Q: Dear Uncle Ken and Aunt Linda, =20 Hi! I'm so sorry for what is all that's happening to ya'll. I hope God wil= l help ya'll in so mnay ways to keep ya'll spirit's up through these rough = times. I pray that God will help you, Uncle Ken through the things your co= mpany is going through. I want to call you so many times, but didn't becau= se I don't want to distract you from your valuable time away from this big = problem you are going through. My Political Science teacher last week said= something about Enron, I immediately raised my hand since I was the only o= ne in the class who knew what Enron was and what is kinda happening to it. = I thought that was really interesting to tell you. Oh, plus I used Enron f= or an example for my trial essay I had to write for my writing class. I hop= e you don't mind that. Well, Aunt Linda I have a new boyfriend, Zeke. We've= been dating for now over a month and two weeks. He's awesome! When I get a= chance I'll send a pic! ture to you of him. I hope all is well with both = of you. I LOVE and MISS ya'll both!!! Take care and God Bless!!! !=20 =20 Love,=20
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A: Hi!
IN: Everyone, As we stated earlier, this particular virus that is on the internet is causing a lot of issues for Corporations. As a result, the companies who write anti-virus software are continuously updating their software. As of this morning, another update has been made available to us. This update does a better job of protecting your PC than the update we received last night. At this time, it is extremely important that you again go through one of the procedures listed below to get the latest update. 1. Logout of the network and log back in or 2. Click on START>PROGRAMS>ACCESSORIES>Norton AntiVirus Corporate Edition and then click the Live Update button. This will pop up a screen where you will have to click the "Next" button and then a "Finish" button. - If you are an EES user, this option is not available to you. Please use option 1. The proper version of the update pattern you need is: (9/18/2001, version 30918BL) - You may need to restart the Norton Anti-Virus client if you want to visually insure that you have the latest update. If you have questions or concerns, please direct them to your Resolution Center. Enron Global Technology

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OUT: Update to Virus Protection Software #2
IN: This is an email
This mail is the third in the series regarding the acceptance of RiskTrac VaR for UK Power. Please see the previous 2 days which will provide the history. Essentially we have now reached the stage where we can explain the jump in VaR from moving from the VaR spread sheet to RiskTrac based largely on the good work that Fergus Trenholme - London Risk Management and Stig Faltinsen - London Research have done (it has been a team effort as many others have been called in as appropriate and I would like to thank them too). A full analysis is contained in the note from Fergus and Stig below but the key points to note are: the changing of the input parameters partially explains the difference in the VAR number between the 2 systems but not completely (including the change in factor loadings) the vast majority of the difference in the VAR numbers between the 2 systems is caused by the splitting of the volumetric position into the (primary and secondary) component curves in RiskTrac. In RiskTrac PPP is currently set as the primary curve even though 75% of the position is on the station gate curve where as in the spreadsheet the whole position is against the PPP curve As a result of us now being able to isolate and explain the jump in VaR from moving to RiskTrac we will be reporting this number from now on. That said does the VaR number sound right ? The numer is theoretically but is the theory close to reality in the Uk Power market ?The RiskTrac calculated $25m VaR is a 1 day VaR and the methodology would imply it should be broken 1 in 20 business days. Based on historical P&Ls this has not been the case and so it does not pass the "sense check". (note that the original $13m VaR was only broken once or twice in the last year). There are many potential explanations why, but if we think about how the price and volatility curves move they typically only move at the short end (ie only the first 2 years) and the component VarR for this period is in the order of $8m. This could therefore imply that the volatilities we are using to calculate the VaR are too high. The book undoubtedly contains significant risk but due to market illiquidity more consideration should be given to "jumps" or "shocks". The book does posses increased fat tail risk at this lower VaR level which is not captured in the current VaR calculation. Outstanding issues / work Based on the second bullet point above consideration needs to be given to changing the primary and secondary curve settings as well as the correlations and factor loadings for and between all the curves. The impact of any such changes will need to be quantified. Fergus and Stig aim to work with Houston research and the business on this over the next few days / week(s) and will be providing a regular update to those on this mail list. Additional work needs to done to assess whether the VaR number / methodology being calculated / employed by RiskTrac truly represents the expected volatility and performance of the portfolio and truly represents the 1 day earnings risk for 19 out of 20 days. It would also be appropriate, given the nature of the market and the term structure of the portfolio, to assess the fat tail risk being run. I am away for the next 2 weeks so Fergus and Stig will be sending regular progress updates.

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OUT: PLEASE READ -Analysis of variance between spreadsheet VaR and RisktRAC VaR for UK Power
QUESTION: We do not have a copy of the executed agreement for our files. Can you have one of your assistant's copy it for me as well as any relevant guarantees, credit support documents, etc. Much thanks...
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ANS: BP Oil International Limited
Jeff, have you finalized how Jenn and Craig will split out the industrial segments? They should also come up with their business plans and a reporting matrix similar to what you are doing with the desks. How are you making out at the desk level in implementing our previous discussions with Scott and the remainder of the desks? Regards
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answer: Various
If you like, I can get you database access that will allow you to review the comments between Legal & Credit. We do not give this level of access to non-Legal & Credit people because we are trying to limit certain information for client-attorney privilege (not to mention the business people give away our negotiating positions!). If you would like this level of access, let me know and I will put in a request. This level of access will also give you edit capability, so you need to be careful not to change things by mistake.
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answer:
Financial Trading Agreement Database