IN: Well, given the impressive results of Friday's game, I suppose I should've taken the bet...I mean I knew we were good, but I didn't realize we were THAT good. Watching the game I couldn't help but remember some comments made not too long ago about this being a building season and that the Horns would be a force to be reckoned with come the next two seasons - - I love it when I'm right. With an increasingly more confident sophomore quarterback leading the charge and three (count them three) very mature freshman receivers all eager to make big plays, not to mention last year's top quarterback recruit Chance Mock serving as a back-up, next season promises to be something to watch. My condolences on your prospects not looking quite as bright . Hope you had a nice Thanksgiving and good luck helping all of your Aggie co-workers through this trying time. Susan (Oh and Chip, I'd store the Gig'em sweater-vest away for the next 360 days or so if you want to avoid any post-game ridicule...in a round about way you are an "Ag" man now.)

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OUT: Hind-sight's 20/20

IN: Pursuant to our discussion yesterday regarding the above, please find below for your consideration a suggested revision to MAC/Credit Rating trigger definition to used in all future master trading agreements or confirmations in which Enron Corp's credit rating is part of a MAC/Credit Rating trigger. "Material Adverse Change" means (i) with respect to [Enron Trading Entity], Enron Corp. (or its successor or its successor's parent company) shall have long-term, senior, unsecured debt not supported by third party credit enhancement that is rated by S&P below "BBB-" [also insert Moody's as appropriate]; I understood yesterday that we may also need to consider changing the definition of Credit Support Provider in the ISDA's. I suspect that if "Credit Support Provider" is defined as Enron Corp. in the relevant Master, then the corresponding changes noted above would also need to be made. Your further thoughts regarding this issue are welcomed. Please provide me your comments to the above language by tomorrow so we can start implementing a revised definition in our agreement templates. Regards, Alan

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OUT: Draft of revised definition of Material Adverse Change/Credit Rating Trigger

IN: Jordan, Attached is the latest structure. This is still subject to change as AA has not yet approved. The deal basically involves creating a new entity to take ownership of 2 existing Electric Compressor Motor Drivers and associated contracts which ECT currently owns. The compressor motor drivers are supplied with electricity from the Navajo Tribal Utiltity Authority (NTUA). ECT sells horsepower created by the motor drivers to Transwestern in exchange for $$ and MMBtus. Lance Schuler will be working the finance portion of this project. This is a 2nd Quarter deal. Would you expect anything less? Please let me know who will be working on this from your group or call to discuss any questions. Thanks.

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OUT: Structure

IN: Regarding Aneela's request for execution of an "Electronic Order Execution Agreement", please send your usual message to Ted Murphy, Bill Bradford, etc. The agreement is drafted for execution by Enron Corp. Please identify the Enron trading signatory(ies). Thanks. Sara

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OUT:
JP Morgan Securities Inc.