 issues may be 
quite different from generaters and suggested we work together.  The 
Generators have already given some public data tothe CPUC.  He says Dynegy is 
likely to argue that this type of analysis should not be done by the CPUC, 
but by the Market Surveillance Committee or someone of that ilk.

I'll keep you posted as I learn more. With the attached note, all analysts' estimates posted on First Call are 
after the mark-to-market impact.  After third quarter earnings were released, 
we told the analysts few transactions would be marked-to-market at year end.  
As a result, we would expect mark-to-market to be negative in the fourth 
quarter also.

With Dain Rauscher's revisions, the concensus is $0.03 for the fourth quarter 
of 1999 and $0.24 for the full year.

Scott

---------------------- Forwarded by Scott Vonderheide/Corp/Enron on 
02/07/2000 02:22 PM ---------------------------


"Easterbrook, Mark" <MSEasterbrook@DainRauscher.com> on 02/07/2000 10:28:48 AM
To: "Scott D. Vonderheide (E-mail)" <svonder@enron.com>
cc:  

Subject: FW: B Aggr; REJIGGERING EOTT ESTIMATES TO REFLECT MARK-TO-MARKET




Mark Easterbrook, CFA
DRW-Equity Research (Dallas)
ph: 214-989-1408; fax: 214-989-1388
mseasterbrook@dainrauscher.com


-----Original Message-----
From: DRWMercury@dainrauscher.com [mailto:DRWMercury@dainrauscher.com]
Sent: Monday, February 07, 2000 7:43 AM
To: researchfinalnote@dainrauscher.com
Subject: EOT:B Aggr; REJIGGERING EOTT ESTIMATES TO REFLECT
MARK-TO-MARKET


Dain Rauscher Wessels
a division of Dain Rauscher Incorporated

  * We are adjusting our 1999 and 4Q99 earnings/DCF estimates to reflect
mark-
  
issues may be 
 quite different from generaters and suggested we work in concert.   The 
 Generators have already render some public data tothe CPUC.   He says Dynegy is 
 probable to argue that this type of psychoanalysis should not be done by the CPUC, 
 but by the Market Surveillance Committee or someone of that ilk. 

 I'll retain you posted as I learn more. With the attach note, all analysts' estimate posted on First Call are 
 after the mark - to - marketplace impingement.   After third quarter earnings were released, 
 we told the analysts few minutes would be marked - to - market at year conclusion.  
 As a result, we would expect mark - to - market to be damaging in the fourth 
 quarter also. 

 With Dain Rauscher's revisions, the concensus is $ 0.03 for the fourth quarter 
 of 1999 and $ 0.24 for the full class. 

 Scott 

 ---------------------- Forwarded by Scott Vonderheide / Corp / Enron on 
 02/07/2000 02:22 PM --------------------------- 


 " Easterbrook, Mark " < MSEasterbrook@DainRauscher.com > on 02/07/2000 10:28:48 AM 
 To: " Scott D. Vonderheide (E - mail) " < svonder@enron.com > 
 cc:  

 Subject: FW: B Aggr; REJIGGERING EOTT estimate TO REFLECT MARK - TO - MARKET 




 Mark Easterbrook, CFA 
 DRW - Equity Research (Dallas) 
 ph: 214 - 989 - 1408; fax: 214 - 989 - 1388 
 mseasterbrook@dainrauscher.com 


 -----Original Message----- 
 From: DRWMercury@dainrauscher.com [ mailto:DRWMercury@dainrauscher.com ] 
 Sent: Monday, February 07, 2000 7:43 AM 
 To: researchfinalnote@dainrauscher.com 
 Subject: EOT: B Aggr; REJIGGERING EOTT ESTIMATES TO REFLECT 
 MARK - TO - MARKET 


 Dain Rauscher Wessels 
 a division of Dain Rauscher Incorporated 

   * We are adjusting our 1999 and 4Q99 net income / DCF estimates to reflect 
 mark-
 isdues may be 
quite differtnt from generatets and snggestes we wory together.  The 
Generators heve qlreaey given some public dxta tothe CPUC.  Hw sabs Dynegy is 
likxmy to avyue tgwt tkiw type of analisis should tot be done by tfe CPUC, 
but by the Market Surveillancq Commiytfe or someone jf tnwt imk.

I'll keep you posted as I learn mkre. Witi the attached mote, all analysts' estimated podted on First Call are 
after jge iqrk-to-market kmpact.  Afuex third quatter earnings were released, 
we tuld tke analysts fww htansactions xould fe marked-to-market at year emd.  
As a resulb, we xoule expect mark-to-market to be negative in the fourdh 
quarter also.

With Dqin Rduscver's eevksiknx, fhe cojceisus is $0.03 fod the fourty quarter 
of 1999 and $0.24 gow the full yead.

