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Give a succinct summary of the entire email conversation in not more than 40 words,

Emails To Andrew Fastow:

An 11 million dollar financial deal:

| william.giuliani@enron.com | andrew.fastow@enron.com | 2001-06-07 07:48:00 | Gentlemen: Attached is the DASH for the approval of the DPR Accelerated Put transaction. This partial divestiture allows us to put $11 million of our equity interest back to DPR Holding Company, LLC and its subsidiary, Dakota, LLC. Both entities are controlled by Chris Cline. In addition to redeeming part of our equity interest, the deal provides us 900,000 tons of coal priced below market, an option which could lead to a very profitable synfuel project, and the potential for more marketing fees from other Cline entities. The DASH has been approved and signed by RAC and JEDI II, and is now awaiting Mark Haedicke s review and approval. I wanted to give you the opportunity to review the DASH and become familiar with the provisions of the deal. If you have any questions on the transaction, feel free to contact me at (412) 490-9048. Others familiar with the deal are Mike Beyer, George McClellan, and Wayne Gresham. Thank you. Bill Giuliani

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Enron to form one corporate equity investment unit, Enron Principal Investments:

| steven.kean@enron.com | andrew.fastow@enron.com | 2001-06-12 02:09:00 | As we discussed… The other memo will follow shortly from Maureen McVicker (my assistant).———————- Forwarded by Steven J Kean/NA/Enron on 06/12/2001 09:08 AM —————————From: Sherri Sera/ENRON@enronXgate on 06/11/2001 04:51 PMTo: Steven J Kean/NA/Enron@Enroncc: Subject: FW: Draft of Organizational AnnouncementSteve, Kevin Garland sent this to me hoping to get Jeff s approval to send it out from the office of the chairman. Would it make sense to incorporate it into the memo you re working on? Please advise. Thanks, SRS —–Original Message—–From: Garland, Kevin Sent: Monday, June 11, 2001 3:28 PMTo: Sera, SherriSubject: FW: Draft of Organizational AnnouncementAnnouncing the Formation of One Corporate Equity Investing UnitTo better develop and manage equity investment opportunities related to our core businesses, Enron has formed one corporate equity investment unit. This new unit, Enron Principal Investments, will combine the existing investment units of ENA, EBS and Enron Investment Partners. Additionally, the Enron Special Asset Group will also become part of Enron Principal Investments. The strategy of Enron Principal Investments will be to work with all the business units of Enron to identify, execute, and manage equity investments, which leverage Enron s unique and proprietary knowledge. These investments may be in the form of venture capital, LBO s, traditional private equity and distressed debt positions. Kevin Garland will serve as Managing Director, overseeing all activities of Enron Principal Investments. Gene Humphrey, Michael Miller, Dick Lydecker, and their groups, will join Kevin and his group to form Enron Principal Investments. This new business unit will report to an investment committee, consisting of Greg Whalley, Ken Rice and Dave Delainey. Please join me in congratulating and supporting Kevin, Gene, Michael, Dick and the other members of this group in this effort.Jeff Skilling |

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Fortune Magazine Really Liked Enron’s Reputation in 2000:

| mary.clark@enron.com | andrew.fastow@enron.com | 2000-10-10 05:15:00 | Wouldn t it be great to be named Most Innovative six years straight?Anything is possible at Enron. You were selected to participate in this year s Fortune Survey of Corporate Reputations. By now, you should have received a letter and a survey from Fortune. The information you provide will be used to select America s Most Admired Companies, as well as the Most Innovative Company in America for 2000 (Enron, right?). Please complete your survey and send it to me. I am collecting all the surveys and will send them together to the Fortune analysts. If you have already completed your survey and returned it to Fortune — that s okay — just let me know so I can mark your name off my list.Thanks for you assistance.

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Comments on S.E.C. insider trading rules:

“the new rule may actually provide for greater flexibility”

| rex.rogers@enron.com | andrew.fastow@enron.com | 2000-10-12 04:28:00 | I have been asked to make a brief presentation at next Monday=01,s Executiv=e=20Committee meeting addressing a new S.E.C. insider trading rule. Although t=he=20new rule may increase exposure to liability for insider trading, certain=20provisions of the new rule may actually provide for greater flexibility in==20the timing of your personal trades in Enron Corp. common stock. Attached i=s=20a short memo addressing our current Company procedures and policies for=20trading, the new S.E.C. rule, and some suggestions for alternatives that yo=u=20may want to consider concerning your personal trades in Enron Corp. common==20stock. If anyone wants to discuss the new rule and the trading alternative=s=20provided by the new rule before next week=01,s meeting, please don=01,t hes=itate to=20give me a call at 713-853-3069. Thank you.Attachments

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Public announcement of an offer:

| mark.palmer@enron.com | andrew.fastow@enron.com | 2000-10-26 09:55:00 | Attached is the final draft of the press release relating to Project True Blue. It has been approved by the deal team, outside counsel, and Investor Relations. I propose issuing the release one hour after sending the proposal letter to True Blue s board. True Blue should issue a press release acknowledging receipt of the offer as well as file the letter as part of an 8-K. True Blue s timing should be approximately one-half hour after our release.Please send any comments to me at 34738, or reply to this email.Mark Palmer

My thoughts: Wouldn’t you want to wait until the deal was actually signed by the other party first, before making any announcements?

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Management Meetings kept getting rescheduled in Fall 2001:

| joannie.williamson@enron.com | andrew.fastow@enron.com | 2001-09-27 10:20:32 | I apologize if there has been any confusion regarding this meeting. It was originally scheduled for October 1, then moved to October 2, then moved again to October 22. Please confirm your attendance via e-mail. An agenda will be provided prior to the meeting.Managing Director MeetingDate: Monday, October 22Time: 8:30 – Noon (Central)Location: Hyatt Regency – HoustonPlease call if you have any questions.Thanks, Joannie3-1769

| katherine.brown@enron.com | andrew.fastow@enron.com | 2000-10-23 04:50:00 | THERE WILL NOT BE AN EXECUTIVE COMMITTEE MEETING ON MONDAY, OCTOBER 30

| joannie.williamson@enron.com | andrew.fastow@enron.com | 2001-11-06 09:10:35 | —–Original Message—–From: Enron Announcements/Corp/Enron@ENRON On Behalf Of Ken Lay- Chairman of the Board@ENRONSent: Monday, November 05, 2001 10:09 AMTo: VP s and Above- Enron Management Conference List@ENRONSubject: 2001 Management ConferenceDuring this critical time, it is imperative that our management team remain focused on our business and continue to address the challenges currently facing our company. For that reason, I have decided to postpone the Enron Management Conference.The Conference will now be held Friday, February 22 – Saturday, February 23, 2002 at the Westin La Cantera Resort in San Antonio. While the Saturday meeting allows some Enron executives who cannot be away from the office during business hours to attend the Management Conference for the first time, I also recognize that it requires many of you to forfeit additional personal time on behalf of Enron. I truly appreciate your sacrifice and I sincerely encourage your attendance.The new agenda, while still being finalized, will be abbreviated but every bit as informative and worthwhile as previously planned. We ll be in touch soon with more details.Regards,Ken Lay