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Mon, 14 May 2001 16:39:00 -0700 (PDT)

Here is our forecast

Fri, 4 May 2001 13:51:00 -0700 (PDT)

Re:

Traveling to have a business meeting takes the fun out of the trip. Especially if you have to prepare a presentation. I would suggest holding the business plan meetings here then take a trip without any formal business meetings. I would even try and get some honest opinions on whether a trip is even desired or necessary. As far as the business meetings, I think it would be more productive to try and stimulate discussions across the different groups about what is working and what is not. Too often the presenter speaks and the others are quiet just waiting for their turn. The meetings might be better if held in a round table discussion format. My suggestion for where to go is Austin. Play golf and rent a ski boat and jet ski's. Flying somewhere takes too much time.

Wed, 18 Oct 2000 03:00:00 -0700 (PDT)

Re: test

test successful. way to go!!!

Mon, 23 Oct 2000 06:13:00 -0700 (PDT)

Randy, Can you send me a schedule of the salary and level of everyone in the scheduling group. Plus your thoughts on any changes that need to be made. (Patti S for example) Phillip

Thu, 31 Aug 2000 05:07:00 -0700 (PDT)

Re: Hello

Let's shoot for Tuesday at 11:45.

Thu, 31 Aug 2000 04:17:00 -0700 (PDT)

Re: Hello

Greg, How about either next Tuesday or Thursday? Phillip

Tue, 22 Aug 2000 07:44:00 -0700 (PDT)

[email protected], [email protected]

Please cc the following distribution list with updates: Phillip Allen ([email protected]) Mike Grigsby ([email protected]) Keith Holst ([email protected]) Monique Sanchez Frank Ermis John Lavorato Thank you for your help Phillip Allen

Fri, 14 Jul 2000 06:59:00 -0700 (PDT)

Re: PRC review - phone calls

any morning between 10 and 11:30

Tue, 17 Oct 2000 02:26:00 -0700 (PDT)

Re: High Speed Internet Access

1. login: pallen pw: ke9davis I don't think these are required by the ISP 2. static IP address IP: 64.216.90.105 Sub: 255.255.255.248 gate: 64.216.90.110 DNS: 151.164.1.8 3. Company: 0413 RC: 105891

Mon, 16 Oct 2000 06:44:00 -0700 (PDT)

"'[email protected]'" <[email protected]> cc:

FW: fixed forward or other Collar floor gas price terms Phillip, > As discussed during our phone conversation, In a Parallon 75 microturbine > power generation deal for a national accounts customer, I am developing a > proposal to sell power to customer at fixed or collar/floor price. To do > so I need a corresponding term gas price for same. Microturbine is an > onsite generation product developed by Honeywell to generate electricity > on customer site (degen). using natural gas. In doing so, I need your > best fixed price forward gas price deal for 1, 3, 5, 7 and 10 years for > annual/seasonal supply to microturbines to generate fixed kWh for > customer. We have the opportunity to sell customer kWh 's using > microturbine or sell them turbines themselves. kWh deal must have limited/ > no risk forward gas price to make deal work. Therein comes Sempra energy > gas trading, truly you. > > We are proposing installing 180 - 240 units across a large number of > stores (60-100) in San Diego. > Store number varies because of installation hurdles face at small percent. > > For 6-8 hours a day Microturbine run time: > Gas requirement for 180 microturbines 227 - 302 MMcf per year > Gas requirement for 240 microturbines 302 - 403 MMcf per year > > Gas will likely be consumed from May through September, during peak > electric period. > Gas price required: Burnertip price behind (LDC) San Diego Gas & Electric > Need detail breakout of commodity and transport cost (firm or > interruptible). > > Should you have additional questions, give me a call. > Let me assure you, this is real deal!! > > Buck Buckner, P.E., MBA > Manager, Business Development and Planning > Big Box Retail Sales > Honeywell Power Systems, Inc. > 8725 Pan American Frwy > Albuquerque, NM 87113 > 505-798-6424 > 505-798-6050x > 505-220-4129 > 888/501-3145 >

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/16/2000 01:42 PM --------------------------- "Buckner, Buck" <[email protected]> on 10/12/2000 01:12:21 PM To: "'[email protected]'" <[email protected]> cc: Subject: FW: fixed forward or other Collar floor gas price terms Phillip, > As discussed during our phone conversation, In a Parallon 75 microturbine > power generation deal for a national accounts customer, I am developing a > proposal to sell power to customer at fixed or collar/floor price. To do > so I need a corresponding term gas price for same. Microturbine is an > onsite generation product developed by Honeywell to generate electricity > on customer site (degen). using natural gas. In doing so, I need your > best fixed price forward gas price deal for 1, 3, 5, 7 and 10 years for > annual/seasonal supply to microturbines to generate fixed kWh for > customer. We have the opportunity to sell customer kWh 's using > microturbine or sell them turbines themselves. kWh deal must have limited/ > no risk forward gas price to make deal work. Therein comes Sempra energy > gas trading, truly you. > > We are proposing installing 180 - 240 units across a large number of > stores (60-100) in San Diego. > Store number varies because of installation hurdles face at small percent. > > For 6-8 hours a day Microturbine run time: > Gas requirement for 180 microturbines 227 - 302 MMcf per year > Gas requirement for 240 microturbines 302 - 403 MMcf per year > > Gas will likely be consumed from May through September, during peak > electric period. > Gas price required: Burnertip price behind (LDC) San Diego Gas & Electric > Need detail breakout of commodity and transport cost (firm or > interruptible). > > Should you have additional questions, give me a call. > Let me assure you, this is real deal!! > > Buck Buckner, P.E., MBA > Manager, Business Development and Planning > Big Box Retail Sales > Honeywell Power Systems, Inc. > 8725 Pan American Frwy > Albuquerque, NM 87113 > 505-798-6424 > 505-798-6050x > 505-220-4129 > 888/501-3145 >

Mon, 16 Oct 2000 06:42:00 -0700 (PDT)

Re: FW: fixed forward or other Collar floor gas price terms

Mr. Buckner, For delivered gas behind San Diego, Enron Energy Services is the appropriate Enron entity. I have forwarded your request to Zarin Imam at EES. Her phone number is 713-853-7107. Phillip Allen

Fri, 13 Oct 2000 06:45:00 -0700 (PDT)

Lucy, Here are the rentrolls: Open them and save in the rentroll folder. Follow these steps so you don't misplace these files. 1. Click on Save As 2. Click on the drop down triangle under Save in: 3. Click on the (C): drive 4. Click on the appropriate folder 5. Click on Save: Phillip

Mon, 9 Oct 2000 07:16:00 -0700 (PDT)

Richard Burchfield/HOU/ECT@ECT cc: Peggy Alix/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT, Kenny Ha/HOU/ECT@ECT

Consolidated positions: Issues & To Do list From our initial set of meetings with the traders regarding consolidated positions, I think we still have the following issues: We don't have a single point of contact from the trading group. We've had three meetings which brought out very different issues from different traders. We really need a single point of contact to help drive the trader requirements and help come to a consensus regarding the requirements. We're getting hit with a lot of different requests, many of which appear to be outside the scope of position consolidation. Things left to do: I think it may be useful to try to formulate a high level project goal to make it as clear as possible what we're trying to accomplish with this project. It'll help determine which requests fall under the project scope. Go through the list of requests to determine which are in scope for this project and which fall out of scope. For those in scope, work to define relative importance (priority) of each and work with traders to define the exact requirements of each. Define the desired lay out of the position manager screen: main view and all drill downs. Use the above to formulate a project plan. Things requested thus far (no particular order): Inclusion of Sitara physical deals into the TDS position manager and deal ticker. Customized rows and columns in the position manager (ad hoc rows/columns that add up existing position manager rows/columns). New drill down in the position manager to break out positions by: physical, transport, swaps, options, ... Addition of a curve tab to the position manager to show the real-time values of all curves on which the desk has a position. Ability to split the current position grid to allow daily positions to be shown directly above monthly positions. Each grouped column in the top grid would be tied to a grouped column in the bottom grid. Ability to properly show curve shift for float-for-float deals; determine the appropriate positions to show for each: Gas Daily for monthly index, Physical gas for Nymex, Physical gas for Inside Ferc, Physical gas for Mid market. Ability for TDS to pull valuation results based on a TDS flag instead of using official valuations. Position and P&L aggregation across all gas desks. Ability to include the Gas Price book into TDS: Inclusion of spread options in our systems. Ability to handle volatility skew and correlations. Ability to revalue all options incrementally throughout the trading day. Approximate delta changes between valuations using instantaneous gamma or a gamma grid. Valuation of Gas Daily options. A new position screen for options (months x strike x delta). TBD. Inclusion of positions for exotic options currently managed in spreadsheets. Ability to isolate the position change due to changed deals in the position manager. Ability to view change deal P&L in the TDS deal ticker. Show new deal terms, prior deal terms, and net P&L affect of the change. Eliminate change deals with no economic impact from the TDS deal ticker. Position drill down in the position manager to isolate the impact of individual deals on the position total in a grid cell. Benchmark positions in TDS. Deployment of TDS in Canada. Currency and volume uom conversions. Implicit and explicit position break out issues. -- Allan. PS: Colleen is setting up a meeting tomorrow to discuss the direction for transport. Hopefully we'll know much better where that part stands at that point.

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/09/2000 02:16 PM --------------------------- Richard Burchfield 10/06/2000 06:59 AM To: Phillip K Allen/HOU/ECT@ECT cc: Beth Perlman/HOU/ECT@ECT Subject: Consolidated positions: Issues & To Do list Phillip, Below is the issues & to do list as we go forward with documenting the requirements for consolidated physical/financial positions and transport trade capture. What we need to focus on is the first bullet in Allan's list; the need for a single set of requirements. Although the meeting with Keith, on Wednesday, was informative the solution of creating a infinitely dynamic consolidated position screen, will be extremely difficult and time consuming. Throughout the meeting on Wednesday, Keith alluded to the inability to get consensus amongst the traders on the presentation of the consolidated position, so the solution was to make it so that a trader can arrange the position screen to their liking (much like Excel). What needs to happen on Monday from 3 - 5 is a effort to design a desired layout for the consolidated position screen, this is critical. This does not exclude building a capability to create a more flexible position presentation for the future, but in order to create a plan that can be measured we need firm requirements. Also, to reiterate that the goals of this project is a project plan on consolidate physical/financial positions and transport trade capture. The other issues that have been raised will be capture as projects on to themselves, and will need to be prioritised as efforts outside of this project. I have been involved in most of the meetings and the discussions have been good. I believe there has been good communication between the teams, but now we need to have focus on the objectives we set out to solve. Richard ---------------------- Forwarded by Richard Burchfield/HOU/ECT on 10/06/2000 08:34 AM --------------------------- Allan Severude 10/05/2000 06:03 PM To: Richard Burchfield/HOU/ECT@ECT cc: Peggy Alix/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT, Kenny Ha/HOU/ECT@ECT Subject: Consolidated positions: Issues & To Do list From our initial set of meetings with the traders regarding consolidated positions, I think we still have the following issues: We don't have a single point of contact from the trading group. We've had three meetings which brought out very different issues from different traders. We really need a single point of contact to help drive the trader requirements and help come to a consensus regarding the requirements. We're getting hit with a lot of different requests, many of which appear to be outside the scope of position consolidation. Things left to do: I think it may be useful to try to formulate a high level project goal to make it as clear as possible what we're trying to accomplish with this project. It'll help determine which requests fall under the project scope. Go through the list of requests to determine which are in scope for this project and which fall out of scope. For those in scope, work to define relative importance (priority) of each and work with traders to define the exact requirements of each. Define the desired lay out of the position manager screen: main view and all drill downs. Use the above to formulate a project plan. Things requested thus far (no particular order): Inclusion of Sitara physical deals into the TDS position manager and deal ticker. Customized rows and columns in the position manager (ad hoc rows/columns that add up existing position manager rows/columns). New drill down in the position manager to break out positions by: physical, transport, swaps, options, ... Addition of a curve tab to the position manager to show the real-time values of all curves on which the desk has a position. Ability to split the current position grid to allow daily positions to be shown directly above monthly positions. Each grouped column in the top grid would be tied to a grouped column in the bottom grid. Ability to properly show curve shift for float-for-float deals; determine the appropriate positions to show for each: Gas Daily for monthly index, Physical gas for Nymex, Physical gas for Inside Ferc, Physical gas for Mid market. Ability for TDS to pull valuation results based on a TDS flag instead of using official valuations. Position and P&L aggregation across all gas desks. Ability to include the Gas Price book into TDS: Inclusion of spread options in our systems. Ability to handle volatility skew and correlations. Ability to revalue all options incrementally throughout the trading day. Approximate delta changes between valuations using instantaneous gamma or a gamma grid. Valuation of Gas Daily options. A new position screen for options (months x strike x delta). TBD. Inclusion of positions for exotic options currently managed in spreadsheets. Ability to isolate the position change due to changed deals in the position manager. Ability to view change deal P&L in the TDS deal ticker. Show new deal terms, prior deal terms, and net P&L affect of the change. Eliminate change deals with no economic impact from the TDS deal ticker. Position drill down in the position manager to isolate the impact of individual deals on the position total in a grid cell. Benchmark positions in TDS. Deployment of TDS in Canada. Currency and volume uom conversions. Implicit and explicit position break out issues. -- Allan. PS: Colleen is setting up a meeting tomorrow to discuss the direction for transport. Hopefully we'll know much better where that part stands at that point.

Mon, 9 Oct 2000 07:00:00 -0700 (PDT)

Richard Burchfield/HOU/ECT@ECT cc: Peggy Alix/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT, Kenny Ha/HOU/ECT@ECT

Consolidated positions: Issues & To Do list From our initial set of meetings with the traders regarding consolidated positions, I think we still have the following issues: We don't have a single point of contact from the trading group. We've had three meetings which brought out very different issues from different traders. We really need a single point of contact to help drive the trader requirements and help come to a consensus regarding the requirements. We're getting hit with a lot of different requests, many of which appear to be outside the scope of position consolidation. Things left to do: I think it may be useful to try to formulate a high level project goal to make it as clear as possible what we're trying to accomplish with this project. It'll help determine which requests fall under the project scope. Go through the list of requests to determine which are in scope for this project and which fall out of scope. For those in scope, work to define relative importance (priority) of each and work with traders to define the exact requirements of each. Define the desired lay out of the position manager screen: main view and all drill downs. Use the above to formulate a project plan. Things requested thus far (no particular order): Inclusion of Sitara physical deals into the TDS position manager and deal ticker. Customized rows and columns in the position manager (ad hoc rows/columns that add up existing position manager rows/columns). New drill down in the position manager to break out positions by: physical, transport, swaps, options, ... Addition of a curve tab to the position manager to show the real-time values of all curves on which the desk has a position. Ability to split the current position grid to allow daily positions to be shown directly above monthly positions. Each grouped column in the top grid would be tied to a grouped column in the bottom grid. Ability to properly show curve shift for float-for-float deals; determine the appropriate positions to show for each: Gas Daily for monthly index, Physical gas for Nymex, Physical gas for Inside Ferc, Physical gas for Mid market. Ability for TDS to pull valuation results based on a TDS flag instead of using official valuations. Position and P&L aggregation across all gas desks. Ability to include the Gas Price book into TDS: Inclusion of spread options in our systems. Ability to handle volatility skew and correlations. Ability to revalue all options incrementally throughout the trading day. Approximate delta changes between valuations using instantaneous gamma or a gamma grid. Valuation of Gas Daily options. A new position screen for options (months x strike x delta). TBD. Inclusion of positions for exotic options currently managed in spreadsheets. Ability to isolate the position change due to changed deals in the position manager. Ability to view change deal P&L in the TDS deal ticker. Show new deal terms, prior deal terms, and net P&L affect of the change. Eliminate change deals with no economic impact from the TDS deal ticker. Position drill down in the position manager to isolate the impact of individual deals on the position total in a grid cell. Benchmark positions in TDS. Deployment of TDS in Canada. Currency and volume uom conversions. Implicit and explicit position break out issues. -- Allan. PS: Colleen is setting up a meeting tomorrow to discuss the direction for transport. Hopefully we'll know much better where that part stands at that point.

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/09/2000 02:00 PM --------------------------- Richard Burchfield 10/06/2000 06:59 AM To: Phillip K Allen/HOU/ECT@ECT cc: Beth Perlman/HOU/ECT@ECT Subject: Consolidated positions: Issues & To Do list Phillip, Below is the issues & to do list as we go forward with documenting the requirements for consolidated physical/financial positions and transport trade capture. What we need to focus on is the first bullet in Allan's list; the need for a single set of requirements. Although the meeting with Keith, on Wednesday, was informative the solution of creating a infinitely dynamic consolidated position screen, will be extremely difficult and time consuming. Throughout the meeting on Wednesday, Keith alluded to the inability to get consensus amongst the traders on the presentation of the consolidated position, so the solution was to make it so that a trader can arrange the position screen to their liking (much like Excel). What needs to happen on Monday from 3 - 5 is a effort to design a desired layout for the consolidated position screen, this is critical. This does not exclude building a capability to create a more flexible position presentation for the future, but in order to create a plan that can be measured we need firm requirements. Also, to reiterate that the goals of this project is a project plan on consolidate physical/financial positions and transport trade capture. The other issues that have been raised will be capture as projects on to themselves, and will need to be prioritised as efforts outside of this project. I have been involved in most of the meetings and the discussions have been good. I believe there has been good communication between the teams, but now we need to have focus on the objectives we set out to solve. Richard ---------------------- Forwarded by Richard Burchfield/HOU/ECT on 10/06/2000 08:34 AM --------------------------- Allan Severude 10/05/2000 06:03 PM To: Richard Burchfield/HOU/ECT@ECT cc: Peggy Alix/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT, Kenny Ha/HOU/ECT@ECT Subject: Consolidated positions: Issues & To Do list From our initial set of meetings with the traders regarding consolidated positions, I think we still have the following issues: We don't have a single point of contact from the trading group. We've had three meetings which brought out very different issues from different traders. We really need a single point of contact to help drive the trader requirements and help come to a consensus regarding the requirements. We're getting hit with a lot of different requests, many of which appear to be outside the scope of position consolidation. Things left to do: I think it may be useful to try to formulate a high level project goal to make it as clear as possible what we're trying to accomplish with this project. It'll help determine which requests fall under the project scope. Go through the list of requests to determine which are in scope for this project and which fall out of scope. For those in scope, work to define relative importance (priority) of each and work with traders to define the exact requirements of each. Define the desired lay out of the position manager screen: main view and all drill downs. Use the above to formulate a project plan. Things requested thus far (no particular order): Inclusion of Sitara physical deals into the TDS position manager and deal ticker. Customized rows and columns in the position manager (ad hoc rows/columns that add up existing position manager rows/columns). New drill down in the position manager to break out positions by: physical, transport, swaps, options, ... Addition of a curve tab to the position manager to show the real-time values of all curves on which the desk has a position. Ability to split the current position grid to allow daily positions to be shown directly above monthly positions. Each grouped column in the top grid would be tied to a grouped column in the bottom grid. Ability to properly show curve shift for float-for-float deals; determine the appropriate positions to show for each: Gas Daily for monthly index, Physical gas for Nymex, Physical gas for Inside Ferc, Physical gas for Mid market. Ability for TDS to pull valuation results based on a TDS flag instead of using official valuations. Position and P&L aggregation across all gas desks. Ability to include the Gas Price book into TDS: Inclusion of spread options in our systems. Ability to handle volatility skew and correlations. Ability to revalue all options incrementally throughout the trading day. Approximate delta changes between valuations using instantaneous gamma or a gamma grid. Valuation of Gas Daily options. A new position screen for options (months x strike x delta). TBD. Inclusion of positions for exotic options currently managed in spreadsheets. Ability to isolate the position change due to changed deals in the position manager. Ability to view change deal P&L in the TDS deal ticker. Show new deal terms, prior deal terms, and net P&L affect of the change. Eliminate change deals with no economic impact from the TDS deal ticker. Position drill down in the position manager to isolate the impact of individual deals on the position total in a grid cell. Benchmark positions in TDS. Deployment of TDS in Canada. Currency and volume uom conversions. Implicit and explicit position break out issues. -- Allan. PS: Colleen is setting up a meeting tomorrow to discuss the direction for transport. Hopefully we'll know much better where that part stands at that point.

