Datasets:

LLM-PBE

/

enron-email

like 0

Follow

LLM Privacy Benchmark 14

JIm, Yes, I would be very interested. Vince James L Bouillion 01/17/2001 03:02 PM To: Kevin Kindall/Corp/Enron@ENRON cc: Jere C Overdyke/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT Subject: Enterprise Risk Management I had a meeting with Willis (Insurance Broker) today and they advised that they have a computer analytics tool that can evaluate traditional exposures and express the risk as VAR. Would you be interested in seeing the tool?

I am forwarding a resume of one candidate who is very persistent and quite aggressive. Please, take a look at him. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/23/2000 08:18 AM --------------------------- Eric Hilton <[email protected]> on 06/22/2000 11:20:11 PM To: [email protected] cc: Subject: replied resume Mr. Kaminski, ??????? I sent an actual resume via the postal service. I guess you never received it. Thank you for your patience. A few features I possess that suggest that I may be a representative your well established company would value are: ?Seven-plus years as a manager/junior executive of logistics in a fast-paced, demanding, and constantly evolving retail industry. Experience in effectively developing and implementing policies and tasks under marketing, logistics, brand management, and best practices. BA degree in Marketing with a 3.88 GPA from the University of San Moritz, London England. Extensive knowledge in management with the ability to effectively manage multiple tasks, as well as multiple associates, to achieve specific goals in research and brand management within the company's deadline. Seven-plus years effectively implementing and teaching dynamic and successful customer service. With my current employer, I am in charge of logistics research and reports/data collection, as well as responsible for developing new and successful ideas and implementing them under constantly evolving brand management and best practices. Traveling to London, England and extensively finishing my degree indicates that I am willing to go the
&extra mile
8 to achieve and obtain my goals. Perhaps, Mr. Kaminiski,? I am an associate you need at your well-respected company. I would be very happy to meet with you, at your convenience, to discuss the possibility of putting my education and experience to work for Enron. Thank you for your consideration. I look forward to hearing from you. I have attached my resume to this email formatted under Microsoft Word. Warmest Regards, Eric Hilton ? - MY RESUME

Ludmila, You can reach me at [email protected]. I am accessing my mail. Elzbieta was reconnected to the machine again this morning (Mon). Vince

Vasant, Thanks. Let's contact Wharton next week. Vince From: Vasant Shanbhogue/ENRON@enronXgate on 04/25/2001 10:15 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Nelson Neale/NA/Enron@Enron Subject: Corn Subsidy Govt Program Analysis Hi Vince, Nelson and I had a meeting yesterday with the Ag Desk folks on how to go forward on the analysis and presentation for this program. The consensus from the Ag side was that the choice of university will be highly politically driven, ie preferably the university should be from a state that has close ties to sympathetic senators or other political figures. Also it is preferable if the university faculty have worked on Ag issues before, lending more credibility in the Ag community. The names that came up were Mississippi State and Texas A&M. Nelson knows of a person at Mississippi State who worked with the USDA on risk management issues. The needed analysis itself is not necessarily very deep, and the focus is primarily to get a non-quantitative presentation out that outlines how Enron can take on the downside risk of local crop prices (Enron probably needs to cover actual local prices and not simply an index because I do not think the govt will want to worry about basis risk). The pilot program itself will be very small, and lends itself to continuing down the path of short term trading rather than long term origination. Another thought on hedging our potential short positon (on the origination side) is that the govt program can only provide a partial hedge to the extent of the premium received -- we still have unlimited downside from the short. Vasant p.s. I am writing up Jim Bouillion's project suggestion as a potential project for Wharton. Of course, we may still ask Wharton for their insights on the corn price protection approach.

Mike, Thanks for the invitation. See you on Friday, April the 27th. Vince Mike Fowler@ENRON 04/11/2001 01:45 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Vince, I've been out of the office the last few days. As we discussed Friday, Veronica and I hope you can join us, the Stocks and the Chaneys (Craig Chaney is with EnronCredit.com) for dinner at 7:00 Friday, April 27th. Directions from Research and Gosling: Go west on Research Forest Turn left the 2nd time you cross Alden Bridge (stop sign after Kuykendall, shopping center on right with Albertson's, Exxon). Go approximately 1.4 miles. Will pass park and elementary school on left. Take next left - Noble Bend. Turn right on the 2nd street - Freestone Place. We are # 30 Freestone Place - the next-to-last home on the right. Phone # 281-362-7267 Mike x39990

Shirley, No numbers. Vince Shirley Crenshaw 08/17/2000 07:38 AM To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Pinnamaneni Krishnarao/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Mike A Roberts/HOU/ECT@ECT, Joseph Hrgovcic/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT, Zimin Lu/HOU/ECT@ECT, Martin Lin/HOU/ECT@ECT, Maureen Raymond/HOU/ECT@ECT, Osman Sezgen/HOU/EES@EES, Paulo Issler/HOU/ECT@ECT, Patricia Tlapek/HOU/ECT@ECT, Amitava Dhar/Corp/Enron@ENRON, Alex Huang/Corp/Enron@ENRON, Kevin Kindall/Corp/Enron@ENRON, Kevin G Moore/HOU/ECT@ECT, Clayton Vernon/Corp/Enron@ENRON, William Smith/Corp/Enron@ENRON, Jose Marquez/Corp/Enron@ENRON, Samer Takriti/Corp/Enron@Enron, Chonawee Supatgiat/Corp/Enron@Enron, Shalesh Ganjoo/HOU/ECT@ECT, Tom Halliburton/Corp/Enron@Enron, Elena Chilkina/Corp/Enron@Enron, Sevil Yaman/Corp/Enron@Enron, Sofya Tamarchenko/NA/Enron@Enron, Bob Lee/NA/Enron@Enron, Gwyn Koepke/NA/Enron@Enron, Guiseppe Paleologo/NA/Enron@Enron, Hector Campos/HOU/ECT@ECT, Anita DuPont/NA/Enron@ENRON, Youyi Feng/NA/Enron@Enron, V Charles Weldon/HOU/ECT@ECT, Shane Green/HOU/EES@EES, Yana Kristal/Corp/Enron@ENRON cc: Subject: New Co.# and RC# for the Research Group

Celeste, I am recommending Jason Sokolov for summer internship with Enron. Jason is currently working part-time for Mike Roberts and makes very valuable contribution to a number on-going projects. We are very happy with his performance and see him as a valuable future Enron employee. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/05/2000 07:30 AM --------------------------- From: Jason Sokolov 01/04/2000 01:32 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Petition for Summer Internship Vince: As we discussed earlier, I attached the copy of the petition for my summer internship with Enron Analyst and Associate group. I also have the hard copy of the letter, which I will deliver to you presonally. I am looking forward to, finally, become an official Enron employee. Thank you very much for your valuable contributions to my experience with the company. Jason Sokolov

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 08/25/2000 01:47 PM --------------------------- "Andreas Simou" <[email protected]> on 08/25/2000 08:48:09 AM To: <[email protected]> cc: Subject: The GARP 2001 Convention Dear Mr Kaminski ? Please find attached important information concerning the GARP 2001 Convention, which will be held in New York between 13th and 14th February, 2001. ? Please respond by the 6th September so that all your details are correctly put into the brochure and our web site. Should you have any queries please do not hesitate to contact me. ? I look forward to working with you and to seeing you in New York in February. ? Kind regards ? Andreas ____________________________ Andreas Simou GARP 2001 - Conference Producer Tel? +44 (0) 20 7626 9301 Fax +44 (0) 20 7626 9900 - Kaminski.doc

Sherri, Thanks. Vince Enron North America Corp. From: Sherri Sera @ ENRON 03/29/2000 05:04 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Jeff Skilling/Corp/Enron@ENRON, Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Ravi Thuraisingham/Enron Communications@Enron Communications@ECT, Katherine Brown/Corp/Enron@ENRON, Ken Rice/Enron Communications@Enron Communications@ECT, Kevin Hannon/Enron Communications@Enron Communications@ECT, Joe Hirko/Enron Communications@Enron Communications@ECT, John Griebling/Enron Communications@Enron Communications@ECT Subject: Re: Off-site: John Griebling's organization and Research Group Vince, Jeff does plan to attend the off-site in Breckenridge. I'm not sure exactly what time he'll arrive on Friday, 4/28, but will send those details when available. Thanks, SRS Vince J Kaminski@ECT 03/27/2000 04:43 PM To: Jeff Skilling/Corp/Enron@ENRON cc: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Ravi Thuraisingham/Enron Communications@Enron Communications, Sherri Sera/Corp/Enron@ENRON, Katherine Brown/Corp/Enron@ENRON, Ken Rice/Enron Communications@Enron Communications, Kevin Hannon/Enron Communications@Enron Communications, Joe Hirko/Enron Communications@Enron Communications, John Griebling/Enron Communications@Enron Communications Subject: Off-site: John Griebling's organization and Research Group Jeff, I would like to invite you to an off-site meeting of John Griebling's organization and the Research Group. Date: April 27 - April 29 Location: Breckenridge, Colorado As you know, John Griebling is managing the network design and construction project currently under way in EBS. The Research Group is actively involved in this effort which requires advanced quantitative skills in the area of stochastic optimization and stochastic processes (for modeling and forecasting Internet traffic flows). The objective of this meeting is to develop common language and accomplish transfer of skills between the two groups, to facilitate cooperation on this project in the future. We are also inviting to this off-site senior management of EBS and plan to have on the agenda several presentations about strategic directions of EBS. The effort of network design and construction currently under way is unprecedented in terms of its scope and complexity and it is important for technical people, who often have highly specialized technical skills, to understand the broad picture. I would appreciate if you could join us for Friday afternoon (April 28) and Saturday (April 29). I understand that you have commitments on Thursday and Friday morning. We have reorganized the tentative agenda of the meeting to devote Friday afternoon to more general topics. Vince

Joe, Thanks for your message. It would be difficult to rearrange the meeting at this point, given that it was timed around the availability of Jeff Skilling. I doubt we could get Jeff for any other date at this point. We can still adjust the agenda to discuss and address the Content Services issues. I shall work on this with John and Ravi. Vince From: Joe Hirko@ENRON COMMUNICATIONS on 03/29/2000 02:24 PM PST To: Vince J Kaminski/HOU/ECT@ECT@ENRON cc: Subject: Re: Enron Research and EBS Engineering and Operations Group Technical Forum I could probably make Friday but would have to leave that night. Any chance it could be moved to the first of the next week. Also, I think it is important that as we examine the technical issue of our network and network functionality that we balance the meeting with the Content Services issues and requirements. I talked to John about this already. Vince J Kaminski@ECT 03/27/00 02:58 PM To: Joe Hirko/Enron Communications@Enron Communications cc: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT, John Griebling/Enron Communications@Enron Communications Subject: Enron Research and EBS Engineering and Operations Group Technical Forum Joe, I would like to invite you to an off-site meeting of John Griebling's organization and the Research Group. Date: April 27 - April 29 Location: Breckenridge, Colorado As you know, John Griebling is managing the network design and construction project currently under way in EBS. The Research Group is actively involved in this effort which requires advanced quantitative skills in the area of stochastic optimization and stochastic processes (for modeling and forecasting Internet traffic flows). The objective of this meeting is to develop common language and accomplish transfer of skills between the two groups, to facilitate cooperation on this project in the future. We are inviting Ken Rice and Kevin Hannon to this meeting. We would appreciate if you could speak, together with Kevin and Ken, on strategic directions of EBS. It is important for a group of technical people, with relatively specialized technical skills, to understand the big picture. I am attaching the preliminary agenda for this meeting. Vince Kaminski

Conference oin NYC March. I am speaking. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/10/2000 02:05 PM --------------------------- Lenos Trigeorgis <[email protected]> on 02/09/2000 02:56:31 PM To: [email protected] cc: [email protected] (bcc: Vince J Kaminski/HOU/ECT) Subject: March NY real options conference Please find attached the final program for an exciting conference on "REAL OPTIONS VALUATION IN THE NEW ECONOMY: Internet/E-commerce, R&D/Pharmaceuticals, Energy." The conference, organised in New York City March 13-15 by the Real Options Group and co-sponsored by Ernst & Young LLP, is addressed to a corporate audience. The chairman of the conference is Prof. Michael J. Brennan of UCLA who will deliver the opening address, and the keynote speaker is Prof. Stewart C. Myers of MIT. Many of the world/s thought leaders in real options analysis, along with prominent experts from many leading corporations will also share their ideas and experiences. Please note that the deadline for hotel registration is February 21 (see the attached brochure for hotel details) and conference fees increase by 20% for those registering after March 1. The (full) conference brochure and on-line conference registration are available at our website www.rogroup.com We hope that you will be able to participate and would appreciate it if you could also communicate this announcement among other interested colleagues. In fact, it would be most helpful to us and would be greatly appreciated, if you could send me (also cc. to [email protected]) a list of 5-10 colleagues to whom we can send the electronic version of the brochure. Best wishes, Lenos Trigeorgis President, Real Options Group - ROGNYConference.pdf Lenos Trigeorgis Professor of Finance University of Cyprus Dept of Business 75 Kallipoleos, PO Box 20537 CY 1678 Nicosia CYPRUS Tel: +357 2 892261 Fax: 339063

Kevin, FYI Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/28/2000 04:48 PM --------------------------- Vasant Shanbhogue 07/28/2000 04:34 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Requirements for Clayton Hi Vince, I have communicated the following requirements to Clayton. Please give me your thoughts on additions/modifications. For EOL Model, 1. Working program, with easily usable interface 2. User docs, for new user to easily start using system plus includes details about program structure and modules 3. Reports for tabulation of data by commodity, counterparty, period, etc. Should be easy to run daily. 4. Time series description, including graphs, plus some time series analysis (say, relationship of volume to time of day, day of week) 5. Cross commodity trading relationships (identify potential arbitrage) For Gas Model, 1. Calibrate model 2. User docs, with complete description of data

Paulo, FYI. I shall lok at it at home as well. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/27/2000 10:45 AM --------------------------- From: Gillian Boyer@ENRON on 11/27/2000 10:25 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Arthur Andersen model validation request Vince, Our goal is to validate that the Enron Global Market book administrators are accurately using the "spread option model" as developed by the Research Group. To determine this, we would like to provide you with the inputs for a particular deal (as provided by a Global Markets book administrator) and have you recalculate the deal value. We will then compare your results to the values calculated by Global Markets. Two Koch deals have been chosen due to their substantial P/L effect. I have attached the deal data in two forms: (1) the spread option model that Kara Boudreau, Book Administrator EGM, provided and (2) an excel spreadsheet that isolates the 2 deals. If there is anything more that we could provide, please don't hesitate to call me at x30968. Thank you so much for all of your help. Gillian 1. 2.

