This is the content of an email: Jean/Cris, As a follow-up to our meeting last week, I reviewed the Gallup closing documents and I spoke to Gerald Nemec today regarding whether Enron Corp. issued a financial guarantee to ECHO (funded by Natwest/Equity Investor, Patty Melcher) to compensate for the risk from closing to the start of operations. Gerald Nemec and Mark Knippa both confirmed that Enron did not issue a financial guarantee, even though the project closed prior to the start of operations. At the time of closing, construction was about 2/3 complete and the legal documents were in place stating a definitive start date. The definitive start date ensured that funds would flow regardless of whether the facility was operational. Essentially, TW was on the hook for the annual payment, etc. beginning on the start date outlined in the legal agreement. The investors were comfortable with the project's progress at the time of closing and they basically were willing to take TW/Enron credit risk without a financial guarantee. Let me know if you have any other inquiries. Thanks, Lisa

Subject: Project Gallup

This is the content of an email: Harry, Since physical steel is a new online product, I need to know from you wheth= er=20 you are aware of any reason why any existing counterparty should not be abl= e=20 to trade physical steel. From your perspective, I would consider whether= =20 there is any legal reason barring a counterparty incorporated out of the US= =20 from buying physical steel, or whether you are aware of any current=20 litigation, payment disputes or other similar legal reasons which would=20 prevent an existing counterparty from trading physical steel. Also, on a going forward basis, is there any legal impediments for any new= =20 counterparties trading physical steel?

Subject: Profiles for Steel Physical Products

This is the content of an email: What do you think of this? (sorry it isn't redlined yet) (b) Intra-Day Scheduling. Buyer may, upon at least four (4) Hours minimum= =20 advance notice to Seller, request changes to a Schedule by way of an=20 Intra-Day Schedule Notice. Any such changes shall be in increments of at=20 least 50 MW and may not exceed the Contract Capacity nor reduce the Schedul= e=20 to less than four (4) Hours. If the Intra-Day Schedule Notice requires an= =20 increase in the Scheduled Energy per the Day-Ahead Schedule Notice, Seller= =20 shall, at its sole discretion determine whether to dispatch the Facility or= =20 provide Energy from Market Sources. Seller shall use commercially reasonab= le=20 efforts to provide Buyer with a price to accommodate Buyer=01,s Intra-Day= =20 Schedule Notice. Such price shall include lost profit from any transaction= =20 which would be cancelled in order to accommodate Buyer=01,s Intra-Day Sched= ule=20 Notice, plus all additional costs (whether direct or indirect); provided,= =20 however, that such costs shall be limited to costs actually incurred by=20 Seller (including cost of cover, penalties, liquidated damages, cancellatio= n=20 charges or the like due to another Person) with respect to (i) transactions= =20 entered into by Seller with other Persons prior to receipt of Buyer=01,s=20 Intra-Day Schedule Notice (provided that such transactions and the terms=20 thereof can be verified in an audit to be performed in accordance with=20 Section 8.3, (ii) transactions that must be entered into by Seller in order= =20 to accommodate Buyer=01,s Intra-Day Schedule Notice or (iii) extra costs=20 incurred in operating the Facility to accommodate such notice. For the=20 avoidance of doubt, such costs shall not include Seller=01,s lost opportuni= ty=20 costs with respect to transactions that Seller may have been able to obtain= =20 but were not entered into by Seller prior to receipt of the Intra-Day=20 Schedule Notice. If Buyer accepts Seller=01,s price, then the Schedule sha= ll be=20 revised to reflect the changes. If Seller is unable to accommodate Buyer=01= ,s=20 Intra-Day Schedule Notice, such Hours shall not be included as Scheduled=20 Energy for the purpose of determining the Forced Outage Rate. Seller shall= =20 have the right, but not the obligation, to resell any Energy not taken by= =20 Buyer due to a decrease in Energy pursuant to an Intra-Day Schedule Notice= =20 provided, however, that the revenues from any such sales will be offset=20 against the additional costs to be charged to Buyer as provided in this=20 Section 3.4(c). (d)

Subject: VEPCO scheduling

This is the content of an email: Mark, You have been in mind for days, longer in fact. Every time I read about Enron I think of you, and life has been scattered so I have not been able to write. Since the news now seems to be that your company is being bought by another, it must be chaotic for you. Let me know how you are and what is happening. No doubt you will survive the mess, but hope it is not taking too much out of you. We are slowly getting back to normal, and every trip out of NY it great as I am very tired of police check points and ID's. Our building is livable now for about a month, but still behind a barricade. My mother has been in and out of hospital, and so that has kept me stressed. I sold a house in KW in late Sept, so came down then for the closing. Hated going back to NY as we were still living in a hotel then.... I am in KW now, much enjoying being able to work here but missing Don. Back to NY next week, then here again end of month. Planning a new addition on the house, which is trying. The little house next door is coming up for rent as of Dec 1, in case you are interested, and I have decided to only rent it to a single guy...Maybe you need a little winter getaway?? All best, Hal
Subject: How are you ?