IN: I have asked Patti to send Sharron a list of all employees within Energy Operations (a BIG list) and another one with managers and above (perhaps a more manageable list) for this effort. Since you went to the meeting I didn't know whether or not you were following up on this. Just wanted to let you know that I have asked Patti to do this. Thanks.

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OUT: Celebration

IN: Good Morning, Here are this week's stats: AGA Last Year +105 5 yr AVG +89 Lifetime High +105 2001 Lifetime Low +63 1999 Gas in STGE EIA 1893 5yr AVG 1482 +/- to 2001 +495 +/- to 5yr AVG +411 Please have your estimates in by 2:00 (1:00 CST) Wednesday. Thank you. (Embedded image moved to file: pic08160.pcx) This message and any attachments (the "message") is intended solely for the addressees and is confidential. If you receive this message in error, please delete it and immediately notify the sender. Any use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval. The internet can not guarantee the integrity of this message. BNP PARIBAS (and its subsidiaries) shall (will) not therefore be liable for the message if modified.

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OUT: BNP PARIBAS Commodity Futures Weekly EIA Survey

IN: Summary Risk Data as of 26Dec2001 Previous Active Financial Deals 71 71 Active Physical Positions 40 40 P&L Daily ($thousands) 88.3 47.0 VaR ($thousands) 1,626.3* 1,611.4* ETS Margin Account Deals 0 0 *The VaR continues to be over the ETS VaR limit of $1,000,000. Company MTM by Counter Party Asset Liability Net 21Dec01 Previous Change NNG EL Paso Energy Marketing 17,727.8 (20,164.3) (2,436.5) (2,296.6) (139.9) NNG Reliant Energy Services 81.5 - 81.5 76.5 5.0 NNG TransCanada Energy 21,039.6 (20,429.4) 610.2 620.5 (10.3) NNG Grand Total 38,848.9 (40,593.7) (1,744.8) (1,599.6) (145.2) The terminated contracts with RMTC are now fixed receivables as of the early termination date of December 14, 2001 except for interest. NNG is owed $4.8mm and TW is owed $33.9mm. Amounts are past due. Definitions: Physical deals modeled in the Caminus Zainet system are deals which have some form of price risk, (i.e. Index to index deals, and anticipated fuel sales) This does not include standard transport and storage agreements or unhedged natural positions. P&L Daily: Daily change in the mark-to-market (MTM) valuation of all deals being tracked in the Caminus Zainet system. This includes the origination and changes in value for both the physical and financial sides of hedges, along with any speculative trades and floating unhedged physical positions. VaR is "Value at Risk": Enron Corp policy defines this as the maximum expected one day loss on the portfolio given a 95% statistical confidence interval. This number is currently calculated on the Caminus system using a variance covariance methodology, rather than a Monte Carlo simulation per the Enron Corp policy.

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OUT: Daily Summary of Risk Data 12/26

IN: Would you please schedule for me the following weekly meetings: 1. Fridays 9am Houston - Brazil trading meeting (conference call) 2. Tuesdays 10am Sao Paulo time - ESA Legal Management Committee Meeting (currently 7am Houston time but changes with Brazil daylight savings) see separate e-mail for call in number

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OUT:
weekly meetings