FYI Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/10/2000 09:24 AM --------------------------- "Cantekin Dincerler" <[email protected]> on 03/28/2000 11:48:53 AM Please respond to [email protected] To: [email protected] cc: (bcc: Vince J Kaminski/HOU/ECT) Subject: summer internship Hi Vince, I am writing you at this time to inquire as to the potential of renewing my internship at Enron for the Summer of 2000. While the date of my request is later than I would have wished, the reason is that I had originally planned to go back to Turkey this summer and get my mandatory military duty done. However, I now realize I can put it off to a further date. That left me wondering if you believe there is a project that I can get involved in this summer and be useful. If that were the case, I would be more than happy to postpone my military duty and spend the summer with the research group. I discussed this with Dr. Ronn, and he is very supportive of this idea. I apologize again for bringing up this issue late, and look forward to hearing from you. Best regards, ---------oOOo-----oOOo---------- Cantekin Dincerler Doctoral Candidate The University of Texas at Austin Graduate School of Business Department of Finance office: (512) 471-1676 fax : (512) 471-5073 home : (512) 472-5356 http://uts.cc.utexas.edu/~cantekin -------------oooO-----Oooo----------

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/24/2000 01:10 PM --------------------------- "Martin Jermakyan" <[email protected]> on 04/24/2000 09:59:38 AM Please respond to "Martin Jermakyan" <[email protected]> To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: My resume Dear Vince, Attached please find an updated resume of mine. I have been continuing my research in the area of pricing, risk management and asset management of power industry. It seems to me that the framework I have been working on does allow addressing some fundamental issues and allows describing the salient features of power markets. I feel a brief info may inform you what have I been up to. Conceptually speaking, my approach relies on the understudying that the absence of cash and carry implies non-hedgibility of the most fundamental building blocks of power market - forward contracts of hourly duration. This clearly demands a risk premium embedded in power prices. I have been able to develop a machinery to capture this risk premium, and calculate its impact on pricing of other products. In particular, the method allows consistent generation of hourly forward curve (per each geographic region), hence generation of forward curves of longer duration. It provides us not only with forward curves, but also their physical (not risk-neutral) distribution. It also allows one to analyze the sensitivity of the forward curve with respect to the volumetric risk. As a fundamental input , I consider the ratio of properly compounded generation output (load) and the corresponding maximum available generation supply. The first one is well observable and forecastable due to its stationarity. The second one is defined by the first one and the generation and transmission profile of the region. Much of the required information is in the public domain. The market price of risk incorporated in the model depends on this ratio and the calendar time. This time dependence of the market price of risk allows capturing of the dynamics of the returns per unit risk over time, and its dependence on the ratio mentioned above reflects the intuition and the reality that closer the demand to the maximum available supply higher compensation do the investors expect. I have also realized that the transmission related factors may be incorporated into this framework in a very consistent and robust manner. This approach also allows quantification of the margins as a stochastic process dependent on the volumetric factors, among other things. It allows posing and solving the problem of maximization of the margins while keeping their variance under control in a very elegant and robust way. I have developed the first version of mathematical tools and prototype software reflecting all these issues. My inability to complete this program has been resulted from the severe instability, lack of access and the cash flow problems I have experienced in the last few years. I have also understood that programs of this magnitude cannot be finished from the "grandpa's garage." Nevertheless, I think I have developed a very systematic and robust understanding and methodology, and at least, I have convinced myself that this approach leads to a comprehensive system. With all this said, I don't want to make an impression of a stiff person, who has his agenda and under any circumstances is willing to push it forward. I have always been very flexible, and in my consulting experience, I have always accommodated the needs and wishes on my clients. In my short period of employment with Altra I have been very ethical, I have played by the rules, I have done whatever I have been asked to do, and have been a team player. The reasons they have asked me to resign have nothing to do with me personally. They have been respectful to me, they have valued me as capable person, but have found that given the direction of the company (which has become self-evident with the consequent developments), "further Altra goes, further I will be frustrated with where they go." It was almost formulated that it is better for me to separate from Altra as soon as I can. As an evidence of appreciation, they have continued paying me as of today, something that they have not done for some others, but it is coming to its end, too. I am bringing this up just to reiterate that my separation from Altra has had nothing to do with me or my entrepreneurial working style vs. corporate style, etc. I have no doubts that I can function equally well in either environment. I wish that your presentation goes well with your new superior, and that my joining Enron becomes a possibility. Regards, Martin - martin.doc

Tony, Great. I look forward to visiting you and your wife on April the 22nd. No dietary restrictions. Vince From: Anthony Mends@ENRON COMMUNICATIONS on 03/07/2000 03:52 PM To: Vince J Kaminski/HOU/ECT@ECT@ENRON cc: Subject: Re: Invitation to My House Vince, April 22 is fine. Thanks for accepting the invitation. Do you have any dietary restrictions or preferences? Please it is no trouble to tell us (my wife would be doing the cooking but I can speak for her). Please let me know. Thank you, Tony. Vince J Kaminski@ECT 03/07/00 10:00 AM To: Anthony Mends/Enron Communications@ENRON COMMUNICATIONS@ENRON cc: Vince J Kaminski/HOU/ECT@ECT, [email protected] Subject: Re: Invitation to My House Anthony, Thanks for the invitation. What about April 22? I have committed to different speaking engagements, charities, off-sites etc. for all the Saturdays prior to this date. Vince From: Anthony Mends@ENRON COMMUNICATIONS on 03/06/2000 02:18 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Invitation to My House Vince, I hope you are well. Sorry I have not been in touch but I have been swamped trying to build my organization simultaneously as I endeavor to understand EBS and navigate its political terrain. Quite interesting. I shall tell you more later. My wife, Elisabeth and I would love to have you for dinner at our house any Saturday at you convenience. Would please let me know which Saturday would be suitable? We are both looking forward to it so please let me know. Thanks, Tony

Grant, No problem. Please, give him my E-mail address or the phone number. Vince "Grant Masson" <[email protected]> on 12/13/2000 12:02:21 AM To: <[email protected]> cc: Subject: Joao Neves Dear Vince: ? I am in a somewhat delicate position. One of the people in the group here has asked me to introduce him to you.? As an El Paso vice president, I should not have agreed to do this, and frankly, the guy should not have asked.? But he is clearly very unhappy at El Paso, so, as a human being, I felt it was appropriate. Also, because this guy would have contacted you anyway, with or without my introduction, as a professional courtesy, I would like you to benefit from my experience with this fellow. ? The guy's name is Joao Neves (Portugese).? I think he is reasonably bright and seems to have a quite deep understanding of general finance and financial mathematics. He is a manager and feels very frustrated because he had hoped to be promoted to a position of authority. Instead the group's M.D. brought in two Price-Waterhouse-Coopers consultants as V.P's to run the structuring and quant sides of the group. In this respect, I can understand his unhappiness. Unfortunately for him, however, I also think it is in his nature to whine.? I have observed him to bad mouth lots of people starting with the IT guys (ok, that's perhaps not much an indictment!) all the way to dismissing Broadie & Glasserman's or Eduardo Schwartz' works as shoddy or shallow.? He does not seem to suffer well people he considers fools.? Caveat Emptor, therefore! Having said all this, I do want to emphasize that he is a bright guy, is very pleasant with me, and, perhaps given the appropriate environment and supervision, might be quite productive.? But don't take my word for it. Talk to him, and see what you think.? Obviously, I would ask that you keep these comments in confidence. I have given you an honest assessment -- brutally so. ? 'Nuff said! I have fulfilled my moral obligations both to Joao and to you. ? Best Regards, Grant.

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/26/2001 04:28 PM --------------------------- Robert Johnston 01/26/2001 03:07 PM To: John J Lavorato/Corp/Enron, Jeffrey A Shankman/HOU/ECT@ECT cc: Gary Hickerson/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Michael W Bradley/HOU/ECT@ECT, John Greene/LON/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT, Michelle D Cisneros/HOU/ECT@ECT, Jaime Gualy/NA/Enron@Enron, James D Steffes/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Phillip K Allen/HOU/ECT@ECT, Mike Grigsby/HOU/ECT@ECT, Kristin Walsh/HOU/ECT@ECT, [email protected] Subject: California 1/26/01 Executive Summary: AB18X is the focal legislative point for the proposed bailout plan, but contains several problems. Per yesterday's morning report, the bill includes a plan in which the utilities would issue stock warrants in exchange for financial assistance from the state. The bill will be subject to attacks from consumer groups, which will slow its passage. Timing is crucial because of the February 7th deadline for the FERC emergency order and the February 13th deadline for debt forbearance. The bill also contains little detail about costs. The cost of the bailout cannot be determined until the final auction results are known and the utilities reach a deal with Davis with respect to the share of outstanding debt that must be paid by the parent companies of the utilities. Sources report that Davis will insist that at least 43 percent of the outstanding PG&E/SoCal debt should be absorbed by the parent corporations. 1. AB18X- The "Bailout" Bill There are a number of key problems with AB18X. The bill is being presented by its drafters as a "work in progress." The current bill is likely to be significantly different next week after consumer groups blast it in committee hearings and in the press. Also, the fiscal effect of the bill is listed as "unknown", because the costs of the long-term contracts being bid upon in the auction are not yet known. Moreover, the audit of the utilities and its recommendation for the share of utility debt to be paid by the state versus the parent companies is not yet finalized (see below). The industrial users are unhappy with this bill because they will bear the burden of the costs. Approximately 35% of power customers in CA are residential, and another approximately 10% are commercial or users with emergency status; this means that half or more of all power customers in CA will benefit from price controls on their power. This, in turn, leaves the large industrial customers footing the bill. They are saying that this may result in job losses and may even give them incentive to leave the state. The State of California is talking about issuing revenue bonds to pay off the utilities
, debt. There is an important but subtle difference between these and general obligation bonds, which draw from tax revenues and assets to pay debt. Revenue bonds draw from the revenue gained from actually using something. For example, a stadium developer might issue revenue bonds to pay for a new stadium, then make revenue from the team that uses the stadium. How will that work in the case of the utilities? There is no guarantee that there will be positive revenue to pay back the bonds. California
,s interruptible power contracts have a 100-hour/year limit. Most of those contracts are at or near that limit and will become firm power contracts. This removes another option for finding power. 2. The Audit: Many of the details in AB18X are subject to the results of the audit and the power auction. Governor Davis has commissioned a study which shows that 43 percent of the PG&E and SoCal Edison debt is owed to their parent companies. He views this as the minimum acceptable percentage that the parent companies should contribute to a bailout. The companies cannot simply eat the cost of their inter-company debt. They do not have the cash to do so. The question becomes, if the subsidiaries
, bills are not paid, will they be forced to go into bankruptcy? 3. The Auction: As told by us to some of you yesterday afternoon and as reported by the Wall Street Journal this morning, the low bids that have been announced from Wednesday
,s auction are based on off-peak power. This is why they are so low. It is estimated that if Davis were to include off-peak power, the bids would be closer to 9.5 cents per kilowatt hour. Governor Davis is not disclosing the "true bid price" because to do so would not be "in the public interest." While they legally can keep the auction terms secret, this makes an excellent bluff to try to get other power providers to bid lower for peak power. Since the real cost of power is higher than the auction price is making it appear, this means that there may actually be little or no margin between where the state buys power and where the utilities sell it. No margin would mean no funds to pay down utility debt. 4. The Rest of the West The federal order for other states to supply CA with power requires Oregon and Washington to draw down their own reservoirs. The people of OR and WA are understandably upset about this. It is not clear how much longer this can continue, as reservoir levels continue to drop. The problem is the drought impacting the entire Northwest is not getting any better even as Washington and Oregon hydroelectric plants dump water through their dams to keep the lights on this winter. Officials in these states are now bracing for electricity surcharges that could hit 50% by mid-summer and increase the casualties on the dot-com laden killing field. Cities from Seattle to Tacoma and beyond are already passing legislation that scales in electricity surcharges that high and more. Seattle raised prices by 10% the first of January, with a further, emergency 18% increase is set to pass the city council on Monday. And city political officials warn that another 25% increase would be in effect by mid-summer -- unless the federal government agrees to plans by the western governors to request an emergency price cap for the summer. Although the Clinton administration and Bush administration steadfastly refused to impose such a price cap when Governor Davis requested it many times in the last month, western governors told our sources that they hope the political and economic considerations will change by late spring. "Although FERC head Hebert is a free-market freak," one government official told our sources, "this is very different than the price cap request California made. First, you could legitimately say California's problems stem from their screwed up de-regulation plan. But the west's problems this summer stem from a drought, and that is significantly different. Second, the Bush administration may want to punish Davis with thoughts of 2004 presidential politics in their head, but that will not apply to all of us across the Northwest and Southwest. We have a lot of Republicans on the hook here. Third, even if you think damage to the US economy from California's troubles won't be that great, the damage of 50% energy surcharges rolling across the entire western United States from Arizona to Washington has to get Bush's -- or at least Cheney's -- attention." There is almost no snowpack in most of the northwest, according to these officials, so the usual rebuilding of water reserves necessary to generate electricity will not occur. Add to that the fact Northwest dams are being run harder than usual to keep up with the maxed-out energy demands across the west ,and you have the makings of a mid-summer economic disaster. "The reservoir behind Grand Coulee dam (the country's largest) is dropping at a foot a day since New Year's and there is no sign of that slowing," one official told our sources.

