Q: Sanjay, Jeff asked me to write you to introduce you to Gerald Chan, the brother of Ronnie Chan (ENE director). Gerald has been investing in capital ventures in the US and Asia for many years. Of late, he has been running into companies in which Enron is investing or is interested in investing, and Jeff met with him today to discuss this. Jeff suggested that Gerald contact you to discuss further. I have provided Gerald with your telephone numbers, address and e-mail address. You should expect to hear from him shortly. For your information, below is the pertinent information on Gerald: Gerald Chan Chairman & CEO Morningside Technologies 22/F, Hang Lung Centre, 2 Paterson Street Causeway Bay, Hong Kong Telephone: 852.2894.9800 Fax: 852.2576.6863 e-mail: glchan@morningsidetech.com web: www.morningsidetech.com Please let us know if you have any questions. SRS
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A: Introduction of Gerald Chan

Q: I noted in the Finance and Accounting report that you guys are setting up a meeting with AA to talk about the draft risk management document that folks had been working on a year ago. Please include Tony and I. We had some questions and concerns that I have long since forgotten but will renew and talk to you about before the AA meeting. Thanks. DF
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A: Risk Management

Q: To all, I spoke with Jan Aspuru (OUC) this morning. He indicated the max volume they would take summer would be 60,000 mmbtu/day ten year term. He went on to say that a winter drop to 50,000 mmbtu/day would help put our proposal in line with what they are currently looking at. We should assume winter to be November - March. Items to consider: Scott - Is their a price drop to entice them into 60,000 baseload to gain access to the winter economics on the 10,000 drop. i.e. Do we offer Hub plus .53 for sixty baseload? Something to consider and your call. When LNG comes up, notice I said when, we can sculpt. FM - standard natural gas industry language? If LNG becomes cover, doesn't allow for any shipping delays, etc. LD strategy - do we put caps on penalties or an out clause if nondelivery occurs for a certain number of days, presumably a number of months consecutively. Timeline - We need to get a proposal to them by mid-month. It appears a short negotiation period to close ends can be had after the previously mentioned July 1 deadline. Short means about a month. During our initial discussion, OUC suggested preferred pricing would be Gas Daily Zn 2 plus $.55. We suggested with our risk management abilities we would consider any pricing they preferred and further suggested Index with the right to convert to Gas Daily or others. Does the desk have a preference? - Gas Daily exposure seems better for us - but conversion could still be had even under a Gas Daily contract - need your thoughts. In this regard, I have set a meeting with credit, Phil I'd like you to attend, at 9am tomorrow to begin the process. Give these items some thought and I will schedule a meeting for Wednesday, June 6th at 4pm in 3259 to discuss. Phil and I will continue to work toward that meeting. Thanks for your assistance as we move forward to this agreement. Regards,
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A: Orlando

Q: Tanya: Some of the people in your group may not be aware of the latest forms that we use for the Enron Guaranty, the Counterparty Guaranty and the letter of credit form that we use for the ISDA, Omnibus, Industrial Master and Deemed ISDA forms. enclosed are those forms. We will discuss them with the group tomorrow, but could you circulate them to the group? Alos, in light of all of the counterparty visits taht are occurring, should we send to the group a form of confidentiality agreement taht they can send to the counterparty? The practice lately has been for us to see the counterparty form and our preference would be to use our form. Let me know what you think. Carol
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A:
Forms