This is the content of an email: Molly: I left you a voice mail this morning about Citibank. The file reflects that you received correspondence from Citibank on 2/22/00 and Carol St. Clair had propsed revisions to the existing 1/9/96 ISDA Master Agreement (including changes to the CSA). Have you agreed to those changes? The Australia office is inquiring about the status of this Master Agreement. Thanks. Sara

Subject: Citibank N.A./ENA Master Agreement and CSA

This is the content of an email: Mark, Jeff and Greg, There has been some recent noise at CalPERS regarding Enron, some of which you may be aware. I wanted to update you in case any questions were raised tomorrow on the conference call. In October CA state Senator Steve Peace sent a letter to the CEO of PERS raising "questions about the prudence of CalPERS continuing to invest and partner with Enron under its current management". I discussed this with the Alternative Investment (AIM) staff (with whom I deal with regularly regarding JEDI II). They indicated at the time that a senior staff meeting was being held (on Friday Nov 2nd) to discuss the letter and how PERS might respond. Subsequent to that, staff informed me that the board had put Enron on the agenda to discuss during today's (Tuesday the 13th) Investment Committee meeting. I have not received an update as yet today on today's meeting. The fact that the board was meeting to discuss Enron has been reported in the media. Meanwhile, on Friday the 9th, Dan Szente the CIO resigned from PERS. Articles indicate it may be a result of 7.2 percent loss in the funds' investments. PERS holds approx 2.6 million shares of Enron. This has also been mentioned in articles discussing Dan's resignation - thus attempting to link his resignation with our poor performance?? Earlier in the year their proxy vote indicated they owned 3.5 million shares. [BTW - they voted against Item 1 - specifically mentioning Lay, Wakeham and Winokur as having relationships with Enron that could cause conflicts of interest.} PERS assets total $151 billion. It appears they may have liquidated some of their position. I am not sure but I think their position has been one they have held for a long time - possibly since beginning our relationship with JEDI back in 1993. The JEDI II partnership has been a successful partnership for PERS and current IRRs indicate they could earn in excess of 50% on their investment based on the September 30 capital account. This of course, assumes we can liquidate the assets in JEDI I for their current fair value. Also - PERS purchased approx. 7.2 million shares in NPW for $40 million - a cost basis of $5.50 a share. If you have any questions, I am available this evening at 713-218-6460. Shirley

Subject: CalPERS

This is the content of an email: Frank-we need to know if you have made any arrangements for Mom Tholt's funeral. Barb, Mike and Bob are flying nto Washington DC Dulles on Tuesday to tour the city. Joe and I are flying in on Thursday at noon. Everyone is leaving on Sunday. Bob and Us are leaving early Sunday morning. So we will be driving back on Saturday night. We are planning to stay together and rent cars together. Aunt Mary Agnes has offered to make hotel reservations for those days people who will be staying in DC. Either Barb or Mike will make reservations for Pennsylvania. We need to know if you would like us to include you in our reservations or if you plan on just meeting us there. There is only going to be Mass on Saturday for Mom Tholt at 11:30 followed by lunch at Aunt Jean's. Aunt Mary Agnes is suppose to be sending us money in the mail for plane reservations. Please let us know as soon as possible,

Subject: Travel Arrangements

This is the content of an email: I'm dragging myself out of this office. I can hardly keep my eyes open, but it's well-deserved. Santana concert last night with friends from Ashland. The social schedule just never lets up. I don't know how feasible it would be for me to spend two months resisting the temptations of hand-holding boys and shadowy bars. But I will think seriously about the idea. Have a safe trip back home. Oh, and my Christmas plans still stand - gone from Dec. 22 to Jan. 2. Maybe it's you who needs a schedule rearrangement. Kate
Subject: end of a long day