This is the content of an email: Strategic Synopsis September 21, 2001 10:30 AM ? The presidential address last night confirmed that a major military mobilization is under way and that a long campaign is ahead, extending well beyond Afghanistan. Not surprisingly, the speech did not clarify the timing of the attack. ? The president warned the Taliban that unless it handed over Osama bin Laden and the leaders of his al-Qaeda terrorist network, it would face devastating military action. "They will hand over the terrorists, or they will share in their fate," Bush told the US Congress. So far, the Taliban are refusing to comply. ? As such, U.S. military forces will strike in Afghanistan as soon as a target of opportunity presents itself. As the President himself noted in his speech last night, some of the special forces operations will not be visible to the public, while other steps such as airstrikes will be dramatic and unmistakable. Trying to figure out the precise timing of specific types of strikes is probably impossible at this point. However, we safely state the following: o The President set the stage for a long conflict last night, and equity markets are anticipating significant economic pessimism. Consumer confidence is likely to worsen if additional terrorist attacks are made against U.S. targets. o Our sources indicate that Bush spoke at length with Saudi Crown Prince Abdullah this week, and Abdullah agreed to lower oil prices. No specifics were discussed. Preliminary information suggests that Saudi Arabia is carrying out extra liftings in the second half of September and moving crude cargoes closer to market. o When the initial attack comes against Afghanistan, oil markets will likely see confirmation that no threat to crude oil supply is taking place. But speculation about further strikes against other terrorist-sponsoring states should maintain a degree of uncertainty in the market. o The war against terrorism will eventually have to deal with Iran and Iraq; both are major OPEC producers. Persuading Iran to cooperate is more likely to involve diplomacy than force. Some Administration officials, led by Deputy Defense Secretary Paul Wolfowitz, are pushing for a move against Baghdad. So far, this group has been overruled by advocates of a more cautious approach, who realize that attacking Iraq will seriously undermine Arab support for the US. o Washington also has to be concerned with stability in Pakistan, where much of the population (including senior military and intelligence figures) supports the Taliban. o Terrorist retaliation to the U.S. attacks appears to be likely. Attempts to strike infrastructure targets, including energy facilities both here and overseas, are expected. o On the ground today, heavy fighting is raging in northern Afghanistan as opposition forces attack Taliban troops. The Northern Alliance forces are taking advantage of US pressure on the Taliban to recapture key areas and avenge the recent death of their leader.

Subject: Competitive Analysis Update #21- Aftermath of Terrorist Strikes

This is the content of an email: Congratulations on the move! Its great to see a reorg that actually seems to make so much sense! Thanks again to you and Terry for watching the three stooges on Saturday night. It was great seeing you guys again and getting the kids a chance to play for a while. We'd love to return the favor next time you come up to Omaha--the weather is getting real nice right about

Subject: ETS on the Move...

This is the content of an email: Em, Glad to hear that you arrived safely in your new home. I'm sure you'll be adjusting to the time change for a few days, but hopefully this time you won't get sick. Say, "Hi" to Katy for me and tell her I will email her soon to try and figure when is the best time to come visit. Now on to the business at hand. Thought I'd let you see the last email exchange between Mr. Noble and myself. Start from the bottom with my email and then read his response. I would love to hear your insight on it all. Here's my thought at this point. I think Ted is an EXTREMELY linear person, in that his focus can not be split between too many different things at once. To that end, I believe this project, to which he has dedicated many hours, has literally harnessed all of his attention. Realizing this, I'm not sure exactly how I feel about it - - - Any thoughts? Sue

Subject: You keen analysis is called for...

This is the content of an email: Please note change in red on Key Contact List for week of December 27, 1999= . Attached please find a Key Contact list for Energy Operations for the weeks= =20 of December 20 and December 27, 1999. Note the following schedule for risk= =20 book reporting to accommodate the holidays.=20 Trade Date Enron Status NYMEX Equity Market Consolidated Risk Reporting= =20 Thursday, 12/23 Holiday Open Open DPR published =01) normal schedule ** Friday, 12/24 Holiday Closed Closed DPR not published ** Monday, 12/27 Open * Open Open DPR includes 12/24 & 12/27 P&L Tuesday, 12/28 Open * Open Open DPR published =01) normal schedule Wednesday, 12/29 Open Open Open DPR published =01) normal schedule =20 Thursday, 12/30 Open Open Open DPR published =01) normal month-end schedule Friday, 12/31 Holiday Closed Open DPR not published ** (closed 1PM EST) Monday, 1/3 Holiday Closed Open DPR not published ** Tuesday, 1/4 Open Open Open DPR includes 12/31, 1/3 & 1/4 =20 Notes: * Canadian holiday ** Trader P&L and Position reports will be produces for traded products = =20 Distribution:=20 ENA Office of the Chairman Commercial Pulp & Paper Energy Operations Cliff Baxter Greg Whalley Edward Ondarza Kristin Albrecht Kevin Hannon Sheila Glover
Subject: Holiday Coverage Contact-REVISED