This is the content of an email: You had a question about the meaning of Section 4.3. Here's a brief explanation. Section 4.2 covers indemnification in case one party gets sued by a third party for damage caused by negligence of the other party. I'm OK with eliminating "stockholders" and the "...judgments of any nature..." clause you two spoke about on the phone as long as they come out of both subparagraphs a. and b. Section 4.3 needs to stay in because it covers any potential action by EPFS against TW for damage to EPFS's facilities during the term of the agreement. TW is already obligated elsewhere in the agreement to construct and operate the facilities in accordance with industry practice, tariff and DOT standards. Our policy in interconnect agreements is that if TW complies with these standards we should not then somehow be liable for damage to EPFS in case of explosion, etc. In other words, both parties bear the risk attached to something unforeseeable going wrong notwithstanding use of industry and DOT standards. (By the way, I believe the "notwithstanding anything in this Article 4 to the contrary" language should come out; I'm not sure why it's in the draft.) Any questions -- please e-mail or call (713-853-0596).

Subject: TW/EPFS interconnect agreement

This is the content of an email: Would you please generate a fresh ENE guaranty and email to the lawyer (see Lotus Notes - Emma Nakakuki is the new attorney). Also, please verify with credit (Rod Nelson in London) that the guaranty cap has not changed. I have the file in my office. Thanks. SS

Subject: Credit Agricole

This is the content of an email: For the month of June there will be weekly Budget Meetings every Tuesday @ 11:00 a.m. in EB32C2. Please mark your calendar accordingly. Please notify me only if you are unable to attend. June 5, 12, 19 & 26 in EB32C2 @ 11:00 a.m. Many Thanks, Liz Taylor x31935

Subject: Whalley's Budget Meetings - June

This is the content of an email: I think we should get either you or Sara involved in this. Gary has requested a Houston lawyer help in establishing the business in London. Mark
Subject: Bond and Equity Trading in Europe