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/05/2001 05:26 PM --------------------------- Anita DuPont@ENRON 01/04/2001 04:43 PM To: Vince J Kaminski/HOU/ECT@ECT, Mike A Roberts/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT, Zimin Lu/HOU/ECT@ECT, Martin Lin/HOU/ECT@ECT, Maureen Raymond/HOU/ECT@ECT, Osman Sezgen/HOU/EES@EES, Paulo Issler/HOU/ECT@ECT, Amitava Dhar/Corp/Enron@ENRON, Alex Huang/Corp/Enron@ENRON, Kevin Kindall/Corp/Enron@ENRON, Kevin G Moore/HOU/ECT@ECT, Clayton Vernon/Corp/Enron@ENRON, William Smith/Corp/Enron@ENRON, Jose Marquez/Corp/Enron@ENRON, Chonawee Supatgiat/Corp/Enron@Enron, Shalesh Ganjoo/HOU/ECT@ECT, Elena Chilkina/Corp/Enron@Enron, Gwyn Koepke/NA/Enron@Enron, Hector Campos/HOU/ECT@ECT, V Charles Weldon/HOU/ECT@ECT, Praveen Mellacheruvu/HOU/EES@EES, Li Sun/NA/Enron@Enron, Stephen Bennett/NA/Enron@ENRON, Roman Zadorozhny/HOU/EES@EES, Lance Cunningham/NA/Enron@ENRON, Leann Walton/NA/Enron@ENRON, Shane Green/HOU/EES@EES, Seksan Kiatsupaibul/HOU/EES@EES, Nelson Neale/NA/Enron@Enron, Kenneth Parkhill/NA/Enron@ENRON, Jason Sokolov/HOU/ECT@ECT, Steve Bigalow/NA/Enron@Enron, Rakesh Bharati/NA/Enron@Enron cc: Subject: Research Group Party on January 6, 2001 Please let me know by 2:00 PM tomorrow whether you are coming to the Research Group Party on Saturday. Also,if you are attending, what food item will you bring and how many adults and children will be attending. I need to know final numbers so I can buy the paper goods, drinks, etc. that are being furnished for the party. ---------------------- Forwarded by Anita DuPont/NA/Enron on 01/04/2001 04:26 PM --------------------------- Anita DuPont 01/02/2001 03:15 PM To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Pinnamaneni Krishnarao/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT, Mike A Roberts/HOU/ECT@ECT, Joseph Hrgovcic/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT, Zimin Lu/HOU/ECT@ECT, Martin Lin/HOU/ECT@ECT, Maureen Raymond/HOU/ECT@ECT, Osman Sezgen/HOU/EES@EES, Paulo Issler/HOU/ECT@ECT, Amitava Dhar/Corp/Enron@ENRON, Alex Huang/Corp/Enron@ENRON, Kevin Kindall/Corp/Enron@ENRON, Kevin G Moore/HOU/ECT@ECT, Clayton Vernon/Corp/Enron@ENRON, William Smith/Corp/Enron@ENRON, Jose Marquez/Corp/Enron@ENRON, Chonawee Supatgiat/Corp/Enron@Enron, Shalesh Ganjoo/HOU/ECT@ECT, Tom Halliburton/Corp/Enron@Enron, Elena Chilkina/Corp/Enron@Enron, Sevil Yaman/Corp/Enron@Enron, Sofya Tamarchenko/NA/Enron@Enron, Bob Lee/NA/Enron@Enron, Gwyn Koepke/NA/Enron@Enron, Hector Campos/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT, V Charles Weldon/HOU/ECT@ECT, Yana Kristal/Corp/Enron@ENRON, Praveen Mellacheruvu/HOU/EES@EES, Li Sun/NA/Enron@Enron, Stephen Bennett/NA/Enron@ENRON, Roman Zadorozhny/HOU/EES@EES, Lance Cunningham/NA/Enron@ENRON, Leann Walton/NA/Enron@ENRON, Shane Green/HOU/EES@EES, Seksan Kiatsupaibul/HOU/EES@EES, Kate Lucas/HOU/ECT@ECT, Nelson Neale/NA/Enron@Enron, Rabi De/NA/Enron@ENRON, Kenneth Parkhill/NA/Enron@ENRON, Jaesoo Lew/NA/Enron@ENRON, Jason Sokolov/HOU/ECT@ECT, Steve Bigalow/NA/Enron@Enron, Rakesh Bharati/NA/Enron@Enron, Tom Barkley/NA/Enron@Enron cc: Subject: Research Group Party on January 6, 2001 Hope you can join us. Regards, Anita

Stinson, Hedging with the underlying may be unconstitutional ever since slavery has been abolished. Vince Stinson Gibner 07/13/2000 01:27 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Black-Scholes meets Seinfeld Where's the beef? ---------------------- Forwarded by Stinson Gibner/HOU/ECT on 07/13/2000 01:26 PM --------------------------- Erik Simpson 07/13/2000 11:03 AM To: Ken Rice/Enron Communications@Enron Communications, Kevin Hannon/Enron Communications@Enron Communications, Jim Fallon/Enron Communications@Enron Communications, Stinson Gibner/HOU/ECT@ECT cc: Ben Freeman/Enron Communications@Enron Communications, Mike Horning/HOU/ECT@ect Subject: Black-Scholes meets Seinfeld While we are in process of building this business, it is interesting to see a quick write up McKinsey is promulgating on Options theory applied to TV and Seinfeld. I thought you guys would be interested in reading this. Erik Simpson

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/18/2000 03:22 PM --------------------------- Anita DuPont@ENRON 10/18/2000 03:10 PM To: Vince J Kaminski/HOU/ECT@ECT, Pinnamaneni Krishnarao/HOU/ECT@ECT cc: Shirley Crenshaw/HOU/ECT@ECT Subject: EES Risk Management Presentations for October 25. Please have your presentations to me by 10 AM Friday, October 20, 2000. It takes a couple of days to get the materials back from the Copy Center. The presentations have to be put in new binders this time and it takes most of a day to put everything together in the binders. Therefore, I have to have the materials to the Copy Center by Friday afternoon in order to get them back by Monday afternoon or Tuesday morning. I will need most of Tuesday to get everything assembled in the binders. Thus the necessity of having your completed presentations by Friday morning. Vince: Basket Options Binary (Digital) Options Krishna: Barrier Options Other Complex Structures Thanks for your help on this. Regards, Anita

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/24/2000 05:10 PM --------------------------- Joel Hanley <[email protected]> on 02/09/2000 02:10:01 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Australian Energy 2000 Dear Vince, I hope you are well and that things round at Enron aren't too hectic. It is my pleasure to invite you to speak at Energy & Power Risk Management Magazine Conferences' new event, Australian Energy 2000, addressing the second Industry Briefing - "Learning from US experience: Lessons to be learned from the restructuring North American markets". I appreciate that you are speaking a lot for us at the moment (for which I am of course grateful) but, when researching, yours was a name that came up repeatedly as someone the market would like to hear from. I am hoping that perhaps you might need to see Paul Quilkey at some point in July and that we can provide you with another reason to cross the globe. Rather like the industry briefing that you are giving at Power 2000 this year in Houston, this address will be presented to the entire conference before breaking into their streams. Australian Energy 2000 will take a focused look at the latest problems facing energy players, with the two in-depth streams I mentioned above: one dedicated to energy pricing and trading and the other looking at risk management and the latest business issues. This conference will be of the highly technical level that people have come to expect from EPRM events, and I am very keen to encourage participation from speakers in modifying the programme to suit the audience and issues at hand. If you have any suggestions or comments on the programme, please let me know; any help would be gratefully received. This event will be thoroughly marketed through both Energy & Power Risk Management Magazine and our extensive database. It is my aim to attract the leading market players by providing a first-class programme with top-rated speakers, making this a highly worthwhile event for the energy industry. I have attached a copy of the programme for your information. Unfortunately my schedule for this event is very tight. Please let me know if you would like to participate by reurn email as it is unlikely that we can speak on the phone as I am currently based in Hong Kong. If you would like to send a colleague, then I would be happy to discuss this but it would be great if you could complete the EPRM grand slam by addressing our three major annual events on three different continents! I look forward to hearing from you soon. Yours sincerely, Joel Hanley Producer, EPRM Conferences & Courses - AustralianEnergy2000.doc __________________ EPRM Conferences Risk Publications Hong Kong Tel: 852 2545 2710 Fax: 852 2545 7317 www.riskpublications.com

FYI Please, put on my schedule. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/10/2000 02:06 PM --------------------------- Kevin G Moore 02/10/2000 01:14 PM To: Mike A Roberts/HOU/ECT@ECT, Jason Sokolov/HOU/ECT@ECT, Patricia Tlapek/HOU/ECT@ECT, Michael Sergeev/HOU/ECT@ECT, Jose Marquez/Corp/Enron@ENRON, William Smith/Corp/Enron@ENRON cc: Vince J Kaminski/HOU/ECT@ECT, Shirley Crenshaw/HOU/ECT@ECT Subject: Confirmation Please mark your calender for the following ...... ---------------------- Forwarded by Kevin G Moore/HOU/ECT on 02/10/2000 01:11 PM --------------------------- Enron North America Corp. From: Susan L Kennedy 02/10/2000 09:30 AM To: Kevin G Moore/HOU/ECT@ECT cc: Lisa Lees/HOU/ECT@ECT Subject: Confirmation Kevin, We will hold a Dow Jones Interactive training session for your group totaling 8 people. It will be held on Friday February 18, 2000, in room 30C2. We will begin training at 1:30. Thank you for you help Susan

Krishna, Please, take a look. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/12/2001 01:50 PM --------------------------- Lana Moore <[email protected]> on 02/07/2001 10:53:05 AM To: Nesa Members <[email protected]> cc: Subject: Technical Training at the Houston Energy Expo! Technical Training in conjunction with the HOUSTON ENERGY EXPO MARCH 20 - 21, 2001 Hyatt Regency Hotel - Downtown We are offering: Fundamentals of Electricity Basics of Risk Management Natural Gas - Wellhead to Burnertip There are only 25 spots in each class, so sign up today! Go to www.nesanet.org <http://www.nesanet.org> , in Educational Programs each class is listed with details and a registration form. Member price is $545 per person. Non-member price is $745 per person. If you have any questions, please give me a call!! Lana Moore (713) 856-6525

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/19/2000 08:25 AM --------------------------- RealPlayer News <[email protected]> on 06/18/2000 08:55:49 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Get 3D Audio from RealPlayer and RealJukebox! - mailtest.html

Rick, I read your memo regarding Global Risk Management Initiative. I am sending you the information regarding a related initiative on which I have been working last year and which is moving now into the implementation stage. It's Enterprise - Wide Risk Management and it's really an effort to measure business risks consistently across the company. I hope my group can be helpful in designing the general approach to this problem. Please, let me know what your thoughts are. Vince Enron North America Corp. From: Rick Causey @ ENRON 01/17/2000 06:04 PM Sent by: Enron Announcements@ENRON To: All Enron Worldwide cc: Subject: Global Risk Management Operations Recognizing Enron
,s increasing worldwide presence in the wholesale energy business and the need to insure outstanding internal controls for all of our risk management activities, regardless of location, a global risk management operations function has been created under the direction of Sally W. Beck, Vice President. In this role, Sally will report to Rick Causey, Executive Vice President and Chief Accounting Officer. Sally
,s responsibilities with regard to Global Risk Management Operations will mirror those of other recently created Enron global functions. In this role, Sally will work closely with all Enron geographic regions and wholesale companies to insure that each entity receives individualized regional support while also focusing on the following global responsibilities: 1. Enhance communication among risk management operations professionals. 2. Assure the proliferation of best operational practices around the globe. 3. Facilitate the allocation of human resources. 4. Provide training for risk management operations personnel. 5. Coordinate user requirements for shared operational systems. 6. Oversee the creation of a global internal control audit plan for risk management activities. 7. Establish procedures for opening new risk management operations offices and create key benchmarks for measuring on-going risk controls. Each regional operations team will continue its direct reporting relationship within its business unit, and will collaborate with Sally in the delivery of these critical items. The Houston-based risk management operations team under Sue Frusco
,s leadership, which currently supports risk management activities for South America and Australia, will also report directly to Sally. Sally retains her role as Vice President of Energy Operations for Enron North America, reporting to the ENA Office of the Chairman. She has been in her current role over Energy Operations since 1997, where she manages risk consolidation and reporting, risk management administration, physical product delivery, confirmations and cash management for ENA
,s physical commodity trading, energy derivatives trading and financial products trading. Sally has been with Enron since 1992, when she joined the company as a manager in Global Credit. Prior to joining Enron, Sally had four years experience as a commercial banker and spent seven years as a registered securities principal with a regional investment banking firm. She also owned and managed a retail business for several years. Please join me in supporting Sally in this additional coordination role for global risk management operations.