Thu, 5 Oct 2000 06:26:00 -0700 (PDT)

Dave, Here are the names of the west desk members by category. The origination side is very sparse. Phillip

Thu, 5 Oct 2000 05:55:00 -0700 (PDT)

Re: 2001 Margin Plan

Paula, 35 million is fine Phillip

Wed, 4 Oct 2000 09:23:00 -0700 (PDT)

Phillip K Allen/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT@ECT, Frank Hayden/Corp/Enron@Enron cc: Rita Hennessy/NA/Enron@Enron, Ina Rangel/HOU/ECT@ECT, Laura Harder/Corp/Enron@Enron, Kimberly Brown/HOU/ECT@ECT, Araceli Romero/NA/Enron@Enron, Kimberly Hillis/HOU/ECT@ect

Var, Reporting and Resources Meeting Please plan to attend the below Meeting: Topic: Var, Reporting and Resources Meeting Date: Wednesday, October 11th Time: 2:30 - 3:30 Location: EB30C1 If you have any questions/conflicts, please feel free to call me. Thanks, Rain x.31560

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/04/2000 04:23 PM --------------------------- Enron North America Corp. From: Airam Arteaga 10/04/2000 12:23 PM To: Phillip K Allen/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT@ECT, Frank Hayden/Corp/Enron@Enron cc: Rita Hennessy/NA/Enron@Enron, Ina Rangel/HOU/ECT@ECT, Laura Harder/Corp/Enron@Enron, Kimberly Brown/HOU/ECT@ECT, Araceli Romero/NA/Enron@Enron, Kimberly Hillis/HOU/ECT@ect Subject: Var, Reporting and Resources Meeting Please plan to attend the below Meeting: Topic: Var, Reporting and Resources Meeting Date: Wednesday, October 11th Time: 2:30 - 3:30 Location: EB30C1 If you have any questions/conflicts, please feel free to call me. Thanks, Rain x.31560

Fri, 4 May 2001 11:26:00 -0700 (PDT)

Tim, mike grigsby is having problems with accessing the west power site. Can you please make sure he has an active password. Thank you, Phillip

Tue, 3 Oct 2000 09:30:00 -0700 (PDT)

"Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]>

Westgate Westgate Enclosed are demographics on the Westgate site from Investor's Alliance. Investor's Alliance says that these demographics are similar to the package on San Marcos that you received earlier. If there are any other questions or information requirements, let me know. Then, let me know your interest level in the Westgate project? San Marcos The property across the street from the Sagewood units in San Marcos is for sale and approved for 134 units. The land is selling for $2.50 per square foot as it is one of only two remaining approved multifamily parcels in West San Marcos, which now has a moratorium on development. Several new studies we have looked at show that the rents for our duplexes and for these new units are going to be significantly higher, roughly $1.25 per square foot if leased for the entire unit on a 12-month lease and $1.30-$1.40 psf if leased on a 12-month term, but by individual room. This property will have the best location for student housing of all new projects, just as the duplexes do now. If this project is of serious interest to you, please let me know as there is a very, very short window of opportunity. The equity requirement is not yet known, but it would be likely to be $300,000 to secure the land. I will know more on this question later today. Sincerely, George W. Richards President, Creekside Builders, LLC - winmail.dat

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/03/2000 04:30 PM --------------------------- "George Richards" <[email protected]> on 10/03/2000 06:35:56 AM Please respond to <[email protected]> To: "Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]> Subject: Westgate Westgate Enclosed are demographics on the Westgate site from Investor's Alliance. Investor's Alliance says that these demographics are similar to the package on San Marcos that you received earlier. If there are any other questions or information requirements, let me know. Then, let me know your interest level in the Westgate project? San Marcos The property across the street from the Sagewood units in San Marcos is for sale and approved for 134 units. The land is selling for $2.50 per square foot as it is one of only two remaining approved multifamily parcels in West San Marcos, which now has a moratorium on development. Several new studies we have looked at show that the rents for our duplexes and for these new units are going to be significantly higher, roughly $1.25 per square foot if leased for the entire unit on a 12-month lease and $1.30-$1.40 psf if leased on a 12-month term, but by individual room. This property will have the best location for student housing of all new projects, just as the duplexes do now. If this project is of serious interest to you, please let me know as there is a very, very short window of opportunity. The equity requirement is not yet known, but it would be likely to be $300,000 to secure the land. I will know more on this question later today. Sincerely, George W. Richards President, Creekside Builders, LLC - winmail.dat

Tue, 3 Oct 2000 09:15:00 -0700 (PDT)

Mark Whitt/NA/Enron@Enron, Phillip K Allen/HOU/ECT@ECT, Paul T Lucci/NA/Enron@Enron, Paul Bieniawski/Corp/Enron@ENRON, Tyrell Harrison/NA/Enron@Enron cc: Jean Mrha/NA/Enron@Enron, Ina Rangel/HOU/ECT@ECT, Monica Jackson/Corp/Enron@ENRON

Meeting re: Storage Strategies in the West There will be a meeting on Tuesday, Oct. 10th at 4:00pm in EB3270 regarding Storage Strategies in the West. Please mark your calendars. Thank you! Regards, Nancy Hall ENA Denver office 303-575-6490

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/03/2000 04:13 PM --------------------------- Nancy Hall@ENRON 10/02/2000 06:42 AM To: Mark Whitt/NA/Enron@Enron, Phillip K Allen/HOU/ECT@ECT, Paul T Lucci/NA/Enron@Enron, Paul Bieniawski/Corp/Enron@ENRON, Tyrell Harrison/NA/Enron@Enron cc: Jean Mrha/NA/Enron@Enron, Ina Rangel/HOU/ECT@ECT, Monica Jackson/Corp/Enron@ENRON Subject: Meeting re: Storage Strategies in the West There will be a meeting on Tuesday, Oct. 10th at 4:00pm in EB3270 regarding Storage Strategies in the West. Please mark your calendars. Thank you! Regards, Nancy Hall ENA Denver office 303-575-6490

Tue, 3 Oct 2000 09:13:00 -0700 (PDT)

Brenda, Please use the second check as the October payment. If you have already tossed it, let me know so I can mail you another. Phillip

Tue, 3 Oct 2000 03:17:00 -0700 (PDT)

Re: Not business related..

I think Fletch has a good CPA. I am still doing my own.

Mon, 2 Oct 2000 02:19:00 -0700 (PDT)

Re: Original Sept check/closing

Brenda, Please use the second check as my October payment. I have my copy of the original deal. Do you want me to fax this to you? Phillip

Thu, 28 Sep 2000 06:17:00 -0700 (PDT)

San Juan Index

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/28/2000 01:09 PM --------------------------- From: Phillip K Allen 09/28/2000 10:56 AM Liane, As we discussed yesterday, I am concerned there may have been an attempt to manipulate the El Paso San Juan monthly index. It appears that a single buyer entered the marketplace on both September 26 and 27 and paid above market prices ($4.70-$4.80) for San Juan gas. At the time of these trades, offers for physical gas at significantly (10 to 15 cents) lower prices were bypassed in order to establish higher trades to report into the index calculation. Additionally, these trades are out of line with the associated financial swaps for San Juan. We have compiled a list of financial and physical trades executed from September 25 to September 27. These are the complete list of trades from Enron Online (EOL), Enron's direct phone conversations, and three brokerage firms (Amerex, APB, and Prebon). Please see the attached spreadsheet for a trade by trade list and a summary. We have also included a summary of gas daily prices to illustrate the value of San Juan based on several spread relationships. The two key points from this data are as follows: 1. The high physical prices on the 26th & 27th (4.75,4,80) are much greater than the high financial trades (4.6375,4.665) on those days. 2. The spread relationship between San Juan and other points (Socal & Northwest) is consistent between the end of September and October gas daily. It doesn't make sense to have monthly indices that are dramatically different. I understand you review the trades submitted for outliers. Hopefully, the trades submitted will reveal counterparty names and you will be able to determine that there was only one buyer in the 4.70's and these trades are outliers. I wanted to give you some additional points of reference to aid in establishing a reasonable index. It is Enron's belief that the trades at $4.70 and higher were above market trades that should be excluded from the calculation of index. It is our desire to have reliable and accurate indices against which to conduct our physical and financial business. Please contact me anytime I can assist you towards this goal. Sincerely, Phillip Allen

Thu, 28 Sep 2000 05:56:00 -0700 (PDT)

San Juan Index

Liane, As we discussed yesterday, I am concerned there has been an attempt to manipulate the El Paso San Juan monthly index. A single buyer entered the marketplace on both September 26 and 27 and paid above market prices ($4.70-$4.80) for San Juan gas with the intent to distort the index. At the time of these trades, offers for physical gas at significantly (10 to 15 cents) lower prices were bypassed in order to establish higher trades to report into the index calculation. Additionally, these trades are out of line with the associated financial swaps for San Juan. We have compiled a list of financial and physical trades executed from September 25 to September 27. These are the complete list of trades from Enron Online (EOL), Enron's direct phone conversations, and three brokerage firms (Amerex, APB, and Prebon). Please see the attached spreadsheet for a trade by trade list and a summary. We have also included a summary of gas daily prices to illustrate the value of San Juan based on several spread relationships. The two key points from this data are as follows: 1. The high physical prices on the 26th & 27th (4.75,4,80) are much greater than the high financial trades (4.6375,4.665) on those days. 2. The spread relationship between San Juan and other points (Socal & Northwest) is consistent between the end of September and October gas daily. It doesn't make sense to have monthly indeces that are dramatically different. I understand you review the trades submitted for outliers. Hopefully, the trades submitted will reveal counterparty names and you will be able to determine that there was only one buyer in the 4.70's and these trades are outliers. I wanted to give you some additional points of reference to aid in establishing a reasonable index. It is Enron's belief that the trades at $4.70 and higher were above market trades that should be excluded from the calculation of index. It is our desire to have reliable and accurate indeces against which to conduct our physical and financial business. Please contact me anytime I can assist you towards this goal. Sincerely, Phillip Allen

Tue, 26 Sep 2000 09:28:00 -0700 (PDT)

"Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]>, "Claudia L. Crocker" <[email protected]>

Investment Structure STRUCTURE: Typically the structure is a limited partnership with a corporate (or LLC) general partner. The General Partner owns 1% of the project and carries the liability of construction. LAND OWNERSHIP & LOANS The property would be purchased in the name of the limited partnership and any land loans, land improvements loans and construction loans would be in the name of the limited partnership. Each of the individual investors and all of the principals in Creekside would also personally guarantee the loans. If the investor(s) do not sign on the loans, this generally means that a larger amount of cash is required and the investor's share of profits is reduced. All loans for residential construction, that are intended for re-sale, are full recourse loans. If we are pursuing multifamily rental developments, the construction loans are still full recourse but the mortgage can often be non-recourse. USE OF INITIAL INVESTMENT The initial investment is used for land deposit, engineering & architectural design, soils tests, surveys, filing fees, legal fees for organization and condominium association formation, and appraisals. Unlike many real estate investment programs, none of the funds are used for fees to Creekside Builders, LLC. These professional expenses will be incurred over the estimated 6 month design and approval period. EARLY LAND COSTS The $4,000 per month costs listed in the cash flow as part of land cost represent the extension fees due to the seller for up to 4 months of extensions on closing. As an alternative, we can close into a land loan at probably 70% of appraised value. With a land value equal to the purchase price of $680,000 this would mean a land loan of $476,000 with estimated monthly interest payments of $3,966, given a 10% annual interest rate, plus approximately 1.25% of the loan amount for closing costs and loan fees. EQUITY AT IMPROVEMENT LOAN Once the site plan is approved by the City of Austin, the City will require the development entity to post funds for fiscal improvements, referred to as the "fiscals". This cost represents a bond for the completion of improvements that COA considers vital and these funds are released once the improvements have been completed and accepted by COA. This release will be for 90% of the cost with the remaining 10% released one year after completion. Releases can be granted once every 90 days and you should expect that the release would occur 6 months after the start of lot improvement construction. These fiscals are usually posted in cash or an irrevocable letter of credit. As such, they have to be counted as a development cost, even though they are not spent. Because they are not spent no interest is charged on these funds. The lot improvement loan is typically 75% of the appraised value of a finished lot, which I suspect will be at least $20,000 and potentially as high as $25,000. This would produce a loan amount of $15,000 on $20,000 per lot. With estimated per lot improvement costs of $9,000, 'fiscals' at $2,000 and the land cost at $8,000 , total improved lot cost is $19,000 which means $0 to $4,000 per lot in total equity. The investment prior to obtaining the improvement loan would count towards any equity requirement provided it was for direct costs. Thus, the additional equity for the improvement loan would be $0-$184,000. Even if the maximum loan would cover all costs, it is unlikely the bank would allow reimbursement of funds spent. The higher estimates of equity investments are shown in the preliminary proforma to be on the safe side. The engineer is preparing a tentative site layout with an initial evaluation of the phasing, which can significantly reduce the cash equity requirement. Phasing works as follows. If the first phase was say 40 units, the total lot improvement cost might average $31,000 per lot. Of this, probably $13,000 would be for improvements and $19,000 for the land cost. The improvements are higher to cover large one time up front costs for design costs, the entry road, water treatment costs, perimeter fencing and landscaping, and so on, as well as for 100% of the land. The land loan for undeveloped lots would be 70% of the appraised raw lot value, which I would estimate as $10,000 per lot for a loan value of $7,000 per lot. Then the loan value for each improved lot would be $15,000 per lot. This would give you a total loan of $992,000, total cost of $1,232,645 for equity required of $241,000. This was not presented in the initial analysis as the phasing is depended on a more careful assessment by the Civil Engineer as the separate phases must each be able to stand on its own from a utility standpoint. CONSTRUCTION LOANS There are three types of construction loans. First, is a speculative (spec) loan that is taken out prior to any pre-sales activity. Second, is a construction loan for a pre-sold unit, but the loan remains in the builder/developers name. Third, is a pre-sold unit with the construction loan in the name of the buyer. We expect to have up to 8 spec loans to start the project and expect all other loans to be pre-sold units with loans in the name of the builder/developer. We do not expect to have any construction loans in the name of the buyers, as such loans are too difficult to manage and please new buyers unfamiliar with the process. Spec loans will be for 70% to 75% of value and construction loans for pre-sold units, if the construction loan is from the mortgage lender, will be from 80% to 95% of value. DISBURSEMENTS Disbursements will be handled by the General Partner to cover current and near term third party costs, then to necessary reserves, then to priority payments and then to the partners per the agreement. The General Partner will contract with Creekside Builders, LLC to construct the units and the fee to CB will include a construction management and overhead fee equal to 15% of the direct hard cost excluding land, financing and sales costs. These fees are the only monies to Creekside, Larry Lewter or myself prior to calculation of profit, except for a) direct reimbursement for partnership expenses and b) direct payment to CB for any subcontractor costs that it has to perform. For example, if CB cannot find a good trim carpenter sub, or cannot find enough trim carpenters, etc., and it decides to undertake this function, it will charge the partnership the same fee it was able to obtain from third parties and will disclose those cases to the partnership. Finally, CB will receive a fee for the use of any of its equipment if it is used in lieu of leasing equipment from others. At present CB does not own any significant equipment, but it is considering the purchase of a sky track to facilitate and speed up framing, cornice, roofing and drywall spreading. REPORTING We are more than willing to provide reports to track expenses vs. plan. What did you have in mind? I would like to use some form of internet based reporting. BOOKKEEPING I am not sure what you are referring to by the question, "Bookkeeping procedures to record actual expenses?" Please expand. INVESTOR INPUT We are glad to have the investor's input on design and materials. As always the question will be who has final say if there is disagreement, but in my experience I have always been able to reach consensus. As you, and I presume Keith, want to be involved to learn as much as possible we would make every effort to be accommodating. CREEKSIDE PROCEEDURES CB procedures for dealing with subs, vendors and professionals is not as formal as your question indicates. In the EXTREMELY tight labor market obtaining 3 bids for each labor trade is not feasible. For the professional subs we use those with whom we have developed a previous rapport. Finally, for vendors they are constantly shopped. PRE-SELECTED PROFESSIONALS, SUBS AND VENDORS Yes there are many different subs that have been identified and I can provide these if you are interested. I know I have not answered everything, but this is a starting point. Call when you have reviewed and we can discuss further. Sincerely, George Richards President, Creekside Builders, LLC - winmail.dat

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000 04:28 PM --------------------------- "George Richards" <[email protected]> on 09/26/2000 01:18:45 PM Please respond to <[email protected]> To: "Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]>, "Claudia L. Crocker" <[email protected]> Subject: Investment Structure STRUCTURE: Typically the structure is a limited partnership with a corporate (or LLC) general partner. The General Partner owns 1% of the project and carries the liability of construction. LAND OWNERSHIP & LOANS The property would be purchased in the name of the limited partnership and any land loans, land improvements loans and construction loans would be in the name of the limited partnership. Each of the individual investors and all of the principals in Creekside would also personally guarantee the loans. If the investor(s) do not sign on the loans, this generally means that a larger amount of cash is required and the investor's share of profits is reduced. All loans for residential construction, that are intended for re-sale, are full recourse loans. If we are pursuing multifamily rental developments, the construction loans are still full recourse but the mortgage can often be non-recourse. USE OF INITIAL INVESTMENT The initial investment is used for land deposit, engineering & architectural design, soils tests, surveys, filing fees, legal fees for organization and condominium association formation, and appraisals. Unlike many real estate investment programs, none of the funds are used for fees to Creekside Builders, LLC. These professional expenses will be incurred over the estimated 6 month design and approval period. EARLY LAND COSTS The $4,000 per month costs listed in the cash flow as part of land cost represent the extension fees due to the seller for up to 4 months of extensions on closing. As an alternative, we can close into a land loan at probably 70% of appraised value. With a land value equal to the purchase price of $680,000 this would mean a land loan of $476,000 with estimated monthly interest payments of $3,966, given a 10% annual interest rate, plus approximately 1.25% of the loan amount for closing costs and loan fees. EQUITY AT IMPROVEMENT LOAN Once the site plan is approved by the City of Austin, the City will require the development entity to post funds for fiscal improvements, referred to as the "fiscals". This cost represents a bond for the completion of improvements that COA considers vital and these funds are released once the improvements have been completed and accepted by COA. This release will be for 90% of the cost with the remaining 10% released one year after completion. Releases can be granted once every 90 days and you should expect that the release would occur 6 months after the start of lot improvement construction. These fiscals are usually posted in cash or an irrevocable letter of credit. As such, they have to be counted as a development cost, even though they are not spent. Because they are not spent no interest is charged on these funds. The lot improvement loan is typically 75% of the appraised value of a finished lot, which I suspect will be at least $20,000 and potentially as high as $25,000. This would produce a loan amount of $15,000 on $20,000 per lot. With estimated per lot improvement costs of $9,000, 'fiscals' at $2,000 and the land cost at $8,000 , total improved lot cost is $19,000 which means $0 to $4,000 per lot in total equity. The investment prior to obtaining the improvement loan would count towards any equity requirement provided it was for direct costs. Thus, the additional equity for the improvement loan would be $0-$184,000. Even if the maximum loan would cover all costs, it is unlikely the bank would allow reimbursement of funds spent. The higher estimates of equity investments are shown in the preliminary proforma to be on the safe side. The engineer is preparing a tentative site layout with an initial evaluation of the phasing, which can significantly reduce the cash equity requirement. Phasing works as follows. If the first phase was say 40 units, the total lot improvement cost might average $31,000 per lot. Of this, probably $13,000 would be for improvements and $19,000 for the land cost. The improvements are higher to cover large one time up front costs for design costs, the entry road, water treatment costs, perimeter fencing and landscaping, and so on, as well as for 100% of the land. The land loan for undeveloped lots would be 70% of the appraised raw lot value, which I would estimate as $10,000 per lot for a loan value of $7,000 per lot. Then the loan value for each improved lot would be $15,000 per lot. This would give you a total loan of $992,000, total cost of $1,232,645 for equity required of $241,000. This was not presented in the initial analysis as the phasing is depended on a more careful assessment by the Civil Engineer as the separate phases must each be able to stand on its own from a utility standpoint. CONSTRUCTION LOANS There are three types of construction loans. First, is a speculative (spec) loan that is taken out prior to any pre-sales activity. Second, is a construction loan for a pre-sold unit, but the loan remains in the builder/developers name. Third, is a pre-sold unit with the construction loan in the name of the buyer. We expect to have up to 8 spec loans to start the project and expect all other loans to be pre-sold units with loans in the name of the builder/developer. We do not expect to have any construction loans in the name of the buyers, as such loans are too difficult to manage and please new buyers unfamiliar with the process. Spec loans will be for 70% to 75% of value and construction loans for pre-sold units, if the construction loan is from the mortgage lender, will be from 80% to 95% of value. DISBURSEMENTS Disbursements will be handled by the General Partner to cover current and near term third party costs, then to necessary reserves, then to priority payments and then to the partners per the agreement. The General Partner will contract with Creekside Builders, LLC to construct the units and the fee to CB will include a construction management and overhead fee equal to 15% of the direct hard cost excluding land, financing and sales costs. These fees are the only monies to Creekside, Larry Lewter or myself prior to calculation of profit, except for a) direct reimbursement for partnership expenses and b) direct payment to CB for any subcontractor costs that it has to perform. For example, if CB cannot find a good trim carpenter sub, or cannot find enough trim carpenters, etc., and it decides to undertake this function, it will charge the partnership the same fee it was able to obtain from third parties and will disclose those cases to the partnership. Finally, CB will receive a fee for the use of any of its equipment if it is used in lieu of leasing equipment from others. At present CB does not own any significant equipment, but it is considering the purchase of a sky track to facilitate and speed up framing, cornice, roofing and drywall spreading. REPORTING We are more than willing to provide reports to track expenses vs. plan. What did you have in mind? I would like to use some form of internet based reporting. BOOKKEEPING I am not sure what you are referring to by the question, "Bookkeeping procedures to record actual expenses?" Please expand. INVESTOR INPUT We are glad to have the investor's input on design and materials. As always the question will be who has final say if there is disagreement, but in my experience I have always been able to reach consensus. As you, and I presume Keith, want to be involved to learn as much as possible we would make every effort to be accommodating. CREEKSIDE PROCEEDURES CB procedures for dealing with subs, vendors and professionals is not as formal as your question indicates. In the EXTREMELY tight labor market obtaining 3 bids for each labor trade is not feasible. For the professional subs we use those with whom we have developed a previous rapport. Finally, for vendors they are constantly shopped. PRE-SELECTED PROFESSIONALS, SUBS AND VENDORS Yes there are many different subs that have been identified and I can provide these if you are interested. I know I have not answered everything, but this is a starting point. Call when you have reviewed and we can discuss further. Sincerely, George Richards President, Creekside Builders, LLC - winmail.dat

