Subject: "Code of Ethics -- What Exactly Did I Agree To?".

Body: How well do you know our Code of Ethics? "It is a condition of employment that each employee accept the responsibility of complying with the foregoing policies. The Company will require each employee of the Company to complete and submit a statement in a form designated by the Company pertaining to such employee's compliance with the policies set forth in this booklet. The Company reserves the right to request any employee to complete and submit such statement at any time or as frequently as the Company may deem advisable." (Enron Code of Ethics, July 2000, page 62) What does that mean? In layman's terms, everyone employed by Enron agrees to all the policies and standards listed in the current Code of Ethics (July 2000). Who does it apply to? The Code of Ethics applies to all employees, third party contractors, guests and licensees of Enron. Additionally, employees are responsible for their family members and/or personal household who use, own, or have access to Enron's communication services and equipment -- including telephones, fax machines, computers, computer modems, long distance telephone services, cell phones, voice mail, pagers, e-mail, mail and delivery services.

Subject: "enjoy...".

Body: In the beginning: Man discovered WEAPONS and invented HUNTING, Woman discovered HUNTING and invented FURS. Man discovered COLORS and invented PAINT, Woman discovered PAINT and invented MAKEUP. Man discovered the WORD and invented CONVERSATION, Woman discovered CONVERSATION and invented GOSSIP. Man discovered GAMBLING and invented CARDS, Woman discovered CARDS and invented WITCHERY. Man discovered AGRICULTURE and invented FOOD, Woman discovered FOOD and invented DIET. Man discovered FRIENDSHIP and invented LOVE, Woman discovered LOVE and invented MARRIAGE. Man discovered WOMEN and invented SEX, Woman discovered SEX and invented HEADACHES. Man discovered TRADING and invented MONEY, Woman discovered MONEY and that's when it all got screwed up!

Subject: "XENEL RECEPTION".

Body: January 8, 2002 Dr Kenneth L. Lay Chairman and Chief Executive Officer, Enron USA Dear Ken, RECEPTION on Thursday, 31st January, 2002 Once again, it's Davos time - as you know, this year World Economic Form is holding its annual meeting in New York between 31 January - 4 February 02. As it is a strange and unfamiliar ground for some of us, I thought it appropriate to invite you, on behalf of my brothers, Mohamed and Abdullah, and myself, for a small closed cocktail reception Xenel is holding on Thursday, 31st January at Waldorf Towers between 7.00 pm and 9.45 pm to meet with you to exchange views early on the session. This event will also give us the opportunity to meet, and interact with WEF Council members and its management, Saudi Arabian participants as well as some of our close friends. I very much hope that you will be able to join us for the reception. I look forward to hearing from and seeing you again. Wishing you a very happy and prosperous 2002. Warm personal regards,

Subject: "Assistant Trader Position Open".

Body:
We have two positions open for Trading Assistants with UBSW Energy. One will work for Jeff Richter and Chris Mallory on the Cash Trading desk and one will work for me and Mike Swerzbin on the Term Trading desk. In short, the Trading Assistant helps the traders run EOL markets, provides analytical support, prepares daily market summaries, reviews trade press for pertinent information, performs checkouts with brokers and counterparties, assists in pricing new deals. Please send an e-mail to Amy Fitzpatrick by noon on Tuesday expressing your interest. This position is open to both Enron and UBSW employees. Tim Belden