Subject: "Confidentiality Regarding Acquisitions".

Body: I'm sure that many of you are aware that there has been a great deal of activity lately related to Enron's evaluation of possible acquisitions. John Goodpasture's group has kept a large number of ET&S people engaged in looking at a number of potential deals. While these deal evaluation projects have become routine around here, we all must remember that these projects are extremely confidential. Even after a potential seller has announced that it is up for sale, the fact that Enron is looking at a potential deal, as well as any of our internal analysis of the deal, remains strictly confidential. I realize that many of you have ongoing business relationships with employees of some of the companies that we have evaluated or may evaluate in the future. If you find yourself in such a situation, and a business contact at the target company asks whether Enron is evaluating the contact's company or assets, the only appropriate response is that Enron personnel are not permitted to discuss potential acquisitions. Please be aware that the confidentiality agreements that we typically sign as part of the acquisition evaluation process preclude any communication by Enron people with employees of the target company. If you have any questions or concerns regarding this requirement, please do not hesitate to give me a call. Thank you for your assistance. DF

Subject: "New Company - Online Trader Access (Stack Manager & Website)".

Body: Please populate the attached worksheets for Stack Manager & Website Access. I have added the Gas product types and a drop down for each user/product type to populate with READ, EXECUTE or NONE. For READ ONLY Website ID's, additional population is NOT necessary. Please add or remove names as necessary and return to me once complete. Let me know if you have any questions. Thank you,

Subject: "Missing Docs".

Body: The Finance Group is trying to locate some really old "Master Agreements" done in 1995. We looked around and we didn't have any masters in place for the counterparties, but I was thinking maybe they really weren't "Master Agreements" but our old style confirmations. The two counterparties were State Street Bank, as Trustee for Cash I, and Citibank as Agent, for Cash I. The Agreements were listed in the closing documents as "Interest Rate Agreement" and "Commodity Swap Agreement". Can you look around and see if you have some really old active trades out there for either of those counterparties...? So not to confuse you, about 2 or so years ago, we did some deals for State Street for the Cash VI Project. The master for Cash VI is actually is listed in the Financial Trading Database. Thanks for your help!

Subject: "e-Trans Contract Administration".

Body:
Contract 04603 was suspended at 11/30/2001 08:35:46 PG&E National Energy Group and any other company referenced herein that uses the PG&E name or logo are not the same company as Pacific Gas and Electric Company, the regulated California utility. Neither PG&E National Energy Group nor these other referenced companies are regulated by the California Public Utilities Commission. Customers of Pacific Gas and Electric Company do not have to buy products from these companies in order to continue to receive quality regulated services from the utility.