Tue, 26 Sep 2000 09:26:00 -0700 (PDT)

"Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]>, "Claudia L. Crocker" <[email protected]>

Investment Structure STRUCTURE: Typically the structure is a limited partnership with a corporate (or LLC) general partner. The General Partner owns 1% of the project and carries the liability of construction. LAND OWNERSHIP & LOANS The property would be purchased in the name of the limited partnership and any land loans, land improvements loans and construction loans would be in the name of the limited partnership. Each of the individual investors and all of the principals in Creekside would also personally guarantee the loans. If the investor(s) do not sign on the loans, this generally means that a larger amount of cash is required and the investor's share of profits is reduced. All loans for residential construction, that are intended for re-sale, are full recourse loans. If we are pursuing multifamily rental developments, the construction loans are still full recourse but the mortgage can often be non-recourse. USE OF INITIAL INVESTMENT The initial investment is used for land deposit, engineering & architectural design, soils tests, surveys, filing fees, legal fees for organization and condominium association formation, and appraisals. Unlike many real estate investment programs, none of the funds are used for fees to Creekside Builders, LLC. These professional expenses will be incurred over the estimated 6 month design and approval period. EARLY LAND COSTS The $4,000 per month costs listed in the cash flow as part of land cost represent the extension fees due to the seller for up to 4 months of extensions on closing. As an alternative, we can close into a land loan at probably 70% of appraised value. With a land value equal to the purchase price of $680,000 this would mean a land loan of $476,000 with estimated monthly interest payments of $3,966, given a 10% annual interest rate, plus approximately 1.25% of the loan amount for closing costs and loan fees. EQUITY AT IMPROVEMENT LOAN Once the site plan is approved by the City of Austin, the City will require the development entity to post funds for fiscal improvements, referred to as the "fiscals". This cost represents a bond for the completion of improvements that COA considers vital and these funds are released once the improvements have been completed and accepted by COA. This release will be for 90% of the cost with the remaining 10% released one year after completion. Releases can be granted once every 90 days and you should expect that the release would occur 6 months after the start of lot improvement construction. These fiscals are usually posted in cash or an irrevocable letter of credit. As such, they have to be counted as a development cost, even though they are not spent. Because they are not spent no interest is charged on these funds. The lot improvement loan is typically 75% of the appraised value of a finished lot, which I suspect will be at least $20,000 and potentially as high as $25,000. This would produce a loan amount of $15,000 on $20,000 per lot. With estimated per lot improvement costs of $9,000, 'fiscals' at $2,000 and the land cost at $8,000 , total improved lot cost is $19,000 which means $0 to $4,000 per lot in total equity. The investment prior to obtaining the improvement loan would count towards any equity requirement provided it was for direct costs. Thus, the additional equity for the improvement loan would be $0-$184,000. Even if the maximum loan would cover all costs, it is unlikely the bank would allow reimbursement of funds spent. The higher estimates of equity investments are shown in the preliminary proforma to be on the safe side. The engineer is preparing a tentative site layout with an initial evaluation of the phasing, which can significantly reduce the cash equity requirement. Phasing works as follows. If the first phase was say 40 units, the total lot improvement cost might average $31,000 per lot. Of this, probably $13,000 would be for improvements and $19,000 for the land cost. The improvements are higher to cover large one time up front costs for design costs, the entry road, water treatment costs, perimeter fencing and landscaping, and so on, as well as for 100% of the land. The land loan for undeveloped lots would be 70% of the appraised raw lot value, which I would estimate as $10,000 per lot for a loan value of $7,000 per lot. Then the loan value for each improved lot would be $15,000 per lot. This would give you a total loan of $992,000, total cost of $1,232,645 for equity required of $241,000. This was not presented in the initial analysis as the phasing is depended on a more careful assessment by the Civil Engineer as the separate phases must each be able to stand on its own from a utility standpoint. CONSTRUCTION LOANS There are three types of construction loans. First, is a speculative (spec) loan that is taken out prior to any pre-sales activity. Second, is a construction loan for a pre-sold unit, but the loan remains in the builder/developers name. Third, is a pre-sold unit with the construction loan in the name of the buyer. We expect to have up to 8 spec loans to start the project and expect all other loans to be pre-sold units with loans in the name of the builder/developer. We do not expect to have any construction loans in the name of the buyers, as such loans are too difficult to manage and please new buyers unfamiliar with the process. Spec loans will be for 70% to 75% of value and construction loans for pre-sold units, if the construction loan is from the mortgage lender, will be from 80% to 95% of value. DISBURSEMENTS Disbursements will be handled by the General Partner to cover current and near term third party costs, then to necessary reserves, then to priority payments and then to the partners per the agreement. The General Partner will contract with Creekside Builders, LLC to construct the units and the fee to CB will include a construction management and overhead fee equal to 15% of the direct hard cost excluding land, financing and sales costs. These fees are the only monies to Creekside, Larry Lewter or myself prior to calculation of profit, except for a) direct reimbursement for partnership expenses and b) direct payment to CB for any subcontractor costs that it has to perform. For example, if CB cannot find a good trim carpenter sub, or cannot find enough trim carpenters, etc., and it decides to undertake this function, it will charge the partnership the same fee it was able to obtain from third parties and will disclose those cases to the partnership. Finally, CB will receive a fee for the use of any of its equipment if it is used in lieu of leasing equipment from others. At present CB does not own any significant equipment, but it is considering the purchase of a sky track to facilitate and speed up framing, cornice, roofing and drywall spreading. REPORTING We are more than willing to provide reports to track expenses vs. plan. What did you have in mind? I would like to use some form of internet based reporting. BOOKKEEPING I am not sure what you are referring to by the question, "Bookkeeping procedures to record actual expenses?" Please expand. INVESTOR INPUT We are glad to have the investor's input on design and materials. As always the question will be who has final say if there is disagreement, but in my experience I have always been able to reach consensus. As you, and I presume Keith, want to be involved to learn as much as possible we would make every effort to be accommodating. CREEKSIDE PROCEEDURES CB procedures for dealing with subs, vendors and professionals is not as formal as your question indicates. In the EXTREMELY tight labor market obtaining 3 bids for each labor trade is not feasible. For the professional subs we use those with whom we have developed a previous rapport. Finally, for vendors they are constantly shopped. PRE-SELECTED PROFESSIONALS, SUBS AND VENDORS Yes there are many different subs that have been identified and I can provide these if you are interested. I know I have not answered everything, but this is a starting point. Call when you have reviewed and we can discuss further. Sincerely, George Richards President, Creekside Builders, LLC - winmail.dat

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000 04:26 PM --------------------------- "George Richards" <[email protected]> on 09/26/2000 01:18:45 PM Please respond to <[email protected]> To: "Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]>, "Claudia L. Crocker" <[email protected]> Subject: Investment Structure STRUCTURE: Typically the structure is a limited partnership with a corporate (or LLC) general partner. The General Partner owns 1% of the project and carries the liability of construction. LAND OWNERSHIP & LOANS The property would be purchased in the name of the limited partnership and any land loans, land improvements loans and construction loans would be in the name of the limited partnership. Each of the individual investors and all of the principals in Creekside would also personally guarantee the loans. If the investor(s) do not sign on the loans, this generally means that a larger amount of cash is required and the investor's share of profits is reduced. All loans for residential construction, that are intended for re-sale, are full recourse loans. If we are pursuing multifamily rental developments, the construction loans are still full recourse but the mortgage can often be non-recourse. USE OF INITIAL INVESTMENT The initial investment is used for land deposit, engineering & architectural design, soils tests, surveys, filing fees, legal fees for organization and condominium association formation, and appraisals. Unlike many real estate investment programs, none of the funds are used for fees to Creekside Builders, LLC. These professional expenses will be incurred over the estimated 6 month design and approval period. EARLY LAND COSTS The $4,000 per month costs listed in the cash flow as part of land cost represent the extension fees due to the seller for up to 4 months of extensions on closing. As an alternative, we can close into a land loan at probably 70% of appraised value. With a land value equal to the purchase price of $680,000 this would mean a land loan of $476,000 with estimated monthly interest payments of $3,966, given a 10% annual interest rate, plus approximately 1.25% of the loan amount for closing costs and loan fees. EQUITY AT IMPROVEMENT LOAN Once the site plan is approved by the City of Austin, the City will require the development entity to post funds for fiscal improvements, referred to as the "fiscals". This cost represents a bond for the completion of improvements that COA considers vital and these funds are released once the improvements have been completed and accepted by COA. This release will be for 90% of the cost with the remaining 10% released one year after completion. Releases can be granted once every 90 days and you should expect that the release would occur 6 months after the start of lot improvement construction. These fiscals are usually posted in cash or an irrevocable letter of credit. As such, they have to be counted as a development cost, even though they are not spent. Because they are not spent no interest is charged on these funds. The lot improvement loan is typically 75% of the appraised value of a finished lot, which I suspect will be at least $20,000 and potentially as high as $25,000. This would produce a loan amount of $15,000 on $20,000 per lot. With estimated per lot improvement costs of $9,000, 'fiscals' at $2,000 and the land cost at $8,000 , total improved lot cost is $19,000 which means $0 to $4,000 per lot in total equity. The investment prior to obtaining the improvement loan would count towards any equity requirement provided it was for direct costs. Thus, the additional equity for the improvement loan would be $0-$184,000. Even if the maximum loan would cover all costs, it is unlikely the bank would allow reimbursement of funds spent. The higher estimates of equity investments are shown in the preliminary proforma to be on the safe side. The engineer is preparing a tentative site layout with an initial evaluation of the phasing, which can significantly reduce the cash equity requirement. Phasing works as follows. If the first phase was say 40 units, the total lot improvement cost might average $31,000 per lot. Of this, probably $13,000 would be for improvements and $19,000 for the land cost. The improvements are higher to cover large one time up front costs for design costs, the entry road, water treatment costs, perimeter fencing and landscaping, and so on, as well as for 100% of the land. The land loan for undeveloped lots would be 70% of the appraised raw lot value, which I would estimate as $10,000 per lot for a loan value of $7,000 per lot. Then the loan value for each improved lot would be $15,000 per lot. This would give you a total loan of $992,000, total cost of $1,232,645 for equity required of $241,000. This was not presented in the initial analysis as the phasing is depended on a more careful assessment by the Civil Engineer as the separate phases must each be able to stand on its own from a utility standpoint. CONSTRUCTION LOANS There are three types of construction loans. First, is a speculative (spec) loan that is taken out prior to any pre-sales activity. Second, is a construction loan for a pre-sold unit, but the loan remains in the builder/developers name. Third, is a pre-sold unit with the construction loan in the name of the buyer. We expect to have up to 8 spec loans to start the project and expect all other loans to be pre-sold units with loans in the name of the builder/developer. We do not expect to have any construction loans in the name of the buyers, as such loans are too difficult to manage and please new buyers unfamiliar with the process. Spec loans will be for 70% to 75% of value and construction loans for pre-sold units, if the construction loan is from the mortgage lender, will be from 80% to 95% of value. DISBURSEMENTS Disbursements will be handled by the General Partner to cover current and near term third party costs, then to necessary reserves, then to priority payments and then to the partners per the agreement. The General Partner will contract with Creekside Builders, LLC to construct the units and the fee to CB will include a construction management and overhead fee equal to 15% of the direct hard cost excluding land, financing and sales costs. These fees are the only monies to Creekside, Larry Lewter or myself prior to calculation of profit, except for a) direct reimbursement for partnership expenses and b) direct payment to CB for any subcontractor costs that it has to perform. For example, if CB cannot find a good trim carpenter sub, or cannot find enough trim carpenters, etc., and it decides to undertake this function, it will charge the partnership the same fee it was able to obtain from third parties and will disclose those cases to the partnership. Finally, CB will receive a fee for the use of any of its equipment if it is used in lieu of leasing equipment from others. At present CB does not own any significant equipment, but it is considering the purchase of a sky track to facilitate and speed up framing, cornice, roofing and drywall spreading. REPORTING We are more than willing to provide reports to track expenses vs. plan. What did you have in mind? I would like to use some form of internet based reporting. BOOKKEEPING I am not sure what you are referring to by the question, "Bookkeeping procedures to record actual expenses?" Please expand. INVESTOR INPUT We are glad to have the investor's input on design and materials. As always the question will be who has final say if there is disagreement, but in my experience I have always been able to reach consensus. As you, and I presume Keith, want to be involved to learn as much as possible we would make every effort to be accommodating. CREEKSIDE PROCEEDURES CB procedures for dealing with subs, vendors and professionals is not as formal as your question indicates. In the EXTREMELY tight labor market obtaining 3 bids for each labor trade is not feasible. For the professional subs we use those with whom we have developed a previous rapport. Finally, for vendors they are constantly shopped. PRE-SELECTED PROFESSIONALS, SUBS AND VENDORS Yes there are many different subs that have been identified and I can provide these if you are interested. I know I have not answered everything, but this is a starting point. Call when you have reviewed and we can discuss further. Sincerely, George Richards President, Creekside Builders, LLC - winmail.dat

Tue, 26 Sep 2000 07:01:00 -0700 (PDT)

Phillip K Allen/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT, Allan Severude/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, Colleen Sullivan/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Jayant Krishnaswamy/HOU/ECT@ECT, Russell Long/HOU/ECT@ECT cc:

Gas Trading Vision mtg. This meeting has been moved to 4:00 on Wed. in room 2601. I have sent a confirmation to each of you via Lotus Notes. Sorry for all of the changes but there was a scheduling problem with a couple of people for the original time slot.

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000 02:00 PM --------------------------- Reschedule Chairperson: Richard Burchfield Sent by: Cindy Cicchetti Start: 10/03/2000 02:30 PM End: 10/03/2000 03:30 PM Description: Gas Physical/Financail Positions - Room 2537 This meeting repeats starting on (if the date occurs on a weekend the meeting ). Meeting Dates: Fletcher J Sturm/HOU/ECT Scott Neal/HOU/ECT Hunter S Shively/HOU/ECT Phillip K Allen/HOU/ECT Allan Severude/HOU/ECT Scott Mills/HOU/ECT Russ Severson/HOU/ECT Detailed description: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000 02:00 PM --------------------------- Confirmation Chairperson: Richard Burchfield Sent by: Cindy Cicchetti Start: 10/03/2000 02:30 PM End: 10/03/2000 03:30 PM Description: Gas Physical/Financail Positions - Room 2537 This meeting repeats starting on (if the date occurs on a weekend the meeting ). Meeting Dates: Fletcher J Sturm/HOU/ECT Scott Neal/HOU/ECT Hunter S Shively/HOU/ECT Phillip K Allen/HOU/ECT Allan Severude/HOU/ECT Scott Mills/HOU/ECT Russ Severson/HOU/ECT Detailed description: Status update: Fletcher J Sturm -> No Response Scott Neal -> No Response Hunter S Shively -> No Response Phillip K Allen -> No Response Allan Severude -> Accepted Scott Mills -> Accepted Russ Severson -> No Response ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000 02:00 PM --------------------------- Reschedule Chairperson: Richard Burchfield Sent by: Cindy Cicchetti Start: 09/27/2000 02:00 PM End: 09/27/2000 03:00 PM Description: Gas Trading Vision Meeting - Room EB2601 This meeting repeats starting on (if the date occurs on a weekend the meeting ). Meeting Dates: Phillip K Allen/HOU/ECT@ECT Hunter S Shively/HOU/ECT@ECT Scott Mills/HOU/ECT@ECT Allan Severude/HOU/ECT@ECT Jeffrey C Gossett/HOU/ECT@ECT Colleen Sullivan/HOU/ECT@ECT Russ Severson/HOU/ECT@ECT Jayant Krishnaswamy/HOU/ECT@ECT Russell Long/HOU/ECT@ECT Detailed description: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000 02:00 PM --------------------------- Confirmation Chairperson: Richard Burchfield Sent by: Cindy Cicchetti Start: 09/27/2000 02:00 PM End: 09/27/2000 03:00 PM Description: Gas Trading Vision Meeting - Room EB2601 This meeting repeats starting on (if the date occurs on a weekend the meeting ). Meeting Dates: Phillip K Allen/HOU/ECT@ECT Hunter S Shively/HOU/ECT@ECT Scott Mills/HOU/ECT@ECT Allan Severude/HOU/ECT@ECT Jeffrey C Gossett/HOU/ECT@ECT Colleen Sullivan/HOU/ECT@ECT Russ Severson/HOU/ECT@ECT Jayant Krishnaswamy/HOU/ECT@ECT Russell Long/HOU/ECT@ECT Detailed description: Status update: Phillip K Allen -> No Response Hunter S Shively -> No Response Scott Mills -> No Response Allan Severude -> Accepted Jeffrey C Gossett -> Accepted Colleen Sullivan -> No Response Russ Severson -> No Response Jayant Krishnaswamy -> Accepted Russell Long -> Accepted ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000 02:00 PM --------------------------- Reschedule Chairperson: Richard Burchfield Sent by: Cindy Cicchetti Start: 09/28/2000 01:00 PM End: 09/28/2000 02:00 PM Description: Gas Physical/Financail Positions - Room 2537 This meeting repeats starting on (if the date occurs on a weekend the meeting ). Meeting Dates: Fletcher J Sturm/HOU/ECT Scott Neal/HOU/ECT Hunter S Shively/HOU/ECT Phillip K Allen/HOU/ECT Allan Severude/HOU/ECT Scott Mills/HOU/ECT Russ Severson/HOU/ECT Detailed description: ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000 02:00 PM --------------------------- Confirmation Chairperson: Richard Burchfield Sent by: Cindy Cicchetti Start: 09/28/2000 01:00 PM End: 09/28/2000 02:00 PM Description: Gas Physical/Financail Positions - Room 2537 This meeting repeats starting on (if the date occurs on a weekend the meeting ). Meeting Dates: Fletcher J Sturm/HOU/ECT Scott Neal/HOU/ECT Hunter S Shively/HOU/ECT Phillip K Allen/HOU/ECT Allan Severude/HOU/ECT Scott Mills/HOU/ECT Russ Severson/HOU/ECT Detailed description: Status update: Fletcher J Sturm -> No Response Scott Neal -> No Response Hunter S Shively -> No Response Phillip K Allen -> No Response Allan Severude -> Accepted Scott Mills -> Accepted Russ Severson -> Accepted ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000 02:00 PM --------------------------- From: Cindy Cicchetti 09/26/2000 10:38 AM To: Phillip K Allen/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT, Allan Severude/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, Colleen Sullivan/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Jayant Krishnaswamy/HOU/ECT@ECT, Russell Long/HOU/ECT@ECT cc: Subject: Gas Trading Vision mtg. This meeting has been moved to 4:00 on Wed. in room 2601. I have sent a confirmation to each of you via Lotus Notes. Sorry for all of the changes but there was a scheduling problem with a couple of people for the original time slot.

