Subject: "Enron Credit Projects Review".

Body: Macroeconomic Factor Analysis Reported preliminary analysis results on macroeconomic time series. Awaiting Craig's approval for buying bankruptcy rate data from D&B. Recovery Rate Analysis Understanding the data and performing analysis is in progress. EES Private Firm Model Completed model building and calibration. Final reviewing and testing is in progress. Drivers for Ratings Downgrade Prepared a report which will be discussed next week. Experian Data Reviewed information received on Experian database. A model may be built using this data. This model can work as a supplement to the models being built using D&B data.

Subject: "New Trco capacity".

Body: We have a new Transco 6-6 contract. Term 9/6 - 9/30 Contract # 3.6878 MDQ 4,752 Rec Leidy #6161 Del Mainline BG&E #7221 (Non New York) Please enter this on the morning sheet. Thanks

Subject: "TW Gallup - Gas Conversion Pricing".

Body: Well, there you have it. We waited and we blew it. What a bunch of dummies. Next time someone calls and gives me a special deal thats only available for a limited time, I'll jump on it! Kevin, please let me know what Steve, Bill, and Stan ultimately decide to do on this. Thanks. DF

Subject: "east basis and index points".

Body:
these are the only points that we need curve structures to. i am not sure on the gd points yet, but will get let you know. thanks,