IN: Friday's Contents: 1.18.02 Daily News Update and Stock Performance Calpine Restructuring Lead to New Future 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 1/18/02

IN: Attached are clean versions of the most up to date documents. The confirm also includes a redline copy with the changes we discussed this morning. Please note that Calpine needs to execute the following documents: 1. Capacity Release and Assignment Agreement 2. Enfolio Master Firm Purchase/Sale Agreement 3. Guaranty by Calpine Corporation (Included as Exhibit to Enfolio Master Agreement) 4. Transaction No. 1 to Enfolio (the Confirm) Please let me know if you have any questions.

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OUT: Latest Versions

IN: Carter Perrin is back from Italy & will be sailing in the V-15 races on Friday night. He has promised 10,000 Lira to any HYC'ers who can beat him on the racecourse. There also will be a DJ, Cash Bar & Buffet afterwards so bring down your friends. We are trying to beat the record of 22 boats set earlier this summer. We will be going to Taco Milagro (Westheimer & Kirby) on Thursday night from 7-9 PM. We are attending the USA vs. South Africa Rugby game at Robinson Stadium (UH) on Dec. 1 @ 2 PM. HYC Tailgate party & BBQ before the game. Purchase your tickets online at: www.usa-eagles.org/tickets/index.html DAMIEN GODDARD

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OUT: HYC stuff

IN: Tana and Marie: We need over here copies of the following agreements so that we can send out default notices to counterparties that have failed to post margin. Margin letters were sent out on November 27 and margin is due by the end of today: Media General, Inc. - 7-13-2000 ISDA Societe Generale Paris 12-9-97 Master Swap Agreement Wabash Valley Power Association 1-10-2001 Master Energy Purchase and Sale Agreement El Paso Electric Company 1-22-2001 Master Power Agreement Merced Irrigation District 3-25-99 ISDA Eugene Water & Electric Board (City of Eugene) 10-30-2000 ISDA City of Shasta Lake 11-21-2000 Master power Agreement City of Sanata Clara California 9-10-99 Master Power Agreement Snohomish PUD No. 1 1-26-2001 Master Power Agreement Valley Electric Association Inc. 2-13-2001 Master power Agreement Colorado River Commission 6-6-2000 Master Power Agreement

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OUT:
Contracts For Default Letters