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Subject: Asset Marketing Body: We are pleased to announce the creation of a new group - Asset Marketing - within Enron Americas. The Asset Marketing group will have responsibility for the asset divestment function within Enron Americas and work with Generation Investments on selected portfolio acquisitions as well as managing power origination funding requirements with Treasury. Don Miller will head the Asset Marketing group and will report directly to the Office of the Chair, Enron Americas. Joining Don's group will be Stuart Zisman. Stuart was formerly in ENA Legal, having most recently worked on the sale of ENA's peaker plants with Don. Please join us in congratulating Don and Stuart in their new roles.

Subject: Graduate General Information Body: Dear AMU Student: Thank you for applying to AMU and congratulations on your provisional acceptance into the Master of Arts program! Please read this entire mail as it contains important information and instructions you need to know in order to register and pay for classes. We have identified 10 Easy Steps you need to take for success. Each are outlined below: Step 1: Find Your Student ID and Password By now you should have received an e-mail providing you with your Student ID and Password. Your Student ID and password are the keys to access the Electronic Classroom and you will need them in order to register for classes. If you have not yet received these, please immediately send an e-mail to hstine@amunet.edu or call (703) 330 - 5398 ext 117. Step 2: Login to the Electronic Classroom and Complete Student Orientation Clicking on the Electronic Campus button found on the AMU toolbar will take you to our campus login page. After entering your Student ID and password you will encounter the Electronic Campus homepage. This page provide is your gateway to the Online Classroom, Student Orientation, and My Academic Progress features. As a new student the first thing you will want to do is complete Student Orientation. This module has been designed especially for you and will explain many of the features of the AMU campus and our processes. The Orientation uses Flash technology in the beginning, if your computer has an older web browser, you can either download the Flash plug in or just click on the "Skip Intro" button to participate in the rest of the orientation (don't worry you will not miss any important information and the orientation is not that long). Step 3: Know Your First Course Graduate students generally take RC500, RC 501 RC502, RC503 or RC504 as their first course. RC500 is the required course for students majoring in Civil War Studies, Land Warfare, Naval Warfare, Air Warfare, or Unconventional Warfare. RC502 will be the required research course for all Intelligence majors enrolling for Spring 01 and every semester thereafter. RC503 is the required course for National Security Studies. RC501 is required for all other majors. RC504 is the required course for Criminal Justice. Step 4: Know Your Semester Options and Register for Classes To register for classes, click on the Electronic Campus button on the toolbar and logon with your Student ID and password. Once in the Electronic Campus, click on the Register for Classes button. Once inside the registration area, you will find several registrations options. Click on the option most suitable to you and your goals (hint: most student register for 15 week courses). Semester Options AMU offers four sections of classes: A, B, C, D A& C are 15-week semesters; B &D are 8-week semesters* *Students completing the 8-week section will cover the same material contained in the 15-week section but in half the time. Dates for sections A & B Registration dates for A & B are March 5, 2001 through May 6, 2001. Section A starts May 7, 2001 and runs through August 17, 2001. Section B starts May 7, 2001 and runs through June 29, 2001. The only classes being offered for section B are: GM 307 Leadership and Motivation GM 311 Public Management IS 322 Ethic Conflict MK305 Strategic Internet Marketing MH 326 The War of 1812 MH 379 North Atlantic Treaty Organization Dates for sections C & D Registration for dates for C & D will begin on May 7, 2001. Term dates are the following: Section C (15 weeks) - July 2 - October 12; and Section D (8 weeks) - July 2 - August 24, 2001. Step 5: Get Tuition Assistance You will need to go to your Education Center or Human Resource Office to get completed TA paperwork (Please register for course(s) before visiting). In order for your TA paperwork to be completed by your ESO or HR professional and accepted by AMU, the following information must be correct: * Course Number and Title * Start and End dates * The amount per credit hour ($250 per semester hour). Please know that Tuition Assistance Regulations require that we not provide access to the Student Course Guide until the AMU Financial Aid Office has received your completed TA paperwork. TA paperwork may be faxed to 703-330-5109 and is required before the start date of the semester. Step 6: Order Your Books

Subject: Membership rewards announcement - Pls distribute 1/18/02 Body: AMERICAN EXPRESS MEMBERSHIP REWARDS ANNOUNCEMENT All Membership Rewards accounts were cancelled when American Express cancelled the Enron/American Express Corporate Cards. To redeem Membership Rewards Points earned, the Corporate Card Account must be paid to a zero balance. Upon paying the account to a zero balance you have two options to redeem the points: 1) Establish a Personal Card account with American Express and have the points that were accrued on the Corporate Card transferred to the Personal Card. To apply for a Personal Card over the phone you can call 1-800-The-Card (843-2273). Cardmembers must transfer Membership Rewards points to the new card by March 1, 2002. 2) If you do not have a Personal Card and do not want to establish a Personal Card, you should call the American Express Membership Rewards Redemption Line at 1-800-297-3276 and ask to speak with the Executive Consumer Relations Desk. You should identify yourself as an Enron employee and request that your Membership Rewards be reinstated. Reinstated points must be redeemed before March 1, 2002. For information on all travel services, please contact Tracy Ramsey at (713) 853-6457.

Subject: Enron Center South (ECS) Move Back-up Plan Body: A backup seat and a backup computer have been assigned to you. Please read this communication in detail. Purpose: Net Works has developed a backup plan for possible work stoppages after moving to the new building. A wider business continuity plan will be rolled out next year. Location: Large areas of the 30th and 31st floors of the current building, Enron Center North, will be set aside for recovery purposes. Your name has been put on the list and you will be notified once the seat assignments are finalized. Locations will also be posted at the entryways on the 30th and 31st floors. Timing. Through November, backup seats assignments will be announced as each trading group moves to the new building. The backup seats will be available at least to January 1st. Testing. Test times to try the backup PC and to familiarize yourself with your backup location will be announced by the IT team as the locations are finished. Telephones. Only regular phones will be available. For those with speed dial phones, the IT team will download the numbers and leave them on a piece of paper at your seat assignment. Because the numbers change frequently, we ask that you rely on keeping track of the numbers yourself and use the number lists as a last resort. Other supplies. The IT team is not responsible for non-technical or special needs. If you rely on hard copy forms, address books, etc, you will need to be sure to leave appropriate supplies when you test the computer, or bring supplies along if you are asked to move to your backup seat. Limited Access. The backup floor is not meant as a backup day-to-day work environment. To keep the equipment functioning and secure, we plan to limit access except for test times and if we need to invoke the plan because of a work stoppage. Escalation Procedures. The plan will be as follows: I. During regular business hours A. Announcement. You will be notified via the PA system if you need to move to the backup location.

Subject: Daily Summary of Risk Data Body: Summary Risk Data as of 10/26/2001 Active Financial Deals 52 Active Physical Deals 35 P&L Daily ($thousands) 78.0 VaR ($thousands) 450.8 ETS Margin Account Deals 0 Physical deals modelled in the Caminus Zainet system are deals which have some form of price risk, (i.e. Index to index deals, and anticipated fuel sales) This does not include standard transport or storage agreements. P&L Daily: Daily change in the mark-to-market (MTM) valuation of all deals being tracked in the Caminus Zainet system. This includes the origination and changes in value for both the physical and financial sides of hedges, along with any speculative trades and floating unhedged phsycal positions. VaR is "Value at Risk": Enron Corp policy defines this as the maximum expected one day loss on the portfolio given a 95% statistical confidence interval. This number is currently calculated on the Caminus system using a variance covariance metholodogy, rather than a Monte Carlo simulation per the Enron Corp policy. NOTE: We are reviewing the modelling of one of the financial deals which may have a significant impact on the numbers reported above. More detailed reports are available from the Caminus Zainet risk management system. Please call Vince Strohmeyer at 713.853.6701 with any questions you may have.

Subject: ANNGTC Model Body: Hi all, Pro forma model for ANNGTC is in the shared folder now under the name "Alaska Pipelinemodel 103001 Ro." Please review relevant pages (Rate/Tariff, Cost estimate, Construction and Drawdown schedule etc.) and direct your comments to me. Thanks,

Subject: Corp Dev Weekly Report Body: Trailblazer Gathering information for HSR filing. HSR process expected to take 15 days. Bankruptcy court approval will follow asset sale process. Lawyers will propose a general process to the judge shortly. Once approved, we will submit information associated with the bidding process to the court to follow process. Expected closing by end Jan/early Feb. MOPS Putting together checklist to ensure all of our obligations under the agreement are met on a timely basis. EOTT Liquids Discussions commencing with Noble, Phillips and Vitol for proposals on the liquids business. GP sale is going forward in parallel. Vitol has submitted a proposal for a short-term deal. Noble proposal expected shortly for a longer-term deal. Phillips may propose to buy the MTBE facility, but discussions with them are moving more slowly than with the others.

