Subject: "Admissability of tapes into evidence".

Body: The financial trading group has a recurring request by our conterparties to add a provision addressing the admissability of trader tapes into evidence in court or other proceedings. Our current language merely states: "Each party consents to the recording, at any time and from time to time, by the other party of any and all communications between officers or empoyees of the parties, and waives any further notice of such recording." Here are the facts and issues: 1. Our agreements provide for arbitration (most likely) or jurisdiction in specific courts or are silent as to jurisdiction. 2. ENA policy is to destroy trader tapes after 6 months. 3. If we are doing our job, a written and signed confirmation should exist in our files for each and every financial transaction. On occasion, we have not confirmation signed by ENA's counterparty. By agreeing to add "admissability" language, are we waiving the parol evidence rule? Do we always want the ability to introduce existing recordings? Can you provide us with language acceptable to ENA that we might propose to a counterparty (when asked)? Here's an example of a recent request: "Any such recordings may be submitted in evidence to any court or in any proceedings for the prupose of extablishing any matters pertinent to the [ISDA] Agreement."

Subject: "Dynegy Power Corp. Master".

Body: We have a really old agreement with the referenced counterparty and I don't think we use it to trade under anymore. I spoke to the Confirm Desk and it appears all of our trading is under Dynegy Marketing and Trade. If you concur, I would like to inactive that master, since I'm afraid it might get attached for online trading.

Subject: "Plan B".

Body: Louise, with mark smith out, I'd like approval to go to plan B which would be to extend an offer to Gary Brian. How do we go about doing this? This move is supported by Tom Martin, Vickers, and Tycholiz. By cc to Chis - any objections?

Subject: "API 1/8".

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: API.pdf) Having computer problems so no graphs. - API.pdf