IN: To: All Enron Employees Transferring to UBS Warburg Energy (or its affiliates) Under the terms of the various agreements among certain Enron entities and UBS AG, certain Enron data and documents may be provided to UBS. To ensure compliance with those agreements, Enron's document retention policy, as well as directives of various investigative agencies, the attached protocol regarding the process for migration of any information or data to UBS has been developed. Please review the protocol carefully. Then, complete the attached Certification and return it, with attachments, to Linda Guinn at EB 3829a no later than February 11, 2002. Questions about this matter may be directed to Michelle Cash at (713) 853-6401 or Francisco Pinto-Leite at (713) 345-7942 . Protocol Document and Data Copy Instructions Certification Document Thank you for your assistance in making the transition to UBS a success.

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OUT: Data Migration Protocol

IN: Robin: We use two firms for U.S. derivatives advice - both in New York and both highly recommended: David Mitchell of Cadwalader, Wickersham & Taft (212)504-6285 Ken Raisler of Sullivan & Cromwell (212)558-4675 David we use for contract issues - what should our forms look like under various conditions, etc. and Ken, who is a former General Counsel of the CFTC, we use for policy questions, political (lobbying) and e-commerce issues. Please feel free to use my name when contacting either of them. If neither of these is exactly what you are looking for, let me know and I can put you in touch with others. Mark

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OUT: Derivatives Counsel

IN: Already in TW's Tariff 1. Dollar valuing. Need to terminate volumetric OBA's where possible to minimize TW's financial exposure. Proposed in TW's 637 Filing - Keep 1. Mandatory cash-out each month (after netting and option to trade). 2. Definition of 6 indices (vs. 3 in current tariff). 3. Parties may mutually agree to cash out PNR. Could probably do today without this language. 4. Clarification that PNR may be used by Operators. 5. May use PNR for "auto-balancing". Proposed in TW's 637 Filing - Could "Trade" 1. Daily balancing. Including daily tolerance, daily auto-transfer to PNR & daily pricing. 2. Smaller tolerance range. Proposed change from +/- 10% to +/- 5%.

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OUT: Notes from 637 Imbal Mtg 9/18/01

IN: <<MF April 20th 2001.pdf>> Good Friday Afternoon - Comments From The Local Guys! One of the reasons that we, the Local Guys are pretty exited about the recent rate cut by the Federal Reserves is that we think it will make a real difference. Over the last few months, there has been considerable talk that while capital spending (especially information technology spending) has been budgeted by corporations for 2001, it has, to a large extent, been 'frozen' as the economic uncertainty had taken a grip of corporate comptrollers. We believe that this latest rate cut (and possible future cuts), could well spur greater corporate confidence (as well as spur greater liquidity from the capital markets) and thus free up already allocated budgets for corporate spending. The 30-year US T-Bond yield is 5.81%. The 10-year yield is 5.30%. The 5-year is trading at 4.81%. Spot crude oil is trading at $28.03 p/b. Natural Gas - Henry Hub - is trading at $5.06 p/mcf. AD Time: The Local Guys! - Who We Are. - The partnership of Jordan Larimore and David Morris manages investments for individual and corporate clients. - We help investors achieve their personal and professional portfolio goals. - We manage individual portfolios.. - We use Outside Money Managers. - We utilize the top Mutual Fund Families. - We help with portfolio re-diversification - taking investors out of highly concentrated equity situations and rediversifying those dollars. - We also work on Corporate Stock Option Plans and 144 Restricted Stock issues. - We welcome hearing from you! Call us toll-free at 1-800-227-4537. Lehman's Research.

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OUT:
The Morning Market Call - Friday April 20th, 2001.