Thu, 3 May 2001 15:57:00 -0700 (PDT)

Reagan, Just wanted to give you an update. I have changed the unit mix to include some 1 bedrooms and reduced the number of buildings to 12. Kipp Flores is working on the construction drawings. At the same time I am pursuing FHA financing. Once the construction drawings are complete I will send them to you for a revised bid. Your original bid was competitive and I am still attracted to your firm because of your strong local presence and contacts. Phillip

Tue, 26 Sep 2000 05:11:00 -0700 (PDT)

Re: Gas Trading Vision meeting

Nymex expiration is during this time frame. Please reschedule.

Tue, 26 Sep 2000 05:08:00 -0700 (PDT)

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000 12:08 PM --------------------------- Invitation Chairperson: Richard Burchfield Sent by: Cindy Cicchetti Start: 09/27/2000 11:30 AM End: 09/27/2000 12:30 PM Description: Gas Trading Vision Meeting - Room EB2556 This meeting repeats starting on (if the date occurs on a weekend the meeting ). Meeting Dates: Phillip K Allen/HOU/ECT Hunter S Shively/HOU/ECT Scott Mills/HOU/ECT Allan Severude/HOU/ECT Jeffrey C Gossett/HOU/ECT Colleen Sullivan/HOU/ECT Russ Severson/HOU/ECT Jayant Krishnaswamy/HOU/ECT Russell Long/HOU/ECT Detailed description:

Tue, 26 Sep 2000 05:07:00 -0700 (PDT)

Phillip K Allen/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT, Allan Severude/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Fletcher J Sturm/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT cc:

Gas Physical/Financial Position I have scheduled and entered on each of your calendars a meeting for the above referenced topic. It will take place on Thursday, 9/28 from 3:00 - 4:00 in Room EB2537.

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000 12:07 PM --------------------------- From: Cindy Cicchetti 09/26/2000 09:23 AM To: Phillip K Allen/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Scott Mills/HOU/ECT@ECT, Allan Severude/HOU/ECT@ECT, Russ Severson/HOU/ECT@ECT, Fletcher J Sturm/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT cc: Subject: Gas Physical/Financial Position I have scheduled and entered on each of your calendars a meeting for the above referenced topic. It will take place on Thursday, 9/28 from 3:00 - 4:00 in Room EB2537.

Tue, 26 Sep 2000 04:57:00 -0700 (PDT)

"jeff" <[email protected]> cc: "Phillip K Allen" <[email protected]>

closing Jeff, ? Is the closing today?? After reviewing the agreement?I find it isn't binding as far as I can determine.? It is too vague and it doesn't sound like anything an attorney or title company would?draft for a real estate closing--but, of course, I could be wrong.? ? If this?closing is going to take place without this agreement then there is no point in me following up on this?document's validity.? ? I will just need to go back to my closing documents and see what's there and find out where I am with that and deal with this as best I can. ? I guess I was expecting something that would be an exhibit to a recordable document or something a little more exact, or rather?sort of a contract.? This isn't either.? I tried to get a real estate atty on the phone last night but he was out of pocket.? I talked to a crim. atty friend and he said this is out of his area but doesn't sound binding to him.? ? I will go back to mine and Phillip Allen's transaction?and take a look at that but as vague and general as this is I doubt that my signature? is even needed to complete this transaction.? I am in after 12 noon if there is any need to contact me regarding the closing. ? I really do not want to hold up anything or generate more work for myself and I don't want to insult or annoy anyone but this paper really doesn't seem to be something required for a closing.? In the event you do need my signature on something like this I would rather have time to have it reviewed before I accept it. ? Brenda ? ?

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/26/2000 11:57 AM --------------------------- "BS Stone" <[email protected]> on 09/26/2000 04:47:40 AM To: "jeff" <[email protected]> cc: "Phillip K Allen" <[email protected]> Subject: closing Jeff, ? Is the closing today?? After reviewing the agreement?I find it isn't binding as far as I can determine.? It is too vague and it doesn't sound like anything an attorney or title company would?draft for a real estate closing--but, of course, I could be wrong.? ? If this?closing is going to take place without this agreement then there is no point in me following up on this?document's validity.? ? I will just need to go back to my closing documents and see what's there and find out where I am with that and deal with this as best I can. ? I guess I was expecting something that would be an exhibit to a recordable document or something a little more exact, or rather?sort of a contract.? This isn't either.? I tried to get a real estate atty on the phone last night but he was out of pocket.? I talked to a crim. atty friend and he said this is out of his area but doesn't sound binding to him.? ? I will go back to mine and Phillip Allen's transaction?and take a look at that but as vague and general as this is I doubt that my signature? is even needed to complete this transaction.? I am in after 12 noon if there is any need to contact me regarding the closing. ? I really do not want to hold up anything or generate more work for myself and I don't want to insult or annoy anyone but this paper really doesn't seem to be something required for a closing.? In the event you do need my signature on something like this I would rather have time to have it reviewed before I accept it. ? Brenda ? ?

Mon, 25 Sep 2000 07:04:00 -0700 (PDT)

Chris, What is the latest with PG&E? We have been having good discussions regarding EOL. Call me when you can. X37041 Phillip

Mon, 25 Sep 2000 07:01:00 -0700 (PDT)

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/25/2000 02:01 PM --------------------------- Reschedule Chairperson: Richard Burchfield Sent by: Cindy Cicchetti Start: 09/28/2000 01:00 PM End: 09/28/2000 02:00 PM Description: Gas Physical/Financail Positions - Room 2537 This meeting repeats starting on (if the date occurs on a weekend the meeting ). Meeting Dates: Fletcher J Sturm/HOU/ECT Scott Neal/HOU/ECT Hunter S Shively/HOU/ECT Phillip K Allen/HOU/ECT Allan Severude/HOU/ECT Scott Mills/HOU/ECT Russ Severson/HOU/ECT Detailed description: The meeting with Richard Burchfield/HOU/ECT was rescheduled. On 09/28/2000 03:00:00 PM CDT For 1 hour With: Richard Burchfield/HOU/ECT (Chairperson) Fletcher J Sturm/HOU/ECT (Invited) Scott Neal/HOU/ECT (Invited) Hunter S Shively/HOU/ECT (Invited) Phillip K Allen/HOU/ECT (Invited) Allan Severude/HOU/ECT (Invited) Scott Mills/HOU/ECT (Invited) Russ Severson/HOU/ECT (Invited) Gas Physical/Financail Positions - Room 2537

Mon, 25 Sep 2000 07:01:00 -0700 (PDT)

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/25/2000 02:00 PM --------------------------- Invitation Chairperson: Richard Burchfield Sent by: Cindy Cicchetti Start: 09/27/2000 01:00 PM End: 09/27/2000 02:00 PM Description: Gas Physical/Financail Positions - Room 2537 This meeting repeats starting on (if the date occurs on a weekend the meeting ). Meeting Dates: Fletcher J Sturm/HOU/ECT Scott Neal/HOU/ECT Hunter S Shively/HOU/ECT Phillip K Allen/HOU/ECT Allan Severude/HOU/ECT Scott Mills/HOU/ECT Russ Severson/HOU/ECT Detailed description:

Mon, 25 Sep 2000 05:47:00 -0700 (PDT)

Greg, Happy B-day. Email me your phone # and I will call you. Keith

Fri, 22 Sep 2000 00:06:00 -0700 (PDT)

Kathy, Regarding the guest password for gas daily, can you please relay the information to Mike Grigsby at 37031 so he can pass it along to the user at gas daily today. I will be out of the office on Friday. thank you Phillip

Wed, 20 Sep 2000 08:06:00 -0700 (PDT)

John, Denver's short rockies position beyond 2002 is created by their Trailblazer transport. They are unhedged 15,000/d in 2003 and 25,000/d in 2004 and 2005. They are scrubbing all their books and booking the Hubert deal on Wednesday and Thursday. Phillip

Wed, 2 May 2001 12:36:00 -0700 (PDT)

Jim, Is there going to be a conference call or some type of weekly meeting about all the regulatory issues facing California this week? Can you make sure the gas desk is included. Phillip

Wed, 20 Sep 2000 06:34:00 -0700 (PDT)

George, Below is a list of questions that Keith and I had regarding the Westgate project: Ownership Structure What will be the ownership structure? Limited partnership? General partner? What are all the legal entities that will be involved and in what capacity(regarding ownership and liabilities)? Who owns the land? improvements? Who holds the various loans? Is the land collateral? Investment What happens to initial investment? Is it used to purchase land for cash?Secure future loans? Why is the land cost spread out on the cash flow statement? When is the 700,000 actually needed? Now or for the land closing? Investment schedule? Investment Return Is Equity Repayment the return of the original investment? Is the plan to wait until the last unit is sold and closed before profits are distributed? Debt Which entity is the borrower for each loan and what recourse or collateral is associated with each loan? Improvement Construction Are these the only two loans? Looks like it from the cash flow statement. Terms of each loan? Uses of Funds How will disbursements be made? By whom? What type of bank account? Controls on max disbursement? Internet viewing for investors? Reports to track expenses vs plan? Bookkeeping procedures to record actual expenses? What is the relationship of Creekside Builders to the project? Do you get paid a markup on subcontractors as a general contractor and paid gain out of profits? Do you or Larry receive any money in the form of salary or personal expenses before the ultimate payout of profits? Design and Construction When will design be complete? What input will investors have in selecting design and materials for units? What level of investor involvement will be possible during construction planning and permitting? Does Creekside have specific procedures for dealing with subcontractors, vendors, and other professionals? Such as always getting 3 bids, payment schedules, or reference checking? Are there any specific companies or individuals that you already plan to use? Names? These questions are probably very basic to you, but as a first time investor in a project like this it is new to me. Also, I want to learn as much as possible from the process. Phillip

Tue, 19 Sep 2000 09:35:00 -0700 (PDT)

"Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]>

Westgate Proforma-Phillip Allen.xls Enclosed is the preliminary proforma for the Westgate property is Austin that we told you about. As you can tell from the proforma this project should produce a truly exceptional return of over 40% per year over 3 years. This is especially attractive when the project is in a market as strong as Austin and we are introducing new product that in a very low price range for this market. This is the best project in terms of risk and reward that we have uncovered to date in the Austin market. The project does have approved zoning and will only require a site plan. As it is in the "Smart Growth Corridor" area designated by the City of Austin for preferred development, this will be fast tracked and should be complete in less than 6 months. Additionally, many of the current and more severe water treatment ordinances have been waived. I have estimated the lot improvement costs based on a 28 lot development we investigated in North Austin, which included a detention/retention and filtration pond and street widening. Even though this property is not likely to require street widening and will have less of a detention/retention and filtration pond requirement, I used this data to be cautious. The Lone Star gas line easement in the lower portion of the property is not expected to impact sales significantly. Other projects have been quite successful with identical relationships to this pipeline, such as the adjoining single family residential and a project at St. Edwards University. As with most infill projects, the quality of the surrounding neighborhoods is uneven. We have included a fence around the entire property, but may only put it on Westgate and Cameron Loop. Gated communities are far preferred so this is a good idea for both screening and current buyer preferences. The seller accepted our offer Thursday evening with a price of $680,000 and an extended escrow. This will enable us to probably obtain an approved site plan before closing on the contract, which will mean that we can close into an A&D Loan rather than into a land loan and then an improvement loan. This analysis shows your investment at $700,000 for a 50% interest in the profits of the project. As we discussed in San Marcos, we can also discuss having you invest only in the lots, sell the lots to the construction entity with your profit in the lot. I believe this would facilitate the use of a 1031 Exchange of the proceeds from this deal into another project that is a rental deal or at least into the land for a rental project that would then be the equity for that project. You would need to discuss this with an exchange expert first. Larry Lewter knows an expert in the field in San Antonio if you do not know anyone. I will send you a package on the property that was prepared by the broker, by Airborne Express today for Saturday delivery. Once you have read the package and reviewed this proforma, we would want to schedule a tour of the site and the area. Please get back to me as soon as your schedule permits regarding the site visit and feel free to call at any time. You can reach me over the weekend and in the evening at either 512-338-1119 or 512-338-1110. My cell phone is 512-748-7495 and the fax is 512-338-1103. I look forward to hearing from you and to working with you on this project that is sure to be a major winner. I regret that it took so long to get back to you, but we had some unusual events these past few weeks. A small freakish wind storm with severe 60+mpg downdrafts hit the South part of Austin where we are building 10 town homes. One of these units had just had the roof decked with the siding scheduled to start the next day. The severe downdraft hitting the decked roof was enough to knock it down. The City shut down the project for a week and it took another week to get every thing back on tract. Then last week I had to take my wife to emergency. She has a bulge in the material between the vertebra in her spine and it causes her extreme pain and has kept her bedridden this past week.. There is nothing like having your wife incapacitated to realize the enormous number of things she does everyday. Fortunately, it looks as if she will be ok in the long run. George W. Richards Creekside Builders, LLC - Westgate Proforma-Phillip Allen.xls

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/19/2000 04:35 PM --------------------------- "George Richards" <[email protected]> on 09/08/2000 05:21:49 AM Please respond to <[email protected]> To: "Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]> Subject: Westgate Proforma-Phillip Allen.xls Enclosed is the preliminary proforma for the Westgate property is Austin that we told you about. As you can tell from the proforma this project should produce a truly exceptional return of over 40% per year over 3 years. This is especially attractive when the project is in a market as strong as Austin and we are introducing new product that in a very low price range for this market. This is the best project in terms of risk and reward that we have uncovered to date in the Austin market. The project does have approved zoning and will only require a site plan. As it is in the "Smart Growth Corridor" area designated by the City of Austin for preferred development, this will be fast tracked and should be complete in less than 6 months. Additionally, many of the current and more severe water treatment ordinances have been waived. I have estimated the lot improvement costs based on a 28 lot development we investigated in North Austin, which included a detention/retention and filtration pond and street widening. Even though this property is not likely to require street widening and will have less of a detention/retention and filtration pond requirement, I used this data to be cautious. The Lone Star gas line easement in the lower portion of the property is not expected to impact sales significantly. Other projects have been quite successful with identical relationships to this pipeline, such as the adjoining single family residential and a project at St. Edwards University. As with most infill projects, the quality of the surrounding neighborhoods is uneven. We have included a fence around the entire property, but may only put it on Westgate and Cameron Loop. Gated communities are far preferred so this is a good idea for both screening and current buyer preferences. The seller accepted our offer Thursday evening with a price of $680,000 and an extended escrow. This will enable us to probably obtain an approved site plan before closing on the contract, which will mean that we can close into an A&D Loan rather than into a land loan and then an improvement loan. This analysis shows your investment at $700,000 for a 50% interest in the profits of the project. As we discussed in San Marcos, we can also discuss having you invest only in the lots, sell the lots to the construction entity with your profit in the lot. I believe this would facilitate the use of a 1031 Exchange of the proceeds from this deal into another project that is a rental deal or at least into the land for a rental project that would then be the equity for that project. You would need to discuss this with an exchange expert first. Larry Lewter knows an expert in the field in San Antonio if you do not know anyone. I will send you a package on the property that was prepared by the broker, by Airborne Express today for Saturday delivery. Once you have read the package and reviewed this proforma, we would want to schedule a tour of the site and the area. Please get back to me as soon as your schedule permits regarding the site visit and feel free to call at any time. You can reach me over the weekend and in the evening at either 512-338-1119 or 512-338-1110. My cell phone is 512-748-7495 and the fax is 512-338-1103. I look forward to hearing from you and to working with you on this project that is sure to be a major winner. I regret that it took so long to get back to you, but we had some unusual events these past few weeks. A small freakish wind storm with severe 60+mpg downdrafts hit the South part of Austin where we are building 10 town homes. One of these units had just had the roof decked with the siding scheduled to start the next day. The severe downdraft hitting the decked roof was enough to knock it down. The City shut down the project for a week and it took another week to get every thing back on tract. Then last week I had to take my wife to emergency. She has a bulge in the material between the vertebra in her spine and it causes her extreme pain and has kept her bedridden this past week.. There is nothing like having your wife incapacitated to realize the enormous number of things she does everyday. Fortunately, it looks as if she will be ok in the long run. George W. Richards Creekside Builders, LLC - Westgate Proforma-Phillip Allen.xls

Tue, 19 Sep 2000 07:26:00 -0700 (PDT)

George, Here sales numbers from Reagan: As you can see his units sold at a variety of prices per square foot. The 1308/1308 model seems to have the most data and looks most similiar to the units you are selling. At 2.7 MM, my bid is .70/sf higher than his units under construction. I am having a hard time justifying paying much more with competition on the way. The price I am bidding is higher than any deals actually done to date. Let me know what you think. I will follow up with an email and phone call about Cherry Creek. I am sure Deborah Yates let you know that the bid was rejected on the De Ville property. Phillip Allen

Tue, 19 Sep 2000 03:15:00 -0700 (PDT)

Jeff, What is up with Burnet? Phillip

Mon, 18 Sep 2000 02:34:00 -0700 (PDT)

Re: burnet

Jeff, I need to see the site plan for Burnet. Remember I must get written approval from Brenda Key Stone before I can sell this property and she has concerns about the way the property will be subdivided. I would also like to review the closing statements as soon as possible. Phillip

Wed, 13 Sep 2000 06:02:00 -0700 (PDT)

Lucy, I want to have an accurate rent roll as soon as possible. I faxed you a copy of this file. You can fill in on the computer or just write in the correct amounts and I will input.

Tue, 12 Sep 2000 06:42:00 -0700 (PDT)

Re: Sept 1 Payment

Brenda, I checked my records and I mailed check #1178 for the normal amount on August 28th. I mailed it to 4303 Pate Rd. #29, College Station, TX 77845. I will go ahead and mail you another check. If the first one shows up you can treat the 2nd as payment for October. I know your concerns about the site plan. I will not proceed without getting the details and getting your approval. I will find that amortization schedule and send it soon. Phillip

Tue, 12 Sep 2000 06:06:00 -0700 (PDT)

Lucy, You wrote fewer checks this month. Spent more money on Materials and less on Labor. June July August Total Materials 2929 4085 4801 Services 53 581 464 Labor 3187 3428 2770 Here are my questions on the August bank statement (attached): 1. Check 1406 Walmart Description and unit? 2. Check 1410 Crumps Detail description and unit? 3. Check 1411 Lucy What is this? 4. Check 1415 Papes Detail description and units? 5. Checks 1416, 1417, and 1425 Why overtime? 6. Check 1428 Ralph's What unit? 7. Check 1438 Walmart? Description and unit? Try and pull together the support for these items and get back to me. Phillip

Tue, 12 Sep 2000 04:23:00 -0700 (PDT)

Phillip K Allen/HOU/ECT@ECT cc:

Contact list for mid market Phillip, Attached is the list. Have your people fill in the columns highlighted in yellow. As best can we will try not to overlap on accounts. Thanks, Mike

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/12/2000 11:22 AM --------------------------- Michael Etringer 09/11/2000 02:32 PM To: Phillip K Allen/HOU/ECT@ECT cc: Subject: Contact list for mid market Phillip, Attached is the list. Have your people fill in the columns highlighted in yellow. As best can we will try not to overlap on accounts. Thanks, Mike

Tue, 12 Sep 2000 00:27:00 -0700 (PDT)

http://www.hearme.com/vc2/[email protected]

Wed, 2 May 2001 10:27:00 -0700 (PDT)

Phillip K Allen/HOU/ECT@ECT cc:

Re: 2- SURVEY - PHILLIP ALLEN - Full Name: Phillip Allen Login ID: pallen Extension: 3-7041 Office Location: EB3210C What type of computer do you have? (Desktop, Laptop, Both) Both Do you have a PDA? If yes, what type do you have: (None, IPAQ, Palm Pilot, Jornada) IPAQ Do you have permission to access anyone's Email/Calendar? NO If yes, who? Does anyone have permission to access your Email/Calendar? YES If yes, who? INA RANGEL Are you responsible for updating anyone else's address book? If yes, who? NO Is anyone else responsible for updating your address book? If yes, who? NO Do you have access to a shared calendar? If yes, which shared calendar? YES, West Calendar Do you have any Distribution Groups that Messaging maintains for you (for mass mailings)? If yes, please list here: NO Please list all Notes databases applications that you currently use: NONE In our efforts to plan the exact date/time of your migration, we also will need to know: What are your normal work hours? From: 7:00 AM To: 5:00 PM Will you be out of the office in the near future for vacation, leave, etc? NO If so, when? From (MM/DD/YY): To (MM/DD/YY): <Embedded StdOleLink>

