenda items: Don Hawkins/Charlie Thompson - Objectives Max Brown - Pipeline Integrity follow-up Larry Urban - Safety Workshop Feedback, Objectives, Mega Safety Awards, Safety-PPE's, Public Awareness Please respond to this email and let me know how much time you need for your agenda item and/or other agenda items you wish to discuss. Thanks!

Subject: "Energy Trading in Japan".

Body: Terry: Greetings. I have been reading about lliberalization of power markets in Japan starting next year. I wondered if you expect IBJ or any of the other large financial institutions in Japan to make a market in power? Would you or someone else you know want to talk about that? Let me know. Hope things are going well. Take care. Mark

Subject: "Next Financial Reporting Case".

Body:
Well, looks like it's that time again. There only 2 questions. Howzabout if the S.F. contingent takes #1 and the East Bay Gang takes #2 and we distribute around over the weekend? Thoughts?