Subject: "National Steel Corporation termination agreement".

Body: Troy, Please review the attached to see if it conforms with your agreement. If it does, please forward it to National. Call me if you have any further questions.

Subject: "Ineos Acrylics".

Body: Afternoon, Enclosed is an amended worksheet for Ineos Acrylics Inc. We sent a draft under a different name a couple of months ago. This entity will be guaranteed by the ultimate parent as described in the worksheet. Please prepare this draft and forward to Eric and Graham at Ineos, with a copy to me. Give me a call with any questions. Thanks,

Subject: "EnronOnline".

Body: I would like to move forward with what we are calling Phase III for EOL. Most of the work is done but in this environment, I don't want to prepare to roll it out in January without your views. However, if we are to roll it out in mid-January, we need to agree soon. Richter has sent you the outline/presentation on e-mail and he and Savita and Jay can describe it all in greater detail if you like. Savita discussed the presentation and the plan with John Arnold and he is supportive of the rollout and the new look and functionality. Basically it will include a new home page and a new garden page, but the key parts are the expanded quotes screen and the order manager which are a much better use of real estate than the static Reuters content down the side (which will be put in a MyContent button). This isn't expensive, most of the work is done anyway, but it is a new look and the quotes screen will now be expanded. I think it would be positive to do. It looks better, the Reuters content can be found in a MyContent button and we can use the entire quotes screen to enhance order flow and improve the counterparty experience. It also shows business as usual with EnronOnline. Your thoughts? Greg Piper President & CEO Enron Net Works LLC

Subject: "Financial Disclosure of $1.2 Billion Equity Adjustment".

Body:
For the first time in 22 years of service for Enron I'm ashamed to admit th= at I work for Enron! I have lost all respect for Enron Senior Management a= nd agree with the Financial Analyst when they say that Enron Senior Managem= ent can not be trusted. Ethics and Morals are either something everyone el= se needs to have except Senior Management or somewhere along the way Senior= Management started believing the end justifies the means. The communicati= on the Employee's have received over the last few years about values such a= s Respect, Integrity, Communication and excellence must be propaganda inten= ded to get Employee's to believe Senior Management really supported these v= alues so that no one would really notice that their actions represented som= ething just the opposite. I can not believe that Senior Management lacks the understanding of human n= ature to totally ignore the fact that if someone does not trust what you ha= ve said in the past you should not try and conceal pertinent information in= the future. Then to allow an Enron Spokesperson to speak for Enron with t= he statement "It's just a balance-sheet issue" implies to me that this ind= ividual does not know what a Balance Sheet or Income Statement is and certa= inly should not be speaking to the public. If you are going to play the ga= me of lying, cheating and stealing at least be intelligent enough to presen= t a plausible story. To use phrases such as it was a hedge against fluctua= ting values in some of Enron's broadband telecommunications and other techn= ology investments is a complete insult to my intelligence and to the defini= tion of the word "HEDGE". A hedge by definition implies that the upside an= d downside exposure has been limited. It frightens me that we are out aski= ng customers to let Enron help them "HEDGE" their risk when I'm not sure En= ron's Senior Management understands what a hedge means? I'm also confused as to the personal financial involvement of Andy Fastow i= n the investment vehicle that generated this write down. I must be confuse= d in that as a Trader Enron has asked me to sign documents declaring that I= will not have any personal financial involvement in anything involving the= Natural Gas Business. This must be an example of as my father used to say= " do as I say not as I do"? I guess we need to have audits performed of Se= nior Managements financial interest to insure their actions are as good as = their word? The fact that Senior Management and the ENE Board of Directors knew these t= ransactions were being used to manipulate earnings and the stock price and = took advantage of that knowledge to sell their ENE stock options in my opin= ion is "CRIMINAL". It provides me no comfort to know that the biggest perp= etrators of this fraud have left Enron in recent months. These individuals= have stolen billions of dollars from ENE stockholders and Employees and ne= ed to pay the price for such fraudulent activity. They are set for life, h= aving all the money they could ever need, while Employees and Stockholders = have lost their life savings. You have completely failed at the job you we= re hired to perform. If this type of activity would have occurred farther = down the organization no one would hesitate to fire the individuals involve= d and to institute criminal charges. =20 I for one can not wait until the All Employee meeting next week. I do not = think anyone wants to hear about third quarter results because how could we= trust what is said anyway. Instead I feel you owe the ENE Employee's a th= orough explanation of how you failed to perform your responsibilities, what= actions are going to be taken and most of all apologize for the job perfor= mance to date.=20