Subject: Lexis-Nexis Training: Houston & Worldwide / Dow Jones Training Body: eSource Presents Lexis-Nexis Training Basic Lexis-Nexis Basic is geared to the novice or prospective user. You will learn the basics of getting around Nexis.com. We will talk about news and company information available on Lexis-Nexis. Attend our Lexis-Nexis Basics Clinic: November 6 1:00 - 2:00 PM EB572 Due Diligence This session will focus on the specific company, public records, and other sources available on Lexis-Nexis that help you find all possible aspects of a company's business and strengths or liabilities. Attend our Lexis-Nexis Due Diligence Clinic: November 6 2:30 - 4:00 PM EB572 Seats fill up fast! To reserve a seat, please call Stephanie E. Taylor at 5-7928. The cost is $100.00 per person. No-shows will be charged $200.00. * Please bring your Lexis-Nexis login ID and password. If you don't have one, a guest ID will be provided. * * * eSource presents free Lexis-Nexis Online Training Using Placeware, an interactive web learning tool, you can participate in this training session from anywhere in the world. Basics Lexis-Nexis Basic is geared to the novice or prospective user. You will learn the basics of getting around Nexis.com and of the news and company information available on Lexis-Nexis. Attend our Lexis-Nexis Basics Online Clinic: November 14 10:00 AM Central Standard Time

Subject: Agave Interconnect Agreement Body: Lee, Here is the Agave I/C agreement. I made a few changes. Please review: Para 1: Agave....a New Mexico corporation... Article 2.1: term of ...five (5) years Article 3.3: New paragraph. Please wordsmith as necessary. Also, notice the weird indentation on 3.1 and 3.2. Can you help this? Article 8.5: filled in detail on Agave contacts as per their request. Let me know. Thanks, Kim.

Subject: HABITAT OCTOBER 27 Body: Seems my computer conspired against my sending the attachment in my last email, so I have attached another version of the schedule for the remaining weeks of the project. Ken Jones, our chef du projet, is providing pizza for lunch this Saturday. We will also have coffee, juice, donuts and fruit again. Please plan to arrive at 8 AM or after and remember to come to the registration table to sign a release form and buy a tee shirt. Especially on laity weekend, thank you for your ministry on behalf of St. Paul's. See you Saturday. Les

Subject: Walker Update Information Body: Thank you for joining our walk team for the JDRF Walk to Cure Diabetes. Sunday is the big day and I wanted to take this opportunity to pass along the walk day information and a few reminders. Remember that Sunday is the day our time changes - we "fall" back and therefore gain an hour hopefully making it a little easier to arrive for the earlier walk time this year. Walk Day Information ? Walk location - Greenspoint Mall (on I-45 between Beltway 8 and Greens Rd.) ? Tent - Look for the tent with the big E banner (Tent 1) very near the starting line. ? Time - o 7:30 Registration at the Enron tent Coffee, juice & fruit at the Enron tent Activities begin on the center stage o 7:45 National anthem sung by one of our Enron team members, Susan Garcia (on Susan Lopez' team), on the center stage Warm up exercises begin near the stage o 8:00 Bikers begin o 8:15 Walkers begin (We would like to have the Enron families with children with diabetes lead the Enron team.) o 8:45 Hot breakfast served by Frankie B. Mandola (until 10:00 a.m. or everyone is served) ? JDRF T-shirts - o All walkers need to wear their red Enron/JDRF Walk T-shirts to the Walk. This is necessary for entrance to the Enron tent. o Everyone that walks on Sunday will be entitled to a JDRF T-shirt. Please stop by the registration table at the Enron tent to pick up your ticket that may be redeemed at the JDRF tent for your T-shirt. Important Reminders ? Walker Headcount - We need to get an accurate walker headcount to JDRF. If you have not done so yet, please send me a quick message with the total number of walkers you will have joining you by Noon tomorrow, Thursday, Oct. 29th. ? T-shirts - If you still need T-shirts for yourself or others that will be joining you for the walk, please send me an email with the number and sizes today or tomorrow morning. ? Walker forms - It is very important that all signed Walker Check-in Forms are turned in to me at ECS 03747 (please do not mail) or at the Big E Caf? by no later than 1:00 p.m. on Friday. o On the walker brochure, please separate the section that includes the Walker Prize Selection Checklist and the Walker Check-in (Form C).

Subject: Amoco FT contracts using alt pts Body: Attached are the Amoco FT contracts that have used alternate points from October,. 2000 through September, 2001. Let me know if you need anything else.

Subject: Rates Changes Body: Keep in mind that when you do amendments to move primary points around, the rate must be changed in CBS for the corresponding new paths. Otherwise, CBS reflects max rates. It would also be helpful when a new contract is executed that the rate be put in CBS; otherwise, again CBS reflects max rates. It is important to get these rates in CBS as the forecasting model pulls all rate information from CBS. If CBS reflects max rates the revenues will be grossly over estimated. Thanks for your help!

Subject: coal follow-up Body: Vijay, I apologize for the delay in getting back to you. I've been traveling again= . =20 I also just found this in my in-box as returned as un-delivered (I put only= =20 two v(s) instead of three. I hope your other discussions went well that= =20 day. =20 Below are a few comments that i believe you addressed and wanted some=20 additional feedback from our coal activities and changes in the coal=20 industry. I wanted to get this out to you quickly so please forgive this= =20 lack of formality or writing creativity. Enron activity (EOL) Enron's online activity has been very successful especially as compared wit= h=20 our early estimations of acceptance by the industry. I believe that there = is=20 only one other active coal trading system (Dynegy direct) that simply isn't= =20 posting prices as a bulletin board and waiting for a response with telephon= e=20 follow-up. I also believe that we have done a very significant amount of o= r=20 maybe all the coal transactions on Dynegy direct to date. We do a lot of o= ur=20 business online and the numbers YTD are that approx. 45% of our trades are= =20 executed online. That number has been higher, as much as 90% for certain= =20 months or when we are trying something new or moving a particular product. = =20 Also, as Bid/Ask spreads tighten, which we would expect, that bodes well fo= r=20 EOL and our (and the markets) ability to transact even more quickly. =20 Transactions that took days to put together now can be done in 1 second. = =20 Between the speed and the cost savings of having a fully integrated system,= =20 we believe that our transaction numbers and percentages of online business= =20 will significantly increase. Changes in the industry We discussed changes that we believe are coming in the industry. We see=20 several things on the horizon. We expect the acceptance of the online=20 transactions to further increase; especially with the volatile price=20 movements what we have seen in the last 6 months. We are currently=20 developing several new products for EOL that I believe will become very=20 popular and will create new markets in coal and related sectors. I don't= =20 want to discuss them right now but we are close to releasing them and I thi= nk=20 they will raise some eyebrows. The development of the Global Coal exchan= ge=20 will also help. I frankly don=01,t believe it will be very successful beca= use=20 of several things but primarily because of the difficulty in closing the=20 transaction. One thing has been very firmly demonstrated. Every time a new= =20 big system has been introduced EOL volumes go up. It simply accelerates th= e=20 acceptance of online business and it gets down to the best prices and=20 liquidity to see who will ultimately win the day. Another big change in th= e=20 industry is the growing acceptance of the OTC market. The significant pric= e=20 changes that have occurred have "forced" many traditional players to the OT= C=20 market. This also includes forcing them to agree to standard OTC terms and= =20 conditions and getting them comfortable with the market. This is very good= =20 for Enron especially when you consider that we are the major player on the= =20 OTC market. We don't release specific percentages of what we are doing on= =20 the OTC. Also having more natural and traditional players signing these=20 types of standard agreements helps us on the EOL side because standard=20 contracts are important for developing a more liquid commodity market. Enron coal volumes A couple of numbers that we are willing to release. Year to date, we have= =20 made markets and transacted approx. 30 million tons in the forward market. = =20 On the physical side of our transactions, about 25% go physical vs.=20 financial. Last year Enron was the largest US market maker (not producer)= =20 with 142 million tons transacted. Internationally we moved approx. 47=20 million tons and overall the total was slightly less than 190 million tons.= =20 We have high expectations for 2001. I believe that we should be up approx= =20 65% and we are on track with that. I think the industry would be surprise= d=20 that we did almost 2,800 transactions in 2000. This doesn=01,t include an= y of=20 our shipping business. I hope this helps and please let me know if you have any other questions. Mike

Subject: economist Body: John, attached below is my first draft. It isn't pretty and i would like you comments and changes. Please make changes directly on the word doucment and send back asap. thanks,

