IN: This message is only relevant for those going to UBS. When exporting your EMAIL messages listed in the instructions or via the Outlook Export utility, attachments WILL NOT BE SAVED! There will be a better solution to exporting your Email messages and all your attachments emailed later today. Thank you,

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OUT: >>>>READ! UBS EMAIL MIGRATION<<<<

IN: Pre Flight Fund Trader for 2/7/02 Wednesday 2/6/02 ********************************* Real Money Seasonal Trading Account (New! All weightings are approximate) 95% Money Market 5% HGMCY (Harmony Gold). Sold all Rydex Tempest Fund. We exited the Rydex Tempest Fund. We would advise you to do so as well. It's about time for a bounce and we shouldn't be greedy. Rydex trades these funds in the morning, so there should be little difficulty exiting. The Gold stocks are looking a bit toppy, so we may take a profit on strength tomorrow. Our managed tracking account is up 16.98% for the 18 months since June 30, 2000. This is a very conservative approach (~1/3 the risk of the market), using both long and short funds as well as the occasional favored sector/stock idea. All performance is net of fees, commissions, and interest. Your results may vary, and standard disclaimers may apply. We DO use discretion. For further information, call us now. Active Model Bot 33% Profunds Ultra Bear 10/2. Bot 33% Profunds Ultra Bear 10/3. Bot 33% Profunds Ultra Bear 11/15. The market is driving us nuts, but the trend has turned. We have committed, perhaps foolishly, to holding this one. Cover all positions if we print 1065. Hedged Model 50% Waterhouse Dow Fund (WDOWX) 25% Profunds Ultra Bear The MACD is negative, and the Weekly MACD is negative. The Seasonal Cycle is positive, but now less so. We are Bears. VIX Trader Flat. Sold 1/2 position in Profunds Ultra Bull from 1/16 a/o 1/31. ********************************** Last time, I said that a rally could materialize, but i didn't have absolutely compelling reason to expect it to occur or that it will be much to write home about, as yet. That was probably about the best one could call it. The market is not giving us much help, but it certainly seems to be lack lustre. The market can still rally, and a rally of some sort is due right about now, but so far, nothing is getting going. Oversold indicators are now starting to get up to levels that bring rallies. The same is true with shorter-term sentiment. The VIX is up at the top of it's Bollinger Bands, which usually brings some buying (the bands define the likely range of an indicator--right now the VIX shows pessimism at relatively high levels). The Rydex Ratios show a significant excess of Bearish fund buying as well. The problem is, nothing is showing any really fear. All I am seeing is a bit too much Bearish consensus among aggressive traders

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OUT: Pre-Flight Fund Trader 2/7/02

IN: I left you a voicemail yesterday about getting a master in place with Anadarko located here in Houston so they can trade Brent Crude and IPE lookalikes on EnronOnline under a master instead of a GTC. We have an ISDA in place with Anadarko, but since ECTRIC is the counterparty online for those products, the trades wouldn't go under the ENA master. The trader is pestering me about this. What I would like to do is handle getting this ISDA in place with ECTRIC here in Houston, if that's OK with you, just mirroring the US master (except getting a Multicurrency in place since we have a Local Currency in place with ENA). Is that OK with you?

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OUT: Anadarko

IN: Mr. Lay, Reuters just had an article that said upon closing of the Dynegy deal, you will receive $80,000,000 which buys you out of your employment contract. Is this true? If so, since you said in your speech that we are all feeling this pain together, will there be a distribution of the $80,000,000 back to the people who's lives have been crushed and will receive no additional compensation. It seems unjust that while the people who had nothing to do with the downfall get nothing, the people who were involved in the downfall continue to be well compensated. I, as a trader on the gas floor, am sitting here at my desk still making all attempts to make money for the company, wondering if I will be getting my next paycheck. Then I read that you are getting an additional $80,000,000. I, as well as my fellow employees, feel betrayed once again. What is the old saying about kicking the dead horse? The difference is that this horse is still barely breathing and your $80,000,000 just sucked out the final bit of life. The management level you have been at provides you the inside scoop on all these bad deals and the "pump and dump" that senior management has done to Enron stock over the last years. It is a disgrace the way you and your senior management have ruined so many peoples lives. How could you not know that the company would be taking a fall when you signed back on. Other CEO's coming back into companies under the same situation have accepted no compensation until the company gets back on its feet again. It seems that you knew what was going to happen, and were able to milk Enron out of another 80 million dollars. I have learned a valuable lesson about how business really works. As an employee, one should milk their company for everything they can get out of it no matter how many people are hurt. Enron has been a cutthroat stab you in the back organization for a long time. I always thought it was just my fellow employees doing every thing they could to get ahead. I never realized that this was the creed that senior management lived by. Senior management must have been in their offices rolling on the floor every time some employee spoke up about trying to make vision and values a success. You and your teams fine example has changed my life forever. Aside from the fact that my kids will no longer be going to college, you have changed my thinking for ever. I will never again believe anything my employers tell me. I will never again put my company as a top priority. It is a travesty what you have done to so many peoples lives. Tom Donohoe

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OUT:
Compensation distribution