Subject: "Kate Out Today".

Body: I will be attending an Energy Math training session today from 9 a.m. to 5 p.m. PST. Please direct all correspondence to traders whose deals are in question. I'm sorry for the inconvenience - but hopefully I'll be smarter when I come back! I'll check in and wrap things up at 5:00, so if you have any questions you'd like to save for me, I'll be at my desk then. Thanks,

Subject: "Generation Strategy".

Body: Sorry about the confusion. Fran Mayes will be sending a memo out in the next day or so reflecting the times of the PRC. In order to accommodate Dave's meeting with all you and to include Mark Frevert we had to move the time of the PRC from 8:00 am to 11:00 am. The ONLY thing changed was the time, the date and place remain the same. Again, I am sorry for the confusion and I hope this helps. If you have any question, please feel free to call me. Thanks,

Subject: "PEAK Bid Meeting".

Body: These are general conceptual concepts that need to be addressed. I have not attempted to redraft the language, only to point out areas where we will need to work on modifications to the Contract language. 1. Section 5.01 Provision needs to be changed so that Termination Payment is first paid by Company to Customer and if not paid by Company after notice, then the Customer would be entitled to make a draw under the Surety Bond. 2. Section 5.03 Provision needs to be changed to reflect that the initial bond term shall be __5__ years. At the end of the initial term, the Company

Subject: "Code of Ethics -- What Exactly Did I Agree To?".

Body:
How well do you know our Code of Ethics? "It is a condition of employment that each employee accept the responsibility of complying with the foregoing policies. The Company will require each employee of the Company to complete and submit a statement in a form designated by the Company pertaining to such employee's compliance with the policies set forth in this booklet. The Company reserves the right to request any employee to complete and submit such statement at any time or as frequently as the Company may deem advisable." (Enron Code of Ethics, July 2000, page 62) What does that mean? In layman's terms, everyone employed by Enron agrees to all the policies and standards listed in the current Code of Ethics (July 2000). Who does it apply to? The Code of Ethics applies to all employees, third party contractors, guests and licensees of Enron. Additionally, employees are responsible for their family members and/or personal household who use, own, or have access to Enron's communication services and equipment -- including telephones, fax machines, computers, computer modems, long distance telephone services, cell phones, voice mail, pagers, e-mail, mail and delivery services.