Q: Ken, As you'll recall, during the September 10th advisory board meeting, we discussed the need for strong, senior-level support to ensure an opportunity for Xcelerator's success. At the conclusion of the meeting, we agreed you and Greg Whalley would discuss the support level with the Management Committee on the 13th. Of course, the sad events of the 11th understandably delayed that timeline. Since September 10th, I've revisited the Xcelerator with several members of the Management Committee including Louise Kitchen, John Lovorato, Jim Fallon, John Sheriff, and Andy Fastow. In summary, they are supportive contingent on support from you and Greg. Additionally, other Xcelerator board members are supportive - specifically Jeff Donahue and Kevin Garland - but all agree the sincere support from you and Greg will be necessary for success. Greg Whalley and I have also discussed the Xcelerator on two occasions. Greg is concerned that I will be unable to attract good talent from within Enron to this "risky" initiative, especially given the trajectory of the economy and scarcity of new jobs within the company. I agree with him. Greg asked if I would try the Xcelerator understanding that most if not all of the full-time team members would need to be hired from the outside. Although not optimal, I think it is doable and told him I'd be willing to proceed under those circumstances. While Greg was quite supportive, he was appropriately distracted by the upcoming board meeting and close of the quarter. As a result, he and I are planning on discussing the future of the Xcelerator this Tuesday. (Of course, the earnings announcement may delay that discussion to next week.) As I mentioned in the Xcelerator's board meeting, I am excited about this opportunity and am committed to giving it my all, with the support of the senior team. This effort could create tremendous value for Enron. However, I have no delusions about how difficult it will be and the patience it will require. If we are successful over '02, we will definitely create value for our shareholders, but are almost certain to be a drag on earnings -- albeit a small one. If you and Greg are not able to be supportive, then let's acknowledge that and discontinue the Xcelerator's operations. As we discussed on the 10th, lukewarm senior support will not be sufficient for success.
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A: Quick update: status of the Xcelerator

Q: Attention Enron shoppers, here's the Blue Light Special for the year!!!! Enron Jersey Blowout Sale!!!!! $35.00 (cash or check) Sizes: M - 2X First-Come, First Served (a limited number of Smalls will be available as soon as all our riders have picked up their packets - the end of the week) See Stephanie Strong (EB2432) or Becky Pham (EB2336) in the Enron Building for purchases, or come to our last minute packet pickup today and tomorrow 11:30 to 12:30 in the 31st floor lobby of Three Allen Center. If you are outside Enron and cannot get here this week, send an email to reserve one in your size, and they will be in my car at the ride start and in LaGrange.
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A: JERSEY SALE

Q: I have received the executed First Amendment to ISDA Master Agreement dated as of May 25, 1999. This amendment deletes the prior Confidentiality provision in the ISDA Master Agreement and replaces it with our current Confidentiality language. This change will allow either party to provide copies of the agreement to its Affiliates. Copies will be distributed.
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A: Duke Energy Trading and Marketing, L.L.C.

Q: To All: The following was decided at the conference call on October 3: (1) The participants asked that the organization plan reflect that the Drafting Committee performs the executive function and heavy lifting for the EEI Contract Working Group. The Drafting Committee will be redesignated the Executive Committee and the Working Group called the Membership Group. New members of the Drafting Committee will be appointed by the Co-Chairs and ratified by the Membership Group. I've attached a revised organizational plan to reflect these and other points raised during the conference call. (2) The Drafting Committee should meeting sometime during the first two weeks of November. Both AEP and Jones Day have offered to host the meeting in Columbus, Ohio. The dates under consideration are 11/6,11/7, 11/8, 11/13, 11/14, or 11/15. The Drafting Committee would give final approval for the optional provisions and collateral annex before they are posted on the EEI website. In addition, the Drafting Committee would discuss the future organization of the contract group and a proposal for non-EEI members to contribute membership fees. (3) Subject to any objection by those not on the call, Noel Trask of the Exelon Power Team will be permitted to join the Drafting Committee. Finally for those who do not know yet, I will be taking a position with Constellation Power Source effective November 5. At this time it is not clear who will be the EEI point of contact for the Master Contract group. EEI, however, is committed to continued sponsorship of the agreement and related activities. It is unclear what role I will have with the group's activities as a Constellation employee. I've thoroughly enjoyed working with you over the past three years and hope to stay in contact with all of you. Regards,
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A:
Upcoming EEI Contract Activities