This is the content of an email: Rick/Mark: As discussed with you yesterday, the Enron Credit book has exposure to industries which have been negatively impacted by the events of last week. Credit spreads have widened out in most sectors that demonstrate liquidity and remain unchanged in markets that have yet to find liquidity. The Enron Credit book is net long protection/short risk which should be beneficial to P/L in the short-term, but there is significant default risk remaining in the book. The exposures quoted below are gross notional exposures. There will likely be significant recovery in the event of a default. The primary risk is in the following sectors: Airlines AMR Corp/Del - Short $10MM protection Boeing Co. - Long $20MM protection British Airways Plc - Short $3MM protection Delta Airlines - Short $30MM protection Deutsche Lufthansa AG - Long $17MM protection Quantas Airways Ltd - Short $10MM protection Southwest Airlines - Net flat The positions that we are concerned about are Delta and AMR. Continental has announced that it may miss an interest payment early next week. Insurance/Reinsurance Axa - Short $10MM protection; short $5mm bonds; net short $5mm protection Conseco Inc. - Short $5MM protection; short $4mm bonds; net short $1mm protection Additionally, we have mark-to-market counterparty credit exposure of $5.7mm to CNA, $5.8mm to Ace, 10.7mm to FSL,$3.6mm to MBIA, $10 mm to Mitsui. Reserves have been taken for all counterparty exposure. The biggest concern here is CNA. Lodging/Leisure Carnival Corp. - short $20MM protection Hilton Hotels Corp. - Short $25MM protection Many of the short positions are in the insurance portfolios where we have purchased 2nd loss protection and retain the 1st loss. Please let me know if you need additional information. Ted

Subject: Credit Exposure-Enron Credit

This is the content of an email: Attached please find the referenced list. For Tosco Refining Company, it should be set up as Tosco Refining Company, a division of Tosco Corporation. We need to get the incorporated entity on the hook.

Subject: Counterparty Approval List for 04/14/00

This is the content of an email: Barbara, Bullet Point List of Major Accomplishments: 1st Half of 2000 * Project Gallup - Compression Services Structure and Financing in 1st Quarter - $4.8 mil income to Upstream Origination * NNG Hubbard Restructure - Compression Services Restructure of Existing Deal - $1.3 mil of income to Upstream Origination 2nd Half of 2000 * Project 20/20 - Assisted Shonnie with asset sale transaction - 3rd Quarter - $78.8 mil income * Crescendo Energy, L.L.C. - Working to resolve or restructure gathering deal with Wildhorse - Ongoing * New Capacity Release Transportation Production for EOL (Drafted GTC and Product Description and worked with credit and risk management) - Went online Nov. 14th. * Huber Transaction - Long Term Firm Purchase Agreement signed. Capacity Release and Transportation Assignment Agreements expected to be signed by next week - Expected income of $7 mil in 4th Quarter Other Ongoing Activities: HPL Transport Off-System Transport (Transport Agreements and Precedent Agreements) Interconnect Agreements

Subject: Accomplishments for 2000

This is the content of an email: Dear Mr. Lin: Attached please see a draft of a Master Agreement for your review. Please do not hesitate to give me a call with any questions and or comments you may have regarding the enclosed. Regards,
Subject: Neumin Master Agrement