Subject: "Availability".

Body: *** Hotel Villa Nina e-mail: vilanina@racsa.co.cr site: www.hotelnina.com SALUDOS DESDE MANUEL ANTONIO, QUEPOS Y HOTEL VILLA NINA GREETINGS FROM MANUEL ANTONIO, QUEPOS AND HOTEL VILLA NINA Dear : Paul Thanks for your interest in our Hotel. We have room check in 02/02/02 and check out 02/04/2002. Type AAA: Air conditioning, one queen size bed, cable tv, telephone, bathroom with hot water, terrace with table and chairs, refrigerator, coffee maker, plates, glasses, cups and silverware. The rate is US$63 per room, per night with taxes and continental breakfast included. Type AA: Air conditioning, one full size bed, telephone, bathroom with hot water, terrace with table and chairs, refrigerator, coffee maker, plates, glasses, cups and silverware. The rate is US$57 per room, per night with taxes and continental breakfast included Type A: Air conditioning, one full size bed o two singles bed, telephone, bathroom with hot water, terrace with table and chairs, refrigerator, coffee maker, plates, glasses, cups and silverware. The rate is US$49 per room, per night with taxes and continental breakfast included In order to make and guaratee the reservation, send a fax (506) 777-1497 or e-mail with a credit card number, expiration date and holder?s name like appear on the card. Looking forward to hear back from you. Fred Reservations If you would like some information on tours in Manuel Antonio, local flights reservations or rent a car in Costa Rica, please do not hesitate to contact us

Subject: "NEB Approves TCPL Settlement".

Body: The National Energy Board has approved the TCPL 2001-2002 Settlement agreement in its entirety. The link to the Reasons for Decision (RH-1-2001)is attached below. Highlights - No change to current tolls pending final decision on Fair Return Hearing expected in late spring or summer, say June or July 2002 - AOS and FT Makeup Credits to IT Service to start effective Jan 1/02. - IT Floor floats monthly between 80-120% of FT depending on AECO MI and seasonal marginal fuel rate (at current prices expected to remain at 80%) - NEB expected to review Settlement Guidelines in near future (potentially opening door in future to FERC style negotiated tolls) Dianne Ripley (403-974-6913) is responsible for implementing AOS and FT Makeup for Enron Canada. She and I can both answer questions about how it works.

Subject: "Unit Contingent Deals".

Body: 582324 - Grays Harbor Paper Mill 582322 - Las Vegas Cogeneration I've added the unit names to the deals and reminded Les that they need to be in the comments section. He was under the impression that the guideline sheet he sent out re: unit names spelled out the answers, but I took another look at it and it doesn't seem to really answer anything. I've attached it just in case you don't have it anymore - but please let me know if this assists you guys in ANY way. If it doesn't, I can probably get him to draw up something more useful. Thanks,

Subject: "View on Global Crossing".

Body:
Here is my initial perspective. I am still waiting for call backs on some information. Bull Case Best positioned among emerging backbone carriers Core network build done Cash EBITDA positive (adjusted for IRU sales) Broad network coverage Reasonable liquidity: $2.6B forecast YE01 Potential upside $21 Bear Case: Extreme capacity supply/demand imbalance Pricing pressure, no apparent elasticity Low visibility in IRU and dark fiber sales business (28% revenue) $9B debt & pref Hard to make a constructive case on demand in intermediate term Potential issue with cash movement between Parent and Subs, covenant test Seems fairly valued on peer group risk-adjusted basis, absolute fair value $6 Conclusion: Debt yielding 23%, why would you buy equity? Probability of recap: 50% Chance of survival without restructuring: 25% If a proposed deal involved some cash exchange for equity upside I would be hard pressed to recommend that transaction. I don't understand all the dynamics of a deal so if you want me to do any more in-depth work let me know. I will pass on the additional information as I get it. Regards,