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 05/02/2001 05:26 AM --------------------------- Ina Rangel 05/01/2001 12:24 PM To: Phillip K Allen/HOU/ECT@ECT cc: Subject: Re: 2- SURVEY - PHILLIP ALLEN - Full Name: Phillip Allen Login ID: pallen Extension: 3-7041 Office Location: EB3210C What type of computer do you have? (Desktop, Laptop, Both) Both Do you have a PDA? If yes, what type do you have: (None, IPAQ, Palm Pilot, Jornada) IPAQ Do you have permission to access anyone's Email/Calendar? NO If yes, who? Does anyone have permission to access your Email/Calendar? YES If yes, who? INA RANGEL Are you responsible for updating anyone else's address book? If yes, who? NO Is anyone else responsible for updating your address book? If yes, who? NO Do you have access to a shared calendar? If yes, which shared calendar? YES, West Calendar Do you have any Distribution Groups that Messaging maintains for you (for mass mailings)? If yes, please list here: NO Please list all Notes databases applications that you currently use: NONE In our efforts to plan the exact date/time of your migration, we also will need to know: What are your normal work hours? From: 7:00 AM To: 5:00 PM Will you be out of the office in the near future for vacation, leave, etc? NO If so, when? From (MM/DD/YY): To (MM/DD/YY): <Embedded StdOleLink>

Mon, 11 Sep 2000 09:57:00 -0700 (PDT)

"Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]>

Westgate Proforma-Phillip Allen.xls Enclosed is the preliminary proforma for the Westgate property is Austin that we told you about. As you can tell from the proforma this project should produce a truly exceptional return of over 40% per year over 3 years. This is especially attractive when the project is in a market as strong as Austin and we are introducing new product that in a very low price range for this market. This is the best project in terms of risk and reward that we have uncovered to date in the Austin market. The project does have approved zoning and will only require a site plan. As it is in the "Smart Growth Corridor" area designated by the City of Austin for preferred development, this will be fast tracked and should be complete in less than 6 months. Additionally, many of the current and more severe water treatment ordinances have been waived. I have estimated the lot improvement costs based on a 28 lot development we investigated in North Austin, which included a detention/retention and filtration pond and street widening. Even though this property is not likely to require street widening and will have less of a detention/retention and filtration pond requirement, I used this data to be cautious. The Lone Star gas line easement in the lower portion of the property is not expected to impact sales significantly. Other projects have been quite successful with identical relationships to this pipeline, such as the adjoining single family residential and a project at St. Edwards University. As with most infill projects, the quality of the surrounding neighborhoods is uneven. We have included a fence around the entire property, but may only put it on Westgate and Cameron Loop. Gated communities are far preferred so this is a good idea for both screening and current buyer preferences. The seller accepted our offer Thursday evening with a price of $680,000 and an extended escrow. This will enable us to probably obtain an approved site plan before closing on the contract, which will mean that we can close into an A&D Loan rather than into a land loan and then an improvement loan. This analysis shows your investment at $700,000 for a 50% interest in the profits of the project. As we discussed in San Marcos, we can also discuss having you invest only in the lots, sell the lots to the construction entity with your profit in the lot. I believe this would facilitate the use of a 1031 Exchange of the proceeds from this deal into another project that is a rental deal or at least into the land for a rental project that would then be the equity for that project. You would need to discuss this with an exchange expert first. Larry Lewter knows an expert in the field in San Antonio if you do not know anyone. I will send you a package on the property that was prepared by the broker, by Airborne Express today for Saturday delivery. Once you have read the package and reviewed this proforma, we would want to schedule a tour of the site and the area. Please get back to me as soon as your schedule permits regarding the site visit and feel free to call at any time. You can reach me over the weekend and in the evening at either 512-338-1119 or 512-338-1110. My cell phone is 512-748-7495 and the fax is 512-338-1103. I look forward to hearing from you and to working with you on this project that is sure to be a major winner. I regret that it took so long to get back to you, but we had some unusual events these past few weeks. A small freakish wind storm with severe 60+mpg downdrafts hit the South part of Austin where we are building 10 town homes. One of these units had just had the roof decked with the siding scheduled to start the next day. The severe downdraft hitting the decked roof was enough to knock it down. The City shut down the project for a week and it took another week to get every thing back on tract. Then last week I had to take my wife to emergency. She has a bulge in the material between the vertebra in her spine and it causes her extreme pain and has kept her bedridden this past week.. There is nothing like having your wife incapacitated to realize the enormous number of things she does everyday. Fortunately, it looks as if she will be ok in the long run. George W. Richards Creekside Builders, LLC - Westgate Proforma-Phillip Allen.xls

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/11/2000 04:57 PM --------------------------- "George Richards" <[email protected]> on 09/08/2000 05:21:49 AM Please respond to <[email protected]> To: "Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]> Subject: Westgate Proforma-Phillip Allen.xls Enclosed is the preliminary proforma for the Westgate property is Austin that we told you about. As you can tell from the proforma this project should produce a truly exceptional return of over 40% per year over 3 years. This is especially attractive when the project is in a market as strong as Austin and we are introducing new product that in a very low price range for this market. This is the best project in terms of risk and reward that we have uncovered to date in the Austin market. The project does have approved zoning and will only require a site plan. As it is in the "Smart Growth Corridor" area designated by the City of Austin for preferred development, this will be fast tracked and should be complete in less than 6 months. Additionally, many of the current and more severe water treatment ordinances have been waived. I have estimated the lot improvement costs based on a 28 lot development we investigated in North Austin, which included a detention/retention and filtration pond and street widening. Even though this property is not likely to require street widening and will have less of a detention/retention and filtration pond requirement, I used this data to be cautious. The Lone Star gas line easement in the lower portion of the property is not expected to impact sales significantly. Other projects have been quite successful with identical relationships to this pipeline, such as the adjoining single family residential and a project at St. Edwards University. As with most infill projects, the quality of the surrounding neighborhoods is uneven. We have included a fence around the entire property, but may only put it on Westgate and Cameron Loop. Gated communities are far preferred so this is a good idea for both screening and current buyer preferences. The seller accepted our offer Thursday evening with a price of $680,000 and an extended escrow. This will enable us to probably obtain an approved site plan before closing on the contract, which will mean that we can close into an A&D Loan rather than into a land loan and then an improvement loan. This analysis shows your investment at $700,000 for a 50% interest in the profits of the project. As we discussed in San Marcos, we can also discuss having you invest only in the lots, sell the lots to the construction entity with your profit in the lot. I believe this would facilitate the use of a 1031 Exchange of the proceeds from this deal into another project that is a rental deal or at least into the land for a rental project that would then be the equity for that project. You would need to discuss this with an exchange expert first. Larry Lewter knows an expert in the field in San Antonio if you do not know anyone. I will send you a package on the property that was prepared by the broker, by Airborne Express today for Saturday delivery. Once you have read the package and reviewed this proforma, we would want to schedule a tour of the site and the area. Please get back to me as soon as your schedule permits regarding the site visit and feel free to call at any time. You can reach me over the weekend and in the evening at either 512-338-1119 or 512-338-1110. My cell phone is 512-748-7495 and the fax is 512-338-1103. I look forward to hearing from you and to working with you on this project that is sure to be a major winner. I regret that it took so long to get back to you, but we had some unusual events these past few weeks. A small freakish wind storm with severe 60+mpg downdrafts hit the South part of Austin where we are building 10 town homes. One of these units had just had the roof decked with the siding scheduled to start the next day. The severe downdraft hitting the decked roof was enough to knock it down. The City shut down the project for a week and it took another week to get every thing back on tract. Then last week I had to take my wife to emergency. She has a bulge in the material between the vertebra in her spine and it causes her extreme pain and has kept her bedridden this past week.. There is nothing like having your wife incapacitated to realize the enormous number of things she does everyday. Fortunately, it looks as if she will be ok in the long run. George W. Richards Creekside Builders, LLC - Westgate Proforma-Phillip Allen.xls

Mon, 11 Sep 2000 09:30:00 -0700 (PDT)

Re: Chelsea Villas

Jeff, I received the rent roll. I am going to be in San Marcos this weekend but I am booked with stage coach. I will drive by Friday evening. I will let you know next week if I need to see the inside. Can you find out when Chelsea Villa last changed hands and for what price? What about getting a look at the site plans for the Burnet deal. Remember we have to get Brenda happy. Phillip

Mon, 11 Sep 2000 08:07:00 -0700 (PDT)

9/8 9/7 diff Socal 36,600 37,200 -600 NWPL -51,000 -51,250 250 San Juan -32,500 -32,000 -500 The reason the benchmark report shows net selling San Juan is that the transport positions were rolled in on 9/8. This added 800 shorts to San Juan and 200 longs to Socal. Before this adjustment we bought 300 San Juan and sold 800 Socal.

Mon, 11 Sep 2000 07:16:00 -0700 (PDT)

Re: VaR by Curve

why is aeco basis so low on the list? Is NWPL mapped differently than AECO? What about the correlation to Nymex on AECO?

Mon, 11 Sep 2000 02:19:00 -0700 (PDT)

Re: Sagewood etc.

Jeff, You would clearly receive a commission on a deal on the sagewood. I am surprised by your request for payment on any type of project in which I might become involved with Creekside. Are you in the business of brokering properties or contacts? Is your position based on a legal or what you perceive to be an ethical issue? Did you propose we look at developing a project from scratch? I am not prepared to pay more than 2.7 for sagewood yet. Phillip

Fri, 8 Sep 2000 05:30:00 -0700 (PDT)

"Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]>, "Diana Zuniga" <[email protected]>

Sagewood Town Homes I was aware that Regan Lehman, the lot developer for the entire 70 lot duplex project, was selling his units in the $180's, He does have a much lower basis in the lots than anyone else, but the prime differences are due to a) he is selling them during construction and b) they are smaller units. We do not know the exact size of each of his units, but we believe one of the duplexes is a 1164/1302 sq ft. plan. This would produce an average sq footage of 1233, which would be $73.80 psf at $182,000. (I thought his sales price was $187,000.) At this price psf our 1,376 sf unit would sell for $203,108. What is more important, in my view, is a) the rental rate and b) the rent-ability. You have all of our current rental and cost data for your own evaluation. As for rent-ability, I believe that we have shown that the 3-bedroom, 3.5 bath is strongly preferred in this market. In fact, if we were able to purchase additional lots from Regan we would build 4 bedroom units along with the 3-bedroom plan. Phillip, I will call you today to go over this more thoroughly. Sincerely, George W. Richards Creekside Builders, LLC

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/08/2000 12:29 PM --------------------------- "George Richards" <[email protected]> on 09/08/2000 05:35:20 AM Please respond to <[email protected]> To: "Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]>, "Diana Zuniga" <[email protected]> Subject: Sagewood Town Homes I was aware that Regan Lehman, the lot developer for the entire 70 lot duplex project, was selling his units in the $180's, He does have a much lower basis in the lots than anyone else, but the prime differences are due to a) he is selling them during construction and b) they are smaller units. We do not know the exact size of each of his units, but we believe one of the duplexes is a 1164/1302 sq ft. plan. This would produce an average sq footage of 1233, which would be $73.80 psf at $182,000. (I thought his sales price was $187,000.) At this price psf our 1,376 sf unit would sell for $203,108. What is more important, in my view, is a) the rental rate and b) the rent-ability. You have all of our current rental and cost data for your own evaluation. As for rent-ability, I believe that we have shown that the 3-bedroom, 3.5 bath is strongly preferred in this market. In fact, if we were able to purchase additional lots from Regan we would build 4 bedroom units along with the 3-bedroom plan. Phillip, I will call you today to go over this more thoroughly. Sincerely, George W. Richards Creekside Builders, LLC

Fri, 8 Sep 2000 05:29:00 -0700 (PDT)

"Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]>

Westgate Proforma-Phillip Allen.xls Enclosed is the preliminary proforma for the Westgate property is Austin that we told you about. As you can tell from the proforma this project should produce a truly exceptional return of over 40% per year over 3 years. This is especially attractive when the project is in a market as strong as Austin and we are introducing new product that in a very low price range for this market. This is the best project in terms of risk and reward that we have uncovered to date in the Austin market. The project does have approved zoning and will only require a site plan. As it is in the "Smart Growth Corridor" area designated by the City of Austin for preferred development, this will be fast tracked and should be complete in less than 6 months. Additionally, many of the current and more severe water treatment ordinances have been waived. I have estimated the lot improvement costs based on a 28 lot development we investigated in North Austin, which included a detention/retention and filtration pond and street widening. Even though this property is not likely to require street widening and will have less of a detention/retention and filtration pond requirement, I used this data to be cautious. The Lone Star gas line easement in the lower portion of the property is not expected to impact sales significantly. Other projects have been quite successful with identical relationships to this pipeline, such as the adjoining single family residential and a project at St. Edwards University. As with most infill projects, the quality of the surrounding neighborhoods is uneven. We have included a fence around the entire property, but may only put it on Westgate and Cameron Loop. Gated communities are far preferred so this is a good idea for both screening and current buyer preferences. The seller accepted our offer Thursday evening with a price of $680,000 and an extended escrow. This will enable us to probably obtain an approved site plan before closing on the contract, which will mean that we can close into an A&D Loan rather than into a land loan and then an improvement loan. This analysis shows your investment at $700,000 for a 50% interest in the profits of the project. As we discussed in San Marcos, we can also discuss having you invest only in the lots, sell the lots to the construction entity with your profit in the lot. I believe this would facilitate the use of a 1031 Exchange of the proceeds from this deal into another project that is a rental deal or at least into the land for a rental project that would then be the equity for that project. You would need to discuss this with an exchange expert first. Larry Lewter knows an expert in the field in San Antonio if you do not know anyone. I will send you a package on the property that was prepared by the broker, by Airborne Express today for Saturday delivery. Once you have read the package and reviewed this proforma, we would want to schedule a tour of the site and the area. Please get back to me as soon as your schedule permits regarding the site visit and feel free to call at any time. You can reach me over the weekend and in the evening at either 512-338-1119 or 512-338-1110. My cell phone is 512-748-7495 and the fax is 512-338-1103. I look forward to hearing from you and to working with you on this project that is sure to be a major winner. I regret that it took so long to get back to you, but we had some unusual events these past few weeks. A small freakish wind storm with severe 60+mpg downdrafts hit the South part of Austin where we are building 10 town homes. One of these units had just had the roof decked with the siding scheduled to start the next day. The severe downdraft hitting the decked roof was enough to knock it down. The City shut down the project for a week and it took another week to get every thing back on tract. Then last week I had to take my wife to emergency. She has a bulge in the material between the vertebra in her spine and it causes her extreme pain and has kept her bedridden this past week.. There is nothing like having your wife incapacitated to realize the enormous number of things she does everyday. Fortunately, it looks as if she will be ok in the long run. George W. Richards Creekside Builders, LLC - Westgate Proforma-Phillip Allen.xls

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/08/2000 12:28 PM --------------------------- "George Richards" <[email protected]> on 09/08/2000 05:21:49 AM Please respond to <[email protected]> To: "Phillip Allen" <[email protected]> cc: "Larry Lewter" <[email protected]> Subject: Westgate Proforma-Phillip Allen.xls Enclosed is the preliminary proforma for the Westgate property is Austin that we told you about. As you can tell from the proforma this project should produce a truly exceptional return of over 40% per year over 3 years. This is especially attractive when the project is in a market as strong as Austin and we are introducing new product that in a very low price range for this market. This is the best project in terms of risk and reward that we have uncovered to date in the Austin market. The project does have approved zoning and will only require a site plan. As it is in the "Smart Growth Corridor" area designated by the City of Austin for preferred development, this will be fast tracked and should be complete in less than 6 months. Additionally, many of the current and more severe water treatment ordinances have been waived. I have estimated the lot improvement costs based on a 28 lot development we investigated in North Austin, which included a detention/retention and filtration pond and street widening. Even though this property is not likely to require street widening and will have less of a detention/retention and filtration pond requirement, I used this data to be cautious. The Lone Star gas line easement in the lower portion of the property is not expected to impact sales significantly. Other projects have been quite successful with identical relationships to this pipeline, such as the adjoining single family residential and a project at St. Edwards University. As with most infill projects, the quality of the surrounding neighborhoods is uneven. We have included a fence around the entire property, but may only put it on Westgate and Cameron Loop. Gated communities are far preferred so this is a good idea for both screening and current buyer preferences. The seller accepted our offer Thursday evening with a price of $680,000 and an extended escrow. This will enable us to probably obtain an approved site plan before closing on the contract, which will mean that we can close into an A&D Loan rather than into a land loan and then an improvement loan. This analysis shows your investment at $700,000 for a 50% interest in the profits of the project. As we discussed in San Marcos, we can also discuss having you invest only in the lots, sell the lots to the construction entity with your profit in the lot. I believe this would facilitate the use of a 1031 Exchange of the proceeds from this deal into another project that is a rental deal or at least into the land for a rental project that would then be the equity for that project. You would need to discuss this with an exchange expert first. Larry Lewter knows an expert in the field in San Antonio if you do not know anyone. I will send you a package on the property that was prepared by the broker, by Airborne Express today for Saturday delivery. Once you have read the package and reviewed this proforma, we would want to schedule a tour of the site and the area. Please get back to me as soon as your schedule permits regarding the site visit and feel free to call at any time. You can reach me over the weekend and in the evening at either 512-338-1119 or 512-338-1110. My cell phone is 512-748-7495 and the fax is 512-338-1103. I look forward to hearing from you and to working with you on this project that is sure to be a major winner. I regret that it took so long to get back to you, but we had some unusual events these past few weeks. A small freakish wind storm with severe 60+mpg downdrafts hit the South part of Austin where we are building 10 town homes. One of these units had just had the roof decked with the siding scheduled to start the next day. The severe downdraft hitting the decked roof was enough to knock it down. The City shut down the project for a week and it took another week to get every thing back on tract. Then last week I had to take my wife to emergency. She has a bulge in the material between the vertebra in her spine and it causes her extreme pain and has kept her bedridden this past week.. There is nothing like having your wife incapacitated to realize the enormous number of things she does everyday. Fortunately, it looks as if she will be ok in the long run. George W. Richards Creekside Builders, LLC - Westgate Proforma-Phillip Allen.xls

Wed, 6 Sep 2000 08:54:00 -0700 (PDT)

[email protected] cc:

utilities roll _________________________________________________________________________ Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com. Share information about yourself, create your own public profile at http://profiles.msn.com. - utility.xls - utility.xls

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/06/2000 03:53 PM --------------------------- "Lucy Gonzalez" <[email protected]> on 09/06/2000 09:06:45 AM To: [email protected] cc: Subject: utilities roll _________________________________________________________________________ Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com. Share information about yourself, create your own public profile at http://profiles.msn.com. - utility.xls - utility.xls

Wed, 6 Sep 2000 07:02:00 -0700 (PDT)

[email protected] cc:

TIME SENSITIVE: Executive Impact & Influence Program Survey Executive Impact & Influence Program * IMMEDIATE ACTION REQUIRED - Do Not Delete * As part of the Executive Impact and Influence Program, each participant is asked to gather input on the participant's own management styles and practices as experienced by their immediate manager, each direct report, and up to eight peers/colleagues. You have been requested to provide feedback for a participant attending the next program. Your input (i.e., a Self assessment, Manager assessment, Direct Report assessment, or Peer/Colleague assessment) will be combined with the input of others and used by the program participant to develop an action plan to improve his/her management styles and practices. It is important that you complete this assessment NO LATER THAN CLOSE OF BUSINESS Thursday, September 14. Since the feedback is such an important part of the program, the participant will be asked to cancel his/her attendance if not enough feedback is received. Therefore, your feedback is critical. To complete your assessment, please click on the following link or simply open your internet browser and go to: http://www.fsddatasvc.com/enron Your unique ID for each participant you have been asked to rate is: Unique ID - Participant EVH3JY - John Arnold ER93FX - John Lavorato EPEXWX - Hunter Shively If you experience technical problems, please call Dennis Ward at FSD Data Services, 713-942-8436. If you have any questions about this process, you may contact Debbie Nowak at Enron, 713-853-3304, or Christi Smith at Keilty, Goldsmith & Company, 858-450-2554. Thank you for your participation.

