IN: I would like to welcome Tim Coffing, Gordon Savage, amd David Frost to the EWS - Portland team. Tim Coffing is a second year analyst in Enron's analyst/associate program. He spent his first rotation within the EES division of Enron. Tim is in the process of moving to Portland where his responsibilities will include managing the intra-month EWS positions and integrating them into the wholesale cash desks. Gordon Savage comes to us from EES where he was a director in the Utility Risk Management (URM) group in Houston. Gordon is in the process of moving to Portland where he will be working with Steve Swain on the EWS - West URM portfolio. David Frost is an associate in Enron's analyst/associate program. He spent his last rotation within Enron Broadband Services here in Portland and will be working with Steve Swain and Gordon Savage on the EWS - West URM portfolio. Feel free to introduce yourself to Tim, Gordon, and David so they can become more familiar with the different groups on the floor.

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OUT: New Memebers of EWS - Portland

IN: Below are the teams. First member of each team is the captain. Please let me know if I left anyone off. Challenge is on between teams: Distance Total % of Trips Total Trips Start recruiting now!!!! I will let you know when the website is available to track your commutes. Team #1 Christian Yoder 100 Mike Etringer 80 Mike Purcell 75 Kourtney Nelson 95 Jessie Bryson 100 Jim Buerkle 100 Alan Comnes 100 Team #2 Dave Fuller 50 Paul Choi 50 Steve Swain 100 Holden Salisbury 100 Darren Cavanaugh 100 Jim Reyes 60 Team #3 James Bruce 35 Bala Kandaswamy 50 Chris Mumm 100 Tim Belden 100 Jim Meyer 100 Mike Driscoll 100 Mike Swerzbin 50 Team #4 Dale Rasmussen 100 Kysa Alport 100 Heather Dunton 100 Jeff Richter 100 Bob Badeer 50 Frederick Erisson 100 Team #5 Scotty Gilbert 70 Serena Bishop 100 Steve Hall 90 Jeff Shields 100 Dave Poston 80 Team #6 Bill Williams Leaf Harasin Eric Linder Mike Meirs Craig Dean Steve Meriss

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OUT: Bike Teams

IN: In order to ensure that our communications with the investment community are consistent, Stephen Moore of Moody's and I have agreed to publicly state the following as it pertains to the Moody's rating action taken today: Full Review To Occur - The action is intended to be the catalyst for a full review of our business operations to occur in the coming months. The company's appropriate rating will be determined during this time frame; Primary Areas of Concern - Moody's will be focusing on the following items during the review: Potential Future Equity Write downs: Dhabol California Broadband Fiber Network Wessex/Azurix Slow Progress in Asset Sales - we have been discussing sales for the past 18 months with limited closings Material Working Capital/Margin Expansion - has resulting in negative cash flow from operations The Equity Adjustment - Moody's was unaware of the potential of an equity adjustment of this magnitude Please let me know if you would like to discuss any of the points in detail. Regards:

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OUT: Moody's Basis for Placing Enron Securities on "Review for Downgrade"

IN: This warning is sent automatically to inform you that your mailbox is approaching the maximum size limit. Your mailbox size is currently 75906 KB. Mailbox size limits: When your mailbox reaches 75000 KB you will receive this message.To check the size of your mailbox: Right-click the mailbox (Outlook Today), Select Properties and click the Folder Size button. This method can be used on individual folders as well. To make more space available, delete any items that are no longer needed such as Sent Items and Journal entries. You must empty the Deleted Items folder after deleting items or the space will not be freed. To turn Journaling off, click Tools | Options | Journaling Options and de-select all items. See client Help for more information.

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