Subject: "Pipeline Profile, Dashboard Alerts Testing Presentation".

Body: When: Friday, November 09, 2001 1:30 PM-2:30 PM (GMT-06:00) Central Time (US & Canada). Where: 4052 *~*~*~*~*~*~*~*~*~* Note: This presentation will be repeated on Monday 11/12/2001 from 10:30 - 11:30 am. You will receive that appointment also. Please accept the time that best fits your schedule. If you have any questions or need to schedule another time please give me a call. Bobby Mason

Subject: "Valuation of Internet companies".

Body: 1. COMMENT & ANALYSIS: Stretching the figures: Calculating accurate values for companies in the new economy takes more than a grasp of mathematics - a dash of economics, politics and logic would not go amiss, says John Kay: COMMENT & ANALYSIS: Stretching the figures: Calculating accurate values for companies in the new economy takes more than a grasp of mathematics - a dash of economics, politics and logic would not go amiss, says John Kay: 87% match; Financial Times ; 24-Apr-2000 12:00:00 am ; 1170 words Do the math. The slogan favoured by Jim Clark, creator of Silicon Graphics, Net-scape and Healtheon, has become the mantra of a generation of consultants and investment bankers. The new economy, they claim, requires new principles of valuation. C.com is one of the most exciting prospects in business-to-business commerce. It is the world leader in a growing market - annual sales by 2010 are likely to be Dollars 500,000bn. If C.com can maintain a 5 per cent share and earn only 1 per cent net margin its prospective annual earnings will be Dollars 250bn. If we assume that market growth after 2010 is 5 per cent and discount future revenues at 10 per cent, the prospective value of C.com is Dollars 5,000bn - about 10 times the recent market capitalisation of Microsoft, Cisco or General Electric. You don't have to wait for the IPO. You can buy shares in C.com right now for less than 5 per cent of that value. C.com is called Citigroup and in addition to its foreign exchange trading, which is the business I have described, you get its other wholesale, retail and investment banking activities and a leading insurance company thrown in. Of course, nobody would be so stupid as to value Citigroup in this way. Yet I have followed more or less exactly the methodology recommended in the latest McKinsey quarterly for the valuation of new era companies. They use precisely analogous calculations to arrive at a valuation of Dollars 37bn for Amazon.com. Paul Gibbs, head of merger and acquisition research at J.P. Morgan, recently used similar principles to confirm that assessment of Amazon. He then performed the same calculation for internet service provider Freeserve. Assume that UK retail sales grow at 5 per cent a year, that 25 per cent of sales take place on the net, that portals capture 50 per cent of these, that Freeserve gets 30 per cent of the portal share and maintains an 8 per cent commission on sales. Multiply these together and you establish that in 2017 Freeserve will make profits of o2bn (Dollars 3.2bn). This, he argues, justifies a value today of o6.50 per share.

Subject: "London - Week of January 15".

Body: Just wanted to drop you a note to let you know that I will be in the London office during the week of January 15. I will arrive just after lunch on Monday and plan to be there through Thursday. Much of my time will be spent with Fernley and Mike Jordan. If you have a few minutes while I am in town, it would be great to get with you to hear if there is anything that is of particular concern or interest to you in supporting the continuing growth of your business in 2001. I will stop by while I am in the office. --Sally

Subject: "Real Deals from Travelocity.com".

Body:
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