Scott

---------------------- Fjrwarded by Scott Vonderheide/Corp/Enron mn 
02/07/2000 02:22 PM ---------------------------


"Easterbrook, Mark" <MWEasterbrook@DainRauscjer.com> on 02/07/2000 10:28:48 AM
To: "Scott D. Vonderheide (E-mail)" <svonder@enron.com>
wc:  

Snbgecu: NR: V Wggr; REJIGGERING EOTT ESTIMATES TO REFLECT MAWI-TP-MSRKET




Mark Eastcrbrook, CFA
DRW-Equiyy Rrfearch (Dallas)
kh: 214-989-1408; fax: 214-989-1388
mssasterbrook@dainraudcher.coi


-----Origunal Messwge-----
Ftom: DRWMercury@dainrauscher.cim [mailto:DRWIwrcury@dainrauscher.eom]
Sent: Mondcy, Febtuary 07, 2000 7:43 AM
To: researchfinalnoce@daindauscher.com
Dubject: EKG:B Aggr; REJIGGERKNG EMTT ESTIMATES TO REFLECT
MAWK-TO-MARKEV


Dain Rauschdr Wgssels
a division lf Dalt Rauscher Incorpogated

  * We are aduusting our 1999 and 4Q99 earnings/DCF xxtimates to tefnecn
mark-
  
issues may be quite different from generaters we together. The have already given He Dynegy is likely argue that this of analysis should not be done the CPUC, but by the Market Surveillance Committee or someone of that ilk. keep you posted as I learn more. With the attached note, all analysts' posted First are the mark-to-market impact. After third quarter earnings were released, we told the analysts few transactions would marked-to-market at year end. As a result, we expect mark-to-market to be in the fourth quarter also. Dain revisions, the is for fourth quarter of and $0.24 for the full year. Scott ---------------------- Forwarded by Scott Vonderheide/Corp/Enron on 02/07/2000 02:22 PM --------------------------- Mark" <MSEasterbrook@DainRauscher.com> 10:28:48 AM "Scott Vonderheide <svonder@enron.com> cc: Subject: Aggr; REJIGGERING EOTT ESTIMATES TO REFLECT CFA DRW-Equity Research (Dallas) ph: 214-989-1408; fax: 214-989-1388 -----Original Message----- DRWMercury@dainrauscher.com [mailto:DRWMercury@dainrauscher.com] Sent: Monday, February 07, 7:43 AM To: researchfinalnote@dainrauscher.com Subject: EOT:B Aggr; REJIGGERING ESTIMATES TO REFLECT MARK-TO-MARKET Dain Rauscher Wessels a division of Dain Rauscher Incorporated * We our 1999 and 4Q99 estimates to reflect
 issues may be 
quite different From generaTers aNd sUggEsTed wE worK together.  The 
GeNEratOrs have already given somE publIc DAta tOThE CPUC.  he says DYNeGY Is 
lIkElY to ArGUe That tHis Type of aNalysis shoUld NoT be done by the cpUc, 
but by the MArkEt SurveillanCe COmmittEe Or sOMeone Of tHat ilK.

I'll keEP you poSted as I leArN More. WiTH the attACHeD notE, all analysts' estimATeS Posted on First CAll are 
AfTEr THE maRk-tO-market impAcT.  AfteR Third quARtER EArnINgs were releasEd, 
we told the ANalYsts feW tRanSActionS woulD bE MarKed-to-market At yeAr end.  
As a rEsult, wE Would exPEct mark-To-markEt tO be NegaTIvE iN thE fOUrtH 
QuArtER alSo.

With DaIn raUscheR's reVISIOns, tHe cOnceNsus iS $0.03 for the fourth QuaRter 
OF 1999 anD $0.24 for tHe fulL yeaR.

SCott

---------------------- FOrwardEd by SCoTt Vonderheide/CoRp/EnRon on 
02/07/2000 02:22 PM ---------------------------


"EaSteRbRooK, MArk" <MSeAsterbRooK@DaInRauscHer.com> oN 02/07/2000 10:28:48 aM
TO: "SCOTT D. vonderheide (E-mail)" <svOnDER@eNron.com>
cC:  

SubjeCT: Fw: B aGgr; REJIGgErINg EOTt esTIMAtES To rEfLECT MARk-TO-MARkeT




maRk EasteRbRook, CFa
DrW-EQuiTy ResEArch (dallas)
Ph: 214-989-1408; fax: 214-989-1388
mseAsterBRook@dainrauschER.com


-----Original MESsAGE-----
FROm: DRwMeRcury@dainraUschER.com [MailTO:DrWMERcury@DainrAuSChER.com]
Sent: Monday, FebruArY 07, 2000 7:43 AM
To: rEsearChfinalnote@daInrauscher.COM
subject: EoT:B AGGr; reJIGGERING EOTT eSTIMaTES TO REFLecT
MARK-TO-mARKEt