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/2000 04:34 PM --------------------------- Clayton Vernon @ ENRON 12/21/2000 03:51 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: f/up Vince- I got your message (I was up on the roof of the building helping to fix the weather satellite dish- what a gorgeous view of Houston!). I appreciate your words. Everything remains fine, Vince. You are my "father" here at Enron, and I admire and respect you greatly. I think I know the kind of person you are, in terms of your integrity, and I admire the high standards you set for all of us in your extended "Group." I want to let you know I am not the only one in the group who doesn't appreciate the way Maureen disrespects you. You remain the key external factor in their success- it is not simply their own abilities that matter to their futures but your own- Vince's- success with upper management that matters. We respect you, and we don't like it when you are disrespected. Maureen didn't disrespect me today, Vince, she disrespected you. It's time I told you something. Last April, Maureen, highly intoxicated following a work-related function at Ninfa's, made an unsolicited predatory sexual advance on me at my desk on the 19th floor. I was shocked and disgusted, but I didn't say one word about this, Vince, because I played it out and didn't want to put you into the position of having a raving Maureen in your midst as you perhaps had to fire her and then endure a litany of gender-bias crap lawsuits. I "took one for the team," Vince. I can'rt say I would do it again- Maureen is brazen to berate me after what she did, in public no less. I appreciate your bringing me into Enron. I've found a respectful and, indeed, a loving work environment. I remain willing to do whatever I can to help the Group. Clayton

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/19/2001 04:43 PM --------------------------- From: Jennifer Burns/ENRON@enronXgate on 03/19/2001 01:25 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Jeff's itinerary

Anita, Please, FedEx to him the book plus reprints of my papers. Shirley knows where they are. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/19/2001 10:37 AM --------------------------- "mark kierlanczyk" <[email protected]> on 04/18/2001 02:23:53 PM To: [email protected] cc: Subject: My address Mark Kierlanczyk Friedberg Mercantile Group Inc 67 Wall Street, Suite 1910 New York, NY 10005 tel 212 943 5300 Thank you, Vince, for the materials. My best regards - Mark _________________________________________________________________ Get your FREE download of MSN Explorer at http://explorer.msn.com

Grant, Did you respond to this one? Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 08/24/2000 04:15 PM --------------------------- Dale Surbey 08/21/2000 04:56 AM To: Grant Masson/HOU/ECT@ECT cc: Vince J Kaminski/HOU/ECT@ECT Subject: Long-Term Volatility Curves Grant, Can Research in Houston put together a comparison of the long-term volatility curves for gas and power in North America and Europe? Based on where Europe is marked (especially for the UK), I think we'll find a significant difference out beyond 10 years. Fundamentally, it seems like the long-term vol should be similar for a given commodity regardless of geographic location. Has Research done any work on this in the past? If not, we should study this since long-term vol feeds into the VAR-based position limits. Give me a call so we can discuss. Thanks Dale

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/17/99 03:17 PM --------------------------- Enron North America Corp. From: Enron NA Office of the Chairman 12/16/99 10:22 AM To: All Enron North America cc: Subject: Revised: Organizational Changes To: Enron North America Corp. From: Cliff Baxter and Kevin Hannon In July, as part of the Enron North America (ENA) reorganization, the implementation of several objectives were highlighted as critical to the continued growth of ENA including: 1) accelerate the development of our people, 2) significantly expand our customer network and associated markets, and 3) accelerate and enhance the information flow between groups, both within ENA and across Enron. Consistent with these objectives and with the corporate goal of fostering
&One Enron
8, we would like to announce the following organizational changes in the Coverage/Origination Groups and the Commercial Transactions Group within ENA. 1) Coverage/Origination: To ensure a consistent strategy, the free flowing of resources and product technology and the appropriate focus in the midstream and downstream businesses, the following coverage/origination groups will be consolidated under the leadership of Dave Delainey : a) the Eastern and Western U.S. Midstream Coverage/ Origination groups which focus on energy, finance and power development solutions for electric and gas utilities, municipals, co-ops, energy service companies and IPP
,s; b) the Downstream Coverage/Origination groups which focus on delivering a broad range of products and services to the heavy industrial customers including pulp and paper, chemicals, plastics, refined products, metals and mining, heavy manufacturing, industrial gases, fertilizers, transportation, textiles and glass manufacturing the Eastern and Western U.S. Midstream Coverage/ Origination groups which focus on energy, finance and industries. Downstream Coverage/Origination As energy deregulation continues in North America, it is becoming clear that the heavy industrial segment will be an important customer market for both ENA and Enron Corp. Further, it is clear that ENA can significantly expand its industrial customer network and create more innovative industrial solutions by having a group that can deploy all the capabilities of Enron Corp. Against this backdrop, the Downstream Coverage/Origination function will expand its product offering to include not only ENA
,s existing energy commodities, energy services, finance, assets and pulp and paper capabilities but also EES
,s energy outsourcing capability and Global Fuel
,s chemicals, plastics and refined products risk management capability. These additional capabilities will be offered in conjunction with EES and the Global Fuels groups. Given the size and importance of this Enron initiative, Greg Piper will be returning from Portland to manage this business. Under Greg
,s leadership, the Downstream Origination effort will be segmented into three sub-groups given the nature of these industries and our product offering: a) Pulp and Paper
) Edward Ondarza will continue to manage the coverage activities in the Pulp and Paper business. This group will be responsible for the provision of innovative products and services in the pulp and paper industry including the provision of paper risk management products; b) Chemicals, Plastics and Refined Products
) We have asked Jim Ajello to lead the coverage activities in this business. This group will be responsible for the provision of innovative products and services in the chemicals and refined products industries; c) Non-Integrated Industrials
) Bruce Garner, formerly leader of Bankers Trust
,s global metals and mining group in London, has joined ENA to lead the coverage activities in this business. This group will be responsible for the provision of innovative products and services for the metals and mining, heavy manufacturing, industrial gases, fertilizers, transportation, textiles and glass manufacturing industries. Midstream Coverage/Origination a) Eastern Coverage/Origination
) This group
, activities will focus on energy, finance and power development solutions for electric and gas utilities, municipals, co-ops and energy service companies in the Eastern Interconnect. We have asked Janet Dietrich to assume the leadership of this group; b) Western Coverage/Origination
) This group
,s activities will focus on energy, finance and power development solutions for electric and gas utilities, municipals, co-ops and energy service companies in the WSCC. They will also continue to manage all Qualified Facilities (QF) restructuring opportunities in the Western U.S. We have asked Chris Calger to assume the leadership of this coverage group. Chris will relocate to Portland from Calgary where he currently leads the Canadian downstream origination efforts; c) IPP Merchant Coverage/Origination
) This group
,s activities will focus on the provision of structured energy, finance and asset solutions for the emerging merchant power generators who control large portfolio
,s of merchant power generation either through development or acquisition. We have asked Mike Miller to assume the leadership of this group. In addition, Mike will continue to manage the power development activities in the Eastern Interconnect; d) Eastern QF Restructuring
) This group will focus on the QF restructuring opportunities in the Eastern Interconnect including the existing restructuring and re-capitalization of the East Coast Power assets. We have asked Dave Duran to assume the leadership of this business. Greg Blair, formerly of Enron Asia
,s development group, Doug Clifford, formerly of Citizens power, and Dick Lydecker, formerly of Cogen Technology, will join this newly formed business. 2) Commercial Transactions: The Commercial Transactions Group (CTG), co-headed by Ray Bowen and Jeff Donahue, was formed to provide a centralized resource for the execution of transactions within ENA
) and thereby, improve ENA
,s efficiency in executing transactions and free-up the origination groups to increase their intensity of client coverage. CTG consists of six primary functions: Transaction Development, Capital Structuring and Portfolio Management, Commodity Structuring and Transportation, Transactional Support/Accounting, Technical Analysis and Upstream Asset Management. The Transaction Development Group will be responsible for deal leadership, execution and optimization of all aspects of a transaction in conjunction with the originator. The function will be divided into four teams, each of which will be dedicated to between two and four origination groups. This dedication to specific groups should provide a closer link, better service and greater accountability with the origination groups; however, the CTG resources are designed to be a fungible and flexible resource allocated to the highest value transactions across the coverage functions: a) Midstream Transaction Development will be dedicated to the Eastern and Western Coverage/Origination Groups. The senior members of this group include Billy Lemmons, George McCormick, Erin Norris and Russ Porter. Billy Lemmons joined Enron in 1992. Most recently, he was the Vice-President of Capital Structuring and Risk Management for EES. Russ Porter joins us today from Dynegy where he was a manager with responsibilities for power origination. b) Downstream Transaction Development will be dedicated to ENA
,s industrial origination efforts in Pulp and Paper, Petrochemicals and Refining, Environmental Energy, Metals and Mining and other industries as coverage is established. The senior members of this team include Rodney Malcolm, Jay Boudreaux, Finley Biggerstaff and Chris Helfrich. We anticipate announcing two to four more additions to this team within the next few weeks. c) Generation Transaction Development will be dedicated to the IPP Merchant Services and power plant development and QF Restructuring groups. The senior members of this team include Thomas Suffield, Andy Kelemen, Kelly Mahmoud and John House. Thomas Suffield joined Enron in 1996. Most recently, he was the Vice-President of Origination for the Latin American group in Azurix. We anticipate announcing two more additions to this team within the next few weeks. d) Upstream Transaction Development will be dedicated to the Producer Finance, Coal and Gas Assets groups. The senior members of this team include Brad Dunn, John Curtin and Chris Hilgert. We hope to announce the addition of at least one VP to this group prior to yearend. Ray Bowen will have primary oversight responsibilities for the Upstream and Downstream Transaction Development teams with Jeff Donahue having primary responsibilities for the Midstream and Generation teams. Andrea Reed will continue to head Capital Structuring and Portfolio Management: all junior commercial resources within the Transaction Development teams will have dual responsibilities to both their Transaction Development teams and to the Capital Structuring Group. The remaining four groups within CTG will remain largely unchanged. In addition, the Origination and the Transaction Development teams and their respective origination groups will be located together. We believe that these changes will significantly enhance our market coverage and industry knowledge in all ENA
,s markets particularly in the industrial markets. It will also provide a closer partnership and accountability between the Coverage/Origination Groups and the CTG Groups. Please help us in continuing to build on the success we have enjoyed in North America by working with us to implement these changes.

Shirley, Please, invite them for a preliminary interview, Stinson, Zimin, Paulo and myself. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/27/2000 10:46 AM --------------------------- carlos ordonez <[email protected]> on 11/27/2000 10:15:51 AM To: [email protected] cc: Subject: Re: Greetings Dear Vince, I am sorry for the dely in answering. These are their phone numbers: Ernesto Hernandez: (713) 532-0573 Carlos Gorrichategui: (713) 668-0408. The best way to get a hold of them at this point would be through me. I would pass along the information and then they can contact you. Cheers, Carlos At 12:50 PM 11/21/00 -0600, you wrote: > >Carlos, > >I need their phone numbers. > >Vince > > > > > >carlos ordonez <[email protected]> on 11/21/2000 11:45:45 AM > >To: [email protected] >cc: >Subject: Re: Greetings > > >Vince, > >I gave you both their academic reports from here and Mexico and Panama. >This >information I believe also contain some personal info. Would you need more? >One of them was a bit nervous about the formality of turning in an actual >resume... > >Please let me know whether the academic info is not enough. > >Cheers, > >Carlos > > > > > >At 10:41 AM 11/21/00 -0600, you wrote: >> >>Carlos, >> >>Please, forward their resumes to us and we shall set up an interview for >>them. >> >>Vince >> >> >> >> >> >>carlos ordonez <[email protected]> on 11/21/2000 09:30:08 AM >> >>To: [email protected] >>cc: [email protected] >>Subject: Re: Greetings >> >> >>Dear Vincent and Stinson, >> >>Both my students would love to come visit you guys for an informal >>visit in the near future. Please let me know well ahead of time >>when they can come. If possible, see to it that their parking expenses >>be paid when they do come. >> >> >>I'll be in touch with you all over the next months about this and >>a possible postdoctoral/trainee agreement (World Lab.). >> >>Cheers, >> >>Carlos >> >> >> >> >> >> >> >> > > > > > >

Pierre Philippe, We have two options. Kevin will be interviewing in mid-December in Pittsburgh and he can talk to you you or we can invite you to Houston. What are you interested in? A quant position or a trading job? Our trading desks are looking for people with trading experience. Vince "Pierre-Philippe Ste-Marie" <[email protected]> on 11/29/2000 07:36:19 AM To: <[email protected]> cc: Subject: Interview with ENRON Dear Mr. Kaminski, ? Even though I cannot pass "official" interviews, I would like to discuss with ENRON. I was really impressed by your presentation and I think I would be a good fit for your firm. ? I know that you?will be soon recruiting on campus, maybe we could set up an "informal meeting". Either give me a call at home (412-802-6429) or send me an email at this address. I would appreciate though not to appear on interview lists. ? Pierre-Philippe Ste-Marie --------------------------------------------------- http://pstemarie.homestead.com

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/2000 04:44 PM --------------------------- "Btu" <[email protected]> on 12/22/2000 03:40:27 PM To: "Btu Weekly" <> cc: Subject: Btu Weekly Attached is the latest issue of Btu Weekly. e-mail: [email protected] phone: 732-758-8222 fax: 732-758-8286 - wg122500.pdf

Claudio, I have done it twice in the past. I shall be glad to help again. Vince From: Claudio Ribeiro @ ENRON 11/21/2000 08:32 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Re: MIT Financial Engineering Pro-Seminar Vince: It was Stewart Myers, head of the Financial Engineering Track. He did not contact me directly, he contacted Josef (an MIT student that spent the summer with Enron and received an offer to come to work with us). Josef wanted to know who could make the commitment of sponsoring (sending the problem). Claudio Vince J Kaminski@ECT 11/21/2000 08:16 AM To: Claudio Ribeiro/Corp/Enron@ENRON cc: Subject: Re: MIT Financial Engineering Pro-Seminar Claudio. Who was the professor who came up with the request? Vince From: Claudio Ribeiro @ ENRON 11/20/2000 05:04 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Joseph Hrgovcic/HOU/ECT@ECT Subject: MIT Financial Engineering Pro-Seminar Vince, I have received a call from MIT asking if Enron would be interested in sponsoring a Financial Engineering Pro-Seminar. This means that Enron would propose a problem that would have its solution developed by students in the Financial Engineering Track. These students would present the findings in the end. I think that Enron has already sponsored a Financial Engineering Pro-Seminar. I remember something about Real Options at the time I was at school. Please, let me know if Enron has the interest, specifically the Research. Talking here at the Weather Desk, Mark Tawney expressed interest. If you agree, we (the Weather Desk) could co-sponsor this Pro-Seminar with the Research. The idea, then, would be to propose a problem connected to Weather Trading. Please, give me your thoughts about this issue. Thanks, Claudio

