IN: Dear Ms. Smith and Mr. Calme, I am sorry you could not reach me for comment on today's article. I did not receive any messages from you on my home phone, cell phone, office phone or via email or fax, so I am not certain how you actually tried to reach me. Nonetheless, since you seem to have run out of stories to report and have decided to focus on transactions for 1997, I thought it would be helpful to address some of the facts that you did not present in your story. Three other partners, David Cox, Edward Ondarza and Sean Shaub, started Paper & Print Management to develop a derivatives market for pulp and paper products. Mr. Cox and Mr. Ondarza were also brought into Enron when Enron purchased the rights to the company and gave me the contract you described. Mr. Cox received the same compensation terms as I did and Mr. Ondarza received slightly lower compensation. Both Mr. Cox and Mr. Ondarza are still with Enron. You may be familiar with Mr. Cox as he was featured in an article that Fortune ran on Enron a couple of years ago. The $1 million payment was used to purchase rights to the business from the Southern Company, who had funded our startup costs. With the acquisition, and to this date, Enron is the leading market maker in pulp and paper derivatives. I believe they have transacted over $15 billion notional since they acquired our company. I do not have access to the specific P/L because I am no longer with Enron, but the pulp and paper trading organization at Enron generated enough profit to fully repay the cost of purchase, including the contracts provided to myself, Mr. Cox and Mr. Ondarza, inside of two years. If I can answer any additional questions, please feel free to contact me. Email is best. Take care, Mark

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OUT: Today's Article

IN: The Enron Oral History Project Continues... "Using History to Help Enron Become the World's Leading Company" How can an understanding of strategic choices, regulatory change and corporate culture help Enron achieve its vision? Speaker: Joseph Pratt, Cullen Professor of History and Business, University of Houston and Co-Director, Enron Oral History Project Thursday, June 7 11:30 a.m. to 12:30 p.m. EB 5C2 To Make a Reservation, Call 3-1941 and Select Option 1 Lunch will not be provided, but you are welcome to bring your own. Please inform us ahead of time if you need special accommodations to participate in this meeting. Call 3-9390.

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OUT: The Enron Oral History Project Continues

IN: OK, the fun continues. We need to assign EOL products to traders. Torrey sent a file (Netco\controls\Trader-Book template (US Gas)_EOL new books) with all products and the old book assignments. We need to get with the traders today and get these split out.....many will stay the same as before. Also, when physical deals are done, will all risk types go to the same desk or will one person be managing the index separately. ex. the west desk used to book all index to Grigsby's book. I have told Dawn that all risk types will go to that trader's book but if index needs to be changed let me know. Thanks

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OUT: EOL products

IN: Your review and approval of the following product type in the EOL Data manager is needed (for directions on approval, please see steps for approval at the bottom of this e-mail). US PlasticHDPE Fin Swap US HDPE IM Swap CMAI Nov01-Apr02 c/LB A US Plastics financial Swap Transaction with Enron North America Corp. for high density polyethylene, injection molding grade under which the Seller pays a Floating Price and the Buyer pays the price submitted by the Counterparty on the Website (the Fixed Price) in each case in respect of the Notional Quantity per Determination Period. Each calendar month during the term of the Transaction will be a Determination Period. The Notional Quantity per Determination Period shall be the volume submitted by the Counterparty via the Website. The Payment Date(s) will be 5 business days after the Floating Price is determinable. The Floating Price shall be the Index for the relevant Determination Period. The term of the Transaction shall correspond to the date(s) set forth in the Product description on the Website. The Index for a month shall be the arithmetic average of the high and low Cents/Pound prices of High Density Polyethylene - Injection Molding grade published under the headings "Global Plastics & Polymers Report: Month Ending Prices (DATE) North America : High Density PE Injection Molding" in the month-end issue of Chemical Market Associates, Inc.'s Global Plastics & Polymers Market Report effective for such month. The price is quoted in cents (US) per unit of measure which will be the Contractual Currency. The unit of measure against which the price is quoted shall be pounds. STEPS FOR APPROVAL: click the START button select PROGRAMS select TEST APPLICATIONS select ENRONONLINE CLUSTER(PROD) PROCEED WITH USUAL LOGIN/PASSWORD click the Enron Online Production Cluster "START" button select EnronOnLine (this is the EOL Datamanager) PROCEED WITH EOL LOGIN/PASSWORD click on the "+" for EnronOnLine click on the "+" for Product Types click on the "+" for "Awaiting Approval" (OR "Partially Approved") select the product requiring review as stated in e-mail above Right "mouse" click on "properties" to view product set-up TO APPROVE: Right mouse click on "Approved" CW 3-7533

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OUT:
Product Type Approval Needed (US PlasticHDPE Fin Swap)