Subject: 2001 goals Body: John, =20 Listed below are the goals that i drafted for Crude and Products from your= =20 voicemail. Please review and make changes including adding specific=20 information (eg: number of deals, volumes, specific types of transactions,= =20 etc.) to each dot point. Also please don't hesitate to change the way it i= s=20 worded. Please respond tomorrow if possible or as soon as you get back.=20 Crude and Products ? Create $150 million in gross margin and $83 million in EBIT ? Develop mid-market liquidity around defined books ? Develop long term structured origination group to generate earnings,=20 compliment or mitigate existing trading positions and build deal flow ? Extend into new and key business opportunities to exploit Enron=01,s natu= ral=20 gas and power businesses Develop a physical presence by moving xxxxx bbls/day in US and xxxx=20 internationally Thanks,

Subject: Rick review Body: DH, Here is my first draft for Rick's review. It is not complete and was done on an airplane. It needs work but I didn't want to hold it up. Please make any changes and additions on the attached word document and send it back. Thanks,

Subject: Organization Announcement Body: As indicated in the message Thursday from Cathy Phillips, please send the= =20 following message to all groups within Enron Wholesale Services this=20 evening. Also, as requested, please use the Enron Global Markets - Office = of=20 the Chairman letterhead and send the proof before final distribution. Plea= se=20 send the final proof as quickly as possible. If you have any questions,=20 please contact Jennifer Burns at X-39440. Thanks. To: All of Enron Wholesale Services

Subject: org announcement Body: All, Here is the latest draft. Please make any changes you want and return. Paper mark up is best. Also please leave as a separate word document if you do it via email for ease of changing and converting to email late afternoon. Cathy, please review for your normal grammar and corrections. I realize that this is a draft but it will help to have your changes early even though we will be making additional changes in the afternoon. Larry, I would like your feedback and commentary as well. Thanks,

Subject: Howdy Body: I couldn't sleep so ive been doing emails, its looking a little better. And I didn't get up in the middle of the night and come into the office. I think I'll try again and can still get a few hours sleep. I will be in a little later than I expected, I must drop young Michael off to school and cant leave there until 8. See you in the morning. Sleepy

Subject: reorg. Body: Greg, a quick note, although a little unclear, all of your businesses remain in EGM and are not going to go to R McDonald's new group. Please inform your group. Thanks,

Subject: Neal Gerstandt Work History Body: CP, Please send on and co-ordinate a 30 minute meeting with Jeff McMahon and Ray Bowen for discussion. They might be able to use him as well. Thanks,

Subject: follow-up to EBR Body: Doug, Last week, you referenced that there are a lot of deals that come up during the day for various regions and companies around Enron that your group doesn't get any monetary recognition for but that they need to be done or are provided as a service to save money. By the way, saving money is real money to Enron. Would you please provide me with some examples of that so I can put it in context? Thanks,

Subject: THE GARTMAN LETTER; FRIDAY, OCTOBER 6, 2000 Body: Larry, here is the publication we discussed. If you have an interest, let this guy know. Thanks and welcome aboard. Wes Colwell is looking for an office. Right now there are 2 oppts he is looking at; 1 up here on 33 which is a problem, and 1 office on finance floor. Do you have a preference, if we have an option? m

Subject: Reminder - JDF Kick-Off Luncheon Body: Thank you for signing up to attend the JDF Kick-off Luncheon and for agreeing to be a team leader for our campaign this year. I look forward to seeing each of you at the luncheon tomorrow, Wednesday, September 6th, at the Hyatt Regency Hotel in the Imperial Ballroom at 11:30 a.m. Enron has reserved several tables, so be sure to join us at one of our tables. Again, my sincerest thanks for your commitment to JDF and our campaign. See

Subject: reorg Body: I just read the announcement. Congrats, I like the structure you guys put in place and I was happy to hear your announcement in particular. You'll do great. If there is anything I can ever do to help, please do not hesitate to contact me. Mike

Subject: Revised Transaction Approval Process Body: I couldn't print this out. It was all messed up. Please call try on a different printer and if it still doesn't work, get a hard copy. thanks,

Subject: Final version Body: Jeff, yet another email. This article just got re-written but obviously needs to be updated. What do you think about putting in your name on this? Mike

Subject: Congrats! Body: I see we passed $100,000,000,000! That's a lot of zeros. Congratulations, who would have predicted this when you got called back from your plane trip to work on this new trading idea. You should be very proud. We all are. Mike

Subject: CommodityLogic Big Numbers Body: Jeff, FYI, I just got this from Tom. We don't have a very big opportunity here! Tom did tell me that his numbers were going to be difficult to get. Not that i don't want to put $5 trillion on our chart, but what do you think we should put as market size? Nat gas, power and our existing verticals only? What do you think? He is the only one to give me a number yet. I am going to discuss it at the staff meeting. Mike

Subject: Nodocero.com Body: Steve, Here is an email from Mike. Are you up to speed on this? What do you think? Please provide some quick feedback via email. Thanks,

Subject: eCommerce Commercial & Origination List Body: Attached is the first draft of the eCommerce Commercial and Origination Activities Contact List. This is being prepared for a wider distribution, therefore, please take a moment to review the list carefully and let me know if you have any changes to the list or if you would like to add any additional names to the list that you feel are appropriate. The purpose of this document is to provide a consistent means for all areas of Enron to direct questions and inquiries related to specific eCommerce issues. Thank you.

Subject: VERSION 2 : ENhome communication draft Body: PB, I just talked with Cindy Olsen about the project. We need to assign someone in our group to be the technology lead. I know we have people on it but we need to pick someone to be responsible and then clarify that person's role. Please get back to me with the selection. Thanks,

Subject: German VC Body: John, Howdy from Houston. I received a call from a guy named Steve Scott who is involved with several ventures including a German VC called eStreet. Are you aware of these guys? They want to talk to someone about e-opportunties in Europe especially Spain. I will ask him to call you once I talk with him but I don't have your number in London. Two questions, what is your phone number in London (the phone book has you in Germany) and do you know these guys? Thanks,

Subject: Origination Opportunities in Global Markets Body: PB, Attached is a resume for a guy I know via technology and a very old parental friendship. He is a very aggressive guy and marketer type. He has the personality to be an originator or mid-marketer. I figured you might need someone like this around for Paveto, Bruce's or in EOL group. He would pound the phones and make things happen. Follow up if you want to talk with him. Thanks,

Subject: Crude and products business plan Body: John, Jeff and I had many excellent meetings with your team and received a very= =20 good run down of their businesses. We went out to dinner with the key=20 players and I think they understand our new vision and they appeared to be= =20 fired up. As a follow-up to those meetings and our QBR, Jeff and I would= =20 like you to prepare a more definite business plan for the future. This will= =20 represent your way forward for the remainder of 2000 and then 2001. We wou= ld=20 like some additional pieces to your previously thoughts as well. Listed=20 below are a few of the issues that we would like you to address and include= =20 in your plan. Also listed below are key items that were included in your "w= ay=20 forward" pieces of the QBR.=20 Once this is done, we will present it to Mark Frevert and then the other CE= Os=20 in the wholesale group so that everyone knows where we are going and what o= ur=20 plan is to change this part of our company. Your vision of the future Present historical total earnings from the group as a whole and by individu= al=20 groups (on 2 pages only). Steps to grow your group to achieve our initial= =20 discussions of big earnings leaps. 2001 - $200 mm and how to become a real= =20 player in the business and get to a $500 mm business Timeline to accomplish your goals and vision Identify and address the leadership issues in your business. Identify not= =20 only how you think it should be organized and the resources that will be=20 required but also who else you need to get you there. =20 SWOT analysis as a group and by each business Specific obstacles that need to be addressed to achieve your vision and goa= ls Identify potential assets needed to accomplish the desired growth. Storage= =20 facilities and control of information keeps coming up as a possible way to= =20 gain a competitive advantage. Could we purchase and/or build key storage= =20 facilities and use info. like we do in gas. Could we buy space in the key= =20 areas around the world? EOL; Although I realize many people in your group may have a different vie= w,=20 EOL is a way to gain (or attempt to gain) a competitive advantage in an are= a=20 where we do not have it. Identify your plan and action steps to lever EOL= =20 and get people to really use it and put out many products and tight spreads= . =20 I also want to begin really monitoring the percentage deal flow for the=20 traders and they need to realize that we are doing so. How do we do 1,000= =20 trades a day on EOL? Resources - how do we attract top talent since we don't offer a piece of th= e=20 book? What kind of packages would it take to attract that talent? Could we= =20 attract younger talent and put with associates and analysts? What=20 compensation issues do we need to address? Technology - Could we uses satellite photos to monitor ships to see if=20 deliveries will be on time in low storage level areas? Is there other=20 technology out there that will help you? Information Technology - identify specific needs with prioritization. Is= =20 Project Thunderball the answer? Singapore - How do we make them real players and more effective in the=20 market? Do we have the right people and trading staff there? Should we team up with FPL and let them trade resid on EOL? Is this a way = to=20 jump back into the resid market? Please present and take Jeff and I through your plan by Sept. 13th. Thanks and if you have any questions about the process and what we are=20 looking for, please don't hesitate to discuss with both of us. Mike=20 Listed below are some of the specific goals and ideas from your QBR. Goals ? Become the #1 Global Products Trading Co both physically and financially = by=20 exploiting strengths in key products - Distillates - Petchems/Plastics & NGL=01,s - Gasoline & Components - Financial Crude ? Expand and control E-Space - EOL Trading & Marketing Teams ? Dominate ARB market - Establish strategic storage in key markets ? Develop Research group to support trading ? Capitalize on key acquisitions to strengthen and support trading activity The Way Forward (Petchems/Plastics) ? Establish step change in the business through EOL ? Trading Financial/Physical Naptha ? Strategic storage in Rotterdam, Singapore ? Strategic investments and/or offtake agreements ? Distribution market ? Explore financing arrangements, acquisitions ? Refine product portfolio - Refinery chemical streams ? Penetrate spot market The Way Forward (LPG=01,s) ? Begin trading S.E. Asian Market ? Restructure or exit Cremona ? Expand into Naptha Asia Pacific ? Access to USA import/export ? Offer all financial/physical products online The Way Forward (Products) ? #1 Physical ARB player ? Develop/Expand Transatlantic gasoline business ? Naptha supply S. America ? 4 - 6 new traders - Naptha, Resid. ? Expand EOL & Marketing The Way Forward (Crude) ? One new trader - Houston ? Penetrate the physical market - Structured offtake/supply agreements as trading bases ? Develop EOL Crude Team - New products (grades) - LLS, HLS, WTS, Bowriver ? Posting Plus (P+) ? Options - Increase counterparty base - Access to additional e-commerce platforms EOL/Marketing/Origination ? Build Marketing & EOL teams within the book ? Use origination to support commercial functions - Trading, Marketing & EOL ? Pricing - Tightest tradeable spreads ? New Products - Spreads, Option, Other Commodities ? New Counterparties - Key to liquidity & growth ? Drive Platform to become the Hub - Physical partner =20 - Synergistic Platforms ? Houston Street, Brent Broker, Red Meteor, eNymex ? ChemConnect, ChemMatch, Envera, Elemeca - Our own bricks & mortar - Shipping & operations Man Power Requirements ? Petchems - Two Aromatic traders - Two associate/analyst ? LPG=01,s - One analyst - EOL support ? Group - M & A Expert & Support =01) 2 - Research Group - 3 ? Total - min 30 people Man Power Requirements ? Crude Oil - One International Trader - Two to three associate/analyst ? Products - Two to four Resid traders - One to two Distillate traders - Two Naphtha traders - One Gasoline trader - Four to six associate/analyst

