Subject: "News from the front lines....".

Body: Sorry I didn't respond very promptly to your last email. Things have been very emotionally draining for me around here. I'm going to forward some of my recent email communications to catch you up on the issue. After you've had a chance to take in the situation I would really love to hear your opinion. Call or email with any insights. Susan Susan M Scott

Subject: "2001 Group Expenses".

Body: Guys, attached you will find a final cut on the ENA 2001 expense budget. Please review and make any adjustments to your existing plan that are appropriate to hit the net ENA target. In order to stay flat year on year, I split the remaining positive variance equally across the groups. As we had discussed earlier, these costs will not be allocated to the business units and will be tracked on the ENA income statement below the line and the accountability managed by each of you. All outside variable costs, specifically related to specific deals, will be charged to the business units eg) outside legal and tax, outside technical expertise, facility costs, outside research support, incremental back and mid office support for specific asset management deals, specific entertainment, etc. I look at this cost structure as the minimum capacity charge we need to operate our business and evaluate/manage our risks. Wes, can you please finalize the one page plan (expenses and headcount) for each group with these changes. Regards

Subject: "Need your help".

Body: Mark said you would know who it is in London that prepared a "script" for your traders on what to say on the phone when transacting a deal. Liz Sager is working on some training mid-next week for the power desk traders and needs to prepare a similar script for them. If you could let me know who to contact I'd appreciate it. Thanks for your help!

Subject: "Marty Klepper".

Body:
Marty Klepper just called and wanted to know where he can send something to you tomorrow. Do you want me to give him the Inwood address? Also, he wants you to call him at 202-371-7120. Are you coming back to work?