IN: Tuesday's Contents: 1.08.02 Daily News Update and Stock Performance As stated in our November 16 issue of The Prometheus File, Reed Wasden Research will be sending our daily publication and morning notes for a 45-day trial period. Included is our daily update and notes on companies that RWR follows. For those who do not wish to receive the daily updates, please reply with WEEKLY ONLY as the subject. Please allow at least one day for your request to be processed. Best regards,

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OUT: Reed Wasden Research - Daily Update 1/08/02
IN: This is an email
Dan - I left you a voice mail about this contract. Can you let me know who the best person would be to review one of these for Brent? Thanks,

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OUT: translation
QUESTION: First Union Securities, Inc. Hello Sara. I wasn't sure if we had finalized discussions on an EITF 0019 compliant confirmation for derivatives on Enron Corp. Stock. I'll call you tomorrow to make sure you receive this. <<ISUSUER.Put.00-19(7-20-01).doc>> This is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments mentioned. The information has been obtained or derived from sources believed by us to be reliable, but we do not represent that it is accurate or complete. Any opinions or estimates contained in this information constitute our judgement as of this date and are subject to change without notice. First Union Securities, Inc. (FUSI), or its affiliates may provide advice or may from time to time acquire, hold or sell a position in the securities mentioned herein. FUSI is a subsidiary of Wachovia Corporation and is a member of the NYSE, NASD and SIPC. FUSI is a separate and distinct entity from its affiliated banks and thrifts. - ISUSUER.Put.00-19(7-20-01).doc
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ANS: sample confirm
We currently have $21.4 million in reserve for potential Northwest refunds. $10 million currently sits in the LTCA book and $11.4 currently sits in the LTNW book. During the summer, FERC initiated an investigation into the potential of unjust and unreasonable spot prices in the northwest from December of 2000 through June of 2001. Seatlle City Light, Tacoma City Light, Eugene Water and Electric Board, and Sacramento Municipal Utility District all filed claims at FERC for refunds from EPMI. The claims totaled close to $100 million. However, many of these claims were, on their face, spurious. For example, Eugene Water and Electric Board filed for refund of forward purchases which was clearly outside the scope of FERC's proceeding. We hired consultants from Charles River Associates (CRA) to help us with this process. One of their tasks was to apply the CAISO competitive benchmark pricing methodology to the Northwest market. That is, CRA attempted to reverse engineer the CAISO's methodology in order to estimate our Northwest risk. I was informed by our litigation team that EPMI's realistic potential exposure using this methodology was roughly $30 million. We decided to reserve roughly 2/3 of this amount which came to about $21 million. In September a FERC Adminitrative Law Judge heard the case and submitted a draft decision to the FERC. The draft decision recommended against any refunds. This draft decision is supposed to come in front of the FERC commissioners for approval before the end of the year. If this draft decision is approved, it would be appropriate to remove these reserves.
Q: What is a potential subject line for this email?
answer: Northwest Reserves
Attached is a clean and red lined version of the loi. I'm expecting a call from David Hunt, so I haven't dealt with the limit of liability stuff yet. The Beck comments are good comments which we need to discuss internally, but since we haven't, I'm happy to take the position that the comments seem to fit better in the drafting of the definitive ageements. Kay
Answer: We need a good project name documents
Q: Hi Kam, As per our discussions last week, I have attached a trader/book association table for U.S. Gas. If you could get the desks to fill in the appropriate information for the new books, Tara and I will get the data set up in EOL for product selection and testing. Thanks!
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A:
Trader/Book Associations for New Risk Books