Subject: JDF Gala Body: I would like to invite you and a guest to join me for the annual Juvenile Diabetes Foundation Gala to be held on May 12, 2001 at the Westin Galleria. The guest speaker this year will be General Norman Schwarzkof. Please contact Cathy Phillips (X-36898) and let her know if you are interested in attending. Thank you. Mike

Subject: Holiday Terms for NEXT DAY Strip (N.A. Natural Gas) Body: The following terms will be recognized on the ICE System for trading of North American Natural Gas for the upcoming holiday season. ! ! Fri Dec21: NEXT DAY = Dec22-26 ! Mon Dec24: NEXT DAY = Dec25-26 (Canada only) ! Mon Dec24: SAME DAY = Dec24-26 (Canada only) ! Wed Dec26: NEXT DAY = Dec27 (normal) ! Thu Dec27: NEXT DAY = Dec28 (normal) ! Fri Dec28: NEXT DAY = Dec29-31 (normal; Fri afternoon trades Jan1-2) ! Mon Dec31: NEXT DAY = Jan1-2 ! ! Please make use of the Bal Month & Custom Strips for any terms that do not conform to the above standards. ! !

Subject: FutureSource's new "FAST BREAK" Body: Dear Futures Trader, What follows is the first issue of FutureSource's newest service, "FAST BREAK." Each weekly issue contains a discussion of the markets between two well known analysts and contributors to FutureSource, Jim Wyckoff and Dave Hightower. In this issue, Jim and Dave explore stock indexes and bonds and share their views of where those markets are headed. David Hightower is editor of the "Hightower Report" (avail- able on FutureSource Professional and ProNet). Jim Wyckoff is a regular contributor to FutureSource.com. You are receiving this because you are a customer of Futuresource. HOWEVER, if you are no longer interested in the markets, and don't want to receive this free service, we respect that! Just scroll to the end, and click on the link. You will be removed from the "FAST BREAK" list immediately.

Subject: Don't Mess with Texas. Body: One Texas Soldier A large group of Taliban soldiers are moving down a road when they hear a voice call from behind a sand dune. "One Texas soldier is better than ten Taliban". The Taliban commander quickly orders 10 of his best men over the dune whereupon a gun-battle breaks out and continues for a few minutes, then silence. The voice once again calls out "One Texan is better than one hundred Taliban". Furious, the Taliban commander sends his next best 100 troops over the dune and instantly a huge gun fight commences. After 10 minutes of battle, again silence. The Texan voice calls out again "One Texan is better than one thousand Taliban". The enraged Taliban commander musters 1000 fighters and sends them to the other side of the dune. Rifle fire, machine guns, grenades, rockets and cannon fire ring out as a terrible battle is fought.... Then silence. Eventually one badly wounded Taliban fighter crawls back over the dune and with his dying words tells his commander, "Don't send any more men...... its a trap. There's two of them". Don't Mess With Texas

Subject: BDay Body: Chip: Thanks for the call yesterday. You are now as old as I am, but I am not sure if you are as mature as I am. Happy Birthday, have a great day. Brad

Subject: regions file Body: Thomas is setting up a new NGP&L file and would like us to save a copy of each P&L to Netco\2002\0102\region#0102. Once you decide how you are going to break them up, one file for each book or combine them together, can you save them out there so he can start linking them. I think that for the physical regions it may be easier to keep each book separate because people could be moving around a lot. KK

Subject: YOU HAVE 48 HOURS - Message from Louise Kitchen Body: It appears that the following email may not have been clear. You have to copy all documents yourself. This is my cheat sheet if it helps: H Drives: 1. Each person will have to move any data over personally from the old H drive (which is now Z:) drive to their new H drive. 2. The Z: drive (old H:) will be removed from UBS employees on Thursday night. O Drives: 1. For the old O or M drives go to O:\ESTATE\ O (or M ? pending location of data) and copy to the new common O. The Estate O and M will be removed from UBS employees on Thursday night. Do not delete anything and only copy information which is complies with the policy. Please make sure that those people who are not in the office are contacted and comply. Louise To: All Enron Employees Transferring to UBS Warburg Energy (or its affiliates) Under the terms of the various agreements among certain Enron entities and UBS AG, certain Enron data and documents may be provided to UBS. To ensure compliance with those agreements, Enron's document retention policy, as well as directives of various investigative agencies, the attached protocol regarding the process for migration of any information or data to UBS has been developed. Please review the protocol carefully. Then, complete the attached Certification and return it, with attachments, to Linda Guinn at EB 3829a no later than February 11, 2002. Questions about this matter may be directed to Michelle Cash at (713) 853-6401 or Francisco Pinto-Leite at (713) 345-7942 . Protocol Document and Data Copy Instructions Certification Document

Subject: Outstanding Invoices - IMPORTANT Information Body: There are Unresolved/Open items in the vendor payables system (iPayIt) and employee reimbursement system (XMS). Employees are strongly encouraged to resolve items in their inboxes. Please either process and approve, or reject these outstanding business expenses in your inboxes by 2:00 p.m. Monday, December 3, 2001.

Subject: PLEASE REVIEW - location/ time in MOCK test tomorrow Body: Please review with regards to changes in MOCK test plans tomorrow for processing ETX deals: Location: We are moving the location from the 25th flloor labs to ECS 05442 -> ECS 05442 (near Dermott color printer sign; center of room -> We will have 8 computers. Faster response time with technical staff. We prefer if you can test at the location above. If you are working from your office location, please contact the bridgeline to check in and report progress. Timeframe: Moving it up, starting at 9am, and completion at 3pm

Subject: PLEASE READ - IMPORTANT INFORMATION FOR PARTICIPANTS IN THE ENRON SAVINGS PLAN Body: Due to current business circumstances, on November 28, 2001, Enron's Board of Directors adopted an amendment to the Enron Corp. Savings Plan. The amendment includes the following changes, which became effective on November 29: ? Savings Plan contributions that are deducted from your November 30 paycheck will be matched by Enron in cash rather than Enron stock. The cash match will be placed into the Fidelity Freedom 2000 fund, the default fund for the Plan. ? After November 30, Enron will no longer match your savings plan contributions. As an exception, the company will continue the union matching contributions to the Plan. ? The Savings Plan has always permitted employees to place their contributions in Enron stock or one or more alternative investment options. Effective immediately, diversification within the Plan will ALSO be allowed, regardless of your age, from COMPANY contribution accounts. This removes the restriction for all employees under the age of 50 to diversify the company contributions held in their account. These accounts include all prior company contributions, QNEC, and company match accounts. To move funds: On the Web, choose "Savings Plan--Restricted Employer Acct Transfer/Reallocation" from the drop down menu.

