This is the content of an email: Vince, Here is the spreadsheet sent by the EGM group, and the draft memo that I have circulated internally (to Vasant, Zimin and Paulo). If you have questions, please let me know. Regards,

Subject: Elba Island Option Pricing

This is the content of an email: They told me wrong... It's not a 5 day notice, it's the right to recall the capacity for 5 days during the term; here's a modified paragraph. Craig

Subject: LFT Language

This is the content of an email: This is a gentle reminder, and Im sure that most are aware, but under no circumstances is there to be any construction activiy initiated for the turbine installation at the four mainline compressor stations, until the air construction permits are issued by the applicable air agency. Construction activity is defined, but is not limited to roads, trenching activity, buildings, electrical poles etc. The state and federal agencies take a very dim view on initiating any attempts to initiate construction prior to approval. This approval is considered to be the air permit authorizing construction of the proposed activity. Your assistance in this compliance issue will be greatly apprecaited. Data generation and agency consultations are now in progress to expidite the permit submittals. Should you need further clarification, give me a call (505) 625-8022 or via e-mail.

Subject: Arizona Mainline Expansion

This is the content of an email: Sandy: Susan Bailey passed on to me your comments to the ISDA draft and I can respond to some but not all of such comments at this point: 1. With respect to your Canadian securities rep, I am checking with our counsel in Canada about whether we can use your language instaed of ours. 2. With respect to the Options rep and the ESP rep in part %, Section (b), I believe that both parties need to make such reps. The rep in Part 5 (b)(g)(ii) is to cover the Trade Option exemption and it is different from the ESP rep below it. 3. With respect to the language in Part 5, Section (a), this is different from the setoff language. What this is saying is that if a party has fulfilled all of its payment obligations and an Event of Default occurs with respect to it (the "Defaulting Party"), the other party cannot withhold any payment that it owes to the Defaulting Party. This is different from the exercise of setoff rights. 4. I would like to discuss with you or your legal representative the removal of the arbitration language as it is Enron's policy to have arbitration apply. 5. We would prefer to keep the Termination Currency specified in US Dollars. 6. Our tax group believes that we need the language in Part 3(a)(i), (ii). Why do you want to delete it? I look forward to hearing from you.
Subject: ISDA Comments