Rick, I wanted to summarize for you my budget meeting with Michael on Wed. I will send you the whole pack under separate cover, but here are the highlights: Relatively speaking, it was constructive - he has made unequivical cut demands of other groups Original (adjusted) headcount budget for 2001 was 52, he is asking me to freeze heads at current 44 which includes: not replacing recent leaver - Karin Levin not replacing scheduled Houston rotation - Oliver Harrison Scheduled new arrrivals - John Collenette, Karl Sees, Blair Van Zant, Adam Bauer, Michel Gantois Tracy Ngo, plus 5 new in last month. 2002 budget looks much larger than 2001, despite lower headcount due to: $1.6MM increase due to full costing of expats @ salary plus 4x salary (instead of just salary) $500k for communications allocated increase in benefit costs from 10% to 23% All other expenses lowered - Budget not finalized. Michael requested: reduce Travel by a significant amount ($100k?) get more precise justification of allocations from RAC Corp - Credit - $350k looks a little low (includes you, bill, debbie, credit reserve,CAS..) Market - $660 looks a little high/ok UndWr - $499 looks too high Portfolio - $108 ?? be prepared to shed under 2 scenarios a) 5 heads b) 10 heads 5 heads can be accomodated with little change in service, provided we continue to shed 'operational' credit responsibility and the current low level of large underwritten transactions and revals. Specific coverage holes and weakness will continue to be: EBS, German speaking credit person, depth in international markets, depth in market risk management. 10 heads would be quite disruptive and my recommendation would be to re-assess the role of RAC with an eye towards much less process work and immunity from finger pointing. Budget to be finalized a more comprehensive business review is completed over the coming few weeks. Perhaps we can discuss next week after you have reviewed. Ted
Answer: 2002 Budget
Here is an email: Jason Wolfe, At this time we are taking deposits on the all new 2002 Thunderbirds. I have several incoming in the next few weeks. Also I have a sold unit on the premises right now, if you want to stop by and take a look it will be here a for a couple of more hours. If you have any further questions or would like to set up a time to come in, please feel free to give me a call at 713-960-9800 or email me back. Looking forward to hearing from you and Central Ford thanks you for the chance to earn your business. Christopher Hayes Internet Manager
What is a potential subject line for this email?
A: Taking deposits
Q: Group, There is a new binder for EPE hourly deals for 2002. The deal sheets MUST be kept in this binder. We are currently missing the deal sheet for 12/30/01 to 01/01/02. Please be on the lookout for this sheet or sheets. Those who were on shift for that period will need to coordinate what deals were done and will need to reconstruct a sheet. These sheets are currently a main source of information on EPE for settlements. The deal sheets should be clear, concise, and should have information such as energy type, delivery point, who you spoke with and at what time. I will be sending another email regarding EPE procedure and model updates for 2002. Thanks,
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A: EPE Hourly Deals 2002
IN: Attached is a mini dash that summarizes the proposed deal to grant a license for POPS to AEP. Please review and let me know of any issues, questions or concerns. Yesterday evening AEP sent some last minute changes to the license agreement primarily dealing with arbitration. I will be meeting with Barbara Gray and my counterpart from AEP, Dave Banks, tomorrow to nail down this agreement. I'd like to get signatures on Friday so that we can move forward with getting our first payment and then start the process of delivering the application. On a related note there have been some issues between AEP and Enron on the commercial side of the business. Louise Kitchen and Eric Vanderwalde are involved in working through those issues. Brian Redmond has asked that we call him before executing this agreement.

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OUT: POPS Mini Dash and License Agreement Status
IN: This is an email
No Cold Weather In Sight Tropical Storm / Hurricane Chances Increase for the Eastern Gulf / Florida Sorry this is late today - my home system has been down much of the day due to road runner issues. Today's and yesterday's models showed fairly unanimously that a progressive weather pattern is in store for the first 10 days of November. As discussed on Friday - this will keep any long lasting or substantial cold air from penetrating into the nation. It looks wet in the Pacific Northwest and overall mild for the eastern Interconnect. This week the cold air will be leaving and a strong warming trend will occur for the mid and latter parts of the week. The mornings will continue to be rather cold in New England through the middle of the week. A tropical disturbance in the Carribean will have to be watched closely. As usual, there are a variety of possibilities with this varying from nothing at all to the formation of a tropical storm or hurricane. If anything did develop - it is still unlikely to affect production as it probably would drift north toward the eastern Gulf of Mexico or into Florida. This is all speculation at this point as there is only thunderstorms down there now. We should have a couple of days to determine the threat, if any, to production. In the far long term beyond the 10th of November, yes there are some weak signs of a pattern change but so far, I have seen no evidence that suggests any cold weather pattern will lock in anytime soon. Earth Sat's 6 to 10 day for tomorrow will probably look similar to the 11 to 15 day that Earth Sat had from Friday. A little below normal in the Northeast / Lakes while mostly normal or even normal to above elsewhere. Earth Sat has had an overall cold bias lately. It is pretty likely that the market will not see a major "locking in" of a cold pattern tomorrow either. Bottom line, pretty normal progression of weather heading into November. Plenty of cold air up there in northern Canada, more than usual, but see no reason right now to get excited for cold weather in the short term.

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OUT: Sunday Weather Update
The hotel we are staying at is the Palm Court Hotel in St Martin-on Orient Beach. Phone number is 590-87 41 94. Web site (if you want to check it out tomorrow!) is palm-court.net...The rooms have refridgerators, and I think breakfast is complimentary. If you need any other info, let me know.. Stacey/Susie-just tell the cab driver you are going to Orient Beach and once you get there the hotel is on Bikini Beach.
Answer:
Hotel info in St Martin