IN: Richard: In reviewing our ISDA forms we had the following questions for you with respect to the arbitration and process agent language: 1. Do any changes need to be made to our arbitration language? I have enclosed what we currently use. Also, should we keep in waiver of jury trial even if arbitration is chosen for situations where the award needs to be enforced in court? Is it necessary to have a statement that the award can be enforced in court? 2. We have assumed that there is no need to add our appointment of process agent language if our counterparty is either organized in the US or Canada or maintains a branch or office in the US or Canada. Is this a correct assumption? Enclosed is our process agent language. I look forward to hearing from you. As we discussed last week, we will arrange a time that you can talk generally to our group about arbitration issues and questions. Carol

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OUT: ISDA Forms

IN: We will be releasing new version of the Stack Manager and the EnronOnline website tonight . The following are the changes 1. Changes to Stack Manager: 1.1 Changes to toolbar icons: To facilitate further development of the system, it has been found necessary to change the toolbar icons at the top of the Stack Manager. The attached file shows the old icon and its new replacement. Next to each image below is the description of the function that is executed as well as the short cut key that is mapped to the same function: 1.2 New Functionality - Auto Suspend The Auto Suspend function allows traders to set an absolute price change from a price level at which you would like the system to automatically suspend a specific product. This function is useful if your products use automatic price resets. To activate this feature: 1. Select a product and click on Product Properties 2. Check the Enable box 3. Enter the Price Check and Suspend at +/- values 4. Click Update Example: a trader Enables Auto Suspend and selects a $35.00 Price Check and a suspension level of +/- $5.00: The system will suspend the product when the mid price is above $40.00 or below $30.00 You will need to enter a new Price Check or disable the Auto Suspend function to reactivate this Product if the Auto Suspend is triggered. Please note the system checks for any products that need to be suspended once a minute. 2. Changes to EnronOnline Website (These changes will be rolled out in phases over the next week and will be available to all customers only by Friday 5/4/01) The following enhancements have been made to the EnronOnline Website: 2.1 Today's Transactions Float Window: In order to float the window, right click on the Today's Transactions section, click on the Float Window option. Sort Ordering: Click on the column heading to change the sort order. Linked Transactions: You can display the linked Transactions in an expanded or collapsed view. To do so, right click in the Transaction display area and select full Expand or Full Collapse. 2.2 Submission Box The submission box has been modified in order to show a space between each set of "zeros" for the volume the customer wants to sell/buy. Savita

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OUT: VERY IMPORTANT ENRONONLINE STACK MANAGER CHANGES

IN: Jeff, Please accept my apologies for the slight delay in getting back to you on the message board regarding this week's API forecast. I'd like to take a minute of your time to highlight what we are doing to address all our concerns over our forecasts and how we are actively seeking to produce better results that we are all comfortable with and that provide useful insight and tradable information to our colleagues on the trading desks. As I am sure you know, forecasting the API's is not as scientific as other industry data such as the AGA's. The API is not consistently clear as to how it measures crude demand and this week's data is a clear example of this in that there is a discrepancy of 1.2 million b/d between crude runs and the demand figure shown by the API. Each week the basis of measuring crude demand changes slightly. To address this we are looking at finding ways of predicting what we call the API Curve Ball Factor through a variety of regressions / moving averages analysis. The second area we are in the process of perfecting is imports data. We are working closely with IT and Net Works to scrape real time shipping information in order to give us a better handle on crude coming in to the country. We are also recruiting a Quants PhD from Vince Kaminski's group who will be able to bring a slightly more scientific skill set to our team of business / economics skill sets. Please be assured that this issue is one we are giving the utmost priority to addressing. Having only recently taken on responsibility for the crude and products fundamentals team I have not had much opportunity to discuss issues with you. Please be assured that I am available at any time to discuss this, or any other, issue with you. Best regards,

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OUT: API Forecasts

IN: Dan, Attached are the drafts with the Collection Facilities language. Blank exhibits for the Security Agreement Form and Insurance requirements. Will forward as soon as I am able to obtain them. Let me know if you have any questions. Dan, Could you ask Denise if all the Lease Agreement are the same form. If not, I need to see all of them.

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OUT:
MTG Drafts