Subject: ""trading" activity in Argentina and Brazil".

Body: I just wanted to touch base with you about efforts to keep good lines of communication between B.A. and Houston about trading activity in Argentina and Brazil (both financial and physical). I participate in Randy's weekly conference calls and Brent tells me that you have now undertaken that role in B.A. As you know, sometimes proposals and deals "slip through the cracks" and Houston is taken by surprise. We want to remain current and proactive. Please feel free to leave me an email or voice mail when you learn of any relevant activitiy. I , in turn, communicate directly with credit in Houston (Pat Cini or Rod Nelson) and tax in Houston (Lynn Aven or Rick Hopkinson or Michael Herman). If you ever feel the need for a conference call, I'm always available and I'm sure credit and tax would be glad to join. Also, I hold a weekly Friday conference call with Brent and Lynn to discuss current trading issues in Argentina and Brazil. Thanks. Sara

Subject: "Enron Advisory Council".

Body: The agenda I'm trying to put together for the next meeting will include the customary presentations from Davies/Lindsay and Kristol as well as the energy policy discussion we are looking for from you and Bob. We will also be updating the council on Enron Networks - - a business unit formed to extend Enron's business model to other industries (especially commodities or "commoditzable" goods). Most recently we have extended into metals, expanded our presence in paper, and begun an examination of agricultural commodities. I'd like your help in identifying a guest participant who may help us think through some of the issues from either (or both) of two perspectives: business strategy: what markets are candidates for commoditization. (I have asked Gary Hamel to consider this topic as well). public policy: as more businesses adopt online business models (like exchanges), as more goods are bought and sold like commodities, and as more transactions move off the traditional regulated exchanges, how are policy makers (SEC, FTC, CFTC and their overseas counterparts) likely to react?

Subject: "Institute for Advanced Study in Musical Theatre".

Body: Dear Ken: Leo Linbeck III told me of your thoughtful phone call regarding The Institute for Advanced Study in Musical Theatre. I understand your priorities and look forward to our ongoing relationship. Towards that end please allow me to reiterate my invitation for you to join the Board of Trustees. We would be proud to share our camaraderie and you can look forward to discussing freedom and collaboration*, without commercial interruption. Warmest personal regards, Stuart *Attached - ken lay

Subject: "Online Trading".

Body:
Several things are not very clear to me and I need to run them by you. 1. From your email it appears to me that there would be no legal reason prohibiting your Australian based counterparties from trading all of the products we offer, however, except for financial Australian power, the contracting Enron entity will have to be the party referenced on the particular product. It appears that the only product Credit has currently opened the Australian based counterparties to trade anyway is Australian financial power. 2. Will you be approving the Australian based counterparties for trading? Dave Forster appears to want me to approve Australian based counterparties too, which doesn't make sense to me and Mark Taylor. What are your thoughts on this? I guess EnronOnline just does not want a third Legal contract they are going to have to deal with on an ongoing basis. FYI, I currently do not approve the London based counterparties. 3. The Australian company number. Does that have to go on every confirmation done with an Australian counterparty? If it does we will need to make sure that it gets put on every confirmation. It is my understanding that the confirmations for online trading will be generated from Houston so we will have to provide every company number to the Houston Confirmation Desk. FYI, tomorrow at the end of the day is my drop dead time to get all the counterparies approved, because the information will have to be loaded in by London when they arrive for work Friday morning.