Subject: "dynergy planned for merger to fail all along".

Body: I'm not sure to whom I should tell this information. While at an appointment on Friday afternoon, one person I met with told me hearsay, that he had heard from Dynergy employees that Dynergy had never had any intention of the merger succeeding, that the plan from the start was to get Enron's gas pipelines. Given Enron's suit against Dynergy, I assume this is important to know. If need be, I can tell you the name of the person who told me this, but I cannot vouch for what they said. Sincerely yours,

Subject: "3 - URGENT - TO PREVENT LOSS OF INFORMATION".

Body: Critical Migration Information: 1. Your scheduled Outlook Migration Date is THE EVENING OF : May 7th 2. You need to press the "Save My Data" button (only once) to send us your pre-migration information. 3. You must be connected to the network before you press the button. 4. If a POP-UP BOX appears, prompting you to "ABORT, CANCEL OR TRUST SIGNER" please select TRUST SIGNER. 5. Any information you Add to your Personal Address Book, Journal or calendar after you click on the button will need to be manually re-added into Outlook after you have been migrated. 6. Clicking this button does not complete your migration to Outlook. Your migration will be completed the evening of your migration date. Failure to click on the button means you WILL NOT get your Calendar, Contacts, Journal and ToDo information imported into Outlook the day of your migration and could result in up to a 2 week delay to restore this information. If you encounter any errors please contact the resolution center @ 713-853-1411

Subject: "EIM Accomplishments".

Body: As I look back on the ten months that I have been the Business Controller for EIM and challenged to build the mid and back office infrastructure, the most significant accomplishments are: Systems - Tactical systems have been implemented to bridge the business while strategic systems are developed. Financial and physical confirmations (with the exception of Lumber) have been predominantly automated. Financial settlements has been automated. Implemented modified versions of LISA to handle physical movements and settlements. Bridges have been built to SAP and Credit Aggregation systems. People - Ten months ago, the mid and back office had three employees, with the remaining efforts supported by Global Markets. Today, we have an enthusiastic, energetic team of 41 employees. The team includes our London office also. We continue to recruit for additional positions. Processes and Controls - Many processes and controls have been developed to ensure accurate and timely reporting of P&L and positions, confirmations and settlements. Some of these tools include: Pulp and Paper Deal Ticket (Access Database) - Ten months ago, deal tickets were generated through an Excel template and no master copy or controls were in place. Today, traders, Risk, Confirms, Settlements, Credit, Logistics, etc. can view the deal tickets in a controlled and timely manner. LISA/TAGG Reconciliation (Access Database) - When the onset of physical business and the implementation of LISA systems, physical transactions for all commodities (except lumber) are entered into 2 systems - LISA and TAGG. This tool provides a reconciliation tool that allows the Risk system and the logistics/settlements systems to stay in sync. Trader Training Tools - Two different presentations have been developed and presented to the EIM trading community to help the traders (mostly new to Enron) understand the roles and responsibilities of traders, segregation of duties and the processes within Commercial Support functions such as Credit, Tax, Legal, Operations, Logistics, etc. Sally, I hope this will give the flavor of the focused efforts. Additionally, as I have had a few hours to reflect on our conversation, I would like to follow-up with an additional meeting. I need just a bit more clarity around the EIM role, but more so, I want to move forward to discuss the new role and in your view, how I can still accomplish the successes that coincide with my personal goals. If you have time tomorrow afternonn, I would really appreciate 30 minutes. Thanks for your support. It means alot to me. Brenda

Subject: "ATTORNEY/CLIENT COMMUNICATION//////CONFIDENTIAL and Privileged".

Body:
Article II of the NONCOMPETITION AGREEMENT entered in connection with the sale of HPL to AEP (which closed as of June 1,2001) provides: "ENA [for 3 months post-close] will not solicit, negotiate or enter into any contract, agreement or arrangement for the purchase of natural gas on the HPL Pipeline from any Person which is a supplier or producer of natural gas connected to the HPL Facilities; provided, however, nothing herein shall be construed or interpreted as prohibiting ENA from entering into any such contract, agreement or arrangement which is less than one month in duration and involves or is related to an Enron Online transaction." This is not the most clearly drafted provision as it was the subject of much negotiation....and was significantly narrowed from the original scope proposed by AEP. Thus, please consult with me prior to entering into any solicitation, agreement or arrangement which might arguably be covered by our limited covenant not to compete on the supply side for 3 months. There are many aspects of the post-close transition which will require cooperation between Enron and AEP/HPL and thus, it behoves us to carefully weigh the risks and rewards of "stepping too close to or over the line". Further,although a technical reading of the non-competition agreement only applies to ENA, no ENA UPSTREAM deals which would violate this covenant if there were to be done as ENA should be done without clearance from Brian Redmond and me. Please communicate this restriction to those who report to you and have need to be aware of this limited restriction. Sincerely