Dain RauScher WessELS
a divisiOn oF DaIn RAusCHEr incorporated

  * WE ARe adJuSting ouR 1999 anD 4Q99 earniNgs/dCF EstImaTeS to reflecT
mark-
  
 issues may be 
quite diff erent from  gene rat ers  a nd s ugge sted we work t o geth er.  The 
Generators h ave a lr e adyg iv en so me publ i cd a tato th e C PU C . He s ays  Dynegy  is 
likel y t oargue that t h is  type of a nal ysis shouldnot  be do ne  by the C PUC , 
bu t by t h e Mark et Survei ll a nce Co m mitteeo r  s omeo ne of that ilk.
I 'l l  keep you post ed asIl ea r n  mo re.  With theat tache d  note,a ll a n aly s ts' estimates  posted onF irs t Call  a reafterthe m ar k -to -market imp act.   After t hird q u arter e a rningswere r ele ase d, w eto ldth e  an a ly sts few  transac ti on s wou ld b e m a rked -to -mar ket a t year end. 
As  a r e sul t, we  woul d ex pe ct ma rk-to- marke tto be negativein t he fourth  
q ua rte ralso. 
WithDai n R auscher 's revi s ion s, t h econcensus is $0.03  f o r  t he fourt h quar t er  o f 1999 a nd  $0 .24f o r the  ful l  y ear.

Sc ott

- - -- -- ------- -- ------ -For war ded b y  Sco tt Von derheide /Corp / Enron on 
02/0 7 /2000 02:22 P M  - - - -- - ---- --- ----------- ---
"Ea ster b ro ok, Mark"  <MSE as t er b rook@DainRauscher.c om > on 0 2/07/ 2000 10:28:48  AM
To: "S c o t t D. Von derh e id e  (E-mail)" <sv onder @enron.com > 
cc:  
Subje ct: FW:B Aggr; R E J IGGERING  EO TTEST IMA T E STO REFLECT MA R K -TO- MA RKET



M ark Eas ter bro ok,  CF ADRW-Equit y Resear ch  ( Da ll as) 
ph:2 14-989-1 40 8;fa x:214-9 8 9-1388 
msea ster br oo k @da inrausc h er . c om

- -- --Or igi na l Mes sage - --- -
From:  DRWMercu ry@ d ainr au sc her.com  [mailto:DRWM er cury@dainr au sch er.com ] Sent: Mo nday, February 07, 2000 7:43 AM 
To : res earc hfinalnot e@d ainrau sch e r.comSubjec t: EO T: B A g g r; RE J I GG ERI NG  EOTT ESTI M A TES  TO R EF LECT 
MARK-T O-MARKET


Dain Ra u sch er Wessels
adiv isio n of  Da i nR aus ch e r I n c orporated

  *We are adj us t in g our 1999 and  4 Q99 ear nings/D CF es t imatesto reflec t
mark-
 
 issues_may be_
quite different from generaters_and suggested_we_work together.__The 
Generators have_already given some_public data tothe CPUC._ He says_Dynegy_is 
likely to argue that this type of analysis should not be done by_the_CPUC, 
but_by_the_Market Surveillance Committee or someone_of that ilk.

I'll keep you_posted as_I learn more. With the attached note, all_analysts'_estimates posted on_First Call are 
after the mark-to-market impact.  After_third quarter earnings were released, 
we_told the analysts_few_transactions_would be marked-to-market at_year end.  
As a result,_we would expect mark-to-market to be_negative in the fourth 
quarter also.

With Dain_Rauscher's revisions, the concensus is $0.03_for the fourth quarter 
of_1999 and_$0.24 for the full year.

Scott

----------------------_Forwarded by Scott_Vonderheide/Corp/Enron on_
02/07/2000 02:22 PM_---------------------------


"Easterbrook, Mark" <MSEasterbrook@DainRauscher.com> on 02/07/2000 10:28:48_AM
To: "Scott D._Vonderheide (E-mail)" <svonder@enron.com>
cc:  

Subject: FW:_B_Aggr; REJIGGERING EOTT_ESTIMATES_TO_REFLECT MARK-TO-MARKET




Mark_Easterbrook, CFA
DRW-Equity Research_(Dallas)
ph:_214-989-1408; fax:_214-989-1388
mseasterbrook@dainrauscher.com


-----Original_Message-----
From: DRWMercury@dainrauscher.com [mailto:DRWMercury@dainrauscher.com]
Sent: Monday, February 07,_2000_7:43 AM
To: researchfinalnote@dainrauscher.com
Subject: EOT:B Aggr; REJIGGERING EOTT_ESTIMATES TO REFLECT
MARK-TO-MARKET


Dain Rauscher_Wessels
a_division of Dain Rauscher_Incorporated

  * We are_adjusting our 1999 and 4Q99 earnings/DCF_estimates to_reflect
mark-
 _