Cantekin, I shall call you tomorrow to discuss the details. Vince "Cantekin Dincerler" <[email protected]> on 09/18/2000 02:59:41 PM Please respond to <[email protected]> To: <[email protected]> cc: Subject: part-time work Hi Vince, I promised to get back to you on the part-time work issue. Sorry for the delay, I got back to Austin only last week. I talked to Ehud about this and he is OK with it. Just wanted to let you know. Best, ---------oOOo-----oOOo---------- Cantekin Dincerler Doctoral Candidate The University of Texas at Austin Graduate School of Business Department of Finance office: (512) 471-1676 fax : (512) 471-5073 home : (512) 472-5356 cell : (512) 680-5355 http://uts.cc.utexas.edu/~cantekin -------------oooO-----Oooo----------

Zimin, Can you interview this guy? Maybe Tanya, a math Ph.D. can help as well. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/11/2001 08:07 AM --------------------------- From: Darren Delage@ENRON on 01/11/2001 09:47 AM ZE9 To: Zimin Lu/HOU/ECT@ECT cc: Vince J Kaminski/HOU/ECT@ECT Subject: Interview Candidate Zimin, Happy new year! The financial trading group is looking at a potential candidate for a general financial trading position in Japan and was wondering if someone from your area wouldn't mind testing this candidates mathematical skills. She has a Masters in Stochastic Mathematics and both a math/liberal arts undergrad. I feel it is important to test her grasp of the subjects she would have studied and know that someone from your area would be best suited in providing some feedback on this. The candidate's name is Yumi Imokawa. If you don't mind, could I please schedule a telephone interview for 20 minutes or so? The ideal time is Tokyo mornings (so for example, at 5:00 in the evening Houston time any day that you are available..I will just have the candidate call your point person directly. Sincerely, Darren

Jinbaek, We shall invite you to an interview in Houston. Vince Jinbaek Kim <[email protected]> on 10/23/2000 07:25:36 PM To: [email protected] cc: Subject: Resume, Dear Mr. Kaminski, Hi, I am a Ph.D student at IEOR department at U.C.Berkeley. Thanks for your presentation today. It gave me knowledge and interest in electricity markets, and your company. As you mentioned in the presentation, I send a resume to give me opportunity to learn more about your company. I hope I can join the super saturday event. Jinbaek - resume.doc

Yann, I have forwarded this request to a member of my group who supports Enron Broadband Services. He will check into availability of data and confidentiality issues. Vince

FYI Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/21/2000 09:41 PM --------------------------- Ravi Thuraisingham@ENRON COMMUNICATIONS on 02/20/2000 12:48:11 AM To: Vince Kaminski, Stinson Gibner/HOU/ECT@ECT cc: Matt Harris/Enron Communications@Enron Communications, April Hodgson/Enron Communications@Enron Communications Subject: Re: Summer Intern: Paulo Oliveira Vince, both Matt and April think that this type of research would be value-additive to EBS. I will be out all next week in a meeting with John Griebling and other on a deal that is being worked out. I understand that you are following up with HR on all of our summer intern offers. Please make sure Palo is given an offer and that he will work with April and Matt (he did talk to Matt) on the topics that April and I suggested. Regards, Ravi. ----- Forwarded by Ravi Thuraisingham/Enron Communications on 02/20/00 12:41 AM ----- Matt Harris 02/17/00 08:08 PM To: Ravi Thuraisingham/Enron Communications@Enron Communications cc: April Hodgson/Enron Communications@Enron Communications Subject: Re: Summer Intern: Paulo Oliveira Looks interesting. I would guess that there is a TON of research available (from @Home, AOL, Roadrunner, Real, Microsoft, etc.) on Broadband's impact on the strategic value of web properties. Compiling this would be very helpful. MH Ravi Thuraisingham 02/17/00 12:15 PM To: April Hodgson/Enron Communications@Enron Communications, Matt Harris/Enron Communications@Enron Communications cc: Subject: Summer Intern: Paulo Oliveira Hi April & Matt, here is additional information on the summer intern that I've mentioned. Matt, I know you know nothing about this! My discussion with April on the possible research topic let me (& April) to believe that you would provide great input on what the student can work on while he is here. Regards, Ravi. EBS Research ----- Forwarded by Ravi Thuraisingham/Enron Communications on 02/17/00 02:09 PM ----- Stinson Gibner@ECT 02/17/00 11:23 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Ravi Thuraisingham/Enron Communications@Enron Communications, Thomas D Gros/HOU/ECT@ECT Subject: Summer Intern: Paulo Oliveira Vince: Here is the information that I have on Paulo. He would be slated to work for the summer with April Hodgeson and Matt Harris on how streaming media products may add value to advertising or some related area. Actually, he would also be a good fit for helping to think ways to analyze our Enron On-line data. I have asked if he can send a resume. In the mean time, most of his relevant information is attached below. --Stinson ---------------------- Forwarded by Stinson Gibner/HOU/ECT on 02/17/2000 11:14 AM --------------------------- Paulo Rocha e Oliveira <[email protected]> on 02/10/2000 12:04:56 PM To: "Stinson Gibner" <[email protected]> cc: Subject: Re: Trip to Houston Stinson, Thank you for your e-mail. My phone number is (617) 492-9551. I graduated from Princeton University in 1996 (mathematics), and came straight to MIT for a Ph.D. in Operations Management at the Sloan Schoolof Management. In my first three years I took all the required coursework in mathematics, optimization, stochastic processes, etc., as well as a number of courses in psychology (at MIT and Harvard). I am working with Prof. Gabriel Bitran, and I am interested in the mathematical modeling of service operations. In particular, I am interested in the interaction between customers and companies (hence the interest in psychology). The (tentative) title of my PhD thesis is "Pricing Substitute Products on the Internet", and I am sending you the summary which I sent to Tom Gros a few weeks ago that will give you an idea of what this research is about. Thanks again, and I'm looking forward to meeting you and your research group next week. Paulo Pricing Substitute Products on the Internet Objective: To develop new tools to decide pricing policies for goods and services sold on the internet. Motivation: This research is motivated by the fact that traditional choice and optimization models are not appropriate for internet-related businesses. The technological innovations associated with the internet brought about an overload of information which inevitably affects the ways in which consumers make choices. Furthermore, companies have a great deal of influence on how much information consumers can have access to. The problem of pricing substitute products is an important strategic issue faced by internet companies. Consumers usually search for generic products (e.g. VCRs or computers) without knowing exactly what they will buy. Companies can show different products and different prices to each consumer. This type of flexibility was not available until the internet came about. The problem of pricing substitute products is not unique to the internet. The methodology developed by this research should be transferable to a number of other settings, such as pricing services. Services are unique, and there are many cases where customers will only buy one of many services offered by a given company. Our model will help companies decide which services to offer to which customers and how much to charge for these services. Research Strategy: Our research strategy is to divide the pricing problem into two components which can be combined to generate optimal pricing strategies. These components are choice models and optimization models. Choice Models: Choice models describe how customers make choices. The management literature draws on two main sources for these models: psychology and economics. The common approach in psychology models is to use what are called heuristic elimination methods. These methods consist of the elimination of options based on the sequential elimination of features until only one choice remains. These methods tend to be very context-specific and do not lend themselves very easily to mathematical analysis. Economists focus on utility-maximing models that are significantly more mathematically tractable than psychological models. The most common economic model of choice is the logit model. The problem with these types of models is that they are not very accurate reflections of how consumer make choices on the internet. The first step in our research will be to develop choice models that capture the interactions going on between customers and companies on the internet. Optimization: Traditionally, the optimization problem consists of maximizing revenue over a certain planning horizon. On the internet, the problem of maximizing revenue still exists, but there is also a need to learn about customers. Short term profit is based on sales, but long term profit is based on how well you know your customers and are able to retain them. The optimization problem must therefore include a short term component (sales) and a long term component (learning).

Joe, I shall probably ask Tanya to attend. It coincides with Parents' Weekend at Stanford. Please, send me the slides anyway. I shall help Tanya to prepare her presentation. Vince From: Joseph Hrgovcic/ENRON@enronXgate on 02/12/2001 09:47 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: FW: Invitation to 2001 Energy Finance Conference - The University of Texas at Austin Vince, I understand you'll be speaking at the CEFER conference. Gary Taylor, the head of marketing in the Weather Deriv. group, would like to know if you plan on mentioning weather derivatives at all and that if you do, he has numerous existing slides and presentations that might be useful to you. Joe -----Original Message----- From: Angela Dorsey [mailto:[email protected]] Sent: Wednesday, January 10, 2001 9:06 PM To: Angela Dorsey Cc: Ehud Ronn ; Sheridan Titman (E-mail) Subject: Invitation to 2001 Energy Finance Conference - The University of Texas at Austin Colleagues and Friends of the Center for Energy Finance Education and Research (CEFER): Happy New Year! Hope you all had a wonderful holiday season. On behalf of the University of Texas Finance Department and CEFER, we would like to cordially invite you to attend our: 2001 Energy Finance Conference Austin, Texas February 22 - 23, 2001 Hosted by the University of Texas Finance Department Center for Energy Finance Education and Research Dr. Ehud I. Ronn and Dr. Sheridan Titman are currently in the process of finalizing the details of the conference agenda. We have listed the agenda outline below to assist you in your travel planning. Each conference session will be composed of a panel discussion between 3 - 4 guest speakers on the designated topic. As supporters of the Center for Energy Finance Education and Research, representatives of our trustee corporations (Enron, El Paso, Reliant, Conoco, and Southern) will have the $500 conference fee waived. The conference package includes Thursday evening's cocktails & dinner and hotel/UT shuttle service, as well as Friday's conference meals, session materials and shuttle service. Travel to Austin and hotel reservations are each participant's responsibility. A limited number of hotel rooms are being tentatively held at the Radisson Hotel on Town Lake under the group name "University of Texas Finance Department" for the nights of Thursday, 2/22/01 and Friday, 2/23/01 (the latter evening for those who choose to stay in Austin after the Conference's conclusion). To guarantee room reservations, you will need to contact the Radisson Hotel at (512) 478-9611 no later than Monday, January 22nd, and make your reservations with a credit card. Please let me know when you have made those arrangements so that I can make sure the Radisson gives you the special room rate of $129/night. Please RSVP your interest in attending this conference NO LATER THAN JANUARY 22nd to [email protected], or (512) 232-7386, as seating availability is limited. Please feel free to extend this invitation to your colleagues who might be interested in attending this Conference. Center for Energy Finance Education and Research PROGRAM OF THE 2001 ENERGY FINANCE CONFERENCE February 22 - 23, 2001 Thursday, Feb 22: 3:00 p.m. Reserved rooms at the Radisson Hotel available for check-in 5:30 p.m. Bus will pick up guests at the Radisson for transport to UT Club* 6:00 p.m. Cocktails, UT Club 9th Floor 7:00 p.m. Dinner, UT Club 8:00 p.m. Keynote Speaker 9:00 p.m. Bus will transport guests back to hotel Friday, Feb 23: 7:45 a.m. Bus will pick up at the Radisson for transport to UT 8:30 a.m. Session 1 - REAL OPTIONS Panelists: Jim Dyer, UT (Chair) Sheridan Titman, UT John McCormack, Stern Stewart & Co. 10:00 a.m. Coffee Break 10:15 a.m. Session 2 - DEREGULATION Panelists: David Eaton, UT (Chair) David Spence, UT Jeff Sandefer, Sandefer Capital Partners/UT Peter Nance, Teknecon Energy Risk Advisors 11:45 a.m. Catered Lunch & Keynote Speaker 1:30 p.m. Guest Tour - EDS Financial Trading & Technology Center 2:00 p.m. Session 3 - RISK MANAGEMENT Panelists: Keith Brown, UT (Chair) Vince Kaminski, Enron Alexander Eydeland, Southern Co. Ehud I. Ronn, UT 3:30 p.m. Snack Break 3:45 p.m. Session 4 - GLOBALIZATION OF THE ENERGY BUSINESS Panelists: Laura Starks, UT (Chair) Bob Goldman, Conoco Ray Hill, Southern Co. 5:15 p.m. Wrap-Up 5:30 p.m. Bus picks up for transport to airport/dinner 6:30 p.m. Working dinner for senior officers of Energy Finance Center Trustees *We have made arrangements to provide shuttle service between the Radisson hotel and UT during the conference. However, if you choose to stay at an alternative hotel, then transportation to conference events will become your responsibility. ************** Angela Dorsey Assistant Director Center for Energy Finance Education & Research The University of Texas at Austin Department of Finance, CBA 6.222 Austin, TX 78712 [email protected] **************

FYI Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/02/2001 07:58 AM --------------------------- "Julie" <[email protected]> on 12/31/2000 06:35:22 AM Please respond to "Julie" <[email protected]> To: "VinceJKaminski" <[email protected]> cc: Subject: book order Vince,?Thanks for the book order and yes, you will get a discount.? I'll be back in touch after the New Year.?Thanks,Julie?PS - there was glitch with the book right before Christmas, so there will be a slight delay with shipments (should be no more than 2 weeks).

