Subject: "Valuation Overview".

Body: MWHRs = 4 Years and 1 quarter Flat so that equals approximately 37,250 Hours The difference between 102 (the new amount) and 94.5 (the old average flat amount) = 7.5 MW * 37,250 HRs = 279,375 MWhrs I was under the impression that a 100 MW flat amount would equal $3 million value (a $16 difference between market and $21.50). This would indicate the 102 equals a $4,100,000 valuation. As to the discount in value due to the flexibility and delivery point I am looking to you for leadership. If my assumptions are wrong then let me know. Stewart

Subject: "Bowling Party".

Body: Joe and I would love to attend the bowling party. We would like to have prawns for dinner. We are arriving on Friday at 1:30 so we shouldn't have a problem being there. Does Joe need to being his suit for Saturday night?

Subject: "Reminder".

Body: Reminder The Enron Oral History Project Continues... "Using History to Help Enron Become the World's Leading Company" How can an understanding of strategic choices, regulatory change and corporate culture help Enron achieve its vision? Speaker: Joseph Pratt, Cullen Professor of History and Business, University of Houston and Co-Director, Enron Oral History Project Thursday, June 7 11:30 a.m. to 12:30 p.m. EB 5C2 To Make a Reservation, Call 3-1941 and Select Option 1 Lunch will not be provided, but you are welcome to bring your own. Please inform us ahead of time if you need special accommodations to participate in this meeting. Call 3-9390.

Subject: "Financial Terminations".

Body:
It is apparent after several conversations last week that we need to come to some agreement on the termination criteria for the financial contracts. Can we all meet at 11:00 am on the 5th floor in ECS. I will come back to you all with a room number. Sara - will you please bring the most recent copy of your list of all counterparties and expected terminations. Thanks,