IN: Throughout this holiday season we have been reminded by press and media of the changes to our lives' normality because of the events these last few months. When we travel we observe uniformed soldiers and added security that tell us our way of living and business conduct has forever changed. The messages of this holiday season, Hope, Peace, Love and Joy have significant meaning. All our hearts desire these feelings to endure. Perhaps like never before we should commit to be instruments that bring Hope, Peace, Love and Joy to our country and to our world. Our faith in those principles and ideas that have carried us and made us great has been renewed. Our resolve to make a difference in every endeavor has been strengthened. We know we will get better after being in the valley of adversity and trial. Tom James Company and all our employees across the United States, the United Kingdom, Japan and Holland join me in thanking you for your business in 2001. We have been tested and we are strengthened. Our partners, who call on you, are better equipped entering 2002 than ever before to serve you. We have significantly added quality products in all our price points and expanded our casual wear. The addition in 2001 of the finest footwear made in the world has given us the highest quality footwear product available. Our partners in our 11 factories have been touched by the events of September 11th and after. Most of our manufacturing facilities are in the Northeast part of the United States. Tom James, like so many others, experienced loss. So, going forward forever in our memories will be the faces and pictures of 2001. Our commitment to you is to be better and our obligation to life is to give back to life with what we are and who we become. Your patronage is very important to Tom James. Please let us know when we do not perform to your expectation. Our guarantee is 100% satisfaction. We live by our creed. Thank you for helping us enjoy a fine year. We will pursue excellence in

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OUT: Messages of the Season from Bob Sherrer, Chairman and President o f Tom James

IN: All: Before Rod became a Brit, we were working with Enron Corp. treasury to put in place some masters in the name of ENA for the following parties: Bear, Stearns Internaitonal Limited Credit Agricole Indosuez CSFB International Lehman Brother Finance S.A. Morgan Stanley Capital Services Inc. Deutsche Bank These masters will be used to for equity deals on ENE stock. The Treasury group has concluded together with Rex Rogers and V&E, that Enron Corp. is the appropriate swap counterparty for these masters and NOT ENA. Who in credit will be available to assist me in this process? Thanks. Sara

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OUT: Enron Corp. ISDA Master Agreements

IN: Gents, I thought that I would let you know that Rob Hemstock informed me last night that Murray Smith (Minister of Energy) got the PPA Division Regulation through Cabinet yesterday. This essentially allows us to split the PPA with the remaining steps being a formality. The Sundance B PPA will become the Sundance B3 and Sundance B4 PPAs within the next week. ENRON CANADA CORP. Derek J. Davies Vice President

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OUT: Split PPA

IN: Scott, I have sent out twice a request to each of the field teams in the Midland Region to provide some desperately needed tank information to determine compliance for all the EOTT crude oil tanks in the Midland area. So far, only the Midland, Lovington, Kermit, Andrews, Hobbs and Jal teams have responded. I would appreciate your assistance in motivating the remaining seven teams to get this information to me at their earliest convenience. I have attached the most recent update of the tank spreadsheet for you to pass on to the teams. Thanks for the help.

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OUT:
EOTT tank database request