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/15/2000 07:49 AM --------------------------- "[email protected]"<perfmgmt on 11/14/2000 06:06:16 AM To: [email protected] cc: Subject: Year End 2000 Performance Feedback NOTE: YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER. You have been selected to participate in the Year End 2000 Performance Management process by providing meaningful feedback on specific employee(s). Your feedback plays an important role in the process, and your participation is critical to the success of Enron's Performance Management goals. To complete requests for feedback, access PEP at http://pep.corp.enron.com and select Perform Review under Performance Review Services. You may begin providing feedback immediately and are requested to have all feedback forms completed by Friday, November 17, 2000. If you have any questions regarding PEP or your responsibility in the process, please contact the PEP Help Desk at: Houston: 1.713.853.4777, Option 4 London: 44.207.783.4040, Option 4 Email: [email protected] Thank you for your participation in this important process. The following is a CUMULATIVE list of employee feedback requests with a status of "OPEN." Once you have submitted or declined an employee's request for feedback, their name will no longer appear on this list. Review Group: ENRON Feedback Due Date: Nov 17, 2000 Employee Name Supervisor Name Date Selected ------------- --------------- ------------- ANDREWS, NAVEEN C RUDI C ZIPTER Oct 31, 2000 BAXTER, ASHLEY DAVID DAVIES Nov 02, 2000 CAMPOS, HECTOR O PEYTON S GIBNER Nov 06, 2000 CARSON, RICHARD L RICHARD B BUY Oct 30, 2000 CRENSHAW, SHIRLEY J WINCENTY J KAMINSKI Oct 26, 2000 GANDY, KRISTIN H CELESTE C ROBERTS Nov 01, 2000 GORNY, VLADIMIR THEODORE R MURPHY II Nov 02, 2000 HEWITT, KIRSTEE L STEVEN LEPPARD Nov 06, 2000 KINDALL, KEVIN VASANT SHANBHOGUE Oct 30, 2000 LEPPARD, STEVEN DALE SURBEY Nov 06, 2000 PATRICK, CHRISTIE A STEVEN J KEAN Nov 09, 2000 PHAM, BICH ANH T SARAH BROWN Nov 06, 2000 RAYMOND, MAUREEN J WINCENTY J KAMINSKI Nov 02, 2000 ROSEN, MICHAEL B CHRISTIE A PATRICK Nov 06, 2000 SUN, LI KEVIN KINDALL Nov 09, 2000 SUPATGIAT, CHONAWEE PEYTON S GIBNER Oct 27, 2000 TAMARCHENKO, TANYA V VASANT SHANBHOGUE Oct 26, 2000 TAWNEY, MARK R JEFFREY A SHANKMAN Oct 26, 2000 THURAISINGHAM, RAVI PAUL H RACICOT JR Nov 12, 2000 WILLIAMS, MATTHEW STEVEN LEPPARD Nov 08, 2000 YAMAN, SEVIL VASANT SHANBHOGUE Oct 27, 2000 YUAN, DING RICHARD L CARSON Oct 31, 2000

Ed, No problem. Please, forward me her resume. Vince edward kao <[email protected]> on 01/10/2001 10:05:06 AM To: "Vince J. Kaminski" <[email protected]> cc: Subject: Summer Intern Dear Vince: Happy New Year. Does Enron have a program for hiring summer interns? My daughter Candice Kao is a freshman at Mount Holyoke College. She has a good quan aptitude and quite meticulous. She is looking for summer intership in Houston. So if you know such a program existing, please let me know. She is in town for the semester break if there is such a program, may be she can visit with someone there to have an interview. With best regards, Ed

Dale, Thanks for your message. In our phone conversation before the meeting you mentioned another contractual arrangement under which we could work with your company employees on a case-study. The cost of a weekly project would be $12,000 that would be applied to the purchase price should we go ahead and decide to acquire the software. This project would allow us to evaluate the model and come up with an estimate of the manpower necessary to support the model internally. Please, let me know more about this option. We are primarily interested in a long-term natural gas model and the database for North America. Unless a familiarity with the short term model is a prerequisite, we don't have resources to spend too much time on it. Of course, a trading desk may be interested in the short term version of the model. I shall talk to them about it. Vince "Dale M. Nesbitt" <[email protected]> on 11/13/2000 06:00:05 PM To: <[email protected]>, "Vince. J. Kaminski" <[email protected]> cc: Subject: MarketPoint License Agreement John/Vince: I really enjoyed the meeting the other day with you and a broad cross section of your people. Thank you very much for setting it up, and thank you for giving me the opportunity to speak with your people. As I mentioned to John, I am sending you the license paperwork for MarketPoint. I have attached our standard license agreement for your consideration. As I mentioned, the license agreement covers the entire bundled product, which includes ? North American gas, short and long term ? North American electricity, short and long term ? World gas ? Western European gas ? World oil We are just finishing porting the world oil, world gas, and western European gas models over from our old (now obsolete) software system into MarketPoint, so they will not be fully tested and complete for a couple of months. However, the gas and electricity models for North America are presently complete and tested. That should allow us to give you an attractive price before the full worldwide toolkit is available throughout your worldwide business. As I understood it, you will want the gas modeling capability first and will want to defer decisions on electric or other capability. As I mentioned at the meeting, we are prepared to offer that for approximately the fully bundled price. As you read the license agreement, you will see that the software licenses for $100,000 annually, the gas data for $5,000, and the electric data for $10,000. MarketPoint will agree to license you the gas model plus the data for the software license plus the data license for a total of $55,000 annually. This is just under the fully bundled price. I think that is consistent with the discussions at our meeting, and from MarketPoint
,s perspective would provide a great basis to move forward together with Enron. If or when Enron ever desires to
&scale up
8 to another model or model(s) from the MarketPoint portfolio, we will simply scale you up to the entire license agreement. This will allow you to decouple the gas decision from any other decisions you might make. (I will be glad to put this additional pricing provision into the agreement if you decide to move forward.) I felt I was able to communicate the philosophy, scope, and operation of our approach during the meeting and to deliver you much of the information you might need to evaluate whether MarketPoint meets your needs. I thought you were able to see the depth and sophistication of the product yet at the same time its simplicity and effectiveness. I thought you were able to see the benefits of the MarketPoint dimension of economic equilibrium as a complement and supplement to other approaches you will assuredly use. I would be interested in your impressions and those of your colleagues. I look forward to your response and to moving ahead together. We view you as a very important prospective customer and client and will work with you to earn and secure your business. If you decide to license MarketPoint, we can arrange to transfer and mount MarketPoint and the short term NARG model (which is the model we suggest you begin with) and travel to Houston to deliver our 1 day training seminar. Our clients are usually very fluent after that 1 day training seminar. Thereafter, we would want you to work with the short term NARG model for a few weeks while you get up to speed, very fluent, and very comfortable before you take delivery of the longer term version of NARG several weeks later. Thanks again, and all the best. If there is some item from the meeting that I might have forgotten to send, please remind me. My notes don't show anything, but I was speaking a lot rather than writing notes during the meeting and might have overlooked something someone wanted. Dale Nesbitt President MarketPoint Inc. 27121 Adonna Ct. Los Altos Hills, CA 94022 (650)218-3069 [email protected] - LICENSE.DOC

Bernard, My coordinates: Vincent Kaminski Managing Director - Research Enron Corp. 1400 Smith Street Room EB1962 Houston, TX 77002-7361 Phone: (713) 853 3848 (713) 410 5396 (cell) Fax : (713) 646 2503 E-mail: [email protected] Yes, we are going into a very interesting summer both here and in the UK. Vince "Murphy, Bernard" <[email protected]> on 03/27/2001 01:23:04 AM To: "'[email protected]'" <[email protected]> cc: Subject: RE: Thesis on Electricity Price Jump-Diffusions Hi Vince, Can you e-mail me your mailing address in Houston and I will send you a hard copy of the above today. Apologies for delay, but I wanted to ensure that Les Clewlow had received his copy in Sydney before distributing any other copies. Incidentally, today (March 27th) is a red letter day in the UK as the NETA / new electricity trading arrangements have gone 'live'. Should be interesting to observe the development of the paper market in the coming months - you're no doubt aware that IPE have just launched an electricity futures contract. Regards Bernard -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: 01 March 2001 15:37 To: Murphy, Bernard Cc: [email protected]; [email protected] Subject: RE: 1997 Risk paper on Pricing of Electricity Derivatives Bernard, Yes, I can read a DVI file. You can also cc my home address: [email protected]. I shall try to send you an answer to your question on weekend. Vince "Murphy, Bernard" <[email protected]> on 03/01/2001 09:18:58 AM To: "'[email protected]'" <[email protected]> cc: Subject: RE: 1997 Risk paper on Pricing of Electricity Derivatives Vince, I can send you a Scientific Word DVI file (at the weekend) if you can read SCientific Word files ? The dissertation hasn't been reviewed by Les or the External yet - although its been at FORC for 2 months. I think that the Empirical Chapter is probably the one which would be of most relevance to both our company's businesses - although I ultimately didn't have the time to 'explicitly' price the jump risk-premium which I conjectured is possibly implicit in the prices of exchange-traded electricity futures-options - rather I developed an implicit estimation procedure which will enable a rough assessment (with a little bit of further work, but not too much) be made of the price of jump risk in wholesale power markets. In other words, I assumed spot jump-risk to be undiversifiable, and essentially devoted 2 Theoretical Chapters to : 1) proving that a jump-diffusion trading model is "incomplete" (synthesising the securities markets framework with martingale representation theory) - note that I did not assume that markets could be dynamically completed with 'term structure' securities as in the HJM w/ jumps papers of Shirakawa and Das and; 2) deriving an explicit risk-adjustment process for 'implementing' the price of jump-risk using a jump-diffusion marginal indirect utility of wealth process (ie. a jump-augmented production economy approach in the spirit of CIR, Bates, Ahn & Thompson). Incidentally, I would be keen to find out if you or any of your team done much work on real-asset valuations in a spark-spread option-valuation framework ? I'm about to start a project evaluation of embedded optionality, and have a dilemna whether I should model the spot or forward gas / power price processes. With the former, I can model mean-reversion and jumps explicitly (obviously, important for capturing the optionality of out-of-the-money plant, which might otherwise be ignored in a pure-diffusion framework) but am not maximising the informational content of the available market data (that is, assuming there was a long-term market forward curve for electricity); whereas in the latter the driftless forward supposition means that I have to capture mean-reversion via the futures volatility function, and jumps are less easy to calibrate. Any suggestions ? Regards Bernard -----Original Message----- From: [email protected] [mailto:[email protected]] Sent: 01 March 2001 14:54 To: Murphy, Bernard Cc: [email protected]; [email protected] Subject: Re: 1997 Risk paper on Pricing of Electricity Derivatives Bernard, I am forwarding your message to my assistant and she will mail you a reprint. I would be glad to take a look at your dissertation. Is it available as a publication, working paper? Vince "Murphy, Bernard" <[email protected]> on 03/01/2001 02:17:39 AM To: "'[email protected]'" <[email protected]> cc: Subject: 1997 Risk paper on Pricing of Electricity Derivatives Hello Vince, My name is Bernard Murphy - I received your e-mail address from Les Clewlow, who was my PhD supervisor at the Financia Options Research Centre at Warwick Business School. I've just finished my PhD on Electricity Price Jump Diffusions : A Theoretical and Empirical Study in Incomplete Markets - hence my interest in electricity price modelling and derivative pricing. I was looking to get hold of a copy of your 1997 paper, which has recently come to my attention : "The Challenge of Pricing & Risk-Managing Electricity Derivatives", The US POwer Market, Risk Publications, pp. 149-171. and Les suggested that I contact you directly (Les is travelling at present and doesn't have an electronic copy available) to request an e-copy. Incidentally, I am Lecturer in Finance / Financial Mathematics at University of Limerick (Ireland) and have taken a year out to work for Caminus UK, where I am working on introducing and developing a markets-based approach (spark-spread) to real asset valuations in the UK power industry. Thanks in advancve Bernard Murphy

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/07/2001 03:35 PM --------------------------- Zimin Lu 05/07/2001 01:39 PM To: Stinson Gibner/HOU/ECT@ECT cc: (bcc: Vince J Kaminski/HOU/ECT) Subject: 1 factor HJM for the propane project Stinson, Here is the 1 factor HJM model for curve simulation originally designed for a Coal Plant valuation. This techniques is useful for all kinds of curves, especially when we do not have the quality data to estimate other factors. (situations where only volatility curve is availiable). Let me know if you have any questions. Zimin

Paulo, Alex, Any interest? Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/13/2000 08:22 AM --------------------------- "Julie" <[email protected]> on 11/12/2000 02:05:40 PM To: <Undisclosed-Recipient:@mailman.enron.com;> cc: Subject: Lacima Energy and Weather Derivatives Courses by Clewlow and Strickland Please find attached information?for our next two courses and workshops:? Energy Derivatives:? Pricing and Risk Management and Weather Derivatives, which will be conducted in Houston and in London in Feb / March 2001.? Instructors will be Dr Les Clewlow and Dr Chris Strickland. ? Because the course requires intense interaction, the courses will be?limited to a maximum of 15 people, so early registration is encouraged. ? If you require further information, or would like to register for either or both?courses, please contact me via this email or our web site,?www. lacimagroup.com - Energy.pdf - weather.pdf

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/23/2001 04:33 PM --------------------------- "Btu" <[email protected]> on 04/20/2001 04:47:41 PM To: "Btu Weekly" <> cc: Subject: Btu Weekly Attached is the latest issue of Btu Weekly. e-mail: [email protected] phone: 732-758-8222 fax: 732-758-8286 - wg042301.pdf

