IN: Preparations are continuing for our simulation on Thursday, Feb. 7 from 9-11 AM. Following is a User ID and Password which will allow you to access the website, playing the role of a customer during the simulation. Your User ID will be: MUS54756 Your Password will be: WELCOME! Your goal will be to make money and finish the day with a balanced position. Market "News" events may be emailed to you at certain points throughout the simulation (e.g. "storm in the gulf"). Please log into www.ubswenergy.com at 9:00 am on Thursday. NON-UBS PERSONNEL WILL NOT BE ABLE TO SEE OR TRANSACT ON PRODUCTS DURING THE SIMULATION Immediately after the simulation, website ID's will be deactivated and the website inactivated, so that the operations group can test the mid/back-office systems, while the IT groups clean-up the transaction data from the simulation. The website will be made available for internal trading (book to book) between traders on Friday, February 8, 2002. If you can't log into any application on the day or are having trouble with your systems, please contact the UBSWenergy.com Help Desk immediately at 713.584.4444 Regards,

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OUT: SIMULATION PASSWORD

IN: Please find attached the most recent Speech List for Mr. Lay. Should you have any questions, please do not hesitate to contact me. Tori L. Wells Executive Assistant Office of Ken Lay Chairman & CEO ENRON

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OUT: Lay Speech List 11/20/01

IN: This is just to let everyone who is using the New Curve Manager in Enpower: The Curve Manager is having a problem in Terminal Server 2. (NAHOU-TRDTS2) The problem is currently being diagnosed by both the Enpower Team and Terminal Server Team in Houston. As Soon as it is fixed, I will let everyone know. For now you can use any other terminal server session (i.e. TRDTS1, or TRDTS03 - TRDTS5) for running the Curve Manager. Michael Tully Application Support, Portland (503)464-7790 Desk (503)807-7862 michael.tully@enron.com

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OUT: Curve Manager

IN: Gavyn Davies, via Helen Turley, has asked me to give you some guidance as to what you might include in your presentations at the meeting on October 31st. I do so with trepidation, since I am sure that you know more about your subject than I do, so please regard the following merely as suggestions to be ignored if you deem it appropriate to do so. We have blocked out two hours (9-11AM) to discuss market opportunities for Enron in Spain and Germany. My understanding is that Oscar will go first, as he has a plane to catch. I would suggest that each of you plan on speaking for about 30 (no more than 40) minutes, so as to leave time for questions from what will be a lively audience of Enron executives. You might want to begin with a general description of the political situation, followed by a description of the present and future state of the economy in each country. Then, you might turn to a more specific discussion of matters of interest to Enron: the state of regulation and deregulation of energy markets, the areas you consider should be of interest to Enron as business opportunities, etc. I do hope this is of help

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OUT:
Enron meeting