Subject: "GISB".

Body: Barbara, I am forwarding to you today a fully executed GISB for your client. Also, what is the status of your review of the Master Agreement? Does your client wish to proceed with this agreement? Please advise at your convenience. Best regards,

Subject: "Recent Contract Terminations".

Body: Below is an updated list of recent contract terminations. I believe we need to review our internal notification system to make sure this information gets distributed in a more timely fashion. United Illuminating - effective January 1, 2002 HQ Energy Services - effective January 1, 2002 First Energy Solutions - effective January 2, 2002 Old Dominion - effective January 10, 2002 - we should schedule in PJM through the 10th of January (do we have any other positions with Old Dominion). Ameren Energy GPU Energy - effective January 21, 2002 - we should schedule in PJM through the 21st of January (they may push back, but we should remind them that they will be subject to LDs). Call David Portz at 3-9239 with questions.

Subject: "D/F CP's missing from Gas".

Body: Sara, We have reviewed the list of D/F parties missing from the gas open position that was provided to Louis. All of the CP's were identified in our books as in the money or out of the money transactions except the following: Eugene Water & Electric Power only-not in Tagg General Electric Company No Gas, Unleaded Fuel HQ Energy Services Power only-not in Tagg International Paper Company Does not show up in Credit Agg-No exposure? Solitair Corporation Does not show up in Credit Agg-No exposure? Small Ventures USA Gas-No exposure-Credit Agg and Tagg indicate Swaption has expired The Kroger Co. Does not show up in Credit Agg-No exposure? Tom Brown Inc Does not show up in Credit Agg-No exposure? TransAlta Energy Power-not in Tagg Wells Fargo Bank Does not show up in Credit Agg-No exposure? Wexford Spectrum Does not show up in Credit Agg-No exposure? Maria Garza x37019

Subject: "Reminder - Cheryl Nelson".

Body:
Good Morning All! Just a reminder that Cheryl will be in class all day today and most of tomorrow. She will be checking voicemail. Please feel free to contact me should you need immediate assistance. Have a great morning!