Subject: Enron Center South Technology Watch Body: Welcome to Enron Center South. As you have probably already noticed, things look a little different here. We wanted to orientate you to your new environment and inform you about the future technology coming on-line in the coming weeks. Occupancy Guidebook To Enron Center South You will find this handy guide on your desk; it contains information concerning the enhanced printer environment, the new easy access keyboards and telephony procedures. NEC Monitors The NEC monitors have an internal anti-glare screen to help reduce eye strain and eliminate the need to install an additional screen cover. Additionally, an integrated speaker has been installed on one monitor for each desk. Turret Users An "Alliance MX turret quick reference guide" has been placed on your desk; this includes important information about the new features such as "Caller ID" and "Voicemail Indication". Increased Information Access There are many NEC 50" Plasma screens installed on the 5th and 6th floors. While many of these will be displaying information designed for the specific unit, others will be displaying various television channels. The audio to these television channels can be accessed via any of your telephony equipment. Here's how: Ten audio channels have been set up for access from your either your Avaya telephone, Stentophon, or IPC Turret. The channels have been defined on Page 15 of your Turret. To access the audio from either your Avaya or Stentophon, simply dial the extensions shown in the table below: Channel Avaya Stentophon Weather Channel 12401 801 CNN Headlines News 12402 802 CNN Financial News 12403 803 CNBC 12404 804 MSNBC 12405 805 Bloomberg 12406 806 Financial News Network 12407 807 CNN 12408 808 Fox Sports 12409 809 ESPN1 12410 810 Wireless Telephony You may notice the cellular phone coverage is not consistent across the floor, and some areas have virtually no coverage at all. We are implementing a multi-network "in-building" system to provide consistent high quality service for the campus, keeping you in touch while you are on the move. Wireless LAN The infrastructure to support Wireless LAN technology is in place and is being tested. We will be implementing multi level encryption and security to keep our intellectual property safe from eavesdroppers or hackers. Amtel Replacement As a move to provide a more flexible "Plug n Play" environment and to help with the reduced desk footprint, we have replaced the Amtel message boxes with Microsoft Exchange Instant Messaging. The Global Messaging Team is testing additional software products to provide some of the features not available with Exchange Instant Messaging; these include one-touch response keys, external LED display, and printing. Updates will be provided as they become available. Keeping an Open forum We will keep you informed of the changes and developments as the migration to the building continues, please feel free to respond with any comments, queries or suggestions to mailto:Enron.Center.South.Technology@enron.com

Subject: Access Card Information Body: Dear Colleagues, We know you have many questions about your new benefits plan, payroll issues and other changes that will occur over the next few weeks. Human Resources and Communications are preparing a thorough Q&A, which we will send to you tomorrow and will regularly update as more information is available. Meanwhile, please read the announcement below from Security about how you can obtain a new UBS Warburg access card that will allow you to enter our new office space after Friday. I am confident that you share my enthusiasm about our new opportunity. We look forward to working along side each of you in the coming days. David Oxley Head, Human Resources

Subject: Power PortCalc STAGE Release 11/14/2001 Version 4.2.2s1 Body: Dear All, Please test the Stage Release of PortCalc version 4.2.2s1 and let us know of the results. The executable is /stage/egs-home/ermt/bin/pwrcalc_slr New Features: Version 4.2.2s1 Changes Affecting All: Index Option : 1) When the delivery point is in the same region as the index, and it does not have a basis associated with it, the deal is evaluated as a Forward Start deal type per Research's specification and user approval of Matthew Motley. 2) When the delivery point is in the same region as the index, but with a basis, the deal is evaluated as a Basis Option as the scenario where the delivery point is in a different region from the index. This is a change from last release. Changes Affecting East: For East and all its mirrored portfolios, there will be no blending of volatilities. Monthly Options will use the Monthly Volatility, and Daily Options with Daily Volatility. The same is applied for Volatility Smile. Before that, we applied different rules to selective option deal types. Swaption Volatility Curve - PortCalc can now evaluate Swaption based on its own Swaption Volatility Curve instead of the one entered per deal. This feature can be selected on the PortCalc window. If Curve Volatility is used, it would be for ALL Swaption deals in that Post ID. Changes Affecting EES: RETAILEAST portfolio evaluation is mirrored the same as EAST. Changes Affecting Renewable: Delivery Point - PortCalc will now use the Delivery Point as the Delivery Point description instead of the Vintage Year, which Emission does. Changes Affecting Australia: End of month will no longer be treated as a business day. Changes Affecting Power Risk IT: Term Strip Tables Consolidation - combine all three term strip tables into one for ease of handling and potentially faster performance in the future. Please do not hesitate to ask if there is any questions. Thanks, Norman. x36976.

Subject: November 19 Golf Tournament Body: 7th Annual Golf Tournament benefiting the Klein High School Drill Team Monday, November 19 at Raveneaux Country Club * 9415 Cypresswood Drive 11:00 AM Check In 12:00 NOON Shotgun Start Includes: Box Lunch Fajita Buffet following tournament Golf Cart Range Balls Directions From Downtown: Go I-45 North to Beltway 8 (Sam Houston Tollway) Go West on Beltway 8 Exit Beltway 8 at Hwy 249 Go North on Hwy 249 Exit 249 at Cypresswood Drive Turn right on Cypresswood Drive Ravenaux will be on your right after crossing railroad tracks and the bridge over Cypress Creek Raveneaux Country Club requires Golf Attire and soft spikes only. The tournament is a 4-Person Team Florida Scramble format. Please contact Christina Valdez or Heather Choate at x39106 for changes to teams (include name and handicap of substitute player).

Subject: AGA report 1/30 Body: The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now available on the web by clicking on the hot link(s) contained in this email. If for any reason you are unable to receive the charts via the web, please contact me via email and I will email the charts to you as attachments. (See attached file: AGAMAIL.pdf)

Subject: Schedule C Explaination / Documentation Body: As a result of restructuring out-of-the-money transactions with BP Capital and T. Boon Pickens, we have a total of $9,530,935 in the Schedule C for the NG Price book. These values are negative in Schedule C, thus they are positive value to the book. A total of $9,321,151 will be released out of Schedule C tonite (8/29/2000). The remaining $209,784 will be relesed by the end of the week. We are awaiting word on whether or not this value will be needed for credit reserve. Thanks,

Subject: Hess Annuity Body: Jeff, Deal QN2026.1 (EOL 803898) was booked on 01/24/2001 - Enron Buys 15000/d Feb. 01 at 6.90. Deal QN2004.1 is a duplicate of this deal. Deal QN5772.1 was booked on 01/25/2001 - Enron Sells 15000/d Feb. 01 at 7.115. The booking of QN5772.1 generated positive revenue of $90,300. Annuity deal QN2026 paying Hess $45,143 was booked tonight. Thanks,

Subject: C/P Name Changes on old Deals Body: Bruce, Please launch the attached file to see a list of deals with the counterparty GiroTondo Corp that need to changed as noted in the attachment. If you could please do this ASAP as I need to get back to Joe Hunter. - girogirotondo.exe Thanks,

Subject: EOL US Gas MTM Body: The total mark to market value for US Gas EOL deals as of 10/31/2000 was: $81,935,102 Physical deals totalled $2,260,496. Financial deals totalled $79,674,606. Let me know if you have any questions. Thanks,

Subject: Updated: Logistics Overview Body: When: Wednesday, February 06, 2002 10:00 AM-11:00 AM (GMT-06:00) Central Time (US & Canada). Where: ECS 6990 *~*~*~*~*~*~*~*~*~* If you have any questions, please call Lisa Kinsey @ x37628. Thank you,

Subject: Meeting Today Body: When: Monday, November 26, 2001 11:45 AM-1:00 PM (GMT-06:00) Central Time (US & Canada). Where: 6116 *~*~*~*~*~*~*~*~*~* Per Laura Luce, A meeting has been scheduled to take place today @ 11:45 AM, in ECN 6116. Please accept this invitation, as it will automatically populate onto your schedule. Thank you,

Subject: November 2001 ATE Report Body: Attached please find the report listing the Global Contracts group's assignments, terminations, and expirations for the month of November 2001. Please call me if you have any questions. Thanks,

Subject: Heartland Steel Reconciliation Body: Hi Patrice, Here's what I have so far. The new company is not fully set up so I'm not able to see the volumes/dollars come across in Unify yet. This should be done by tomorrow and then I'll send you that information as well. Thanks!

