QUESTION: <<IPW091701.pdf>> Good Morning, Our deepest sorrow and sympathy goes out to all those who have lost loved ones and have suffered because of last Tuesday's national tragedy. For those investors that are interested in understanding how last week's tragedy might impact the sector we attached the latest issue of our Independent Power Weekly and offer the following thoughts: 1. Framework for Analysis From a broader equity market perspective, the analytical challenge for investors is understanding how the prospect of slower economic growth will impact the outlook for corporate earnings. Another area for analysis is understanding how the negative impact of a slowing economy will be offset by falling interest rates. 2. Sector is Well Positioned Relative to the Market On both fronts, we believe the power generation sector is well positioned relative to the broader market. Compared to the rest of the market, the growth prospects for the industry are clearly less sensitive to economic conditions. Providing support for this view, in 1991, when real GDP declined 0.5%, electricity demand increased 2.0%, which compares with a 2.2% annual growth rate from 1990-2000. In addition, we believe the sector will benefit disproportionately from falling interest rates. 3. Current Valuations Offer Downside Protection Current valuations for the sector offer downside protection relative to the market. On average, the
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ANS: CSFB Independent Power Weekly--Issue #43

QUESTION: J.C. asked me to send the following: We are sending you by messenger today a subpoena that we received last night asking that you produce documents and appear to give testimony before the SEC. IGNORE THE DATES INDICATED IN THE SUBPOENA. We will negotiate significant and reasonable restrictions on the documents produced and different deadlines and appearance dates. These negotiations will likely result in new such dates from mid- to late-January. To the extent you have not already done so, please segregate and assemble any documents that you might have, even for the broadest request. I will be in touch with more details. Please do not be overly alarmed. This subpoena issued to nineteen others merely indicates that the SEC believes that you have material information relative to its investigation. It does not mean that you are a target of that investigation. J.C. Nickens This e-mail and any attached files may be confidential and subject to attorney/client privilege. If you received it in error, please immediately notify the sender by return e-mail or by calling (713)654-7600.
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ANS: SEC Subpoena

QUESTION: We have two positions open for Trading Assistants with UBSW Energy. One will work for Jeff Richter and Chris Mallory on the Cash Trading desk and one will work for me and Mike Swerzbin on the Term Trading desk. In short, the Trading Assistant helps the traders run EOL markets, provides analytical support, prepares daily market summaries, reviews trade press for pertinent information, performs checkouts with brokers and counterparties, assists in pricing new deals. Please send an e-mail to Amy Fitzpatrick by noon on Tuesday expressing your interest. This position is open to both Enron and UBSW employees. Tim Belden
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ANS:
Assistant Trader Position Open