IN: 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: UnleadedStocks.pdf)(See attached file: CrudeStocks.pdf) (See attached file: HeatingOilStocks.pdf)(See attached file: PADDIIstocksCL.pdf)(See attached file: PADDIstocksHO.pdf)(See attached file: PADDIstocksHU.pdf)(See attached file: API.pdf) - UnleadedStocks.pdf - CrudeStocks.pdf - HeatingOilStocks.pdf - PADDIIstocksCL.pdf - PADDIstocksHO.pdf - PADDIstocksHU.pdf - API.pdf

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OUT: API and API Crude, Distillate & Unleaded Stocks Graphs

IN: Contract 04603 was suspended at 11/30/2001 08:35:46 PG&E National Energy Group and any other company referenced herein that uses the PG&E name or logo are not the same company as Pacific Gas and Electric Company, the regulated California utility. Neither PG&E National Energy Group nor these other referenced companies are regulated by the California Public Utilities Commission. Customers of Pacific Gas and Electric Company do not have to buy products from these companies in order to continue to receive quality regulated services from the utility.

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OUT: e-Trans Contract Administration

IN: Can you call him about this? I wouldn't worry too much about the tone of this letter or stepping on his toes. Jim overreacts at times.

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OUT: DPC - Privileged and Confidential

IN: John Sherriff and I are recommending Carol Hensley (VP Marketing and=20 Communications at Azurix) for a VP position in John=01,s organization. Car= ol=20 was a director in the Enron PR group before moving to Azurix. Her new role= =20 would be to support EnronCredit.com. A critical success factor for=20 EnronCredit.com will be to establish a strong brand in the coming months. In her time at Azurix, Carol has added significantly to her skills and=20 experience. I spoke with John Garrison at length about Carol=01,s performa= nce=20 at Azurix. She has expanded her marketing services skills and provided=20 significant support in the investor relations arena. Garrison relates that= =20 the Azurix commercial leaders view Carol as a partner, informed about the= =20 business and instrumental in handling crises and pursuing business=20 opportunities. John Sherriff and Ken Lay join me in recommending that Carol keep her VP= =20 title as she returns to Enron. =20 A copy of Carol's resume is attached.

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OUT:
Recommendation of Carol Hensley