Subject: "UBS Systems Integration".

Body: Hi Sally, I know it's very early to be contacting you, but I hope that you will remember KPMG when you get to UBS and need help with systems integration/data mapping type work. UBS was one of my clients when I lived in Switzerland and I was very involved with the implementation of a system called DACFA 2 which was used for global data pooling and consolidation. I have actually re-initiated contact with people I know in UBS Corporate Audit in Zurich and will be providing them with general information concerning wholesale energy trading. We would very much like to speak to you regarding your planned role in Netco and the direction you think the company will take. Again, I realize that's it very early, but I know that you will continue to operate at Enron speed and if we wait it will be too late to help..... Best regards,

Subject: "PG&E and SCE Defaults".

Body: Confidential - Attorney Work Product/Not Discoverable A. PGE I. Termination Rights Based on the Failure to Post Collateral It is possible that we could terminate the following contracts based on PGE's or one of its subsidiaries's failure to post collateral as required by the underlying contracts": 1. PG&E/ENA - Financial ISDA - Enron exposure $23 million 2. PGET Power/EPMI - Physical power - Enron exposure $215 million 3. PGE Canada/Enron Canada - Physical gas - Enron exposure $15 million 4.PGE Canada/ENA - Physical gas - Enron exposure $1 million II. Termination Rights Based on PG&E's Failure to Pay Indebtedness It is possible that we could terminate the following contracts based on PG&E's or one of its subsidiaries's default on indebtedness in excess of a threshold (either $100 million or $50 million): 1. PG&E/ENA - Financial ISDA - Enron Exposure $23 million 2. PG&E/EPMI Physical Power -Enron exposure ($90 million)

Subject: "You Did a Good Job".

Body: Dear Mr. Lay: In this trying time of second-guesses and angry shareholders, I wanted to let you know that I have appreciated working for you and share a quick story of how you shaped my view of Enron and the corporate world in general. My second rotation as an associate was to write speeches for the Office of the Chairman. Generally, I was creating presentations for Jeff Skilling, but I did create a couple for you as well. The one I remember best was for the speech at Astro Hall for the Houston Energy Conference where we announced Enron Online. Not only did you let me lead the internal roundtable (I remember sitting at the table, trying to keep my composure as Greg Whalley, Dan Leff, Louise Kitchen and others asked specifics about the slides I created), but you also (generally) agreed with my answers and thanked me for a job well done. That night, I shared a bottle of champagne with my wife and truly believed I could do anything!! So, as far as I am concerned, you have done a tremendous job. Everything happening now is unfortunate. It happened on your watch and thus is partly your responsibility. But you have stepped up to the plate, most likely saved more jobs than lost, and been accountable in more ways than one. Being a leader in good times and in bad, and more importantly affecting the lives of your employees on a personal basis, are truly attributes that I hope to continue in my lifetime. I just wanted you to know that you have truly made a difference in one man's career. And I feel all the better for it. My prayers go to you and your family. Best regards,

Subject: "January Info.".

Body:
Matt- Hey there! Have you recovered from the Big Bash yet?? Heard you put on a kickass party...I heard ALL the details..:) Anyway, as it is now close to January, Max wants me to send an email to you to pass on to all the ushers (Peder, Ryan, Scott & Merlin) since you have their email addresses. Florida in January is pretty busy, so you definately want to book your hotel reservations NOW...you don't need a deposit yet, I don't think, you just need to hold a room. Here is the info. on the hotel where everyone is staying (where we got group rates), also this is where the Rehearsal Dinner & the Sunday brunch are...the wedding is down the street, so you guys may just want one rental car for all of you. I think Thursday afternoon is when you will all go to the Tux place in North Miami to try on your tuxes & make sure that the measurments are right when they still have enough time to make any adjustments. Friday, during the day, Max will have something planned for you guys... Please start getting your measurements now & we will send you another email when we find the place for you to call in your measurements in Miami. Call with any questions (303) 832-8160....The hotties in Miami are waiting for you...