IN: The following report was prepared Strategic Information Services. If you have any questions, please call the numbers below. This report provides a numbered listing of the individual measures that will be appearing on the March 5, 2002 Statewide Primary Ballot. * Proposition 40 -- This legislative measure, the product of AB 1602

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OUT: Update on ballot measures

IN: Randy: We are still discussing internally the time period that should be specified in the definition of Credit Support Provider. We are not comfortable with specifying October 2002 as the date. What is the reason for this? We are trying to make this language as transaction specific as possible. Is there anything else that we can add to it to make it more precise? Please call me in the morning. I'm in by 8:30. Thanks.

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OUT: Credit Support provider Language

IN: George, it is probably worth speaking to them about the US assets - probably the smaller Virginia sites which are probably less core and may be great brownfield sites. I'm not sure we would have an interest in UK coal fired assets. I would speak to Sherriff on that one. However, I would caution that real value is created through RAPID brownfield development leveraging on Enron's development, electricity, coal and emissions talents. For ComEd and Homer City, Mission has already paid up for these assets based on gas being on the margin. Now that was before a lot of the run up so it may be worthwhile; however, I think it may be difficult to arb these guys. As well, I think it may be difficult to get the asset out of them - I'm not sure that they can turn their strategy or show a loss this quickly from a Wall Street point of view. We should probably take a shot at the smaller probably less core Virginia assets. Are they in QF, if so there may be upside in the deal from Duran's point of view.. Dave, given the rise in gas prices and gas being on the margin for a larger part of the load curve, coal assets or coal QF's may be great assets for us from a restructuring and power asset (expansion/brownfield) point of view. Have we looked at this? Are there many in the market? Regards

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OUT: Edison Mission Energy

IN: Andrew, Note conference room for our meeting today. I'm also attaching a brief writeup of the deal so far from our perspective. You might want to review before our meeting so you will know where our current understanding (or misunderstanding :-) ) of the deal currently is. Thanks,

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OUT:
Stage Coach