Here is an email: The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher. Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com. (See attached file: NGstocksweeklychange.pdf)(See attached file: NGstocks.pdf)(See attached file: AGA.pdf) - NGstocksweeklychange.pdf - NGstocks.pdf - AGA.pdf
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A: AGA and Nat Gas Stocks & Weekly Change Graphs
Q: Kenneth L. Lay ENRON Rod Canion, John Lee and Rob Shaw have relied on Brookwoods to develop and disseminate their business message to investors, analysts and key media contacts with their various markets. Is your message getting to the target audience? Is your message getting the results you expect? If you answered NO or I DONT KNOW to either question, have your administrative assistant call me to arrange a brief confidential review and assessment. Start getting the results you expect. Charles Beck Brookwoods Group
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A: THE RESULTS ARE IN
IN: Gary Hickerson will be attending a Management Committee meeting on Friday, January 11 from 8:00 am to 2:00 pm, therefore, there will not be an EGM Organizational Post Petition Meeting on Friday. The next meeting will be held on Monday, January 14 at 9:00 am CST in conference room ECN 30C1. Please plan to attend or use the call in number shown below:

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OUT: EGM Organizational Post Petition Meeting
IN: This is an email
Dear Mr. Galvan, Thank you for your recent letter concerning my support of a new basketball= =20 arena in Downtown Houston. I believe that the responsibilities of my=20 position at one of the world=01,s leading companies extend far beyond day t= o day=20 business- I take a leading role in the communities where my employees live= =20 and work. =20 I agree that corporate stewardship is essential in our community. At Enron,= =20 we are aware of the underserved populations in our neighborhoods, which is= =20 why each year we give back one percent of our earnings to charitable causes= .=20 As we have grown, so have these donations. Enron=01,s community investments= =20 include supporting programs that promote cultural diversity, educational=20 programming and scholarships, and assisting those struggling to rebuild the= ir=20 lives.=20 Three years ago, Houstonians took the initiative to keep the Houston Astros= =20 in town by passing a baseball stadium referendum that sparked the=20 revitalization of our downtown district. A new downtown basketball arena to= =20 house our hometown Houston Rockets and Comets would amplify our current=20 efforts.=20 Houston has a vibrant, attractive, central business district that is=20 recognized globally. A basketball arena is of key importance for the=20 continuing revitalization of downtown Houston, for keeping the Rockets and= =20 Comets in town, and for retaining an exceptional workforce in our world cla= ss=20 city. We must not allow our city to lose its competitive advantage on or of= f=20 the court.=20 Enron has more than 6,500 employees who work and live in Houston and we all= =20 take great pride in this city and its success. We plan to stay in Houston= =20 for a long time, and it is essential that the Houston Rockets and Comets ma= ke=20 Houston their home, too. Downtown now has a new feeling and a new level of= =20 excitement and Houston cannot afford to stop the momentum. Sincerely,

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OUT: Sports Arena
QUESTION: You have many questions about how the bankruptcy will affect you personally. The HR team is endeavoring to answer these questions. Due to simple logistics, answering each question individually is very difficult. We are working to solve this issue by compiling answers to the important questions concerning employee benefits, expense payments and so on. Answers to the most frequently-asked questions will be posted on the corporate website at www.enron.com. Click on Information for Enron Alumni Affected by Chapter 11 Filing </corp/alumni/> . These Q&A Facts are regularly updated as soon as accurate and factual information is received. In addition, we will have updates on 1-800-97-ENRON. (Option 9) If you have questions that have not been answered, please submit them to the following email address: questions@enron.com A team of people will be answering these questions and posting answers on the above sites as soon as possible. The HR team will also be posting initial Q&A's within the next few days on www.home.enron.com for our current, retained employees. Thank you for your patience as we work through the complexities of the situation. Julie Kearney 503) 464-7404 julie.kearney@enron.com
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ANS: Q&A Process
IN: I have received questions about interpreting the ratio. Let me use yesterday's closing price. The merger probability is derived from a two scenario test, merger closure or merger non closure (there is also a competing offer scenario in reality). Let's use a closing DYN price of $46.20 yesterday (note I had a typo), at the exchange ratio, (not taking into account timing and dividends), this yields a merged ENE price of $12.40 ($46.20 * .2685). ENE closed at $10.00 yesterday. Thus if the market thought there was complete certainty of merger, the prices would converge at $12.40. Now comes the artful part, the non merger ENE price. I included another tab (Merger) to sensitize this. Say we pick an ENE price with no merger of $4.00. Looking at a deterministic probability, one can look at the distance (difference) in dollars to calculate the probability. For instance: ENE merged 12.40 ENE close 14-Nov 10.00 ENE no merger 4.00 Probability of merger = (1-((12.40-10.00) / (12.40 - 4.00))) or 71.4%. Said another way, there is a 71.4% chance of being worth $12.40 and a 28.6% chance of being worth $4.00, which yields a weighted price of $10.00 ($12.40 * 71.4%)+($4.00 * 28.6%). I also included a $1 distressed ENE price and a $7 previously observed low end ENE price as scenarios. Regards,

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OUT:
Exchange ratio prices and probability