Subject: "Revised: TW OBA Filing Info.".

Body: Revised spreadsheet due to number of days being used in the time frame. It should be for 13 months instead of 12 months for all calculations. See footnote at the bottom of Summary Page of the revised Spreadsheet. Thank you Glen for catching this. Terry Kowalke

Subject: "Enron Corp. ISDA Master Agreements".

Body: All: Before Rod became a Brit, we were working with Enron Corp. treasury to put in place some masters in the name of ENA for the following parties: Bear, Stearns Internaitonal Limited Credit Agricole Indosuez CSFB International Lehman Brother Finance S.A. Morgan Stanley Capital Services Inc. Deutsche Bank These masters will be used to for equity deals on ENE stock. The Treasury group has concluded together with Rex Rogers and V&E, that Enron Corp. is the appropriate swap counterparty for these masters and NOT ENA. Who in credit will be available to assist me in this process? Thanks. Sara

Subject: "J. Aron Guaranty Questions".

Body: 1. Whenever we supersede and replace one Enron guaranty with another, we are supposed to have the "supersede and replace" language in the new guaranty. Is there some reason why it's not in there, and if we can't get it in at this late date, how are we going to make sure we don't have two live Enron guarantees out with the counterparty? 2. Is there some reason one the state of Oregon is bolded in the guaranty?

Subject: "2001 ISDA Master Agreement Protocol".

Body:
This email is to update you on the status of the 2001 ISDA Master Agreement Protocol (the "Protocol"). As part of the Protocol, there were four annexes that addressed the disappearance of the 12 national currency units on January 1, 2002 and the introduction of the euro. These four annexes have been separated from the Protocol and published on our website on September 24 as the 2001 Euro Protocol. The adherence period for the 2001 Euro Protocol is September 24 to November 30, 2001. It was important to move forward with the 2001 Euro Protocol, given the specific nature of the timing of the introduction of the euro. With respect to Annexes 1 through 8, we propose drafting a new ISDA Master Agreement rather than moving forward with a Protocol. The continuing debate on the details of Annexes 1 to 8, the relevance of the Protocol for these provisions and the interest in moving forward with a new ISDA Master Agreement are some of the reasons for this recommendation. An extraordinary amount of effort has gone into preparing the Protocol and will provide a strong basis for proceeding with a new ISDA Master Agreement. Please let me know what your thoughts are on this suggested approach. With respect to Annex 9, the Force Majeure Annex, we propose posting a Form of Amendment and the Force Majeure provisions (as well as the Commentary) on our website. This would allow firms to incorporate such language into their Master Agreements on the basis of bilateral negotiation. Any views you may have in light of the events of September 11 would be welcome. Lastly, with respect to Annex 10, the Tax Protocol, our Tax Committee will be contacted on Tuesday to determine how to proceed with respect to those issues. Any views on this issue would also be welcome.