Subject: "Q&A's".

Body: Attached are the Q&A's published by corporate. These Q&A's are targeted primarily to terminated employees. More Q&A's concerning our current employees are in process and will be distributed as soon as possible. We will try to address your questions at the floor meeting scheduled for 1:00 PM. The call-in number for the meeting is 1-800-820-4690, code: 7012645# Julie Kearney

Subject: "New York Kissinger Dinner".

Body: Dear Jeff, I hope this note finds you well. I look forward to meeting you live soon. Partha Ghosh and his team is working with your troops on a palatable offer to AT&T re your $650M network assets. I think we are getting close to a construct Dave Dorman will consider. Please don't read anything into the 2 postponed meeetings, they are very busy with Board related issues, being resolved soon. On a separate matter, from time to time, I host dinners with various industry leaders to focus on major issues. The next one is Monday July 23rd. in Manhattan, 7PM. In attendance will be: Dr. Henry Kissinger (with whom ADVENTIS works closely) Dave Dorman, President, AT&T Gary Weis, President, Concert Micheal Sabia, President, Bell Canada Enterprises John Adams, CFO, AT&T and probably: Pierre Danon, President, BT Retail, Red Wilson, Chairman, Nortel Jeff, would you like to join us ? Please let me know.

Subject: "SEC 13f filing for ECT Investments Inc. as of 12/31/01, submission due 2/14/02".

Body: Art, Enclosed you will please find our SEC 13 Filing for ECT Investments, Inc. as of 12/31/01, due for submission on 2/14/02. Please prepare for filing. We are filing zero positions. As soon as you get back to me I will approve for the 2/14/02 submission. You may call me at 713-853-3210 if you have any questions. Please send Bowne's bill to my attention at 1400 Smith Street, EB 3066d, Houston TX 70002-7361 Regards,

Subject: "next tues".

Body:
Liz, Greg told me on thurs to contact you regarding if he had anytime on tues aftn. If he even has 15 min that woud suit as I'm just want to bounce some two or three ideas off him. Greg, If you have sometime to comment in writing or if you want to have a brief meeting on tues aftn I would appreciate it. I am seeking your guidance as a mentor not as a manager. 1) The group is trying something that it would seem only Morgan Stanley has achieved. We want to be a trader and marketer of both physical oil and financial derivatives. I liked the sound of this one year ago but thinking now we need to develop a franchise in one first rather than trying to do both in tandem. 2) Jeff would like to see this group move away from 'view' trading to 'flow' trading. I'm not convinced this is the right direction given our lack of existing customer business and traders with experience trading in this manner. we seem to be taking a bunch of hockey players and asking them to go play basketball. If we are going to go this course I would like some advise on trying to convince people to change and we need to think about the cost of changing the group to go this route. 3) I feel we should stick to improving our fundamental analysis and working on developing a greater physical presence. The approach to achieving that physical presense should come through aggressive pricing of physical supply to major consumers. This is the only group that at a price will willingly outsource their oil exposure. We should still work on trying to adapt to being more of a flow shop and develop customer business but not make it our top priority.