Subject: "Mr. Lay's Meetings in California".

Body: Greetings Rosie: As you confirm meetings with Mr. Lay next week, could you drop a line to Maureen, Janel and me? Thanks very much. Best,

Subject: "Grupo Calidra, S.A. de C.V.".

Body: Attached for your approval is the form of Enron Corp. Guaranty in favor of the referenced Counterparty, which guarantees the obligations of ENA under a financial confirmation. We will need the standard executed copy. The confirmation requires that we deliver the Guaranty within 5 days. Upon approval and execution, please call me at x33399 to pick up the documents. Thank you for your assistance in this matter.

Subject: "Various "Morgan Stanley" master agreements".

Body: As a result of Jeff Nogid's request, here is a recap of the Morgan Stanley situation: (1) Morgan Stanley Capital Group Inc. This is the entity for commodity trading. (i) ECT has a Master Energy Price Swap Agreement dated 6/16/92 (ii) ECTRIC has an ISDA dated 3/2/99, but eff. 8/27/97 (2) Morgan Stanley Capital Services Inc. Jeff Nogid requesting new master for fixed income transactions (3) Morgan Stanley International Limited This is the entity for equity trading. Will Nogid or Kinneman ever need this one? Each of these companies has a different lawyer to negotiate the agreement. Each Morgan Stanley entity might require a separate guaranty. Anne Clark in legal (Cap Services) will let me know. I will put (2) in place. Do you want to pursue upgrading (1)(i) or addressing (3)? Please let me know. Thanks. Sara

Subject: "Data Integrity".

Body:
Andrea, I am supposed to follow up and work on our action plan for data integrity. However, I know that you are going to meet with David/Robert on the whole concept and that you proposed a work around for the near term after our sessions. It appears as if our action plans will depend on the results of that meeting. I will be out of the office on Wed-Friday on business. It looks like our action plan revisions are due on Friday (but, if necessary, I'll ask for an extension because of my travel). In the meantime, you can meet with David/Robert and begin to look at revamping our prior efforts. Alternatively, you can reconvene the group and work on revising action plans without me. (I am not sure how helpful I am in any event). What do you think? Michelle PS, do we need to include Don in our group?