Subject: "READ THIS NOW RE MASTER NETTING".

Body: There exists another receivable financing covering power receivables structured at the corporate level. I am working with Trey Cash and Melinda Winn to extract the receivables to enable the master netting agreements to be executed. For now, please touch base with me prior to initialing any master netting that includes power. Please note we are still working on the extraction from the gas receivables as well.

Subject: "Noble Gas Marketing Inc".

Body: I talked w/ Ed McMichael about Noble WRT rescinding our termination if Noble were willing to pay in full all amounts due. Ed said he would rather cause the position to be terminated (moving the approximately $40M MTM value out of the "live" status) than he would collect the $39M of outstanding invoices. Ed's rationale is that any amounts settled (invoiced) will ultimately be collected in full w/ interest so there's no need to continue to wear the $40M MTM risk. Therefore, I will let our termination letter stand as issued and do not plan to contact Noble. Susan: please be sure to note that the termination letter was sent 3/11/02. Thanks

Subject: "Con Edison - trade done".

Body: We have a highly negotiated Annex B and B-1 which Samantha has just revised. She will send it to you. It is not to be used ever again (unless we agree once again). I can't remember where we left off on the confirm format.

Subject: "Health Notice".

Body:
One of our employees has contracted shingles. Although this condition is contagious, it is fairly difficult to contract. If you have concerns about this announcement, please come by and see me. Julie K x7404