Subject: "Valuation Overview".

Body: MWHRs = 4 Years and 1 quarter Flat so that equals approximately 37,250 Hours The difference between 102 (the new amount) and 94.5 (the old average flat amount) = 7.5 MW * 37,250 HRs = 279,375 MWhrs I was under the impression that a 100 MW flat amount would equal $3 million value (a $16 difference between market and $21.50). This would indicate the 102 equals a $4,100,000 valuation. As to the discount in value due to the flexibility and delivery point I am looking to you for leadership. If my assumptions are wrong then let me know. Stewart

Subject: "Office Build-out".

Body: Suzanne: FYI. Can you and the clerks handle packing up my office? I may be able to help but I don't want to make any commitment that I can make it up there. Hopefully, it won't take that long and the only files that need to be marked or perhaps put in the legal assistant area are the files near my window. If the move-out timing slips and happens while you are on vacation, I would prefer that it be handled before hand so that the floater doesn't have to worry about it. Let me know what you think. Sorry to impose but I tried to do as much as I could before I left.

Subject: "Monthly Updates".

Body: Jeff - I will be briefing Jim Steffes with the monthly, EES/ENA update tomorrow afternoon. I have attached the Sept. 5th report from the WSCC group below. Would you please assist me by either adding new projects to the list, or by letting me know if there are any updates that he should be aware of. Thanks so much for your help. Thanks,

Subject: "Associate / Analyst Program".

Body:
I want to provide you with clarification and some additional information in light of yesterday's announcements regarding Enron's filing for Chapter 11 bankruptcy protection. In Friday's email, we advised you that the business units will communicate any news regarding elimination of your position, that this information will have been coordinated with the Program in advance, and that it will be definitive. To be clear, this means that any news regarding whether you will be retained or terminated will be delivered by the business units (not the Program), and it will be final. Later this morning the business units will begin floor meetings, and will communicate further information and instructions to you. As a result of these recent events, all activities and responsibilities of the Associate / Analyst Program are being transitioned to Human Resources. Over the next few weeks, the Program's current HR Generalist Terry Bosien will work with the business units to make this transition as smooth as possible under the circumstances. Through Friday December 14, please make Terry your primary point of contact for any questions or issues you might have. Finally, I must say that I'm very proud to have led this Program over the past several months. I want to thank each member of my team for their hard work and dedication to the many things we've achieved. I am grateful for the contributions all of you have made to Enron, and I wish you the very best of luck. With best regards,