Q: Notice No. MS-76 November 14, 2001 COMMODITY EXCHANGE, INC. MEMBER FIRM PRIVILEGES Please be advised that effective with the close on November 2, 2001, Merrill Lynch, Pierce, Fenner & Smith, Inc., has acquired Merrill Lynch Futures, Inc. Merrill Lynch, Pierce, Fenner & Smith, Inc. has assumed the clearing member firm privileges of Merrill Lynch Futures, Inc. As a result, Merrill Lynch Futures, Inc. has been terminated as a clearing member firm of COMEX. Members and Member firms have (10) days from the date of this notice to advise the Corporate Secretary's Office of any claims against Merrill Lynch Futures, Inc.
Propose a subject line
A: (MS-76) MEMBER FIRM PRIVILEGES
IN: Rick/Mark: As discussed with you yesterday, the Enron Credit book has exposure to industries which have been negatively impacted by the events of last week. Credit spreads have widened out in most sectors that demonstrate liquidity and remain unchanged in markets that have yet to find liquidity. The Enron Credit book is net long protection/short risk which should be beneficial to P/L in the short-term, but there is significant default risk remaining in the book. The exposures quoted below are gross notional exposures. There will likely be significant recovery in the event of a default. The primary risk is in the following sectors: Airlines AMR Corp/Del - Short $10MM protection Boeing Co. - Long $20MM protection British Airways Plc - Short $3MM protection Delta Airlines - Short $30MM protection Deutsche Lufthansa AG - Long $17MM protection Quantas Airways Ltd - Short $10MM protection Southwest Airlines - Net flat The positions that we are concerned about are Delta and AMR. Continental has announced that it may miss an interest payment early next week. Insurance/Reinsurance Axa - Short $10MM protection; short $5mm bonds; net short $5mm protection Conseco Inc. - Short $5MM protection; short $4mm bonds; net short $1mm protection Additionally, we have mark-to-market counterparty credit exposure of $5.7mm to CNA, $5.8mm to Ace, 10.7mm to FSL,$3.6mm to MBIA, $10 mm to Mitsui. Reserves have been taken for all counterparty exposure. The biggest concern here is CNA. Lodging/Leisure Carnival Corp. - short $20MM protection Hilton Hotels Corp. - Short $25MM protection Many of the short positions are in the insurance portfolios where we have purchased 2nd loss protection and retain the 1st loss. Please let me know if you need additional information. Ted

Generate a subject line.

OUT: Credit Exposure-Enron Credit
IN: This is an email
Did Debbie talk with the two of you before putting together her memo? Is she raising this to me because she wasn't comfortable with the outcome of her conversations with you two, or did she skip that step? Just curious, before I send any type of response. I would need details from you around the process for updates to Entelligence and Global Counterparty. Surely one feeds the other? --Sally

What is the subject?

OUT: Information in Entelligence vs Global Counterparty
QUESTION: Dave: Per my voice mail message, this entity would like to sign the same amendment letter that kinder Morgan signed which I have attached. Please let me know if this is okay with you. Thanks.
Propose a subject line for this email?
ANS: Kinder Morgan Texas pipeline Inc.
SVMG ENERGY COMMITTEE MEMBERS, LIAISON REPRESENTATIVES & PRINCIPAL OFFICERS: The California business community needs your help in opposing AB67 XX. This bill represents a dangerous attempt to rewrite SB78 XX, the Edison bail-out legislation, which passed the Assembly last Friday. After months of good faith discussions the amendments the California Business Coalition so strongly advocated for have been completely disregarded. Direct Access continues to be threatened and an unfair rate increase for large energy users still lingers. We urge you to contact your local delegation to express your opposition to this inequitable legislation. The Senate will be voting on SB67 XX immediately. If passed, the bill will go to the Assembly for vote tomorrow morning. Please contact members of both houses so that the concerns of the California business community are clearly heard. Attached please find the Business Coalitions floor alert, the SVMG's letter opposing SB67 XX, as well as a spreadsheet with contact information for our local legislative delegation. Any effort in this regard will make a difference. Thank you for all of your help. Sincerest Regards, Carl Guardino
Q: What is a potential subject line for this email?
answer: URGENT: The California business community needs your help
Your comments are needed for Carla Harris who sat in for Keegan Farrell on September 1st. Please return as soon as possible. Thank you!-Becky Ratings: Excellent = 5 Above Average = 4 Average = 3 Below Average = 2 Poor = 1 Initiative: _________
Q: What is a potential subject line for this email?
answer:
Comments Needed-Carla Harris 090101 (Farrell)