Subject: "NNG/Dynegy Due Diligence".

Body: Re the due diligence request: Historical management financials w comparisons to budget..." = Not Available We have financial comparisions (income) to the most recent current estimate at that time, but not the original budget. Also, NNG management reports are NOT legal entity, but are "NNG Group", which is inclusive of ENE's investment in Trailblazer and Overthrust. Our only true legal entity financials are historical comparatives and only prepared quarterly and annually for noteholders, and annually for the FERC (Form2). Comments?? ?

Subject: "CALP".

Body: Hi team. FYI - I just received the CALP invoice for Feb today in my inbox. I mailed it to Mark just so he could have a non-faxed copy for his files.

Subject: "Auction Employment Agreements with Condition Precedents".

Body: The following e-mail is to confirm my understanding of the following verbal assurances provided to me as part of the intent and conditions for signing a contingent employment agreement/retention package related to the sale of the Enron gas and power trading business ("Enron trading business") to a new entity. If a new entity purchases the Enron trading business and the contingent employment agreement executed on January 5, 2002 becomes a valid and binding agreement, Enron's management will not initiate a lawsuit to recover the 2001 performance bonus payments. Enron and/or purchaser of the Enron trading business will seek approval from the bankruptcy judge of the 2001 performance bonus payments to eliminate any future uncertainty with respect to the validity of those payments. To the extent the total retention $'s available for the Enron trading business employees is increased above current levels (from the leading bidder as of January 5, 2002), the intent of Enron's senior management is to make an upward adjustment to the individual employees who have committed to the new entity such that the employee maintains a substantially similar percentage of the total "pool" of retention $'s.

Subject: "Confirm for Power Swap".

Body:
Joe: Attached in draft form is a transaction that Chris Foster may do with Arco today. His number in Portland is 834-3822. I'm not certain about credit and "ECT" will have to change to "ENA". Let's keep in touch. Thanks. Sara