Subject: Good Morning :) Body: When this email reaches you I pray that you are fine and well. How was your weekend? When are you suppose to see the lawyer? I spoke with mine over the phone on Sat. and will be seeing the other one on this week. Frank and I have to write out the agreement between the two of us. The lady call me about the apartment, the prospect that was there before I was did not get it. She offered the apartment to me. I went in there praying and I guess the Lord saw fit. I am soo afraid/scared. I woke up this morning and told Frank that he hurt me and that if I seem evil I do not mean to be it is because I am hurt and angry. I caught him crying in the basement. Patrice, I wish my dad was alive to receive a huge hug. I love you. Thanks for being there. VAL

Subject: Message from Ken Lay Body: Earlier today, I stepped down as Enron's Chairman of the Board and Chief Executive Officer. This decision was reached in cooperation with Enron's Board and the Creditor Committee and is effective immediately. To emerge from bankruptcy, Enron needs a CEO who can focus 100 percent of his or her efforts on rebuilding the company. Unfortunately, with multiple inquiries and investigations that require my immediate attention, at this time I am unable to fully concentrate on what is most important to Enron's stakeholders - preserving value for our creditors and our dedicated employees. The Creditor Committee has begun a search for a restructuring specialist to serve as interim CEO to help the company emerge from bankruptcy. This individual will join Enron's remaining management team to direct the company's ongoing operations. I truly believe Enron can and will survive. I will remain a Director of the Board to help see that it does. During my time at Enron, I have witnessed tremendous change and opportunity. I have seen people rigorously grow and maintain one of the world's most efficient and safest gas pipeline networks; I have seen people dedicate themselves to a cause that became a passion - the opening of energy markets; I have observed smart people come together as a team to build creative solutions like EnronOnline; and I have watched people tirelessly give of themselves to help their fellow employees and those in the community. Regardless of what has happened, I am proud of so much of what we were able to accomplish here. Thank you for your contributions to the company and for the inspiration you have been to me over the years. Ken Lay

Subject: New Product Description Body: Hey Melba, This is the description I need for the new product: The interconnection between Alliance Pipeline Company and ANR Pipeline Company located in Will County, Illinois I need this product set up ASAP, so let me know. Thanks so much and sorry for the rush!!! !

Subject: Hard Copies of the below Referenced Contracts Body: Hi Susan Attached, please find the list of contracts with contract numbers. Please provide as soon as you can, and if you don't mind, can you please give me an estimated time. Many thanks

Subject: January 6-12, 2001 Natural Gas Deliveries to NGPL Nipsco Body: Hi Dan This memo shall confirm our agreement to deliver 3,000 MMBtu's per day to National Steel for the above referenced time period. Deliveries will be at the NGPL Nipsco City Gate. Call if you have further questions. Thanks

Subject: [EDIS] FIRE WEATHER BULLETIN [News: Statewide] Body: GEOGRAPHICAL AREA COORDINATION CENTER INTERAGENCY FIRE FORECAST WARNING UNIT RIVERSIDE, CALIFORNIA 0930 pdt Thursday February 28, 2002 ***CHANGE FIRE WEATHER WATCH TO RED FLAG WARNING FOR SANTA ANA WINDS FROM 0600 HOURS FRIDAY THROUGH 1400 HOURS SUNDAY OVER THE MOUNTAINS AND THROUGH AND BELOW CANYONS AND PASSES OF SOUTHERN CALIFORNIA FROM VENTURA COUNTY SOUTHWARD*** DISCUSSION... North to east winds will become strong and gusty Friday through Sunday morning, and be accompanied by very low humidities. Sustained wind speeds will be between 20 to 40 mph with much higher gusts in wind prone areas. Winds will slowly decrease Sunday afternoon with light winds expected by Monday. END/Shameson [RFWUCR / WWUS86 KLOX 1014916500] EDIS-02-28-02 0915 PST (Special thanks to craigslist for helping get this to you quickly!)

Subject: [EDIS] FIRE WEATHER BULLETIN [News: Statewide] Body: GEOGRAPHICAL AREA COORDINATION CENTER INTERAGENCY FIRE FORECAST WARNING UNIT RIVERSIDE, CALIFORNIA 0930 pdt Wednesday February 27, 2002 ***FIRE WEATHER WATCH FOR SANTA ANA WINDS FROM 0000 HOURS FRIDAY THROUGH 1600 HOURS SATURDAY OVER THE MOUNTAINS AND THROUGH AND BELOW CANYONS AND PASSES OF SOUTHERN CALIFORNIA FROM VENTURA COUNTY SOUTHWARD*** DISCUSSION... North to east winds will become strong and gusty late Thursday night through Saturday afternoon, and be accompanied by very low humidities. Sustained wind speeds will be between 20 to 40 mph with much higher gusts in wind prone areas. Winds will slowly decrease Saturday night and Sunday. END/Shameson [RFWUCR / WWUS86 KLOX 1014830799] EDIS-02-27-02 0926 PST (Special thanks to craigslist for helping get this to you quickly!)

Subject: RESPONSE REQUESTED: Dale's going away party, 2.22.02 Body: Please let me know if you plan to be in the office this Friday, 2.22.02. Dale will be hosting his going away party and would like to have an idea of how many people will be present. Thanks!

Subject: PIRA's Latest Emissions Market Intelligence Analysis Body: PIRA's Emissions Marketing Intelligence Service (EMIS) just released its latest report to clients entitled, "Update: The Southern California (NOx) RECLAIM Market." On May 11 the South Coast Air Quality Management District Board removed power generators, as defined under the program, from the NOx RECLAIM market at least until 2004. However, their actions to date have left the rest of the RECLAIM participants, such as oil refineries, facing an ongoing, extremely tight market balance. A second, extensive report analyzing trends and prospects in the SO2 Credit Market will be released shortly.

Subject: Move Date Body: Our move date is set for Friday, 11/9/01. At this time they will be moving the gas trading group to the 6th floor and the gas operations group to the 5th floor. They will follow with the power groups on the following Friday, 11/16/01. Assistants: Please be ready to submit a churn on this Friday 10/5/01 for your individual groups (I will let you know if this changes and once I am certain of the seat numbers for your groups, I will give them to you). I will also need to give you your mail stop locations at the new building, which I am working on now with the mailroom. In the meantime, from now till we move, please start cleaning up your areas and your groups areas and discarding anything that isn't needed. It has been requested that only 6 boxes per person be moved because space is limited. So we need to decide what can be sent to archives. I will send you some forms for this. Please come to me with any questions. Deskheads: Unless, there is any changes from the office of the chair, I will set up a meeting with each one of you on Thursday to make sure you have no changes to your seating. Once the churn is submitted there can not be any changes other than new additions to the group or deletions from the group. This is to prevent there being any mixups when installing equipment at the new building.

Subject: Corrected Organization Announcement Body: Organization Announcement (Correction) I apologize for the confusion and inconvenience my mistake caused. I had indicated that Kenneth Lovejoy would be supporting EES, but this is not correct. Ken will be supporting OEC. Corrected announcement is provided below. It is my pleasure to announce that Kenneth Lovejoy has joined Enron Corp. EH&S Asset Operations. He will be reporting directly to Donnie Willmann and will support Central America, Caribbean and OEC. Ken has over 25 year experience in environmental, health and safety for the oil and gas industry. He has been working for Enron since 1996 and has extensive international experience. We are excited to have Ken in our team so, please welcome Ken in his new role. Henry Van

Subject: General Item Body: Scott, I would like to sue Kim in an expanded role within the group. She will still be responsible for all of her current activities but will also work with the group on Pipeline postings and expansions, RFP and information responses, Development of Presentations, etc. I think that in the long run she can develop and be moved into other positions. Especially after she earns her degree. I have spoken with HR. We will monitor to assure that she does not let any of her curent responsibilities slide. Let me know if you have and concerns. Also, I have completed the Performance plan for John Hodge ( Required due to his ranking in 2000). I will leave a copy on your desk for review and execution. Let me know if you have any questions. Frank

Subject: Eric Boyt Resume Body: Scott, Thanks again for taking the time to talk this afternoon. I really appreciate it. Please find attached my resume for your consideration. I will touch base with you when I get back from Alaska next week. Regards,

Subject: ClickAtHome Portal is HERE! Body: Version 2.0 of the ClickAtHome Portal is now available! Log into www.clickathome.net now, from work or home! Access the PEP System through the portal! Choose your reviewers and fill out your evaluations in the comfort and privacy of your home! Outlook Web Access and eHRonline will be available SOON! The ClickAtHome portal is fully customizable for you! YOU choose the content on each page, as well as the look and feel! Note: the ClickAtHome portal must be launched through an Internet Explorer browser, 5.0 or higher.

