Subject: "Language for proposal".

Body: THIS TERM SHEET PROPOSAL IS FOR DISCUSSION PURPOSES ONLY TO FACILITATE THE NEGOTIATION PREPARATION AND EXECUTION OF A DEFINITIVE AGREEMENT. THIS TERM SHEET PROPOSAL IS NOT AN OFFER OR COMMITMENT BY BUYER OR ANY AFFILIATE OF ENRON NORTH AMERICA CORP. ALL PRICES AND TERMS ARE SUBJECT TO CHANGE UNTIL SUCH TIME WHEN A DEFINITIVE AGREEMENT MAY BE SIGNED. THIS TERM SHEET PROPOSAL IS NOT INTENDED TO CREATE A BINDING OR ENFORCABLE AGREEMENT OR CONTRACT OR TO BE COMPLETE AND INCLUSIVE OF ALL THE TERMS OF THE SUBJECT TRANSACTION. FURTHERMORE, THIS TERM SHEET PROPOSAL IS NOT A COMMITMENT OR AGREEMENT TO ENTER INTO A BINDING AGREEMENT OR CONTRACT IN THE FUTURE.

Subject: "Enron Federal Credit Union Stands Ready to Assist You".

Body: Enron Federal Credit Union Stands Ready to Assist You Enron Federal Credit Union would like you to know that we stand ready to assist our members affected by the recent events. We are committed to those who may need special assistance during this difficult time. The State of Enron Federal Credit Union We are dedicated to providing our members with all the services they would normally expect to receive. Business will continue to be conducted as it always has. We will continue to provide loans. In the event you have an EFCU loan or credit card, we will negotiate a workable agreement for its repayment if necessary. These arrangements will be made on an individual basis. ATM withdrawals and Debit Card transactions will carry the same daily limits. EFCU will be conducting "business as usual." EFCU is a not-for-profit financial institution (a cooperative) owned and operated by you, the member. And, although we are here exclusively to provide financial services to the employees of Enron Corp. and their family members, we remain financially independent from Enron Corp. And, your accounts at the Credit Union are insured to $100,000.00 by the National Credit Union Share Insurance Fund (NCUSIF), supervised by the National Credit Union Administration (NCUA), an agency of the U.S. Government. How To Access The Credit Union You may continue to access your funds in the Credit Union at EB 399, through our electronic services, or at any of our Texas Credit Union Service Center branches:

Subject: "Enron Corp.'s "preferred" masters".

Body: Bill and Tanya: Clint would like to finalize Lehman and CSFB, in that order. We are in the midst of transferrring a swap from Merrill to Lehman. Thanks for your help. Sara

Subject: "NOB curtailments for 7-28 affecting multiple deals".

Body:
Good Morning, NOB is derated to Zero for HE 5-12 for Saturday July 28th. Our Downstreams at NOB are cut to zero for those hours, and the deal numbers have been changed and noted in scheduling. The deals are: Nevada Power 423713.1 BPA 459815.1 LADWP 579025.1 and 548842.1 Special Conditions on LDWP deal 541395.1 require that we re-supply them at a different and mutually agreed upon delivery point. Sean and Art from LDWP agreed that this alternate delivery would be COB, and this deal has been adjusted to show HE 7-12 is at COB N/S now. Please see me if you have any questions regarding these deals. Cara