Here is an email: Steve - Question has come my way regarding bus - mass transit subsidy for '02. Employees want to be sure they will not need to set aside pre-tax $, via open enrollment now in place, to cover anything less than 100% bus subsidy. Currently (and throughout '01) Enron subsidizes bus passes to employees @ 100% of cost. This will be a $2.5 mill. expense in '02. During budget cycle several months ago it was discussed that Enron could cut this expense in half if subsidy was capped at $50/mo. - same as Parking subsidy. My records show this was not accepted and we plan to continue with 100% subsidy next year. Just checking if you. Given temper of average employee today, I assume this is still the right decision. - Bill
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A: Bus Subsidy - '02
Q: FYI - New counterparty setup in Global for EOL purposes. Profile Manager was updated today.. Please call me at 5-4435 if you have any questions. Counterparty: Encore Energy Solutions, L.P. CP ID Number: 88408 Contract Number: 96093729 Comments: New Counterparty established for EOL trading. Updated EOL Profile Manager on 11/21/01 Thanks,
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A: NEW COUNTERPARTY FOR EOL - ENCORE ENERGY SOLUTIONS, L.P.
IN: Jim: Pursuant to our recent conversation, I have attached below a DRAFT of ENA's standard (1) municipal ISDA Schedule and (2) Paragraph 13 to the ISDA Credit Support Annex. These two documents are intended to supplement the boilerplate for the ISDA Master Agreement and the ISDA Credit Support Annex. The forms are generic, that is, they have not been tailored for use by a specific municipal counterparty; they would necessarily be the subject of specific negotiations. Energy New England's agency relationship with the various municipalities appears to cover physical trading. Notwithstanding the agency agreement, the financial trading world requires much more specificity, including but not limited to, evidence of authority to execute a master financial agreement and transactions thereunder. Additional information, including a legal opinion, is also required. I assume from our prior conversation that you already have in your possession copies of the ISDA boilerplate. Please advise otherwise. You should feel free to contact Ed Sacks with questions regarding collateral support documentation. As I mentioned, the attached Paragraph 13 has not been customized. Please feel free to call if you have any questions. Sara

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OUT: ISDA Master Agreement prepared by Enron North America Corp. ("ENA")
IN: This is an email
Brad, further to our conversation of yesterday morning, please find attached Enron's payout table and alternative payout table regarding the permanent assignment of PGT capacity. The onus will be on Enron to deliver long dated capacity to Calpine and we will begin working on this immediately. Below is a summary of some of the key next steps. Please review and we can discuss on Monday the numbers and final steps as required. ENA and Calpine will formalise % discount, volume grid, lump sum $ amount or annuity amount. As discussed our cost of funds implied will be LIBOR + 200 basis points. ( to be confirmed ). ENA will raise a precedent agreement with option language in favor of Calpine which allows you to request that the period 2 volume be no less than the period 1 volume and up to the total delivered volume of 67,500 based on the agreed to % discount as referenced in point #1. ENA will forward the draft precedent agreement which will include the necessary conditions precedent required and with the general commercial terms as agreed per items above (ETA - Tues/Wed). ENA will provide a bid to Calpine on Monday afternoon with a number on the Spark Spread proposal. Contact name @ Trans Canada and ANG is Kay Coad Ph: 403-267-2480. I trust the information as provided above is consistent with our previous discussions. Please contact me once you have had a chance to review. Regards,

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OUT: Enron - PGT Payout Table
QUESTION: Enclosed is a Master Firm worksheet for J. Aron. This agreement is between ECC and J. Aron. There appears to be no physical gas traded with ENA. Give me a call with any questions. Thanks,
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ANS: J. Aron Master Firm
IN: Enron Federal Credit Union Stands Ready to Assist You Enron Federal Credit Union would like you to know that we stand ready to assist our members affected by the recent events. We are committed to those who may need special assistance during this difficult time. The State of Enron Federal Credit Union We are dedicated to providing our members with all the services they would normally expect to receive. Business will continue to be conducted as it always has. We will continue to provide loans. In the event you have an EFCU loan or credit card, we will negotiate a workable agreement for its repayment if necessary. These arrangements will be made on an individual basis. ATM withdrawals and Debit Card transactions will carry the same daily limits. EFCU will be conducting "business as usual." EFCU is a not-for-profit financial institution (a cooperative) owned and operated by you, the member. And, although we are here exclusively to provide financial services to the employees of Enron Corp. and their family members, we remain financially independent from Enron Corp. And, your accounts at the Credit Union are insured to $100,000.00 by the National Credit Union Share Insurance Fund (NCUSIF), supervised by the National Credit Union Administration (NCUA), an agency of the U.S. Government. How To Access The Credit Union You may continue to access your funds in the Credit Union at EB 399, through our electronic services, or at any of our Texas Credit Union Service Center branches:

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OUT:
Enron Federal Credit Union Stands Ready to Assist You