Subject: Recruitment - Trading Track Body: All, We will be scheduling the next recruitment day for the ENA Trading Track in May (exact date to be confirmed). If you would like to nominate any current Analyst/Associates or external candidates please forward to me their names. Any questions please let me know. Karen x54667.

Subject: Internet E-mail Body: In an effort to protect Enron's e-mail system from harmful viruses, the Global Messaging Team has implemented an inbound and outbound cluster of MAILSweeper servers. What does that mean to you, the user? All inbound and outbound Internet mail is passed through a set of servers that will scan each message for viruses, malicious code, business related-content and inappropriate content. Inbound Internet mail that contains the following attachment types will be quarantined (held for delivery): *.vbs, *.exe, *.com, *.bat, *.cmd. If you are the intended recipient of one of these e-mails, you will receive an automatic notification with instructions on how to get your legitimate e-mail released from quarantine. We have taken these measures to protect our e-mail environment from harmful e-mail viruses. We believe that these protections will result in less down time for your e-mail, in the event that Enron gets hit with a virus or malicious code.

Subject: Professional Development for Assistants Body: We have been working with our Human Resources and Training department to create new learning opportunities for our group. As a result, we are happy to introduce a professional development program for all of our Senior Administrative Assistants. In an effort to bring all interested Senior Administrative Assistants the tools necessary to excel in their current positions, a library of learning opportunities has been selected for your use. Each class was selected with continued performance, improvement, and sustained excellence in mind. We are very interested in your success as an employee of the EWS Legal Department and believe this new approach to professional development will allow all assistants the chance to bring the team to new heights of professionalism and performance. Listed below are course titles that apply to our group. Please gain approval from your immediate supervisor and the administrative coordinator before registering for training. Thank you for your participation. ? Business Writing ? Proofing legal documents (by request and can be arranged for a small group or an individual) ? MS Word ? MS PowerPoint ? Customer Services (available Fall 2001) ? Successful Working Relationships o Valuing Differences o Creating Understanding ? CPS Certification (on-site and over the course of several months) ? PLS Certification (off-site; offered through Houston Association of Legal Secretaries) ? One off-site training per year for the purposes of skill acquisition *Guideline: No more than 1/3 of the administrative staff should be out of the office at any given time.

Subject: Exclusivity Wording Body: Gerald: Lisa Druzbik has asked me for some "generic exclusivity wording." = I pulled the following paragraph from one of Steve's documents. Is it OK = to send this to her? Please advise. Thanks, -Mary O.

Subject: Credit Watch List--Week of 10/15/01 Body: Attached is a revised Credit Watch listing for the week of 10/15/01. Please note that Bethlehem Steel Corporation was placed on "NO TRADES". Progas, Inc. and Sanchez Oil & Gas Corporation were placed on "Call Credit". If there are any personnel in your group that were not included in this distribution, please insure that they receive a copy of this report. To add additional people to this distribution, or if this report has been sent to you in error, please contact Veronica Espinoza at x6-6002. For other questions, please contact Jason R. Williams at x5-3923, Veronica Espinoza at x6-6002 or Darren Vanek at x3-1436.

Subject: Sale of Napoleonville, LA property our file ENR-02 Body: Gerald: I am attaching the following documents for your review: 1). Purchase and Sale Agreement, 2) Draft of the body of a letter from LRCI to the Police Jury I have revised the Purchase and Sale Agreement to add the language to the suggested by Kim Torres (in ? 4) and to add Louisiana Resources, Inc. and Louisiana Resources, L.P. as intervenors in the Cash Sale to quitclaim the property to the Police Jury to solve the title problem. Please contact me upon receipt to discuss and to fill in the blanks. Keith PURCHASE AND SALE AGREEMENT =09This Purchase and Sale Agreement (together with all Exhibits hereto and = made a part hereof, this "Agreement") is entered into effective the ___ day=

Subject: Home Contact Information Body: Please review the home addresss and phone number shown on this eMail. DO NOT RESPOND if the information is correct. However, if incorrect then reply to this eMail with the correct information so you HR records can be updated accordingly. Your home information is important in case the Company needs to forward critical materials to you or contact you regarding important Company information.

Subject: Bridgeline ROFR Body: Gerald, I found out that the provision that everyone keeps calling a ROFR is actually a shotgun bidding process. I am interested in reading the relevant provisions of the document relating to this. Apparently, if either party wants to sell, it must give purchase price to the other partner and then that other partner has the option to either buy or sell its interest at that price. This provision may be unenforceable under bankruptcy law if the partner is a debtor. Please have your assistant provide me with a copy of the partnership agreement ASAP. Thanks very much. Regards

Subject: Bridgeline - Bankruptcy issues Body: Chip, I wanted to follow up regarding the issues that were raised by the cash committee relative to LRCI and our request for approx $300k to pay Dow under our lease on storage caverns #13/#14. David Zdunkewicz, an A&K bankruptcy lawyer, was asked to consider whether it might be prudent to have the 4 Enron Partners (LRC, LRCI, LGMC, and LGMI) file voluntary petitions in bankruptcy. The reason to do this would be primarily driven by the flexibility that it would afford the cash committee to fund some of the Enron Partner's liabilities. It was thought that such a bankruptcy might also have the effect of invalidating the consent right that Texaco currently has on sales of the partnership interests pursuant to the Partnership Agreement. David indicated, from his firm's preliminary review, that the potential negatives outweigh the possible advantages for the following reasons: 1) Filing for bankruptcy may result in a claim by Texaco that the partnership agreement is an executory contract and that Texaco could reject any attempt by the Enron Partners to assume the contract. This would result in a deemed default by the Enron Partners under the Partnership Agreement notwithstanding the absence of any specific default language for a partner's bankruptcy; and 2) The rights of Texaco to consent to any transfer of the Enron Partner's partnership interest would not, as previously thought, be invalidated by any bankruptcy. All of this may be moot as Brian Redmond has secured a preliminary agreement from Bridgeline to pay Dow directly (since they have the obligation to reimburse these amounts anyway). If that doesn't come to fruition, however, these findings will be important. Stuart

Subject: out of the office tomorrow Body: Hi all, I just wanted to let you know that I will be out of the office tomorrow but will be returning on Monday, 12/17/01. If you have questions or issues dealing with Facilities or Transport contracts, please call Marlene Hilliard at x39167. For any Purchase/Sale/Financial contract issues, please contact Bridgette Anderson at x33818. Kim Theriot will also be back in the office tomorrow. Thanks,

Subject: da plans Body: FYI - here are the plans for New Years - you should join us. This is going to be fun! 27th - Camille arrives in Denver 28th - Kim arrives in Denver 29th a.m. - Kim, Camille, Gayleen, Molly, Paul, and Paul's friend drive to Vail, ski, and play. Stay in Vail (Paul has reserved 2 rooms) 30th - ski Vail and drive back to denver 31st - Paul is responsible for finding an awesome party for us in Denver. 1st - Kim goes back to Houston (to pack for the Caribbean!) Paul has all the details if you are interested - Kim

Subject: ENA Gas Contract Review Status Update Meeting Body: Please attend the subject meeting in at 9:00 AM on Wednesday, 12/19 in ECS 06716 (next to the credit war room). Invite anyone you think needs to be there. If you have any questions, please ask. Regards,

Subject: Master Netting Agreement Body: Just a reminder not to use the form Master Netting Agreement that was attached to the e-mail notification sent yesterday. You will be receiving a new form later today. Thanks!

Subject: Master Netting Agreements Body: In order for Cadwalader to be in a position to order lien searches, please e-mail Lech Kalembka (Lech.Kalembka@cwt.com) the initial draft of your Master Netting Agreement(s). When your agreement is finalized, please e-mail Lech a copy of the final draft so that he can prepare the financing statement filings. Thanks!