Grant, It typically costs too much time to manage one of these special situations. We have no time unless he brings something special to the table. Vince Enron North America Corp. From: Grant Masson 04/25/2000 05:59 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Publishable Research...... Vince: The enclosed is from another of the people in the audience of my Kao presentation. I talked to him, and he seemed slightly flaky. However, any research he does would be free. He's looking for direction. I doubt we would want to waste our time and effort on him, but I thought I should send this to you on the off chance that you might have a need for such a guy. (maybe doing some research for Trish?) Grant. ---------------------- Forwarded by Grant Masson/HOU/ECT on 04/25/2000 05:54 PM --------------------------- Steve J <[email protected]> on 04/22/2000 10:02:11 PM To: Grant Masson <[email protected]> cc: Subject: Publishable Research...... Hi Grant, Thanks for writing. I have attached my resume and transcripts for your perusal. As you can see, my background is not finance. I became interested in finance via trading the markets. So my research interests initially revolved around the central concept of trading....pricing, technical type thinking, insider transactions, volume, and such. But with exposure, my interests have grown and I have discovered that I really enjoy economics. Also there are many issues in finance that sound interesting as I am exposed to them. The point is, I am too early in my career to set strict limits on my interests. My goals are to get introduced to research and to new ideas, to associate with good people, and to work on strengthening my weaknesses. I am interested in starting to build a network within the field of finance and especially quantitative finance. Ultimately, I have to prepare myself for independent research in order to succeed in my field. This brings me to my final point. Publications are important for me. Thus I would want to work on topics that Enron would be willing to publish. I would be willing to work on proprietary models, as long as there was a portion of the research that could be written up for publication without jeapordizing the proprietary aspects of the model. Just to let you know. I was not in Dr. Kao's energy class. I took his stochastic processes class. Dr. Kao just mentioned your talk to me as he thought I might be interested in meeting you and learning more about what is being done at Enron. Thanks again. If you need any more info or want anything clarified, just write me. Steve --- Grant Masson <[email protected]> wrote: > > > Steve: > > Send me your resume and research interests, and I will > circulate them. > > Regards, > Grant. > > > ===== I believe in a free internet!!! More importantly, I believe in a safe, secure and private internet!! __________________________________________________ Do You Yahoo!? Send online invitations with Yahoo! Invites. http://invites.yahoo.com - r_t2.1.doc

Shirley, Sanjeev will come for an informal interview on Friday. He will talk for 10-15 minutes to the following people: 1. Stinson 2. Grant 3. Krishna 4. Tanya 5. Zimin 6. Paulo 7. Vasant 8. Amitava I shall talk to him for 5 minutes Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/11/2000 07:59 AM --------------------------- "Khanna, Sanjeev" <[email protected]> on 05/10/2000 11:29:27 PM To: "'[email protected]'" <[email protected]>, "'[email protected]'" <[email protected]> cc: Subject: Confirmation of meeting Vince: Thanks for introducing me as a speaker at the Power2000 conference. As per our conversation, please find enclosed my resume. I will come to your office at 1:30 PM, Friday, May 12, 2000. Please let me know if the dress code is casual or formal. Thanks again for taking the time to talk to me regarding opportunities at Enron. <<ResumeSanjeevKhanna.doc>> ___________________________________________________ Sanjeev K Khanna, M.Sc., P.Eng. Director, Quantitative Risk Management PG&E Energy Trading 1100 Louisina Street, #1000 Houston, TX 77094 Email: [email protected] Tel: (713) 371 6647, Pager 800-526-4095, Cell (281) 302-8468 ___________________________________________________ PG&E Energy Trading and any other company referenced herein which uses the PG&E name or logo are not the same company as Pacific Gas and Electric Company, the California utility. These companies are not regulated by the California Public Utilities Commission, and customers do not have to buy products from these companies in order to continue to receive quality regulated services from the utility. - ResumeSanjeevKhanna.doc

Michael, Sorry, I was out around the holidays. I shall be glad to meet with you in the 1st week of January. Please call me (3-3848) or my assistant, Shirley Crenshaw, 3-5290. Vince Michael Guerriero@ENRON_DEVELOPMENT 12/20/99 02:31 PM To: Vince J Kaminski@ECT cc: Subject: Argentina Modelling I am responsible for our Argentina operation and would like to discuss some modelling issues with you. Could you be available Wednesday for a meeting. Thanks MFG

Pani Agato, Wysylam kopie mojego planu podrozy (zalacznik). Prosze potwierdzic te wiadomosc i podac numer Pani telefonu. Zadzwonie do Pani z hotelu we wtorek i podam numer pokoju. W. Kaminski ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/02/2001 10:42 AM --------------------------- [email protected] on 04/01/2001 05:13:33 PM To: [email protected] cc: [email protected], [email protected] Subject: Re: Obrona - MBA Pani Agato, Dwa punkty: 1. Pytania 2. Dodatkowe komplikacje. I. Pytania Controlling wprzedsiebiorstwie 1. Prosze przedyskutowac podzial funkcji miedzycontrollingiem i rachunkowoscia. Czym rozni sie controlling odwewnetrznego i zewnetrznego auditing. 2. Prosze omowic zalety? oraz wady
&rachunku kosztow dzialan
8 (ABC). Analiza wskaznikowa 1. Prosze przedyskutowac ograniczenia analizy wskaznikowej. 2. Prosze omowic istote analizy piramidalnej. Jakie informacje o stanie finansowym przedsiebiorstwa mozna uzyskac stosujac te metode? Pezentacja instrumentow analizy finansowej 1. Prosze omowic metody przewidywania potencjalnego? bankructwa firmy przy zastosowaniu analizy wskaznikiwej. 2. Prosze przedyskutowac klasyfikacje wskaznikow ekonomicznych wykorzystywanych do ocenyprzedsiebiorstwa. II. Komplikacje. We wtorek, 3 kwietnia rano, wylatuje do Filadelfii. Powinienem dotrzec do hotelu okolo godziny 12 czasu lokalnego, czyli godziny 6:00 wieczorem czasu polskiego. Roznica czasu w stosunku do Houstonu jest 7 godzin, ?w stosunku do wybrzeza wschodniego jest 6 godzin. Jutro przesle szczegolowy plan podrozy, ktory bedzie zawierac adres i numer hotelu. Prosze przeslac mi numer, na ktory moge zadzwonic, by podac numer pokoju, lub zadzwonic z samolotu w przypadku opoznienia lotu. W. Kaminski

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/06/2001 02:55 PM --------------------------- David Ikenberry <[email protected]> on 02/06/2001 01:39:58 PM To: [email protected] cc: [email protected] Subject: Hi Vince, I just now heard back from Andrew Karolyi. He will be here on Monday March 12. Would you be available for dinner either on Sunday March 11 or Monday March 12? Thanks, Dave *********************************** Prof. David Ikenberry Jones Graduate School of Management Rice University 713-348-5385

Jana, Sorry, I shall be in Florida this Thursday. I am speaking at a conference in Key Biscayne. Talk to you soon. Vince [email protected] on 03/28/2000 09:32:16 AM To: [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected] cc: Subject: (no subject) Dear Friends: It is time for Rockin' at Rockefellers which benefits the Houston Symphony! This is your chance to dance, your date to associate,and your option to auction! Join us Thursday, April 6, from 7-10 p.m. at the legendary Rockefeller Hallon historic Washington Avenue at Heights Blvd. Dance the night away to the sounds of Sammy Relford and friends and enjoy an open bar and light hors d'oeuvres, and a silent auction full of unique, celebrity items. Tickets are $20 in advance, and $25 at the door. Invite your friends, and join us there! Jana Phillips

Vince Kaminski EB1962 3-3848 Enron North America Corp. From: Community Relations @ ENRON 01/18/2000 05:52 PM To: All Enron Downtown cc: Subject: String Trio of New York Mark your calendars for Friday, January 21 from 11:30 am to 1 pm. The String Trio of New York will be performing in room 5C2. This lecture/demonstration will feature the Trio taking an in-depth look at the labeling and stereotyping in our society,and in particular, in the arts. It is being provided via the courtesy of DaCamera, and has received excellent reviews throughout the nation! This promises to be an entertaining and educational performance. Please e-mail your RSVP to Deb Gebhardt. The first 80 people to respond to this invitation will be notified. Please feel free to bring your lunch!

John, Thanks. I have reserved March the 2nd for the meeting. Vince "John D. Martin" <[email protected]> on 08/18/2000 02:02:31 PM To: [email protected], [email protected] cc: Subject: Hello guys Vince and Stinson, Just got a copy of the attached paper and thought it may have some interest for you guys. On another note, I am putting together a workshop in the spring on the New Economy and Business Education and will be seeking out some Enron network people to join in the discussion (2-hours on Friday March 2nd). I'll let you know more as we work through the details. The idea is to "brainstorm" about the new world you guys work in every day and its implications for what we should be doing. Hope this is interesting to you and that you'll want to spend the day with us. Take care and enjoy the weekend. John - risk.pdf John D. Martin Carr P. Collins Chair in Finance Finance Department Baylor University PO Box 98004 Waco, TX 76798 254-710-4473 (Office) 254-710-1092 (Fax) [email protected] web: http://hsb.baylor.edu/html/martinj/home.html

Chris, This is very well written and will serve the reader well. A few comments. 1. When I think about the taxonomy of the VaR models, I typically use the classification based on 3 categories: a. variance/covariance method b. historical simulation c. Monte Carlo simulation. Delta approach is the way of representing a position in a nonlinear instrument. 2. I would define Monte Carlo as an approach based on statistical simulation of behavior of all the market prices/rates, etc., and revaluation of the entire portfolio. The revaluation may be based on an approximation (using Taylor's expansion) that may involve delta, delta/gamma, delta/gamma/omega or may be exact (based on the same model that produces the mark-to-market portfolio valuations). The main benefit of using the MC simulation in the energy markets is the ability to capture the gapping behavior of the energy markets in a straightforward way. I would emphasize that there are attempts to incorporate jumps in the V/C model (I shall send you the references from home). 3. I would mention that historical simulation may break down in the markets that are evolving quickly (new instruments for which we have no comparable prices, behavior of prices may change as markets mature or de-mature). 4. For bigger portfolios, virtually all methods require some level of aggregation into atomic, elemental instruments to reduce the dimensionality of the problem. This process may be a source of a big error. 5. The computational burden of MC can be reduced through clever preprocessing of a portfolio that introduces no error. Many swaps with the same underlying can be aggregated into one positions ( they are portfolios of forwards and they are linear instruments). Please, feel free to use any comment (or none). Vince "Chris Strickland" <[email protected]> on 08/28/2000 02:58:56 PM Please respond to "Chris Strickland" <[email protected]> To: <[email protected]> cc: Subject: EPRM article Dear Vince, ? D you think you might be able to look at this in the next day or so? Robin is after something by the end of this week. ? Best regards. ? Chris. ? - EPRM_01_VaR.doc

Frank, Thanks a lot. Look forward to meeting you again on campus. Vince "Frank Qian" <[email protected]> on 11/05/2000 05:10:06 PM To: <[email protected]> cc: Subject: Thank you! Dear Mr. Kaminski: It's a great pleasure to have you visiting us and a great honor to have dinner with you. I'd like to thank you for your wonderful presentation. It's the most interesting topic we had so far. This is not just my personal opinion, all my classmates I talked to agree with me. I like Enron's style and culture and I think it played a big role in Enron's success. I look forward to discuss career opportunities at Enron during your on-campus interview session. Regards, Frank Qian [email protected]

