This is the content of an email: Liz, Greg told me on thurs to contact you regarding if he had anytime on tues aftn. If he even has 15 min that woud suit as I'm just want to bounce some two or three ideas off him. Greg, If you have sometime to comment in writing or if you want to have a brief meeting on tues aftn I would appreciate it. I am seeking your guidance as a mentor not as a manager. 1) The group is trying something that it would seem only Morgan Stanley has achieved. We want to be a trader and marketer of both physical oil and financial derivatives. I liked the sound of this one year ago but thinking now we need to develop a franchise in one first rather than trying to do both in tandem. 2) Jeff would like to see this group move away from 'view' trading to 'flow' trading. I'm not convinced this is the right direction given our lack of existing customer business and traders with experience trading in this manner. we seem to be taking a bunch of hockey players and asking them to go play basketball. If we are going to go this course I would like some advise on trying to convince people to change and we need to think about the cost of changing the group to go this route. 3) I feel we should stick to improving our fundamental analysis and working on developing a greater physical presence. The approach to achieving that physical presense should come through aggressive pricing of physical supply to major consumers. This is the only group that at a price will willingly outsource their oil exposure. We should still work on trying to adapt to being more of a flow shop and develop customer business but not make it our top priority.

Subject: next tues

This is the content of an email: Irene: Due to the lateness of discussions at Enron Capital & Trade Resources Corp., I did not send any documents to you this evening. However, I do have two different sets of drafts to send to you in the morning. I have an ISDA without an annex (collateral built into the Schedule) and an ISDA with an annex. We have had discussions regarding the use of Letters of Credit and Surety Bonds as acceptable forms of collateral and I may need some additional time to resolve the issues. I will contact you early tomorrow to deliver docs and establish a timeline (if possible). Thanks. Sara

Subject: ISDA Schedule to Master Agreement and Credit Support Annex

This is the content of an email: Attached is the draft presentation of the internal controls component of the audit. We are only planning on including the first 4 of 8 pages. The last 4 pages were built anticipating Andersen being involved and are included here for reference only. Page 4 is the RAC component. Thanks,

Subject: Internal Controls presentation

This is the content of an email: I will meet with Kim this afternoon on her comments on ConfirmLogic. Bottom line, no sign off from Kim at this point. Thought you might want to know.
Subject: Update on ConfirmLogic