Subject: Enron Update Body: This has been a tough couple of weeks. I hope that these daily communications on new developments are helping you understand what's happening with our company. Here's a rundown of events from last week: We executed a commitment letter with JPMorgan and Salomon Smith Barney that will provide us with additional secured credit lines worth $1 billion. Our Northern Natural Gas Company and Transwestern Pipeline Company will support these assets. We now have received a total of $4 billion in credit lines, which we will use to pay off short-term commercial debt and maintain liquidity. Our Board of Directors elected a new member to the Board - William Powers, Jr., the dean of The University of Texas School of Law in Austin, Texas. - The Board also established a Special Committee, to be chaired by Dean Powers, that will conduct an in-depth review of the transactions between Enron and entities connected to related parties. The committee is authorized to take any actions it deems appropriate. The Securities & Exchange Commission (SEC) opened up a formal investigation into related party transactions that have been the subject of media reports and the subject of the SEC's formal inquiry. As I've said before, we welcome this and look forward to working with the SEC to put this matter behind us. Moody's lowered our credit rating one level, from Baa1 to Baa2. Standard & Poor's (S&P) lowered our credit rating one level, from BBB+ to BBB. Fitch lowered our rating from BBB+ to BBB-. All agency ratings are investment grade. Even with what's happening with our company, we have kept running our business as usual, and here's few examples to show you that we are, indeed, doing just that: EnronOnline did 5,866 transactions with 302 counterparties on Friday. Transaction counts remain higher than average. EES signed a three-year fixed price agreement with Home Depot to supply power to 115 of its stores in California and 68 stores across Texas. EES also has exclusive rights to develop energy management proposals for all Home Depot facilities west of the Mississippi. EES also signed a three-year energy management agreement with Memorial Sloan-Kettering Cancer Center's four New York City facilities. Serious issues have been raised in the media and investment community that have put our credibility and reputation as a company in question. We're taking an introspective look at our business dealings, our core values and our organization as a whole. We're doing everything we can to deal with the issues that are affecting our company. And that's where you come in. Look around you. Look at the excellence that you and your team represents. That's the reason we hired you - you're the best. Now, more than ever, work for Enron and especially for each other. Thank you for your continuing support of our company and each other.

Subject: Adv: Reduce outside counsel fees, increase in-house expertise Body: Re: Dealing with today's uncertain business climate: How using LRSolutions will help your legal department reduce outside counsel fees, increase legal knowledge and expertise in-house and save countless hours of time for busy in-house attorneys As you are well aware, legal research and related knowledge activities and products are traditionally not a great source of efficiency and expertise. In-house counsel are frequently asked to provide their companies legal advice in a vast array of legal areas. With corporate downsizing, understaffed legal departments are usually not equipped to deal with the many complex and varied legal issues that are presented on a daily basis. Time is precious, as well, and in-house attorneys consistently find themselves hard pressed to attack these difficult legal problems with the degree of care required for thorough research and analysis. Traditionally, corporate counsel respond by utilizing outside law firms for many research and writing projects that could have been done internally if only they possessed the knowledge, resources, and time. Too often, these practices involve an inordinate amount of "reinventing the wheel", leading to inefficiency and burdensome expense. Outside counsel bill at exorbitant hourly rates while utilizing inexperienced, junior associates. The subsequent learning curve only adds to the enormous costs for corporate counsel. Because associates lack knowledge in the fields that they research, the total number of hours that they spend tend to be excessive. With soaring associate rates, the ultimate price for corporate counsel often reaches the upper stratosphere. At the same time, associates are likely to miss subtle nuances in the law that can be damaging to the client. In today's economy, it is absolutely essential for companies to reduce outside legal costs while retaining qu! al! ity and value. In addition to saving costs, companies must be able to effectively manage risk in a proactive fashion, in order to avoid potential disaster. LRSolutions is structured to maximize efficiency, value and quality. Experienced, in-house, partner-level attorneys actively manage all research -related projects, and are always available to discuss your concerns. LRSolutions' attorneys truly enjoy doing research, and analyzing complex legal issues. In addition, we work with our network of legal experts that include hundreds of the nation's premier law professors and other distinguished attorneys organized intuitively into areas of specialty. Only experts in the field can produce a product in the most efficient manner, without

Subject: Still here and still ready... Body: Amigos, I can't say anything about what we are doing out here. I will tell you this...the President told the military to be ready. We are. I appreciate the kind thoughts and words. We're keeping the faith out here. Take care. Paul.

Subject: Bills Body: Gerald, Attached is the bill that we discussed. I appreciate anything that you can do to expedite payment so we receive it by the end of November. (That is our year end for the purpose of calculating compensation.) Bill - EnronGulf11248.doc

Subject: Update on Kristi and Greg Body: Hi everybody, Well, somethings didn't turn out as quite as planned. In case you didn't hear, our first offer on our house fell through. Fortunately, we already have another offer and the new closing date is November 26. All indications are that this one will go through so here's the timeline... We're leaving Houston on December 3. We'll be in our new house in Florida sometime between Dec 7 - 15th. That gives us just enough time to get settled in before the new semester starts on January 7. We've set up a hotmail account so we don't miss any emails until our new Florida DSL account is ready to go. You can start using it immediately: scubadoobydoo_FL@hotmail.com (Our panacea account will be valid through the end of November.) You can always use our website to get the active email address. Go to www.scubadoobydoo.com and click on "Contact Us". We'll give everybody our change of address info as soon as both home sales are officially done. Have a great Thanksgiving! Kristi and Greg Foster

Subject: Napoleonville land sale Body: Ana, Per our conversation earlier today: Our survey shows the tracts we are selling consist of 330.12 acres. For the purpose of the DASH, we need to have a precise book value for those 330.12 acres, so I need to confirm with you one final time the book value for that land. Also, the draft agreement for the land sale stipulates that all ad valorem taxes bearing against the property due and payable through 2000 have been paid. Before we sign the agreement, we need confirmation from you that this is the case. Since we are trying to close this deal tomorrow (11/20), I would appreciate a quick response. Thanks for your cooperation. Eva 3-9679

Subject: Sale of Napoleonville Land Body: Louise, Tomorrow, I am flying to Buffalo, NY for Thanksgiving with my father. As such, for the potential sale of the Napoleonville Land, Julie Gomez will sign on my behalf for LRCI Inc. after both appropriate commercial, accounting and legal parameters have been met. The status is as follows: Texas Brine has been informed that another counterparty has presented a premium bid of $ 3 MM and has the opportunity to counter. Texas Brine was the first counterparty to try to acquire the land at $2.35 MM. Reliant has slowed the transaction close due to their legal changes to the "Act of Sale" document. As such, Gerald Nemec (my legal) is reviewing the document in conjuction with our Louisiana counsel as well as other relevant internal legal groups (i.e. litigation and environmental). I am confident that the land will get sold and was hoping to close the transaction prior to my leaving. However, this bidding "war" has the potential for ENA to extract an even higher auction price. The approximate book value of the land is $1.4 MM. I can be reached via Blackberry or cell (713-302-4187). Eva Rainer, Manager, is also an appropriate person to contact for any questions. Regards, Mrha

Subject: W&T Offshore Force Majeure denial letter Body: Gerald, Please review the attached denial letter for the September 10th portion of the W&T Force Majeure. I am still waiting on a copy of the confirmation to verify that we used the Enfolio Committed Reserves and what date is on it; however, the customer cited the Enron North America GISB as the governing contract. How do you want to handle these disparities? Please advise if you have any concerns. Thanks,

Subject: Surprise for Chris Hilgert Body: SSSSSSHHHHH!! IT'S A SURPRISE Chris Hilgert FRIDAY OCTOBER 5TH @ TRAVIS CAFE' Please be there no later than 6:30 as he will be brought in at 7:00. Come as you are, to surprise Chris for his birthday, thanks to his wife Nichole! The Travis Cafe' is located at 208 Travis in between Congress and Franklin, phone 223-4073. If you have any questions, feel free to call me at 713-853-4887 and I will be happy to help!! Hope to see you there! AND IF YOU KNOW SOMEONE WHO WOULD LIKE TO COME AND DID NOT RECEIVE THIS, FEEL FREE TO PASS IT ON!!! !

Subject: Travel Security Update Body: As the United States begins to recover from the tragic events of September 11, it is important that Enron and its employees also begin the task of returning to "business as usual." As a company with a global presence, returning to normal business practices necessarily involves travel. The FAA has already implemented strengthened security measures for U.S. airports and air carriers to ensure air transportation is safe, secure, and ready to meet the needs of the traveling public. We encourage all employees to return to their regular travel schedules. We have no reason to believe that international travel is inherently unsafe at this time, although we strongly recommend -- in conjunction with the U.S. Department of State -- that all travel to Afghanistan, Yemen, Pakistan, Indonesia, Iran, Iraq, Sudan, Somalia, Tajikistan, Turkmenistan, Georgia, and the Kyrgyz Republic be canceled. In addition, we recommend that planned travel to Egypt, Israel, Gaza/West Bank, Jordan, Lebanon, Saudi Arabia, Syria, and Algeria be very carefully considered.

Subject: Reciprocal Force Majeure (Mariner) Body: Gerald, Here is the Reciprocal Force Majeure language for you to review and discuss with Jeff Hodge. Please let me know if you need anything else from me. Thanks for all of your help. Judy

Subject: Schedules to Bridgeline Contribution Agreement Body: Gerald, I am researching several outstanding receivables from Bridgeline. I am looking for the Schedules to Contribution Agreement, which is item 3 in the index of documents. Do you know where I might obtain a copy? Also, is there any type of brief available on these contracts. I have seen one for ECS, so I was hoping that one might be available for Bridgeline. Thanks for your help.

Subject: Tomorrow's deposition Body: Gerald - I know you've told me this before, but I didn't put it in my calendar. What time and where is tomorrow's telephone depo? Thanks.