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/06/2000 02:01 PM --------------------------- [email protected] on 09/06/2000 10:12:33 AM To: [email protected] cc: Subject: TIME SENSITIVE: Executive Impact & Influence Program Survey Executive Impact & Influence Program * IMMEDIATE ACTION REQUIRED - Do Not Delete * As part of the Executive Impact and Influence Program, each participant is asked to gather input on the participant's own management styles and practices as experienced by their immediate manager, each direct report, and up to eight peers/colleagues. You have been requested to provide feedback for a participant attending the next program. Your input (i.e., a Self assessment, Manager assessment, Direct Report assessment, or Peer/Colleague assessment) will be combined with the input of others and used by the program participant to develop an action plan to improve his/her management styles and practices. It is important that you complete this assessment NO LATER THAN CLOSE OF BUSINESS Thursday, September 14. Since the feedback is such an important part of the program, the participant will be asked to cancel his/her attendance if not enough feedback is received. Therefore, your feedback is critical. To complete your assessment, please click on the following link or simply open your internet browser and go to: http://www.fsddatasvc.com/enron Your unique ID for each participant you have been asked to rate is: Unique ID - Participant EVH3JY - John Arnold ER93FX - John Lavorato EPEXWX - Hunter Shively If you experience technical problems, please call Dennis Ward at FSD Data Services, 713-942-8436. If you have any questions about this process, you may contact Debbie Nowak at Enron, 713-853-3304, or Christi Smith at Keilty, Goldsmith & Company, 858-450-2554. Thank you for your participation.

Wed, 6 Sep 2000 07:00:00 -0700 (PDT)

Larry, Just a note to touch base on the sagewood townhomes and other development opportunities. I stumbled across some other duplexes for sale on the same street. that were built by Reagan Lehmann. 22 Units were sold for around $2 million. ($182,000/duplex). I spoke to Reagan and he indicated that he had more units under construction that would be available in the 180's. Are the units he is selling significantly different from yours? He mentioned some of the units are the 1308 floor plan. My bid of 2.7 million is almost $193,000/duplex. As far as being an investor in a new project, I am still very interested. Call or email with your thoughts. Phillip

Tue, 1 May 2001 17:14:00 -0700 (PDT)

=09Allison Horton/NA/Enron@ENRON, Amir Baig/NA/Enron@ENRON, Brandon Bang= erter/NA/Enron@Enron, Brian Ellis/Corp/Enron@Enron, Charles Philpott/HR/Cor= p/Enron@ENRON, Chris P Wood/NA/Enron@Enron, Chris Tull/HOU/ECT@ECT, Dale Sm= ith/Corp/Enron@ENRON, Dave June/NA/Enron@ENRON, Donald Sutton/NA/Enron@Enro= n, Felicia Buenrostro/HR/Corp/Enron@ENRON, Johnna Morrison/Corp/Enron@ENRON= , Joe Dorn/Corp/Enron@ENRON, Kathryn Schultea/HR/Corp/Enron@ENRON, Leon McD= owell/NA/Enron@ENRON, Leticia Barrios/Corp/Enron@ENRON, Milton Brown/HR/Cor= p/Enron@ENRON, Raj Perubhatla/Corp/Enron@Enron, Shekar Komatireddy/NA/Enron= @Enron, Andrea Yowman/Corp/Enron@ENRON, Angie O'Brian/HR/Corp/Enron@ENRON, = Bonne Castellano/HR/Corp/Enron@ENRON, Gwynn Gorsuch/NA/Enron@ENRON, Jo Ann = Matson/Corp/Enron@ENRON, LaQuitta Washington/HR/Corp/Enron@ENRON, Rick John= son/HR/Corp/Enron@ENRON, Sandra Lighthill/HR/Corp/Enron@ENRON, Valeria A Ho= pe/HOU/ECT@ECT, Charlotte Brown/HR/Corp/Enron@ENRON, Ronald Fain/HR/Corp/En= ron@ENRON, Gary Fitch/HR/Corp/Enron@Enron, Anna Harris/HR/Corp/Enron@ENRON,= Keith Jones/HR/Corp/Enron@ENRON, Kristi Monson/NA/Enron@Enron, Bobbie McNi= el/HR/Corp/Enron@ENRON, John Stabler/HR/Corp/Enron@ENRON, Michelle Prince/N= A/Enron@Enron, James Gramke/NA/Enron@ENRON, Blair Hicks/NA/Enron@ENRON, Jen= nifer Johnson/Contractor/Enron Communications@Enron Communications, Jim Lit= tle/Enron@EnronXGate, Dale Lukert/NA/Enron@ENRON, Donald Martin/NA/Enron@EN= RON, Andrew Mattei/NA/Enron@ENRON, Darvin Mitchell/NA/Enron@ENRON, Mark Old= ham/NA/Enron@ENRON, Wesley Pearson/NA/Enron@ENRON, Ramon Pizarro/ENRON_DEVE= LOPMENT@ENRON_DEVELOPMENT, Natalie Rau/NA/Enron@ENRON, William Redick/NA/En= ron@ENRON, Mark A Richardson/NA/Enron@ENRON, Joseph Schnieders/NA/Enron@ENR= ON, Gary Simmons/NA/Enron@Enron, Delaney Trimble/NA/Enron@ENRON, David Upto= n/NA/Enron@ENRON, Mike Boegler/HR/Corp/Enron@ENRON, Lyndel Click/HR/Corp/En= ron@ENRON, Gabriel Franco/NA/Enron@Enron, Randy Gross/HR/Corp/Enron@Enron, = Arthur Johnson/HR/Corp/Enron@Enron, Danny Jones/HR/Corp/Enron@ENRON, John O= gden/Houston/Eott@Eott, Edgar Ponce/NA/Enron@Enron, Tracy Pursifull/HR/Corp= /Enron@ENRON, Lance Stanley/HR/Corp/Enron@ENRON, Frank Ermis/HOU/ECT@ECT, J= ane M Tholt/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect= , Matthew Lenhart/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Monique Sanchez/HO= U/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Randall L Gay/HOU/ECT@ECT, Tori Kuy= kendall/HOU/ECT@ECT, Brenda H Fletcher/HOU/ECT@ECT, Jeanne Wukasch/Corp/Enr= on@ENRON, Mary Theresa Franklin/HOU/ECT@ECT, Mike Potter/NA/Enron@Enron, Na= talie Baker/HOU/ECT@ECT, Suzanne Calcagno/NA/Enron@Enron, Alvin Thompson/Co= rp/Enron@Enron, Cynthia Franklin/Corp/Enron@ENRON, Jesse Villarreal/HOU/ECT= @ECT, Joan Collins/HOU/EES@EES, Joe A Casas/HOU/ECT@ECT, Kelly Loocke/ENRON= @enronXgate, Lia Halstead/NA/Enron@ENRON, Meredith Homco/HOU/ECT@ECT, Rober= t Allwein/HOU/ECT@ECT, Scott Loving/NA/Enron@ENRON, Shanna Boudreaux/ENRON@= enronXgate, Steve Gillespie/Corp/Enron@ENRON, Tamara Carter/NA/Enron@ENRON,= Tracy Wood/NA/Enron@ENRON, Gabriel Fuzat/Enron Communications@Enron Commun= ications, Jack Netek/Enron Communications@Enron Communications, Lam Nguyen/= NA/Enron@Enron, Camille Gerard/Corp/Enron@ENRON, Craig Taylor/HOU/ECT@ECT, = Jessica Hangach/NYC/MGUSA@MGUSA, Kathy Gagel/NYC/MGUSA@MGUSA, Lisa Goulart/= NYC/MGUSA@MGUSA, Ruth Balladares/NYC/MGUSA@MGUSA, Sid Strutt/NYC/MGUSA@MGUS= A cc:=09=20

=094-URGENT - OWA Please print this now. Current Notes User: REASONS FOR USING OUTLOOK WEB ACCESS (OWA) 1. Once your mailbox has been migrated from Notes to Outlook, the Outlook c= lient will be configured on your computer. After migration of your mailbox, you will not be able to send or recieve ma= il via Notes, and you will not be able to start using Outlook until it is c= onfigured by the Outlook Migration team the morning after your mailbox is m= igrated. During this period, you can use Outlook Web Access (OWA) via your= web browser (Internet Explorer 5.0) to read and send mail. PLEASE NOTE: Your calendar entries, personal address book, journals, and T= o-Do entries imported from Notes will not be available until the Outlook cl= ient is configured on your desktop. 2. Remote access to your mailbox. After your Outlook client is configured, you can use Outlook Web Access (OW= A) for remote access to your mailbox. PLEASE NOTE: At this time, the OWA client is only accessible while connect= ing to the Enron network (LAN). There are future plans to make OWA availab= le from your home or when traveling abroad. HOW TO ACCESS OUTLOOK WEB ACCESS (OWA) Launch Internet Explorer 5.0, and in the address window type: http://nahou= -msowa01p/exchange/john.doe Substitute "john.doe" with your first and last name, then click ENTER. You= will be prompted with a sign in box as shown below. Type in "corp/your us= er id" for the user name and your NT password to logon to OWA and click OK.= You will now be able to view your mailbox. =09 PLEASE NOTE: There are some subtle differences in the functionality betwee= n the Outlook and OWA clients. You will not be able to do many of the thin= gs in OWA that you can do in Outlook. Below is a brief list of *some* of t= he functions NOT available via OWA: Features NOT available using OWA: - Tasks - Journal - Spell Checker - Offline Use - Printing Templates - Reminders - Timed Delivery - Expiration - Outlook Rules - Voting, Message Flags and Message Recall - Sharing Contacts with others - Task Delegation - Direct Resource Booking - Personal Distribution Lists QUESTIONS OR CONCERNS? If you have questions or concerns using the OWA client, please contact the = Outlook 2000 question and answer Mailbox at: [email protected] Otherwise, you may contact the Resolution Center at: =09713-853-1411 Thank you, Outlook 2000 Migration Team

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 05/01/2001 0= 2:14 PM --------------------------- Outlook Migration Team@ENRON 04/27/2001 01:01 PM To:=09Allison Horton/NA/Enron@ENRON, Amir Baig/NA/Enron@ENRON, Brandon Bang= erter/NA/Enron@Enron, Brian Ellis/Corp/Enron@Enron, Charles Philpott/HR/Cor= p/Enron@ENRON, Chris P Wood/NA/Enron@Enron, Chris Tull/HOU/ECT@ECT, Dale Sm= ith/Corp/Enron@ENRON, Dave June/NA/Enron@ENRON, Donald Sutton/NA/Enron@Enro= n, Felicia Buenrostro/HR/Corp/Enron@ENRON, Johnna Morrison/Corp/Enron@ENRON= , Joe Dorn/Corp/Enron@ENRON, Kathryn Schultea/HR/Corp/Enron@ENRON, Leon McD= owell/NA/Enron@ENRON, Leticia Barrios/Corp/Enron@ENRON, Milton Brown/HR/Cor= p/Enron@ENRON, Raj Perubhatla/Corp/Enron@Enron, Shekar Komatireddy/NA/Enron= @Enron, Andrea Yowman/Corp/Enron@ENRON, Angie O'Brian/HR/Corp/Enron@ENRON, = Bonne Castellano/HR/Corp/Enron@ENRON, Gwynn Gorsuch/NA/Enron@ENRON, Jo Ann = Matson/Corp/Enron@ENRON, LaQuitta Washington/HR/Corp/Enron@ENRON, Rick John= son/HR/Corp/Enron@ENRON, Sandra Lighthill/HR/Corp/Enron@ENRON, Valeria A Ho= pe/HOU/ECT@ECT, Charlotte Brown/HR/Corp/Enron@ENRON, Ronald Fain/HR/Corp/En= ron@ENRON, Gary Fitch/HR/Corp/Enron@Enron, Anna Harris/HR/Corp/Enron@ENRON,= Keith Jones/HR/Corp/Enron@ENRON, Kristi Monson/NA/Enron@Enron, Bobbie McNi= el/HR/Corp/Enron@ENRON, John Stabler/HR/Corp/Enron@ENRON, Michelle Prince/N= A/Enron@Enron, James Gramke/NA/Enron@ENRON, Blair Hicks/NA/Enron@ENRON, Jen= nifer Johnson/Contractor/Enron Communications@Enron Communications, Jim Lit= tle/Enron@EnronXGate, Dale Lukert/NA/Enron@ENRON, Donald Martin/NA/Enron@EN= RON, Andrew Mattei/NA/Enron@ENRON, Darvin Mitchell/NA/Enron@ENRON, Mark Old= ham/NA/Enron@ENRON, Wesley Pearson/NA/Enron@ENRON, Ramon Pizarro/ENRON_DEVE= LOPMENT@ENRON_DEVELOPMENT, Natalie Rau/NA/Enron@ENRON, William Redick/NA/En= ron@ENRON, Mark A Richardson/NA/Enron@ENRON, Joseph Schnieders/NA/Enron@ENR= ON, Gary Simmons/NA/Enron@Enron, Delaney Trimble/NA/Enron@ENRON, David Upto= n/NA/Enron@ENRON, Mike Boegler/HR/Corp/Enron@ENRON, Lyndel Click/HR/Corp/En= ron@ENRON, Gabriel Franco/NA/Enron@Enron, Randy Gross/HR/Corp/Enron@Enron, = Arthur Johnson/HR/Corp/Enron@Enron, Danny Jones/HR/Corp/Enron@ENRON, John O= gden/Houston/Eott@Eott, Edgar Ponce/NA/Enron@Enron, Tracy Pursifull/HR/Corp= /Enron@ENRON, Lance Stanley/HR/Corp/Enron@ENRON, Frank Ermis/HOU/ECT@ECT, J= ane M Tholt/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect= , Matthew Lenhart/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Monique Sanchez/HO= U/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Randall L Gay/HOU/ECT@ECT, Tori Kuy= kendall/HOU/ECT@ECT, Brenda H Fletcher/HOU/ECT@ECT, Jeanne Wukasch/Corp/Enr= on@ENRON, Mary Theresa Franklin/HOU/ECT@ECT, Mike Potter/NA/Enron@Enron, Na= talie Baker/HOU/ECT@ECT, Suzanne Calcagno/NA/Enron@Enron, Alvin Thompson/Co= rp/Enron@Enron, Cynthia Franklin/Corp/Enron@ENRON, Jesse Villarreal/HOU/ECT= @ECT, Joan Collins/HOU/EES@EES, Joe A Casas/HOU/ECT@ECT, Kelly Loocke/ENRON= @enronXgate, Lia Halstead/NA/Enron@ENRON, Meredith Homco/HOU/ECT@ECT, Rober= t Allwein/HOU/ECT@ECT, Scott Loving/NA/Enron@ENRON, Shanna Boudreaux/ENRON@= enronXgate, Steve Gillespie/Corp/Enron@ENRON, Tamara Carter/NA/Enron@ENRON,= Tracy Wood/NA/Enron@ENRON, Gabriel Fuzat/Enron Communications@Enron Commun= ications, Jack Netek/Enron Communications@Enron Communications, Lam Nguyen/= NA/Enron@Enron, Camille Gerard/Corp/Enron@ENRON, Craig Taylor/HOU/ECT@ECT, = Jessica Hangach/NYC/MGUSA@MGUSA, Kathy Gagel/NYC/MGUSA@MGUSA, Lisa Goulart/= NYC/MGUSA@MGUSA, Ruth Balladares/NYC/MGUSA@MGUSA, Sid Strutt/NYC/MGUSA@MGUS= A cc:=09=20 Subject:=094-URGENT - OWA Please print this now. Current Notes User: REASONS FOR USING OUTLOOK WEB ACCESS (OWA) 1. Once your mailbox has been migrated from Notes to Outlook, the Outlook c= lient will be configured on your computer. After migration of your mailbox, you will not be able to send or recieve ma= il via Notes, and you will not be able to start using Outlook until it is c= onfigured by the Outlook Migration team the morning after your mailbox is m= igrated. During this period, you can use Outlook Web Access (OWA) via your= web browser (Internet Explorer 5.0) to read and send mail. PLEASE NOTE: Your calendar entries, personal address book, journals, and T= o-Do entries imported from Notes will not be available until the Outlook cl= ient is configured on your desktop. 2. Remote access to your mailbox. After your Outlook client is configured, you can use Outlook Web Access (OW= A) for remote access to your mailbox. PLEASE NOTE: At this time, the OWA client is only accessible while connect= ing to the Enron network (LAN). There are future plans to make OWA availab= le from your home or when traveling abroad. HOW TO ACCESS OUTLOOK WEB ACCESS (OWA) Launch Internet Explorer 5.0, and in the address window type: http://nahou= -msowa01p/exchange/john.doe Substitute "john.doe" with your first and last name, then click ENTER. You= will be prompted with a sign in box as shown below. Type in "corp/your us= er id" for the user name and your NT password to logon to OWA and click OK.= You will now be able to view your mailbox. =09 PLEASE NOTE: There are some subtle differences in the functionality betwee= n the Outlook and OWA clients. You will not be able to do many of the thin= gs in OWA that you can do in Outlook. Below is a brief list of *some* of t= he functions NOT available via OWA: Features NOT available using OWA: - Tasks - Journal - Spell Checker - Offline Use - Printing Templates - Reminders - Timed Delivery - Expiration - Outlook Rules - Voting, Message Flags and Message Recall - Sharing Contacts with others - Task Delegation - Direct Resource Booking - Personal Distribution Lists QUESTIONS OR CONCERNS? If you have questions or concerns using the OWA client, please contact the = Outlook 2000 question and answer Mailbox at: [email protected] Otherwise, you may contact the Resolution Center at: =09713-853-1411 Thank you, Outlook 2000 Migration Team

Wed, 6 Sep 2000 06:04:00 -0700 (PDT)

Ina, I scheduled a meeting with Jean Mrha tomorrow at 3:30

Wed, 6 Sep 2000 04:46:00 -0700 (PDT)

John D Suarez/HOU/ECT@ECT, Suresh Vasan/Enron Communications@ENRON COMMUNICATIONS@ENRON cc:

Internet Data Gain Is a Major Power Drain on Local Utilities ( September 05, 2000 ) In 1997, a little-known Silicon Valley company called Exodus Communications opened a 15,000-square-foot data center in Tukwila. The mission was to handle the Internet traffic and computer servers for the region's growing number of dot-coms. Fast-forward to summer 2000. Exodus is now wrapping up construction on a new 13-acre, 576,000-square-foot data center less than a mile from its original facility. Sitting at the confluence of several fiber optic backbones, the Exodus plant will consume enough power for a small town and eventually house Internet servers for firms such as Avenue A, Microsoft and Onvia.com. Exodus is not the only company building massive data centers near Seattle. More than a dozen companies -- with names like AboveNet, Globix and HostPro -- are looking for facilities here that will house the networking equipment of the Internet economy. It is a big business that could have an effect on everything from your monthly electric bill to the ease with which you access your favorite Web sites. Data centers, also known as co-location facilities and server farms, are sprouting at such a furious pace in Tukwila and the Kent Valley that some have expressed concern over whether Seattle City Light and Puget Sound Energy can handle the power necessary to run these 24-hour, high-security facilities. "We are talking to about half a dozen customers that are requesting 445 megawatts of power in a little area near Southcenter Mall," said Karl Karzmar, manager of revenue requirements for Puget Sound Energy. "That is the equivalent of six oil refineries." A relatively new phenomenon in the utility business, the rise of the Internet data center has some utility veterans scratching their heads. Puget Sound Energy last week asked the Washington Utilities and Transportation Commission to accept a tariff on the new data centers. The tariff is designed to protect the company's existing residential and business customers from footing the bill for the new base stations necessary to support the projects. Those base stations could cost as much as $20 million each, Karzmar said. Not to be left behind, Seattle City Light plans to bring up the data center issue on Thursday at the Seattle City Council meeting. For the utilities that provide power to homes, businesses and schools in the region, this is a new and complex issue. On one hand, the data centers -- with their amazing appetite for power -- represent potentially lucrative business customers. The facilities run 24 hours a day, seven days a week, and therefore could become a constant revenue stream. On the other hand, they require so much energy that they could potentially flood the utilities with exorbitant capital expenditures. Who will pay for those expenditures and what it will mean for power rates in the area is still open to debate. "These facilities are what we call extremely dense loads," said Bob Royer, director of communications and public affairs at Seattle City Light. "The entire University of Washington, from stadium lights at the football game to the Medical School, averages 31 megawatts per day. We have data center projects in front of us that are asking for 30, 40 and 50 megawatts." With more than 1.5 million square feet, the Intergate complex in Tukwila is one of the biggest data centers. Sabey Corp. re-purchased the 1.35 million square-foot Intergate East facility last September from Boeing Space & Defense. In less than 12 months, the developer has leased 92 percent of the six-building complex to seven different co-location companies. "It is probably the largest data center park in the country," boasts Laurent Poole, chief operating officer at Sabey. Exodus, ICG Communications, NetStream Communications, Pac West Telecomm and Zama Networks all lease space in the office park. After building Exodus' first Tukwila facility in 1997, Sabey has become an expert in the arena and now has facilities either under management or development in Los Angeles, Spokane and Denver. Poole claims his firm is one of the top four builders of Internet data centers in the country. As more people access the Internet and conduct bandwidth-heavy tasks such as listening to online music, Poole said the need for co-location space in Seattle continues to escalate. But it is not just Seattle. The need for data center space is growing at a rapid clip at many technology hubs throughout the country, causing similar concerns among utilities in places such as Texas and California. Exodus, one of the largest providers of co-location space, plans to nearly double the amount of space it has by the end of the year. While companies such as Amazon.com run their own server farms, many high-tech companies have decided to outsource the operations to companies such as Exodus that may be better prepared for dealing with Internet traffic management. "We have 2 million square feet of space under construction and we plan to double our size in the next nine months , yet there is more demand right now than data center space," said Steve Porter, an account executive at Exodus in Seattle. The booming market for co-location space has left some in the local utility industry perplexed. "It accelerates in a quantum way what you have to do to serve the growth," said Seattle City Light's Royer. "The utility industry is almost stunned by this, in a way."

