IN: This is an email
Anna: I know that you have been negotiating with Cheryl Nelson about the new ECI account. I am receiving urgent calls from ECI traders and hope you give me some answers since Cheryl is in a meeting. Can we execute the ECI agreement today? Have we agreed on the assignment? Does the assignment also provide for the transfer of the Master Securities Loan Agreement? Regarding the new ENE guaranty, Cheryl has told me that this was already requested. I'll check on the expedited delivery date. Please call me when you receive this email. Thanks very much for your attention to this matter.

What is the subject?

OUT: Enron Credit Inc. ("ECI")

IN: This is an email
Hello - I was searching your website for capabilities on emissions trading. I understand you conduct and enhance market information as well as establish custom solutions that enable environmental compliance. I was wondering if you an provide some information on your services, and what the current trends are for SOx and NOx emissions trading. How does Enron participate ? Most importantly, I was wondering if you have available data on cost savings for Enron itself as well as others in the industry. Thank you for your help - I look forward to your reponse. Sincerely,

What is the subject?

OUT: Emissions Trading Inquiry

IN: This is an email
Hi Mike, Sorry I missed you when you returned by call this am. I have some concerns about the voice mail you left re: assignment language. Enron can't stay on the hook for payment if the agreement is assigned, as this would bust the financing/accounting arrangement. What we have tried to do to meet your concerns is to see that ABB has a contract with a party which is as financially sound as Enron by adding the guaranty language. This addresses ABB's request that the party with the payment obligation have the "financial wherewithall" to make the payments. This is a big change from where we were in the last contract. I've had a request to get an approximate storage cost (monthly) for budgetary purposes. This is in connection with the buy back arrangement. Can you give me a guesstimate? Thanks,

What is the subject?

OUT:
Contract