IN: Russell: I spoke briefly with Paul about your long-dated commodity deal and have a few comments. (1) Have you spoken with anyone on the confirmation desk about preparing a draft confirm? Joe Hunter (X33316) is a good start. (2) Paul advises that you will be transacting pursuant to the existing ISDA Master Agreement between ENA and CSFB Int'l (name change from Credit Suisse Financial Products). In that regard, you should be sure to add the following items to the confirmation and discuss with your counterparty: (a) ENA should be the Calculation Agent for purposes of this transaction. (b) You should provide for "Payments on Early Termination" as: "For the purpose of Section 6(e) of the ISDA Master Agreement, (i) Loss will apply, and (ii) the Second Method will apply." Also, you should obtain evidence of the name change (usually a certificate of name change). Let me know if you have any questions. Thanks. Sara

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OUT: CSFB International deal

IN: Attached is a revised Credit Watch listing for the week of 6/11/01. Please note that United States Gypsum Company was added to "No Trades" and Proliance Energy is now at "ENA Purchases Only". If there are any personnel in your group that were not included in this distribution, please insure that they receive a copy of this report. To add additional people to this distribution, or if this report has been sent to you in error, please contact Veronica Espinoza at x6-6002. For other questions, please contact Jason R. Williams at x5-3923, Russell Diamond at x5-7095, or Veronica Espinoza at x6-6002.

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OUT: REVISED: Credit Watch List--Week of 6/11/01

IN: We'll be paying APS for line losses 7/11 at HE 7. I've entered two deals to cover this - a buy from El Paso (Deal #679653) and a sale to Arizona (Deal #679693). PLEASE ENTER A PRICE INTO THE BUY FROM EL PASO - 679653 - AND NOTE THAT PRICE IN THE EL PASO MODEL. LAST TIME WE PAID BACK LINE LOSSES THIS DID NOT HAPPEN. Let me know if you have questions. Thanks,

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OUT: Line Loss Payback Deals - PLEASE READ

IN: Ken, Greg and Mark, I wanted to provide you a suggested agenda for the rescheduled Management Conference. After working with Joannie Williamson to coordinate open dates on your calendars with hotel availability, here is what we are proposing: Location: Westin La Cantera Resort, San Antonio (The Woodlands still will not have enough rooms to hold our group in February. We are concerned that if we don't have people committed to stay over, especially on a weekend, we risk weak participation. Also, by rebooking with the Starwood property, we hope to potentially recoup some of the loss incurred by canceling our November date and maintain a positive relationship with the company.) Dates: Friday, February 22 and Saturday, February 23 (We received feedback that employees may not appreciate being asked to sacrifice a weekend right now. However, these are the dates that the hotel is available. Available dates the previous week would interfere with Valentines Day and coincide with the peak of the Winter Olympics in Salt Lake City.) Agenda: DAY 1 Friday, February 22 2pm - 5pm Registration 6pm - 9pm Reception and Chairman's Dinner Speaker: General Norman Schwarzkopf (The General is currently available on this date, but has not accepted the engagement. I feel that, if we can reschedule him, he would be a significant draw to ensure people arrive in time for the evening activities.) DAY 2 Saturday, February 23 8am - 2pm Business Agenda (I will keep Ken and the brief business unit presentations/panel on the agenda. I also hope to reschedule Gary Hamel. Otherwise, I will remain flexible on the agenda.) 2pm Meeting Adjourns No planned activities (The activities are perceived as an unnecessary extravagance at this time.) We'd like to issue a memo about postponing the Management Conference to invitees as soon as possible. While details on the agenda can be resolved later, please let me know if you are comfortable with the dates and location so we can include that information in the memo. Regards,

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OUT:
Rescheduled -- Management Conference