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/06/2000 10:49 AM --------------------------- Jeff Richter 09/06/2000 07:39 AM To: Phillip K Allen/HOU/ECT@ECT cc: Subject: Wow ---------------------- Forwarded by Jeff Richter/HOU/ECT on 09/06/2000 09:45 AM --------------------------- To: Mike Swerzbin/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Sean Crandall/PDX/ECT@ECT, Tim Belden/HOU/ECT@ECT, Jeff Richter/HOU/ECT@ECT, John M Forney/HOU/ECT@ECT, Matt Motley/PDX/ECT@ECT, Tom Alonso/PDX/ECT@ECT, Mark Fischer/PDX/ECT@ECT cc: Subject: Wow ---------------------- Forwarded by Tim Belden/HOU/ECT on 09/06/2000 07:27 AM --------------------------- Enron Capital & Trade Resources Corp. From: Kevin M Presto 09/05/2000 01:59 PM To: Tim Belden/HOU/ECT@ECT cc: Rogers Herndon/HOU/ECT@ect, John Zufferli/HOU/ECT@ECT, Lloyd Will/HOU/ECT@ECT, Doug Gilbert-Smith/Corp/Enron@ENRON, Mike Swerzbin/HOU/ECT@ECT Subject: Wow Do not underestimate the effects of the Internet economy on load growth. I have been preaching the tremendous growth described below for the last year. The utility infrastructure simply cannot handle these loads at the distribution level and ultimatley distributed generation will be required for power quality reasons. The City of Austin, TX has experienced 300+ MW of load growth this year due to server farms and technology companies. There is a 100 MW server farm trying to hook up to HL&P as we speak and they cannot deliver for 12 months due to distribution infrastructure issues. Obviously, Seattle, Porltand, Boise, Denver, San Fran and San Jose in your markets are in for a rude awakening in the next 2-3 years. ---------------------- Forwarded by Kevin M Presto/HOU/ECT on 09/05/2000 03:41 PM --------------------------- Enron North America Corp. From: John D Suarez 09/05/2000 01:45 PM To: Kevin M Presto/HOU/ECT@ECT, Mark Dana Davis/HOU/ECT@ECT, Paul J Broderick/HOU/ECT@ECT, Jeffrey Miller/NA/Enron@Enron cc: Subject: ---------------------- Forwarded by John D Suarez/HOU/ECT on 09/05/2000 01:46 PM --------------------------- George Hopley 09/05/2000 11:41 AM To: John D Suarez/HOU/ECT@ECT, Suresh Vasan/Enron Communications@ENRON COMMUNICATIONS@ENRON cc: Subject: Internet Data Gain Is a Major Power Drain on Local Utilities ( September 05, 2000 ) In 1997, a little-known Silicon Valley company called Exodus Communications opened a 15,000-square-foot data center in Tukwila. The mission was to handle the Internet traffic and computer servers for the region's growing number of dot-coms. Fast-forward to summer 2000. Exodus is now wrapping up construction on a new 13-acre, 576,000-square-foot data center less than a mile from its original facility. Sitting at the confluence of several fiber optic backbones, the Exodus plant will consume enough power for a small town and eventually house Internet servers for firms such as Avenue A, Microsoft and Onvia.com. Exodus is not the only company building massive data centers near Seattle. More than a dozen companies -- with names like AboveNet, Globix and HostPro -- are looking for facilities here that will house the networking equipment of the Internet economy. It is a big business that could have an effect on everything from your monthly electric bill to the ease with which you access your favorite Web sites. Data centers, also known as co-location facilities and server farms, are sprouting at such a furious pace in Tukwila and the Kent Valley that some have expressed concern over whether Seattle City Light and Puget Sound Energy can handle the power necessary to run these 24-hour, high-security facilities. "We are talking to about half a dozen customers that are requesting 445 megawatts of power in a little area near Southcenter Mall," said Karl Karzmar, manager of revenue requirements for Puget Sound Energy. "That is the equivalent of six oil refineries." A relatively new phenomenon in the utility business, the rise of the Internet data center has some utility veterans scratching their heads. Puget Sound Energy last week asked the Washington Utilities and Transportation Commission to accept a tariff on the new data centers. The tariff is designed to protect the company's existing residential and business customers from footing the bill for the new base stations necessary to support the projects. Those base stations could cost as much as $20 million each, Karzmar said. Not to be left behind, Seattle City Light plans to bring up the data center issue on Thursday at the Seattle City Council meeting. For the utilities that provide power to homes, businesses and schools in the region, this is a new and complex issue. On one hand, the data centers -- with their amazing appetite for power -- represent potentially lucrative business customers. The facilities run 24 hours a day, seven days a week, and therefore could become a constant revenue stream. On the other hand, they require so much energy that they could potentially flood the utilities with exorbitant capital expenditures. Who will pay for those expenditures and what it will mean for power rates in the area is still open to debate. "These facilities are what we call extremely dense loads," said Bob Royer, director of communications and public affairs at Seattle City Light. "The entire University of Washington, from stadium lights at the football game to the Medical School, averages 31 megawatts per day. We have data center projects in front of us that are asking for 30, 40 and 50 megawatts." With more than 1.5 million square feet, the Intergate complex in Tukwila is one of the biggest data centers. Sabey Corp. re-purchased the 1.35 million square-foot Intergate East facility last September from Boeing Space & Defense. In less than 12 months, the developer has leased 92 percent of the six-building complex to seven different co-location companies. "It is probably the largest data center park in the country," boasts Laurent Poole, chief operating officer at Sabey. Exodus, ICG Communications, NetStream Communications, Pac West Telecomm and Zama Networks all lease space in the office park. After building Exodus' first Tukwila facility in 1997, Sabey has become an expert in the arena and now has facilities either under management or development in Los Angeles, Spokane and Denver. Poole claims his firm is one of the top four builders of Internet data centers in the country. As more people access the Internet and conduct bandwidth-heavy tasks such as listening to online music, Poole said the need for co-location space in Seattle continues to escalate. But it is not just Seattle. The need for data center space is growing at a rapid clip at many technology hubs throughout the country, causing similar concerns among utilities in places such as Texas and California. Exodus, one of the largest providers of co-location space, plans to nearly double the amount of space it has by the end of the year. While companies such as Amazon.com run their own server farms, many high-tech companies have decided to outsource the operations to companies such as Exodus that may be better prepared for dealing with Internet traffic management. "We have 2 million square feet of space under construction and we plan to double our size in the next nine months , yet there is more demand right now than data center space," said Steve Porter, an account executive at Exodus in Seattle. The booming market for co-location space has left some in the local utility industry perplexed. "It accelerates in a quantum way what you have to do to serve the growth," said Seattle City Light's Royer. "The utility industry is almost stunned by this, in a way."

Wed, 6 Sep 2000 03:46:00 -0700 (PDT)

Phillip K Allen/HOU/ECT@ECT cc:

Re: The commercial support people that you and Hunter want to make commercial managers.

Ina, Can you pull Tori K.'s and Martin Cuilla's resumes and past performance reviews from H.R. ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/06/2000 10:44 AM --------------------------- John J Lavorato@ENRON 09/06/2000 05:39 AM To: Phillip K Allen/HOU/ECT@ECT cc: Subject: Re: The commercial support people that you and Hunter want to make commercial managers.

Tue, 5 Sep 2000 23:22:00 -0700 (PDT)

Re:

resumes of whom?

Tue, 5 Sep 2000 06:51:00 -0700 (PDT)

Phillip K Allen [mailto:[email protected]] Sent: Thursday, August 31, 2000 12:03 PM

John Lavorato-M Mike Grigsby-D Keith Holst-D Frank Ermis-D Steve South-D Janie Tholt-D Scott Neal-P Hunter Shively-P Tom Martin-P John Arnold-P

Program ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/05/2000 01:50 PM --------------------------- "Christi Smith" <[email protected]> on 09/05/2000 11:40:59 AM Please respond to <[email protected]> To: <[email protected]> cc: "Debbie Nowak (E-mail)" <[email protected]> Subject: RE: Receipt of Team Selection Form - Executive Impact & Influence Program We have not received your completed Team Selection information. It is imperative that we receive your team's information (email, phone number, office) asap. We cannot start your administration without this information, and your raters will have less time to provide feedback for you. Thank you for your assistance. Christi -----Original Message----- From: Christi Smith [mailto:[email protected]] Sent: Thursday, August 31, 2000 10:33 AM To: '[email protected]' Cc: Debbie Nowak (E-mail); Deborah Evans (E-mail) Subject: Receipt of Team Selection Form - Executive Impact & Influence Program Importance: High Hi Phillip. We appreciate your prompt attention and completing the Team Selection information. Ideally, we needed to receive your team of raters on the Team Selection form we sent you. The information needed is then easily transferred into the database directly from that Excel spreadsheet. If you do not have the ability to complete that form, inserting what you listed below, we still require additional information. We need each person's email address. Without the email address, we cannot email them their internet link and ID to provide feedback for you, nor can we send them an automatic reminder via email. It would also be good to have each person's phone number, in the event we need to reach them. So, we do need to receive that complete TS Excel spreadsheet, or if you need to instead, provide the needed information via email. Thank you for your assistance Phillip. Christi L. Smith Project Manager for Client Services Keilty, Goldsmith & Company 858/450-2554 -----Original Message----- From: Phillip K Allen [mailto:[email protected]] Sent: Thursday, August 31, 2000 12:03 PM To: [email protected] Subject: John Lavorato-M Mike Grigsby-D Keith Holst-D Frank Ermis-D Steve South-D Janie Tholt-D Scott Neal-P Hunter Shively-P Tom Martin-P John Arnold-P

Tue, 5 Sep 2000 06:30:00 -0700 (PDT)

[email protected] cc:

Mark, Here is a spreadsheet detailing our September Socal trades. (I did not distinguish between buys vs. sells.) Phillip

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/05/2000 01:29 PM --------------------------- From: Phillip K Allen 08/29/2000 02:20 PM To: [email protected] cc: Subject: Mark, Here is a spreadsheet detailing our September Socal trades. (I did not distinguish between buys vs. sells.) Phillip

Fri, 1 Sep 2000 06:08:00 -0700 (PDT)

Phillip K Allen/HOU/ECT@ECT cc:

FYI -- - Ray Niles on Price Caps.pdf

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 09/01/2000 01:07 PM --------------------------- Enron North America Corp. From: Matt Motley 09/01/2000 08:53 AM To: Phillip K Allen/HOU/ECT@ECT cc: Subject: FYI -- - Ray Niles on Price Caps.pdf

Thu, 31 Aug 2000 07:36:00 -0700 (PDT)

Re: Western Gas Market Report -- Draft

Richard, Compare your california production to the numbers in the 2000 California Gas Report. It shows 410. But again that might be just what the two utilities receive.

Thu, 31 Aug 2000 06:54:00 -0700 (PDT)

Cooper, Can you give access to the new west power site to Jay Reitmeyer. He is an analyst in our group. Phillip

Thu, 31 Aug 2000 06:14:00 -0700 (PDT)

Phillip K Allen [mailto:[email protected]] Sent: Thursday, August 31, 2000 12:03 PM

John Lavorato-M Mike Grigsby-D Keith Holst-D Frank Ermis-D Steve South-D Janie Tholt-D Scott Neal-P Hunter Shively-P Tom Martin-P John Arnold-P

Program ---------------------- Forwarded by Phillip K Allen/HOU/ECT on 08/31/2000 01:13 PM --------------------------- "Christi Smith" <[email protected]> on 08/31/2000 10:32:49 AM Please respond to <[email protected]> To: <[email protected]> cc: "Debbie Nowak (E-mail)" <[email protected]>, "Deborah Evans (E-mail)" <[email protected]> Subject: Receipt of Team Selection Form - Executive Impact & Influence Program Hi Phillip. We appreciate your prompt attention and completing the Team Selection information. Ideally, we needed to receive your team of raters on the Team Selection form we sent you. The information needed is then easily transferred into the database directly from that Excel spreadsheet. If you do not have the ability to complete that form, inserting what you listed below, we still require additional information. We need each person's email address. Without the email address, we cannot email them their internet link and ID to provide feedback for you, nor can we send them an automatic reminder via email. It would also be good to have each person's phone number, in the event we need to reach them. So, we do need to receive that complete TS Excel spreadsheet, or if you need to instead, provide the needed information via email. Thank you for your assistance Phillip. Christi L. Smith Project Manager for Client Services Keilty, Goldsmith & Company 858/450-2554 -----Original Message----- From: Phillip K Allen [mailto:[email protected]] Sent: Thursday, August 31, 2000 12:03 PM To: [email protected] Subject: John Lavorato-M Mike Grigsby-D Keith Holst-D Frank Ermis-D Steve South-D Janie Tholt-D Scott Neal-P Hunter Shively-P Tom Martin-P John Arnold-P

Tue, 1 May 2001 17:14:00 -0700 (PDT)

=09Allison Horton/NA/Enron@ENRON, Amir Baig/NA/Enron@ENRON, Brandon Bang= erter/NA/Enron@Enron, Brian Ellis/Corp/Enron@Enron, Charles Philpott/HR/Cor= p/Enron@ENRON, Chris P Wood/NA/Enron@Enron, Chris Tull/HOU/ECT@ECT, Dale Sm= ith/Corp/Enron@ENRON, Dave June/NA/Enron@ENRON, Donald Sutton/NA/Enron@Enro= n, Felicia Buenrostro/HR/Corp/Enron@ENRON, Johnna Morrison/Corp/Enron@ENRON= , Joe Dorn/Corp/Enron@ENRON, Kathryn Schultea/HR/Corp/Enron@ENRON, Leon McD= owell/NA/Enron@ENRON, Leticia Barrios/Corp/Enron@ENRON, Milton Brown/HR/Cor= p/Enron@ENRON, Raj Perubhatla/Corp/Enron@Enron, Shekar Komatireddy/NA/Enron= @Enron, Andrea Yowman/Corp/Enron@ENRON, Angie O'Brian/HR/Corp/Enron@ENRON, = Bonne Castellano/HR/Corp/Enron@ENRON, Gwynn Gorsuch/NA/Enron@ENRON, Jo Ann = Matson/Corp/Enron@ENRON, LaQuitta Washington/HR/Corp/Enron@ENRON, Rick John= son/HR/Corp/Enron@ENRON, Sandra Lighthill/HR/Corp/Enron@ENRON, Valeria A Ho= pe/HOU/ECT@ECT, Charlotte Brown/HR/Corp/Enron@ENRON, Ronald Fain/HR/Corp/En= ron@ENRON, Gary Fitch/HR/Corp/Enron@Enron, Anna Harris/HR/Corp/Enron@ENRON,= Keith Jones/HR/Corp/Enron@ENRON, Kristi Monson/NA/Enron@Enron, Bobbie McNi= el/HR/Corp/Enron@ENRON, John Stabler/HR/Corp/Enron@ENRON, Michelle Prince/N= A/Enron@Enron, James Gramke/NA/Enron@ENRON, Blair Hicks/NA/Enron@ENRON, Jen= nifer Johnson/Contractor/Enron Communications@Enron Communications, Jim Lit= tle/Enron@EnronXGate, Dale Lukert/NA/Enron@ENRON, Donald Martin/NA/Enron@EN= RON, Andrew Mattei/NA/Enron@ENRON, Darvin Mitchell/NA/Enron@ENRON, Mark Old= ham/NA/Enron@ENRON, Wesley Pearson/NA/Enron@ENRON, Ramon Pizarro/ENRON_DEVE= LOPMENT@ENRON_DEVELOPMENT, Natalie Rau/NA/Enron@ENRON, William Redick/NA/En= ron@ENRON, Mark A Richardson/NA/Enron@ENRON, Joseph Schnieders/NA/Enron@ENR= ON, Gary Simmons/NA/Enron@Enron, Delaney Trimble/NA/Enron@ENRON, David Upto= n/NA/Enron@ENRON, Mike Boegler/HR/Corp/Enron@ENRON, Lyndel Click/HR/Corp/En= ron@ENRON, Gabriel Franco/NA/Enron@Enron, Randy Gross/HR/Corp/Enron@Enron, = Arthur Johnson/HR/Corp/Enron@Enron, Danny Jones/HR/Corp/Enron@ENRON, John O= gden/Houston/Eott@Eott, Edgar Ponce/NA/Enron@Enron, Tracy Pursifull/HR/Corp= /Enron@ENRON, Lance Stanley/HR/Corp/Enron@ENRON, Frank Ermis/HOU/ECT@ECT, J= ane M Tholt/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect= , Matthew Lenhart/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Monique Sanchez/HO= U/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Randall L Gay/HOU/ECT@ECT, Tori Kuy= kendall/HOU/ECT@ECT, Brenda H Fletcher/HOU/ECT@ECT, Jeanne Wukasch/Corp/Enr= on@ENRON, Mary Theresa Franklin/HOU/ECT@ECT, Mike Potter/NA/Enron@Enron, Na= talie Baker/HOU/ECT@ECT, Suzanne Calcagno/NA/Enron@Enron, Alvin Thompson/Co= rp/Enron@Enron, Cynthia Franklin/Corp/Enron@ENRON, Jesse Villarreal/HOU/ECT= @ECT, Joan Collins/HOU/EES@EES, Joe A Casas/HOU/ECT@ECT, Kelly Loocke/ENRON= @enronXgate, Lia Halstead/NA/Enron@ENRON, Meredith Homco/HOU/ECT@ECT, Rober= t Allwein/HOU/ECT@ECT, Scott Loving/NA/Enron@ENRON, Shanna Boudreaux/ENRON@= enronXgate, Steve Gillespie/Corp/Enron@ENRON, Tamara Carter/NA/Enron@ENRON,= Tracy Wood/NA/Enron@ENRON, Gabriel Fuzat/Enron Communications@Enron Commun= ications, Jack Netek/Enron Communications@Enron Communications, Lam Nguyen/= NA/Enron@Enron, Camille Gerard/Corp/Enron@ENRON, Craig Taylor/HOU/ECT@ECT, = Jessica Hangach/NYC/MGUSA@MGUSA, Kathy Gagel/NYC/MGUSA@MGUSA, Lisa Goulart/= NYC/MGUSA@MGUSA, Ruth Balladares/NYC/MGUSA@MGUSA, Sid Strutt/NYC/MGUSA@MGUS= A cc:=09=20

=092- SURVEY/INFORMATION EMAIL Current Notes User:=20 To ensure that you experience a successful migration from Notes to Outlook,= it is necessary to gather individual user information prior to your date o= f migration. Please take a few minutes to completely fill out the followin= g survey. When you finish, simply click on the 'Reply' button then hit 'Se= nd' Your survey will automatically be sent to the Outlook 2000 Migration M= ailbox. Thank you. Outlook 2000 Migration Team ---------------------------------------------------------------------------= ----------------------------------------------------------------- Full Name: =20 Login ID: =20 Extension: =20 Office Location: =20 What type of computer do you have? (Desktop, Laptop, Both) =20 Do you have a PDA? If yes, what type do you have: (None, IPAQ, Palm Pilo= t, Jornada) =20 Do you have permission to access anyone's Email/Calendar? =20 If yes, who? =20 Does anyone have permission to access your Email/Calendar? =20 If yes, who? =20 Are you responsible for updating anyone else's address book? =20 If yes, who? =20 Is anyone else responsible for updating your address book? =20 If yes, who? =20 Do you have access to a shared calendar? =20 If yes, which shared calendar? =20 Do you have any Distribution Groups that Messaging maintains for you (for m= ass mailings)? =20 If yes, please list here: =20 Please list all Notes databases applications that you currently use: =20 In our efforts to plan the exact date/time of your migration, we also will = need to know: What are your normal work hours? From: To: =20 Will you be out of the office in the near future for vacation, leave, etc? If so, when? From (MM/DD/YY): To (MM/DD/YY): =20

