IN: All, The unofficial word on the street is that deal closing is slated for Feb 7 and UBSWenergy launch is Feb 11. Our intention is to launch financial products only for our regions beginning with Summer '02 through Cal '03. As we are successful in signing up counterparties to reach a critical mass, we'll be adding products that are closer to the front of the curve (less correlated to NG.) We need to do this to protect ourselves from "ambushes" by single parties when we don't have a critical mass of players that we can lay risk off with. Please note that, as a result, we may "only" have a couple of more weeks to play with in terms of studying up and refreshing ourselves on the fundamentals in our respective regions. Therefore, I'd like each of you to fill-in the information listed on the attached document for the region listed by your name. Feel free to use any resources you need (fundies, etc.) and have them finished by next Thurs. (2/7). Someone please nominate yourself to format each paper in the same manner and have them all put together in one binder nice and pretty. Have a goodie. Flet ECAR (Cinergy) - Krugh MAIN (ComEd) - Ave' SERC (TVA) - Jackie SERC (SOCO) - Twisty SPP (ENT) - New Boy

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OUT: Regional Research Projects

IN: Nabil, Can you please provide the dates that you are planning on working for the 1st half of the summer. I called your residence earlier today, but your machine did not pick up. It is probably easier to communicate via email since we both keep missing each other. Thanks.

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OUT: Starting Date

IN: In order to complete our files, please send copies of signatures to the following documents: 1. Certificate of Amendment to Certificate of Formation of ERMT LLC (regarding name change to NETCO Holdings LLC) 2. Certificate of Amendment To Certificate of Incorporation of ESVL Corp. (regarding name change to ERMT Corp.) 3. Amended and Restated Certificate of Incorporation of ERMT Corp. (regarding name change to The New Energy Trading Company) 4. Written Consent of the Sole Stockholder of ERMT Corp. (dated 11/8/01) 5. Unanimous Written Consent of the Board of Directors of ERMT Corp. (dated 11/8/01) 6. Unanimous Written Consent of the Board of Directors of Enron North America Corp. (dated 11/5/01 regarding contribution to RMT) 7. Unanimous Written Consent of the Board of Directors of Risk Management & Trading Corp. (dated 11/5/01 regarding contribution to ERMT LLC) 8. Unanimous Written Consent of the Board of Directors of ERMT LLC. (dated 11/5/01 regarding contribution to ERMT Corp.) 9. Cross Receipt (of ERMT and RMT regarding $250,000,000) 10. Unanimous Written Consent of the Board of Directors of ERMT Corp. (dated 11/6/01 authorizing certain agreements) 11. Unanimous Written Consent of the Board of Control of ERMT LLC (dated 11/6/01 regarding issuance of 20 Units) 12. Acknowledgment of Receipt of ENA 13. Unanimous Written Consent of the Board of Control of ERMT LLC (dated 11/7/01 regarding issuance of Class B Unit) 14. Cross Receipt (of ERMT LLC and GSS Contract Services -- I will hold

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OUT: Swapco -- Outstanding Items

IN: Mark All work on the application for a power marketing certificate has stopped and we have not asked that changes be made to reflect the merger agreement with Dynegy. This would involve a considerable amount of work and a further analysis as to market power being prepared. If and when it is required we can instruct that the work be performed. I have advised our gas pipelines regulatory compliance group (Frazier King) as to the filing which may need to be made in the event that the application is made by ERMT Corp. There is no further action required on this, provided that ERMT Corp. remains the name of the entity. If you are considering a name change please advise as soon as is practicable in order that this can be addressed. The share transfer forms transferring the shares in Clinton to Enron Corp. have been executed, effective 30 October 2001. These need to be initialed and transfer accepted by the President of Enron Corp. I am sending these to you to initial. Marcus

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OUT:
ERMT Corp. and Clinton Update