This is the content of an email: Here are my notes from today's call. As with Monday, I've focused on getting them out as quickly as possible rather than taking extra time to re-organize them by subject. Enron's business has been grouped into three buckets: Core, Non-core, and Under Review. Core: Wholesale energy business in North America and Europe, retail energy, pipelines Non-core: Broadband, water, and international assets (i.e. EGAS). Enron has approx. $8Bn in investments in these assets, and they have produced 'dismal' returns. Enron will be exiting these businesses and will attempt to wind them up in an orderly fashion. An aggressive divestiture program has been set in motion for these assets. Under Review: EGM, EIM. These businesses are being closely examined to determine whether they have a reasonable chance of long-term viability. Required resource levels are being carefully studied. Following review, Enron will move the different portions of these businesses to core or non-core as the analysis dictates. Approximately $800MM of asset sales are under contract and expected to close in the fourth quarter. These include a gas LDC in Brazil, EcoElectrica, and our Indian E&P assets. Enron is in active pursuit of an additional private equity infusion of $500MM-1Bn. Given the current environment, raising equity in the public markets would be 'inefficient', McMahon says. Short-term liquidity is provided by the $3Bn of credit drawn upon a few weeks ago, the $1Bn of new debt, and the $1.5Bn equity infusion from Dynegy. Longer-term, the proceeds from the sale of PGE will provide liquidity. Asset sales over the next year will be used to pay down debt. McMahon described the major off-balance-sheet vehicles: Marlin was set up to hold Azurix assets. It was initially capitalized with $950MM of 144a debt and $125MM of equity (raised from Enron and institutional investors). The debt is supported by the equity and by Azurix' assets. Enron is obligated to cover any deficit at the time the debt becomes due on 3/17/03 (the 'Enron topup' obligation). The 3/17/03 date is accelerated in the event that Enron is rated below-investment-grade by any one of the three major agencies. The primary asset of Marlin is Wessex Water. As long as Wessex is worth at least $2.6Bn, there will be no Enron topup required. If we take a 25% haircut to present book value, Enron will have to provide $650MM in consideration upon retirement of the debt. This $650MM would hit Enron cash, income, and equity balances. Osprey contains energy-related assets and 'other assets'. It was initially capitalized with $2.4Bn of 144a debt and $220MM in equity (ENE and institutionals). As with Marlin, the entity is an asset-backed structure with an Enron topup guarantee. The debt is supported by a) the assets; b) $1Bn of convertible preferred ENE (convertible into 50MM shares of ENE common); and c) additional ENE common as needed for topup. Assuming the same 25% hypothetical haircut to current book value, Enron would have to deliver approx. $600MM of topup funds--which would hit ENE cash, income, and equity. The debt must be retired by 9/17/02, with the same cut-to-junk early trigger provision as Marlin.

Subject: Highlights from ENE Analyst Conference Call 11/14

This is the content of an email: Hi Andy, How are things? I am still in Houston looking for a new home. I hope that all is well with you. Hopefully some certainty will happen with Newco in the near future. I wanted some help from you in finding a job. I know that you are very well respected in the industry so if any opportunity that may fit me comes your way could you please let me know. Thank you for everything. It was a pleasure working with you at Enron. I have attached a copy of my resume to this email. Thanks again and hope to hear from you soon,

Subject: Hi

This is the content of an email: If Men TRULY Ran The World... 1. Breaking up would be a lot easier. A smack to the ass and a "Nice hustle, you'll get'em next time" would pretty much do it. 2. Birth control would come in ale or lager. 3. Valentine's Day would be moved to February 29th so it would only occur in leap years. 4. On Groundhog Day, if you saw your shadow, you'd get the day off to go drinking. Mother's Day too. 5. St. Patrick's Day, however, would remain exactly the same. But it would be celebrated every month. 6. Garbage would take itself out. 7. Regis and Kathie Lee would be chained to a cement mixer and pushed off the Golden Gate Bridge for the most lucrative pay-per-view event in world history. 8. The only show opposite "Monday Night Football" would be "Monday Night Football from a Different Camera Angle." 9. Instead of "beer-belly," you'd get "beer-biceps." 10. Tanks would be far easier to rent. 11. Two words..."Ally McNaked." 12. When a cop gave you a ticket, every smart-aleck answer you responded with would actually reduce your fine. As in: Cop: "You know how fast you were going?" You: "All I know is, I was spilling my beer all over the place." Cop: "Nice one, That's $10.00 off". 13. People would never talk about how fresh they felt. 14. Daisy Duke shorts would never go out of style again. 15. Every man would get four, real Get Out of Jail Free cards per year. 16. Telephones would cut off after 30 seconds of conversation. 17. It would perfectly legal to steal a sports car, as long as you returned it the following day with a full tank of gas. 18. Instead of a fancy, expensive engagement ring, you could present your wife-to-be with a giant foam hand that said "You're #1!". 19. When your girlfriend really needed to talk to you during the game, she'd appear in a little box in the corner of the screen during a time-out. 20. Nodding and looking at your watch would be deemed as an acceptable response to "I love you." 21. The funniest guy in the office would get to be CEO. 22. "Sorry I'm late, but I got wasted last night," would be an acceptable excuse for tardiness. 23. At the end of the workday a whistle would blow and you would jump out of your window and slide down the tail of a brontosaurus and right into your car like Fred Flintstone. 24. Lifeguards could remove citizens from beaches for violating the "public ugliness" ordinance. 25. Hallmark would make "Sorry, what was your name again?" cards.

Subject: Big Dream

This is the content of an email: The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher. Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com. (See attached file: AGAMAIL.pdf)
Subject: AGA Report 12/27