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 05/01/2001 0= 2:14 PM --------------------------- Outlook Migration Team@ENRON 04/27/2001 01:00 PM To:=09Allison Horton/NA/Enron@ENRON, Amir Baig/NA/Enron@ENRON, Brandon Bang= erter/NA/Enron@Enron, Brian Ellis/Corp/Enron@Enron, Charles Philpott/HR/Cor= p/Enron@ENRON, Chris P Wood/NA/Enron@Enron, Chris Tull/HOU/ECT@ECT, Dale Sm= ith/Corp/Enron@ENRON, Dave June/NA/Enron@ENRON, Donald Sutton/NA/Enron@Enro= n, Felicia Buenrostro/HR/Corp/Enron@ENRON, Johnna Morrison/Corp/Enron@ENRON= , Joe Dorn/Corp/Enron@ENRON, Kathryn Schultea/HR/Corp/Enron@ENRON, Leon McD= owell/NA/Enron@ENRON, Leticia Barrios/Corp/Enron@ENRON, Milton Brown/HR/Cor= p/Enron@ENRON, Raj Perubhatla/Corp/Enron@Enron, Shekar Komatireddy/NA/Enron= @Enron, Andrea Yowman/Corp/Enron@ENRON, Angie O'Brian/HR/Corp/Enron@ENRON, = Bonne Castellano/HR/Corp/Enron@ENRON, Gwynn Gorsuch/NA/Enron@ENRON, Jo Ann = Matson/Corp/Enron@ENRON, LaQuitta Washington/HR/Corp/Enron@ENRON, Rick John= son/HR/Corp/Enron@ENRON, Sandra Lighthill/HR/Corp/Enron@ENRON, Valeria A Ho= pe/HOU/ECT@ECT, Charlotte Brown/HR/Corp/Enron@ENRON, Ronald Fain/HR/Corp/En= ron@ENRON, Gary Fitch/HR/Corp/Enron@Enron, Anna Harris/HR/Corp/Enron@ENRON,= Keith Jones/HR/Corp/Enron@ENRON, Kristi Monson/NA/Enron@Enron, Bobbie McNi= el/HR/Corp/Enron@ENRON, John Stabler/HR/Corp/Enron@ENRON, Michelle Prince/N= A/Enron@Enron, James Gramke/NA/Enron@ENRON, Blair Hicks/NA/Enron@ENRON, Jen= nifer Johnson/Contractor/Enron Communications@Enron Communications, Jim Lit= tle/Enron@EnronXGate, Dale Lukert/NA/Enron@ENRON, Donald Martin/NA/Enron@EN= RON, Andrew Mattei/NA/Enron@ENRON, Darvin Mitchell/NA/Enron@ENRON, Mark Old= ham/NA/Enron@ENRON, Wesley Pearson/NA/Enron@ENRON, Ramon Pizarro/ENRON_DEVE= LOPMENT@ENRON_DEVELOPMENT, Natalie Rau/NA/Enron@ENRON, William Redick/NA/En= ron@ENRON, Mark A Richardson/NA/Enron@ENRON, Joseph Schnieders/NA/Enron@ENR= ON, Gary Simmons/NA/Enron@Enron, Delaney Trimble/NA/Enron@ENRON, David Upto= n/NA/Enron@ENRON, Mike Boegler/HR/Corp/Enron@ENRON, Lyndel Click/HR/Corp/En= ron@ENRON, Gabriel Franco/NA/Enron@Enron, Randy Gross/HR/Corp/Enron@Enron, = Arthur Johnson/HR/Corp/Enron@Enron, Danny Jones/HR/Corp/Enron@ENRON, John O= gden/Houston/Eott@Eott, Edgar Ponce/NA/Enron@Enron, Tracy Pursifull/HR/Corp= /Enron@ENRON, Lance Stanley/HR/Corp/Enron@ENRON, Frank Ermis/HOU/ECT@ECT, J= ane M Tholt/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect= , Matthew Lenhart/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Monique Sanchez/HO= U/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Randall L Gay/HOU/ECT@ECT, Tori Kuy= kendall/HOU/ECT@ECT, Brenda H Fletcher/HOU/ECT@ECT, Jeanne Wukasch/Corp/Enr= on@ENRON, Mary Theresa Franklin/HOU/ECT@ECT, Mike Potter/NA/Enron@Enron, Na= talie Baker/HOU/ECT@ECT, Suzanne Calcagno/NA/Enron@Enron, Alvin Thompson/Co= rp/Enron@Enron, Cynthia Franklin/Corp/Enron@ENRON, Jesse Villarreal/HOU/ECT= @ECT, Joan Collins/HOU/EES@EES, Joe A Casas/HOU/ECT@ECT, Kelly Loocke/ENRON= @enronXgate, Lia Halstead/NA/Enron@ENRON, Meredith Homco/HOU/ECT@ECT, Rober= t Allwein/HOU/ECT@ECT, Scott Loving/NA/Enron@ENRON, Shanna Boudreaux/ENRON@= enronXgate, Steve Gillespie/Corp/Enron@ENRON, Tamara Carter/NA/Enron@ENRON,= Tracy Wood/NA/Enron@ENRON, Gabriel Fuzat/Enron Communications@Enron Commun= ications, Jack Netek/Enron Communications@Enron Communications, Lam Nguyen/= NA/Enron@Enron, Camille Gerard/Corp/Enron@ENRON, Craig Taylor/HOU/ECT@ECT, = Jessica Hangach/NYC/MGUSA@MGUSA, Kathy Gagel/NYC/MGUSA@MGUSA, Lisa Goulart/= NYC/MGUSA@MGUSA, Ruth Balladares/NYC/MGUSA@MGUSA, Sid Strutt/NYC/MGUSA@MGUS= A cc:=09=20 Subject:=092- SURVEY/INFORMATION EMAIL Current Notes User:=20 To ensure that you experience a successful migration from Notes to Outlook,= it is necessary to gather individual user information prior to your date o= f migration. Please take a few minutes to completely fill out the followin= g survey. When you finish, simply click on the 'Reply' button then hit 'Se= nd' Your survey will automatically be sent to the Outlook 2000 Migration M= ailbox. Thank you. Outlook 2000 Migration Team ---------------------------------------------------------------------------= ----------------------------------------------------------------- Full Name: =20 Login ID: =20 Extension: =20 Office Location: =20 What type of computer do you have? (Desktop, Laptop, Both) =20 Do you have a PDA? If yes, what type do you have: (None, IPAQ, Palm Pilo= t, Jornada) =20 Do you have permission to access anyone's Email/Calendar? =20 If yes, who? =20 Does anyone have permission to access your Email/Calendar? =20 If yes, who? =20 Are you responsible for updating anyone else's address book? =20 If yes, who? =20 Is anyone else responsible for updating your address book? =20 If yes, who? =20 Do you have access to a shared calendar? =20 If yes, which shared calendar? =20 Do you have any Distribution Groups that Messaging maintains for you (for m= ass mailings)? =20 If yes, please list here: =20 Please list all Notes databases applications that you currently use: =20 In our efforts to plan the exact date/time of your migration, we also will = need to know: What are your normal work hours? From: To: =20 Will you be out of the office in the near future for vacation, leave, etc? If so, when? From (MM/DD/YY): To (MM/DD/YY): =20

Thu, 31 Aug 2000 05:02:00 -0700 (PDT)

John Lavorato-M Mike Grigsby-D Keith Holst-D Frank Ermis-D Steve South-D Janie Tholt-D Scott Neal-P Hunter Shively-P Tom Martin-P John Arnold-P

Thu, 31 Aug 2000 03:17:00 -0700 (PDT)

[email protected] cc:

Mark, Here is a spreadsheet detailing our September Socal trades. (I did not distinguish between buys vs. sells.) Phillip

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 08/31/2000 10:17 AM --------------------------- From: Phillip K Allen 08/29/2000 02:20 PM To: [email protected] cc: Subject: Mark, Here is a spreadsheet detailing our September Socal trades. (I did not distinguish between buys vs. sells.) Phillip

Wed, 30 Aug 2000 08:14:00 -0700 (PDT)

Re: (No Subject)

Greg, Got your message. Good luck on the bike ride. What were you doing to your apartment? Are you setting up a studio? The kids are back in school. Otherwise just work is going on here. Keith

Wed, 30 Aug 2000 06:20:00 -0700 (PDT)

Re: Security Request: CLOG-4NNJEZ has been Denied.

Why are his requests coming to me?

Tue, 29 Aug 2000 09:20:00 -0700 (PDT)

Mark, Here is a spreadsheet detailing our September Socal trades. (I did not distinguish between buys vs. sells.) Phillip

Tue, 29 Aug 2000 05:38:00 -0700 (PDT)

Mark, Were you able to log in to enron online and find socal today? I will follow up with a list of our physical deals done yesterday and today. Phillip

Mon, 28 Aug 2000 09:30:00 -0700 (PDT)

Brenda Can you send me your address in College Station. Phillip

Mon, 28 Aug 2000 06:40:00 -0700 (PDT)

Christopher F Calger/PDX/ECT@ECT, Jake Thomas/HOU/ECT@ECT, Frank W Vickers/HOU/ECT@ECT, Elliot Mainzer/PDX/ECT@ECT, Michael McDonald/SF/ECT@ECT, David Parquet/SF/ECT@ECT, Laird Dyer/SF/ECT@ECT, Jim Buerkle/PDX/ECT@ECT, Jim Gilbert/PDX/ECT@ECT, Terry W Donovan/HOU/ECT@ECT, Jeff G Slaughter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ed Clark/PDX/ECT@ECT cc: Tim Belden/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Matt Motley/PDX/ECT@ECT, Phillip K Allen/HOU/ECT@ECT

New Generation Sorry, Report as of August 24, 2000

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 08/28/2000 01:39 PM --------------------------- Kristian J Lande 08/24/2000 03:56 PM To: Christopher F Calger/PDX/ECT@ECT, Jake Thomas/HOU/ECT@ECT, Frank W Vickers/HOU/ECT@ECT, Elliot Mainzer/PDX/ECT@ECT, Michael McDonald/SF/ECT@ECT, David Parquet/SF/ECT@ECT, Laird Dyer/SF/ECT@ECT, Jim Buerkle/PDX/ECT@ECT, Jim Gilbert/PDX/ECT@ECT, Terry W Donovan/HOU/ECT@ECT, Jeff G Slaughter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ed Clark/PDX/ECT@ECT cc: Tim Belden/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Matt Motley/PDX/ECT@ECT, Phillip K Allen/HOU/ECT@ECT Subject: New Generation Sorry, Report as of August 24, 2000

Mon, 28 Aug 2000 06:12:00 -0700 (PDT)

Mark, The following is a guest password that will allow you temporary view only access to EnronOnline. Please note, the user ID and password are CASE SENSITIVE. Guest User ID: GNA45925 Guest Password: YJ53KU42 Log in to www.enrononline.com and install shockwave using instructions below. I have set up a composite page with western basis and cash prices to help you filter through the products. The title of the composite page is Mark's Page. If you have any problems logging in you can call me at (713)853-7041 or Kathy Moore, EnronOnline HelpDesk, 713/853-HELP (4357). The Shockwave installer can be found within "About EnronOnline" on the home page. After opening "About EnronOnline", using right scroll bar, go to the bottom. Click on "download Shockwave" and follow the directions. After loading Shockwave, shut down and reopen browser (i.e. Microsoft Internet Explorer/Netscape). I hope you will find this site useful. Sincerely, Phillip Allen

Mon, 28 Aug 2000 06:07:00 -0700 (PDT)

Mark, Attached is a spreadsheet that lists the end of day midmarkets for socal basis and socal/san juan spreads. I listed the days during bidweek that reflected financial trading for Socal Index and the actual gas daily prints before and after bidweek. The following observations can be made: July 1. The basis market anticipated a Socal/San Juan spread of .81 vs actual of .79 2. Perceived index was 4.95 vs actual of 4.91 3. Socal Gas Daily Swaps are trading at a significant premium. Aug. 1. The basis market anticipated a Socal/San Juan spread of 1.04 vs actual of .99 2. Perceived index was 4.54 vs actual of 4.49 3. Gas daily spreads were much wider before and after bidweek than the monthly postings 4. Socal Gas Daily Swaps are trading at a significant premium. Enron Online will allow you to monitor the value of financial swaps against the index, as well as, spreads to other locations. Please call with any questions. Phillip

Mon, 30 Apr 2001 19:04:00 -0700 (PDT)

Re: Request from Steve Kean

Alan, You should have received updated numbers from Keith Holst. Call me if you did not receive them. Phillip

Fri, 25 Aug 2000 06:32:00 -0700 (PDT)

Re: Meeting to discuss 2001 direct expense plan?

Suzanne, Can you give me more details or email the plan prior to meeting? What do I need to provide besides headcount? Otherwise any afternoon next week would be fine Phillip

Fri, 25 Aug 2000 04:03:00 -0700 (PDT)

Re: regulatory filing summary

Colleen, Please add Mike Grigsby to the distribution. On another note, do you have any idea how Patti is holding up? Phillip

Fri, 25 Aug 2000 03:30:00 -0700 (PDT)

Cc: [email protected], [email protected] Bcc: [email protected], [email protected] Brad, With regard to Tori Kuykendall, I would like to promote her to commercial manager instead of converting her from a commercial support manager to an associate. Her duties since the beginning of the year have been those of a commercial manager. I have no doubt that she will compare favorably to others in that category at year end. Martin Cuilla on the central desk is in a similiar situation as Tori. Hunter would like Martin handled the same as Tori. Let me know if there are any issues. Phillip

Fri, 25 Aug 2000 01:58:00 -0700 (PDT)

Re: Evaluation for new trading application

Bruce, Can you stop by and set up my reuters. Phillip

Fri, 25 Aug 2000 01:47:00 -0700 (PDT)

Lucy, The rent roll spreadsheet is starting to look better. See if you can add these modifications: 1. Use a formula in column E. Add the value in column C to column D. It should read =c6+d6. Then copy this formula to the rows below. 2. Column H needs a formula. Subtract amount paid from amount owed. =e6-g6. 3. Column F is filled with the #### sign. this is because the column width is too narrow. Use you mouse to click on the line beside the letter F. Hold the left mouse button down and drag the column wider. 4. After we get the rent part fixed, lets bring the database columns up to this sheet and place them to the right in columns J and beyond. Phillip

Thu, 24 Aug 2000 02:48:00 -0700 (PDT)

Re: receipts

Lucy, I got your email with the attachment. Let's work together today to get this done Phillip

Wed, 23 Aug 2000 08:23:00 -0700 (PDT)

Re: ENA Fileplan Project - Needs your approval

you have my approval

Wed, 23 Aug 2000 07:09:00 -0700 (PDT)

Re: checkbook and budget

Lucy, We can discuss your email later. How is progress on creating the spreadsheets. You will probably need to close the file before you attach to an email. It is 2:00. I really want to make some progress on these two files. Phillip

Wed, 23 Aug 2000 04:25:00 -0700 (PDT)

Lucy, Please open this excel file and input the rents and names due for this week. Then email the file back.

Tue, 22 Aug 2000 08:22:00 -0700 (PDT)

Open the "utility" spreadsheet and try to complete the analysis of whether it is better to be a small commercial or a medium commercial (LP-1). You will need to get the usage for that meter for the last 12 months. If we have one year of data, we can tell which will be cheaper. Use the rates described in the spreadsheet. This is a great chance for you to practice excel.

Mon, 30 Apr 2001 14:22:00 -0700 (PDT)

Alan Comnes/PDX/ECT@ECT, Jeff Dasovich/NA/Enron@Enron cc: Paul Kaufman/PDX/ECT@ECT, Richard Shapiro/NA/Enron@Enron

Request from Steve Kean Alan, Steve has asked that you update the power point below so that it reflects all of the "stupid regulatory/legislative decisions" since the beginning of the year. Ken wants to have this updated chart in his briefing book for next week's "Ken Lay Tour" to CA. He also wants a forward price curve for both gas and power in CA. Can we get these three documents by Monday afternoon?

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 04/30/2001 11:21 AM --------------------------- Alan Comnes 04/27/2001 01:38 PM To: Phillip K Allen/HOU/ECT@ECT cc: Joe Hartsoe/Corp/Enron@ENRON Subject: Request from Steve Kean Phillip, I got this request. On the gas side, I think Kean/Lay need an update to a table you prepared for me a few months ago, which I've attached.. Can you oblige? Thanks, Alan Comnes ---------------------- Forwarded by Alan Comnes/PDX/ECT on 04/27/2001 01:42 PM --------------------------- Janel Guerrero@ENRON 04/27/2001 12:44 PM To: Alan Comnes/PDX/ECT@ECT, Jeff Dasovich/NA/Enron@Enron cc: Paul Kaufman/PDX/ECT@ECT, Richard Shapiro/NA/Enron@Enron Subject: Request from Steve Kean Alan, Steve has asked that you update the power point below so that it reflects all of the "stupid regulatory/legislative decisions" since the beginning of the year. Ken wants to have this updated chart in his briefing book for next week's "Ken Lay Tour" to CA. He also wants a forward price curve for both gas and power in CA. Can we get these three documents by Monday afternoon?

Mon, 21 Aug 2000 09:40:00 -0700 (PDT)

Mac, Thanks for the research report on EOG. Here are my observations: Gas Sales 916,000/day x 365 days = 334,340,000/year Estimated Gas Prices $985,721,000/334,340,000= $2.95/mcf Actual gas prices are around $1.00/mcf higher and rising. Recalc of EPS with more accurate gas prices: (334,340,000 mct X $1/mcf)/116,897,000 shares outst = $2.86 additional EPS X 12 P/E multiple = $34 a share That is just a back of the envelope valuation based on gas prices. I think crude price are undervalued by the tune of $10/share. Current price 37 Nat. Gas 34 Crude 10 Total 81 Can you take a look at these numbers and play devil's advocate? To me this looks like the best stock to own Also can you send me a report on Calpine, Tosco, and SLB? Thank you, Phillip

Sun, 20 Aug 2000 10:39:00 -0700 (PDT)

[email protected] cc:

Daily Duties Phillip, We have been working on different apartments today and having to listen to different, people about what Mary is saying should i be worried? ants seem to be invading my apartment.You got my other fax's Wade is working on the bulletin board that I need up so that I can let tenants know about what is going on.Gave #25 a notice about having to many people staying in that apt and that problem has been resolved.Also I have a tenant in #29 that is complaining about #28 using fowl language.I sent #28 a lease violation we will see how that goes call you tomorrow Thanx Lucy ________________________________________________________________________ Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 08/20/2000 05:39 PM --------------------------- "Lucy Gonzalez" <[email protected]> on 08/15/2000 02:32:57 PM To: [email protected] cc: Subject: Daily Duties Phillip, We have been working on different apartments today and having to listen to different, people about what Mary is saying should i be worried? ants seem to be invading my apartment.You got my other fax's Wade is working on the bulletin board that I need up so that I can let tenants know about what is going on.Gave #25 a notice about having to many people staying in that apt and that problem has been resolved.Also I have a tenant in #29 that is complaining about #28 using fowl language.I sent #28 a lease violation we will see how that goes call you tomorrow Thanx Lucy ________________________________________________________________________ Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com

Sun, 20 Aug 2000 10:39:00 -0700 (PDT)

[email protected] cc:

Daily Report Phillip, The a/c I bought today for #17 cost $166.71 pd by ck#1429 8/16/00 at WAL-MART.Also on 8/15/00 Ralph's Appliance Centerck#1428 frig & stove for apt #20-B IVOICE # 000119 AMT=308.56 (STOVE=150.00 (frig=125.00)DEL CHRG=15.00\TAX=18.56 TOTAL=308.56.FAX MACHINE FOR FFICE CK # 1427=108.25 FROM sTEELMAN OFFICE PRODUC TS. Thanxs, Lucy ________________________________________________________________________ Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 08/20/2000 05:38 PM --------------------------- "Lucy Gonzalez" <[email protected]> on 08/16/2000 02:44:36 PM To: [email protected] cc: Subject: Daily Report Phillip, The a/c I bought today for #17 cost $166.71 pd by ck#1429 8/16/00 at WAL-MART.Also on 8/15/00 Ralph's Appliance Centerck#1428 frig & stove for apt #20-B IVOICE # 000119 AMT=308.56 (STOVE=150.00 (frig=125.00)DEL CHRG=15.00\TAX=18.56 TOTAL=308.56.FAX MACHINE FOR FFICE CK # 1427=108.25 FROM sTEELMAN OFFICE PRODUC TS. Thanxs, Lucy ________________________________________________________________________ Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com