Subject: "Janice Moore Waiver Letter".

Body: In accordance with my voice mail, attached is a revised version of the waiver letter for Janice. After you have a chance to review, please let me know if this OK. Thanks for your help. Elizabeth 36349

Subject: "Good morning".

Body: The game was awesome. Our tickets were directly behind homeplate. Debbie said she could see me on every pitch and knew that I left the bootom half of the 8th inning. She said I never picked my nose once on camera. Pretty good, huh. Have a good day. Talk with you later. By the way, your car is done. They had no problem removing the oil filter at all. They only had to wriggle it a little bit. Love, Daddy

Subject: "Latest Offline Contact Status".

Body: Offline Contact Status - 6/6/01 1. Commerce One C1 is working on a valuation analysis, including customer discussions. A meeting in Austin with Mark Hoffman and Matt Graves is being arranged for Thursday or Friday, 6/21 or 6/22. C1's current position is that the value of an Enron company owning the Offline IPR is $50 - $100 million. 2. Reuters Philippe and Andy are following up with Phil Lynch and others to define a go-forward plan. 3. Sungard Executive meeting being scheduled. Also exploring interest in mid/back office systems and DealBench. 4. SAP Conference call with Brian Bartoldson of SAP Consulting scheduled for this Thursday, 6/7, at 2pm. Brian will provide additional "expert" input to Gary Fromer, who is still trying to sort through the size of the Offline market opportunity. 5. Sun/iPlanet Meeting with John Fowler of Sun M&A scheduled in Houston on Tuesday, 6/12 . Offline will be discussed from 9am - 12:30pm, DealBench from 12:30pm - 3pm. 6. Microsoft Working with Peter Houston, Group Program Manager for Active Directory, to see if he can help us get a meeting in Redmond with the right Microsoft audience. Have been referred to James Utzschneider, one of the Microsoft application product executives. Philippe is working with Microsoft contacts also from the technology side. 7. BEA Initial interest confirmed via conference call last week. Trying to schedule initial meeting for presentation and demo. 8. Siebel Working with Beth Perlman and Joe Wong to establish contact. 9. HP Working with local HP representative, Michael Morrison, to establish contact. 10. TIBCO/Accenture On hold. 11. i2 On hold.

Subject: "Duke".

Body:
Lorraine, I've been studying the El Paso/Dynegy reservation reduction mechanism (RRM). Basically the deal was that Dynegy's minimum-pay obligation would be reduced by the amount of the fixed cost component of IT revenues generated by El Paso's transportation of IT volumes above a historical threshold. (The parties based the threshold on El Paso's monthly IT volumes for the 12 months ended 9/30/97.) The volumes in excess of the threshold were calculated and a ratio of the volumes in excess of the threshold to the total volumes was determined; the ratio would then be applied to the fixed cost component of all IT revenues and the resulting dollar value applied to Dynegy's monthly reservation charge, to the extent Dynegy had not met its minimum pay obligation for a particular month. This provision of course met with heavy opposition; however, FERC allowed it. FERC stated that while the RRM had anticompetitive effects because it created a disincentive for El Paso to discount IT, it was not unduly discriminatory. The "unduly discriminatory" conclusion was based on an analysis on the potential effect on the Cal. gas transportation market -- the