Subject: "Thank You".

Body: We all realize how hard this has been on you personally and professionally. Your gesture yesterday was further solidification of your integrity and intestinal fortitude. I personally, would be proud to work for any company you are running. Thank you and good luck.

Subject: "Upstream--Storage Group Legal & Regulatory Research".

Body: Jeff and Gerald, I wanted you both to have the following information: (i) the legal/regulatory research questions that the Upstream Storage Group (Paul Bieniawski, Miguel Vasquez & Eva Rainer) have posed to LeBoeuf Lamb (law firm) and Brown Williams (rate consultant) and (ii) the two Reports produced in response to such questions. The Reports were delivered to the Storage Group personnel Friday, July 27, 2001, and were forwarded to me by Bob Neustaedter last Friday, August 3, 2001. The cost of this work was borne jointly by Jean Mrha's Upstream Group and the Regulatory Affairs Group; Donna Fulton, Sarah Novosel, and Bob Neustaedter are the Regulatory/Governmental Affairs individuals involved in retaining Brown Williams and in recommending Larry Acker at LeBoeuf to conduct the legal/regulatory research. I reviewed the engagement letters on behalf of the Regulatory Affairs Department. The combined cost of these reports is about $100,000. I've done the best I can to be sure that the Upstream Storage Group does not "overlook" the Legal Department as it forges ahead into a transactional arena fraught with significant regulatory and accounting risks and traps. Gerald, as you have become involved with the development scenarios that involve a compression component, I think it would be wise to become familiar with the contents of both the LeBoeuf Lamb and Brown Williams Reports. If either of you would like to discuss the legal, regulatory or political implications of the attached, please feel free to give me a call. Steve

Subject: "Update on what I'm working on.".

Body: Hi there. Nothings comes off the list. New additions are as follows: New transaction with Morgan Stanley Dean Witter, relating to the creation of a jointly owned control area to address generation, transmission, and retail load delivery. It is brand-spanking new, so I don't know much more than this. It is being handled by Ozzie Pagan. New opportunity with New Jersey Natural to develop projects using Fuel Cells. Heather Kroll is the contact. Sale of Blue Dog (GE) turbine. Likely buyer (at last word) is NRG. Could be complicated if GE protests. There's a rumor that we are buying some new turbines from GE, but I haven't been contacted. The rumor came from GE reps, who asked if I was working on it. Sheila isn't handling, either, last I knew. Everything else is the same. I expect to be in NYC in the middle of the week to continue negotiations on the Co Op City deal (with Mark Bernstein). Please let me know if you have any questions. Kay

Subject: "option candlesticks as attachments 6/8".

Body:
The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher. Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com. (See attached file: candlesticks33.pdf) - candlesticks33.pdf