Subject: "Enterprise-wide Risk Management".

Body: Vince, I was just thinking about the subject project that you were trying to get off the ground (even though no commercial support existed!) that I worked on initially. I know you were trying to get this done before I arrived and then followed my effort with at least one other person. I think the reason we could not complete a comprehensive project was we did not have the mandate from the CEO office to do it so that relevant commercial and functional entities can provide the required information. Perhaps the reason there were no major thrust from the management was that most people knew the answer was going to be less than desirable. However, such information would have correctly priced the risk (to the shareholder not its agents--the management) so that we could have better managed the $20 Billion or so company specific (taking systemic market down turn, including telecom exposure, out) market value that perished.

Subject: "NDA with Enron".

Body: Chuck - John Allario forwarded the comments you made to the NDA for my review and comment. I agree with all revisions, but the change to the business relationship provision in the introductory paragraph. I would propose that we state the "Project" to be "... each of Enron's and Amerada's affiliates are prepared to furnish each other with information in connection with a possible business transaction or relationship based upon use of the EnronOnline platform or software (the "Project")..." The statement made in your revision is a bit beyond what is actually intended to be discussed. Please consider this change and let me know your thoughts. If this is acceptable, I will incorporate it into final agreements, together with your other comments, and see that final agreements are forwarded for signature. Thanks.

Subject: "H.Q. Energy Services (U.S.) Inc.".

Body: Type of Contract: ISDA Master Agreement (Multicurrency-Cross Border) Effective Date: September 1, 2000 Enron Entity: Enron North America Corp. Counterparty: H.Q. Energy Services (U.S.) Inc. Transactions Covered: Approved for all products with the exception of: Foreign Exchange Confirming Entity: Enron North America Corp. Governing Law: New York Special Provisions: The Confirmation section prescribes using the form of confirmation contained in the 2000 ISDA Definitions or the 1993 ISDA Commodity Definitions. The timing for dispute of confirmations has been amended from the standard 2 days to 3 days. Confirmation Desk: note p.28 of the Schedule to the Master Agreement prescribes the rounding conventions.

Subject: "California Deregulation Summary".

Body:
Jennifer: I got a call from Chris Bailey (sp?) needing a summary of California dereg for a presentation(s) that Harold's assembling. Attached is summary that Mona pulled together for Harold a couple of months ago. I don't have Chris' email address (I've left him a message). Could you forward this along to him? Thanks a bunch. Best,