Subject: "AGA Report 12/27".

Body: The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher. Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com. (See attached file: AGAMAIL.pdf) - AGAMAIL.pdf

Subject: "Enron Form 10-K".

Body: Bob, Steve Gilbert was not working on this, but he thought that the numbers in 10ks and annual reports generally get filled in by Elaine Concklin or someone based on ET&S numbers fed up throught the system by Gilbert's group. For now, I'm leaving the blanks in this draft blank and explaining to Moran that I have limited our review to the legal and regulatory verbiage. Thanks. DF

Subject: "SAP Outages".

Body: Normally, these scheduled SAP outages are planned with the major user bases via a communication released 3 weeks in advance and subsequently approved. The notice you received today was a reminder notice. This outage is due to our quarterly production build schedule for SAP upgrades to the HR environment ("hotpacks"). We rescheduled this weekends outage earlier today after consultation with HR and the tentative and future date will be mid-January. At this point no additional outages are planned for the remainder of the year. The revised (cancelled) notification will go out tomorrow.

Subject: "Hughes Hubbard".

Body:
Jim, these are the individuals at Hughes Hubbard I mentioned yesterday. Kevin will be in Houston while he's wrapping up his time at American General. I'd be pleased to introduce you to him. It was great to see you yesterday. My thoughts are with you.....