Subject: "Master Agreement (financial) between Enron North America Corp. ("ENA") and Vitol S.A. ("Vitol")".

Body: I am a derivatives lawyer with ENA in Houston and obtained your name through one of my traders who is transacting with Jay Carr in Houston (please see attached message below). When I spoke with Jay earlier this month, I asked him for the name of a lawyer but was advised that all Vitol lawyers were in New York and that he would pass my message along to a lawyer. I am assuming that you are the trading lawyer who can assist me with negotiating an ISDA Master Agreement between our respective companies. If not, please let me know and feel free to pass this message on to the appropriate attorney. On April 12, 1995, Enron Capital & Trade Resources Corp., predecessor in title to ENA, and Vitol S.A., Inc. entered into a Master Agreement which is one of ENA's early energy price swap agreements. Since our companies are currently trading weather derivatives, I think you would agree that it would be prudent to supersede the existing agreement with an ISDA Master Agreement. This relates to my conversation with Jay in that we confirmed our weather deals under the existing master but incorporated the 1991 and 1993 ISDA definitions into the confirms of our weather trades. Please let me hear from you. You can reach me via email, phone (713/853-5620) or fax (713/646-3490).

Subject: "Some comments on the brief".

Body: I forgot to email myself the brief to track changes, but here are my changes in writing: p. 1: Para starting "focusing on the latter," that sentence, change "get creative" to be innavotaive in its approach." p. 2: 1st full Paragraph, Second sentence, change "uniting" to "common" and there is a typo on line5, reduction n consumption. Should be "of" page 6: We need the RR for PG&E. Under Part VII, Rate Design, can we insert a sentence that our proposal, unlike the others, does not arbitrarily allocate costs to peak period. We told Scott we wuold insert the arbitrariness of other proposals several times in the brief. We also need ro insert discussion about relation of peak to offpeak prices, as a 3:2 ratio, which is not what other parties have proposed. page 8: 2. Derivation of Threshold Usage:, first sentence, delete "between" in first sentence. page 9: Second full paragraph, begining "Again, the UDS's, " Second sentence, sited should be "cited" p. 12: First full paragraph beginning "A primary component," Insert a sentence after the second sentence to mention, again, the arbitrariness of proposals allocatin costs between peak and offpeak. Second full parag, beginning, "Enron's proposal, can stick a sentence about arbitrariness in there too. And change "more necessary goal" in 4th sentence to "more critical goal" I don't have the email I sent out about what we agreed to insert with Scott, so if you have a chance, check it to make sure we did everything we agreed to. I am going to try to come into the office very early tomorrow and will check email again, but my son has an appointment with the neurologist here in Houston at 9:20 am tomorrow, and that is where I will be when you have the 9:30 call (we made this appointment months ago). But I will communicate with Harry and everyone else before then. Thanks.

Subject: "Double Transaction Calendar Spread Swap".

Body: Peter: Here is our first attempt at EnronOnline Long Description language for the double transaction calendar spread product. We had to guess at several aspects. Please let me know if we got close. Mark

Subject: "Thanks for the slides".

Body:
Dear Mr Skilling, Please forgive this interruption to your business day, but I thought it might be time I owned up before you found out from someone else. A. I saw you speak at the Tibco conference in Las Vegas and I was inspired. I've been at Enron for over 5 years, and I think it's fantastic that we using the 'strategy' word more and more. B. I stole your slides and re-used them for my own purposes. I hope you don't mind. C. I think I can see how to move forward with our technology team to build the kind of systems "structure" that goes some way to mimicking the capabilities inherent in your new business structure. I thought you might enjoy thumbing through "my" slides and notes. Regards,