Subject: "Bankruptcy Swaps with Canadian Reference Entities".

Body: The Houston desk has asked me to prepare a form of confirm for a credit derivative based on the bankruptcy of a Canadian reference entity. Before I talk to Canadian counsel about the bankruptcy laws there I thought I should check with you guys and make sure you haven't done this already - any issues you know of? Thanks, Mark

Subject: "BPA removal".

Body: I've simulated the Aggregate power portfolio's VAR with the BPA contract (approx. $51MM) as a stand alone (approx $3MM) and with the BPA position reversed out (approx $49MM). Only issue seems to be that the VAR related to the position per credit Agg does not "tie" with VAR related to position in Enpower - I'm attributed this to the peak/off peak simulation difference. Specifically, the credit agg file does not define what was peak or off peak, whereas file from Enpower did, resulting in more accurate measurement of risk. Bottom line is that BPA removal appears to be risk reducing. Frank

Subject: "Intercontinental Staffing Group".

Body: I would like to introduce Intercontinental Staffing Group. Our offices in Houston and London are primarily focused on serving the energy trading industry, bringing together top energy trading talent with the worlds leading energy trading companies. Our search consultants have past experience in either trading or brokering energy products. This gives us a distinct advantage with respect to our knowledge of and exposure to the energy trading industry. We are currently working on filling several trading and marketing/origination positions throughout the US. If you have an interest or know of someone who is looking for a new career opportunity, please contact me at the phone number listed below or feel free to email me at possibilities@istaffinggroup.com . We do offer a referral fee if we are successful in placing one of your recommendations. Thank you for your time. I look forward to speaking with you. Sincerely,

Subject: "Steve Kean".

Body:
Greetings: Saw your QF story. You were right. One never know what the "story du jour" will be. You still interested in talking to Steve Kean? If you are, when do you talk to Skilling, and would you want to schedule something around that, or sooner? Best,