Gentlemen I wanted to provide you an update on the status of the Refco private label platform deal. We have had several meetings since I first presented the idea to you all. Unfortunately, Refco's headquarters was in One World Financial Center which was severely damaged by debris from the World Trade Center collapse. They suffered no human losses from the disaster, but their offices are off limits and all their computers and paper files are inaccessible for the time being. They are up and running out of a Jersey City location with some back up capability. To briefly summarize the discussion so far, ENW would build a Refco branded platform similar to EOL that would be accessed by Refco's customers. Enron would provide transactable prices to the site with wider spreads and potentially smaller minimum volumes. Refco customers would transact on the site with Refco as their counterparty and Refco would sleeve the transactions to Enron allowing us to consolidate our credit risk to a singular credit, Refco. The products contemplated include various Nymex look-a-like products and other liquid swaps in oil, natural gas, and electricity. Revenue would come to Enron in the form of license fees for the platform, transaction fees, and origination from the additional volume create by the wider margin products. Revenue would come to Refco in the form of transaction fees. Refco has a similar arrangement in place for FX with Dresner bank and have announced a similar platform for bonds and securities with Cantor Fitzgerald/E-speed. All that being said, they are anxious to move the discussion forward and we have planned a visit for them to come to Houston in 2 weeks. Attending will be Gary Weiss, SVP Refco Group Ltd. LLC and President & CEO of Refco F/X Ltd LLC, and Joe Murphy, CEO Refco Futures Ltd. LLC. The purpose of this visit is for them to give us a presentation on the Refco Group of companies, discuss the products and estimations of revenue streams based on their current futures business, and discuss the possible structure of the deal. The meeting is scheduled to begin at 2:30pm Thursday Oct 4 and expected to last the balance of the day and possibly into the next morning. I will approach you all individually to get your feedback on how you would like to interact with them and when. I realize there are significant issues to be addressed. Refco currently has some 175,000 collateralized customer accounts ranging from Institutional Investors & locals down to individuals. We have put these into 2 buckets which have different profiles. Phase 1 would include the Top 2000 accounts which are largely substantial institutional investors, locals, and high net worth individuals. If this proves successful, phase 2 would be rolled out with products designed to attract activity from the smaller investors. The idea would be to automate the products as much as is practical. Mark Tayor in Legal has already spoken with their counsel and is comfortable that they have reviewed all the legal angles thoroughly. Refco advises that if the have accounts back up by collateral guaranteed by them, they become Eligible Contract Participants (ECPs) able to execute derivatives. So, they believe that the majority of the 175,000 accounts they have could be ECPs for the purposes of this deal. Credit is reviewing the Refco financials and we plan to discuss this thoroughly during their visit. Please do not hesitate to contact me at x36413 if you have any questions or comments and I will be getting in touch with you early next week to get your feedback. Regards
Answer: REFCO Project Update
Here is an email: One of the guys here recieved a call from a guy at EES looking for contacts at gas utilities in the Northwest. They are hoping to sell them some sort of deal where they provide the utility structured products and the utility pushes them through to the endusers... isn't that my Cascade deal? Let's discuss Monday, it sounds like something we need to nip in the bud.
What is a potential subject line for this email?
A: EES
Q: Ike, with the danger of being too presumptious, I thought I would follow up with an e-mail to suggest a procedure for trading settlement offers on Wednesday. Attached I have a suggested template for each party to use so that we can ensure that we are comparing "apples to apples". I would also suggest that each party provide sufficient back-up to justify their numbers. It may also be helpful for TVA and EPMI to use an independent party, such as Charles Bone, as the intermediary to facilitate the transfer of each parties settlement offer. I am in the office over the next several days. Lets discuss at your earliest convenience. Regards
Propose a subject line
A: Settlement Template
IN: After more years than I care to mention, I am leaving Enron tomorrow as part of the team that's going to AEP with the sale of Houston Pipe Line Company. I just wanted to say thanks to as many people as I could remember that helped make the time at Enron pass so quickly. It's been great working with you!! Best wishes

Generate a subject line.

OUT: Be seeing you !!
IN: This is an email
Rusty, Attached is a blank form for use in the E&I work. The Work Offer form for the other contracts should be attached as an Exhibit to the other contracts. If it is not, let me know.

What is the subject?

OUT: Master Agreement for E&I Work
COLUMBIA GAS TRANSMISSION CORPORATION NOTICE TO ALL INTERESTED PARTIES OCTOBER 25, 2001 Notice ID: 3214 5 - NO RESPONSE REQUIRED SUBJECT: CAPACITY ALLOCATION-TIMELY NOMINATION CYCLE FOR OCTOBER 26, 2001 PLEASE NOTE THAT ALL ALLOCATIONS ARE SUBJECT TO CHANGE BASED ON THE RECEIPT OF ANY NEW NOMINATIONS OR INTRADAY NOMINATIONS. RECEIPTS: ALLOCATIONS DUE TO LONG WALL MINING OF LINE SM-123: For the following MLI points: There is no capacity for IPP customers. There is no capacity for ITS customers. There is no capacity for secondary firm customers. There is no capacity for overruns. Equitable Hi Hat MLI F3 KYWV Beaver Creek MLI H1 CNR Boldman MLI CNR02 CNR Conoway MLI CNR03 CNR Johns Creek MLI CNR08 CNR Canada MLI CNR09, CNR10 CNR Stafford MLI CNR11 CNR Thacker/Majestic MLI CNR12 CNR Briar Mtn. MLI CNR13 CNR Huff Creek MLI CNR14 Excess MDWQ Available + ISS Withdrawals Available SIT Withdrawals Available Imbalance Drawdowns Available Excess MDIQ Not Available + ISS Injections Not Available SIT Injections Not Available Imbalance Paybacks Not Available PAL Lends/Unparks Available PAL Parks/Loan Paybacks Not Available + Call Gas Control 24 hours in advance at (304) 357-2606 to request approval. Columbia Gas Transmission has completed allocating all of its receipt and delivery points for the gas day of October 26, 2001. You may now view the quantities you are authorized to flow on October 26, 2001. On the Internet NAVIGATOR, view Nominations, Scheduled Quantity, Scheduled Quantity for Service Requestor-Summary, Nominations to be Viewed, and select Reduced Nominations. The quantities confirmed to flow for your account are available on the Internet NAVIGATOR after 5:30 p.m. Eastern Time on Thursday, October 26, 2001. If you have any questions, please contact your Account Representative.
Answer:
TCO- CAPACITY ALLOC-TIMELY NOMINATION CYCLE OCT. 26, 2001