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Summary Risk Data as of 21Dec2001 Previous Active Financial Deals 71 71 Active Physical Positions 40 40 P&L Daily ($thousands) 47.0 0.5 VaR ($thousands) 1,611.4* 1,533.8* ETS Margin Account Deals 0 0 *The VaR continues to be over the ETS VaR limit of $1,000,000. Company MTM by Counter Party Asset Liability Net 21Dec01 Previous Change NNG EL Paso Energy Marketing 17,814.4 (20,111.0) (2,296.6) (2,294.5) (2.1) NNG Reliant Energy Services 76.5 - 76.5 76.5 - NNG TransCanada Energy 22,482.7 (21,862.1) 620.6 620.3 0.3 NNG Grand Total 40,373.6 (41,973.1) (1,599.5) (1,597.7) (1.8) The terminated contracts with RMTC are now fixed receivables as of the early termination date of December 14, 2001 except for interest. NNG is owed $4.8mm and TW is owed $33.9mm. Amounts are past due. Definitions: Physical deals modeled in the Caminus Zainet system are deals which have some form of price risk, (i.e. Index to index deals, and anticipated fuel sales) This does not include standard transport and storage agreements or unhedged natural positions. P&L Daily: Daily change in the mark-to-market (MTM) valuation of all deals being tracked in the Caminus Zainet system. This includes the origination and changes in value for both the physical and financial sides of hedges, along with any speculative trades and floating unhedged physical positions. VaR is "Value at Risk": Enron Corp policy defines this as the maximum expected one day loss on the portfolio given a 95% statistical confidence interval. This number is currently calculated on the Caminus system using a variance covariance methodology, rather than a Monte Carlo simulation per the Enron Corp policy.

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OUT: Daily Summary of Risk Data 12/21

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Dear General Counsels: On Monday, May 21, 2001, our two summer associates, Chike Okpara and Reginald Sewell will begin their summer rotation program with Enron. As you know, both of these gentlemen have just completed their first year of law school at the University of Texas School of Law. Our summer program is for twelve-thirteen weeks beginning on May 21, 2001 and ending on August 17, 2001. Since school begins on August 20, 2001, I anticipate that each student may wish to end his rotation during the week of August 13, 2001, thus leaving time for a brief vacation to be taken before school starts. Mr. Okpara's rotations are: May 21, 2001 through June 15, 2001 Corp. Legal/ETS Legal Dept. June 18, 2001 through July 13, 2001 Enron Global Finance Legal Dept. July 16, 2001 through August 17, 2001 Enron Wholesale Services Legal Dept. Mr. Sewell's rotations are: May 21, 2001 through June 15, 2001 Enron Global Finance Legal Dept. June 18, 2001 through July 13, 2001 Enron Broadband Services Legal Dept. July 16, 2001 through August 17, 2001 Enron Energy Services Legal Dept. Mr. Okpara and Mr. Sewell will attend New Hire Orientation on Monday, May 21, 2001. I will be at New Hire Orientation to meet and greet them. I will also present the Enron Code of Ethics. New Hire Orientation ends at noon. Following New Hire Orientation, I will take Mr. Okpara and Mr. Sewell to lunch. I anticipate introducing them to their first respective rotations at 2:00 pm on Monday, May 21, 2001. I have sent their resumes to you under separate cover.

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OUT: Summer Associates from UT School of Law

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Barry, et al: FYI. Some initial info I got from our outside council regarding utility authority to engage in financial risk management tools. More info to follow as we get it. If you have quesitons, comments, or suggestions for additional research needed, just holler. Please forward to others who might need it. Best,

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OUT:
Utility authority to engage in derivative transactions