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/19/2000 02:44 PM --------------------------- Kevin Kindall@ENRON 12/19/2000 02:06 PM To: Vince J Kaminski/HOU/ECT@ECT, Vasant Shanbhogue/HOU/ECT@ECT cc: Subject: Braveheart FYI... ---------------------- Forwarded by Kevin Kindall/Corp/Enron on 12/19/2000 02:08 PM --------------------------- Gail Tholen@ECT 12/19/2000 01:39 PM To: Li Sun/NA/Enron@Enron cc: Kevin Kindall/Corp/Enron@ENRON, Eugenio Perez/HOU/ECT@ECT Subject: Braveheart New TRS for 4Q. ---------------------- Forwarded by Gail Tholen/HOU/ECT on 12/19/2000 01:32 PM --------------------------- Connie Lee@ENRON COMMUNICATIONS 12/19/2000 09:40 AM To: Gail Tholen/HOU/ECT@ECT cc: Amin Maredia/Enron Communications@Enron Communications, Michael Krautz/Enron Communications@Enron Communications, Alan Quaintance/Corp/Enron@Enron Subject: Braveheart Gail, I have attached several emails which have the following items: 1. Hawaii 125-0 docs 2. Economic Summary that includes a summary of all assumptions in the model 3. Models 4. Asset Summary The following is a structure diagram: Please let me know when you would like to meet to discuss these items. Also, Alan Quaintance is the person who reviewed the Hawaii 125-0 docs, so if you have any questions regarding those docs, you will probably need to meet with him. Thank you! Connie Lee Manager Enron Broadband Services 713/345-8227 (W) 713/419-2728 (C) [email protected] ----- Forwarded by Connie Lee/Enron Communications on 12/19/00 09:22 AM ----- [email protected] 12/13/00 08:37 PM To: [email protected], Amin Maredia/Enron Communications@Enron Communications, [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], Brian Wood/Enron Communications@Enron Communications, [email protected], [email protected], Connie Lee/Enron Communications@Enron Communications, [email protected], David Koogler/Enron Communications@Enron Communications, Ed Smida/Enron Communications@Enron Communications, Gil Melman/Enron Communications@Enron Communications, [email protected], Kevin Howard/Enron Communications@Enron Communications, James Ginty/Enron Communications@Enron Communications, [email protected], [email protected], [email protected], [email protected], [email protected], Kristina Mordaunt/Enron Communications@Enron Communications, [email protected], Luitgard Fischer/Enron Communications@Enron Communications, Marc Hensel/Enron Communications@Enron Communications, [email protected], [email protected], [email protected], Michael Krautz/Enron Communications@Enron Communications, [email protected], [email protected], Renee St. Louis/Enron Communications@Enron Communications, Richard Anderson/Enron Communications@Enron Communications, [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected] cc: Subject: McGarret H (Blockbuster) Attached are the latest blacklines for McGarret H (Blockbuster) in Word and Word Perfect format. Below is a list of the documents included: 1. Asset Notice 2. Series Certificate 3. Series Supplement 4. Drawdown Request 5. Total Return Swap Confirmation 6. Put Option Agreement 7. Put Option Assignment 8. Notice of Put Option Assignment 9. Membership Interest Assignment and Ratification 10. Asset LLC Agreement 11. Transferor LLC Agreement 12. Receipt of Asset LLC 13. Receipt of Transferor 14. Receipt of Trust 15. Independent Auctioneer Letter Agreement 16. Transfer and Auction Agreement 17. B Interest Assignment Agreement 18. Direction Letter to Owner Trustee 19. Payment Direction Letter Let me know if you have problems with any of the attached documents. Jonathan Wylie Associate Andrews & Kurth LLP 1717 Main St., Suite 3700 Dallas, Texas 75201 214-659-4514 CONFIDENTIALITY NOTICE: The information in this e-mail (including any attachments) is confidential, legally privileged and intended only for the use of each recipient named above. If you are not an intended recipient, you must not read, use or disseminate this information. If you have received this e-mail in error, please notify the sender immediately by reply e-mail and delete this e-mail from your computer. <<271595.DOC>> <<271595.WPD>> <<271599.DOC>> <<271599.WPD>> <<271616.DOC>> <<271616.WPD>> <<271618.doc>> <<271618.wpd>> <<271619.doc>> <<271619.wpd>> <<271675.doc>> <<271675.wpd>> <<271677.doc>> <<271677.wpd>> <<271679.doc>> <<271679.wpd>> <<271733.doc>> <<271733.wpd>> <<271737.doc>> <<271737.wpd>> <<271739.DOC>> <<271739.WPD>> <<271742.doc>> <<271742.wpd>> <<271745.doc>> <<271745.wpd>> <<271753.DOC>> <<271753.WPD>> <<271763.doc>> <<271763.wpd>> <<271765.doc>> <<271765.wpd>> <<271767.DOC>> <<271767.WPD>> <<271777.doc>> <<271777.wpd>> <<272972.doc>> <<272972.wpd>> - 271595.DOC - 271595.WPD - 271599.DOC - 271599.WPD - 271616.DOC - 271616.WPD - 271618.doc - 271618.wpd - 271619.doc - 271619.wpd - 271675.doc - 271675.wpd - 271677.doc - 271677.wpd - 271679.doc - 271679.wpd - 271733.doc - 271733.wpd - 271737.doc - 271737.wpd - 271739.DOC - 271739.WPD - 271742.doc - 271742.wpd - 271745.doc - 271745.wpd - 271753.DOC - 271753.WPD - 271763.doc - 271763.wpd - 271765.doc - 271765.wpd - 271767.DOC - 271767.WPD - 271777.doc - 271777.wpd - 272972.doc - 272972.wpd ----- Forwarded by Connie Lee/Enron Communications on 12/19/00 09:22 AM ----- Renee St. Louis 12/14/00 06:41 PM To: Connie Lee/Enron Communications@Enron Communications cc: Subject: SEE ATTACHED ----- Forwarded by Connie Lee/Enron Communications on 12/19/00 09:22 AM ----- Renee St. Louis 12/18/00 04:17 PM To: Luitgard Fischer/Enron Communications@Enron Communications cc: Connie Lee/Enron Communications@Enron Communications Subject: models Louie - I've attached all of the models, asset summary, etc. Connie is familiar with them, and I will visit with her again before I leave. Thanks! Renee

Steve, My feedback on Kirstee. Vince Steven Leppard 11/20/2000 03:59 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Shirley Crenshaw/HOU/ECT@ECT Subject: Urgent - PRCs Hi Vince I'm urgently trying to chase you up for PRC feedback on Kirstee and Matt. Our PRC meeting is at 3pm GMT (9am for you), so if you're able to do them as soon as you receive this I'd be very appreciative. All the best, Steve

Sam, Here it is. Vince Enron North America Corp. From: William Smith @ ENRON 03/05/2001 08:23 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Kaminski Column Good morning, Vince. Did you get a chance to put a little something together for today's newsletter? Sam

Carol, Thanks. Vince Carol Coats 10/12/2000 04:09 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Stinson Gibner/HOU/ECT@ECT Subject: Re: Datren Williams Acceptance You are right, Vince....Celeste and I did discuss it, and she approved his Feb. start date. Datren does know about that, so it sounds like it is cleared up. Thanks so much, and we are sorry for the confusion! Carol Vince J Kaminski 10/12/2000 03:58 PM To: Stinson Gibner/HOU/ECT@ECT cc: Carol Coats/HOU/ECT@ECT Subject: Re: Datren Williams Acceptance Stinson, I think it's a mistake. It should be February. Vince Stinson Gibner 10/10/2000 08:11 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Datren Williams Acceptance FYI ---------------------- Forwarded by Stinson Gibner/HOU/ECT on 10/10/2000 08:10 PM --------------------------- Carol Coats 09/29/2000 02:36 PM To: Celeste Roberts/HOU/ECT@ECT cc: Stinson Gibner/HOU/ECT@ECT Subject: Datren Williams Acceptance Celeste, I just received Datren Williams' acceptance with the following note attached: "My graduation date (Ph.D. Candidate from LSU) is Dec. 2000. Celeste Roberts has informed me that I would have the option of starting work Feb. 2001. I am under the impression that I will start in Feb. 2001. My offer letter has a start date of Aug. 2001. If this is a problem, please give me a call. Looking forward to working at Enron. Thanks a million, Datren W." Please let me know if he may in fact start in Feb. 2001, and if so, do you have a specific date for him, or may he choose? Thanks, Celeste, Carol

Steve, Friday morning is fine. What about 8:00 a.m.? Vince Steven Leppard 01/09/2001 11:07 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Martin Lin/HOU/ECT@ECT, Marco Verreschi/LON/ECT@ECT, Matthew D Williams/LON/ECT@ECT Subject: Transmission modelling Vince Marco is only available for a meeting on Friday of this week to discuss transmission modelling. Please advise of your availability. Thanks, Steve

Aisha, The person to contact is Christie Patrick who is in charge our University Relations Office. Her E-mail address is: [email protected]. I shall forward your message to Ms. Patrick. Vince Aisha Jamal <[email protected]> on 04/23/2001 03:15:29 PM Please respond to [email protected] To: [email protected] cc: [email protected] Subject: Dr. Michelle Foss- Energy Institute Dear Mr. Kaminski, I am writing to ask a favor for Dr. Michelle Foss. As you know we will be running our "New Era" program from May 14- May 25th. Dr. Foss was wondering if on May 22nd (between 1:30pm and 4:00pm) , we would be able to bring our participants for a tour of your trading floor. At this time we will have 30-40 people, and since only 10 people maximum should really be on a trading floor we need to have 4 companies among which to divide our participants. At this time, we have a floor from Coral Energy, and are working with Duke, and I will be contacting Mr. Paul Roberts to arrange for the Reliant Energy trading floor. I was hoping very much that you would be able to direct me to the right person to contact to arrange this tour. Will this be a possiblity? I really appreciate your help very much. Thank you! Best Regards, Aisha Jamal Energy Institute 713-743-4634

Chris, We shall try to call you around 5:00 p.m. our time on Monday. What is the best phone number we can use to reach you? Vince

Shirley, Please, can you coordinate this? Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/25/2000 02:40 PM --------------------------- "Oliver Bennett" <[email protected]> on 05/25/2000 08:25:12 AM Please respond to "Oliver Bennett" <[email protected]> To: <[email protected]>, <[email protected]>, <[email protected]> cc: Subject: Risk 2000 panel discussion Dear All, ? Would like to set a conference call to discuss content for the panel discussion at Risk 2000 in Boston on 14 June. Perhaps I can suggest wednesday 31 may at noon EST. I'm on London time and am quite flexible if you would like to do earlier or indeed on another day. ? The panellists are - ? Vince Kaminski, Enron Corp Richard Jefferis, Koch Energy Trading Steven Bramlet, Aquila ? The discussion topic is 'effectively applying weather derivatives' ? I think we need to establish a series of questions around which to facilitate discussion. We currently don't have a moderator and perhaps one of you could take this role on. ? I look forward to hearing from you. ? Thanks, Oliver ? ? ? Direct: +44 (0)20 7484 9880 ? Risk Publications, 28-29 Haymarket, London SW1Y 4RX Fax: +44 (0)20 7484 9800? Email: [email protected] www.riskpublications.com

Shirley, No problem. Vince Shirley Crenshaw 01/09/2001 10:24 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Vacation Vince: If it is allright, I would like to take the following days as vacation days: Friday, January 12 Friday, February 2 Anita will be here. Thanks! Shirley

Gary, Any interest? Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/27/2000 09:19 AM --------------------------- "Vadim Pokhlebkin" <[email protected]> on 03/27/2000 09:04:35 AM To: <[email protected]> cc: <[email protected]> Subject: Today's IDEA Good morning Vince, Attached are today's issues of our daily morning faxes: 1. FMT, Financial Markets Today - good for FX and partly for fixed income departments, 2. Fixed Income Today - good for bonds people only. Do you mind if contact your colleagues directly to get their feedback? That will save you time from forwarding this info to them. Please let me know whom I may contact. Best regards, Vadim Pokhlebkin Account Manager [email protected] tel. + 1 212 571 4332 fax + 1 212 571 4334 IDEAglobal.com 140 Broadway, 21st Floor New York, NY 10005, USA Any views expressed in this message are those of the individual sender, except where the sender specifically states them to be the views of IDEAglobal.com. This email, its content and any files transmitted with it are intended solely for the addressee(s) and may be legally privileged and/or confidential. Access by any other party is unauthorized without the express written permission of the sender. If you have received this email in error you may not copy or use the contents, attachments or information in any way. Please destroy it and contact the sender via the IDEAglobal.com switchboard in one of the following three offices: New York +1 212 571 4332; London +44 171 430 2888; Singapore +65 332 0700 - FMT0327A.pdf - FIT0327a.pdf

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/13/2000 08:54 AM --------------------------- Ashley Baxter@ENRON on 10/12/2000 07:19:55 PM To: [email protected], John Pavetto/Corp/Enron@Enron, Radu Tutos/Enron Communications@Enron Communications, Denise Rancour/Corp/Enron@Enron cc: Ashley Baxter/Corp/Enron@Enron Subject: Cal Berkeley General Presentation Confirmation - 10/16/00 We have been able to secure rooms at the Claremont Hotel in Berkeley. Please note the confirmation numbers listed below. Thanks! Claremont Resort and Spa - Berkeley 41 Tunnel Road Berkeley, CA 94705 510-843-3000 FROM OAKLAND AIRPORT: Go straight out of the airport on Airport Blvd. Turn right on Hegenberger Road. From Hegenberger follow signs for 880 North. Follow Hwy 880 North and follow signs for Hwy 24 to Walnut Creek. Take the Claremont Avenue exit, turning left at the bottom of the exit onto Claremont. Turn right on Ashby Avenue (5th stoplight) and the Hotel's entrance is two blocks ahead on the left. FROM SAN FRANCISCO AIRPORT: Follow signs for Hwy 101 North to San Francisco, take Hwy 80 East to the Bay Bridge to Oakland. Cross Bay Bridge on Hwy 80, follow to 580 East, and exit onto HWY 24 to Berkeley/Walnut Creek. Follow Hwy 880 North and follow signs for Hwy 24 to Walnut Creek. Take the Claremont Avenue exit, turning left at the bottom of the exit onto Claremont. Turn right on Ashby Avenue (5th stoplight) and the Hotel's entrance is two blocks ahead on the left. ---------------------- Forwarded by Ashley Baxter/Corp/Enron on 10/12/2000 07:15 PM --------------------------- Lara Marie Berry 10/10/2000 04:58 PM To: Vince J Kaminski/HOU/ECT@ECT, John Pavetto/Corp/Enron@Enron, Radu Tutos/Enron Communications@Enron Communications, Denise Rancour/Corp/Enron@Enron cc: Ashley Baxter/Corp/Enron@Enron, Simone Lewis/NA/Enron@Enron Subject: Cal Berkeley General Presentation Confirmation - 10/16/00 Cal Berkeley General Presentation Monday, October 16th This note is to confirm that you are scheduled to attend the Cal Berkeley General Presentation on Monday October 16th. This e-mail should contain any information that you need to know pertaining to your trip. Please print out a hard copy and bring with you in case of emergency. If you have any questions, there is a list of contacts listed below. Once again, thank you for offering to help with technology recruiting at Cal Berkeley. See you on campus! Lara The General Presentation will be held: Monday, October 16th The Faculty Club Seaborg Room - 2nd Floor 7:00 p.m. to 9:00 p.m. **Please plan on arriving at the General Presentation by 6:00 p.m. The General Presentation is designed to educate the students on Enron and the Global Technology Track. Following the presentation we will invite the students to ask questions about Enron and the Global Technology Track. Please plan to arrive at the General Presentation by 6:00 p.m. It is business casual attire. FLIGHT ARRANGEMENTS: You are responsible for scheduling your own flight arrangements with your preferred airline provider. Please schedule your flight to arrive to the San Francisco airport on Monday, October 16th. Please remember that there can be significant traffic over the Bay Bridge and to get into town at least an hour prior to the event. Please make all flight arrangements through the Travel Agency in the Park so that we are able to take advantage of discount fares. If you do not have a representative that you currently use at the Travel Agency in the Park - feel free to contact Liz Mendiola at 713-860-1140. RENTAL CAR ARRANGEMENTS: Once again, you are responsible for scheduling your own rental car arrangements with your preferred provider. Your Travel Agency in the Park representative should be able to assist you with rental car reservations. HOTEL ARRANGEMENTS: Hotel reservations are currently being made by our representative at the Travel Agency in the Park. As soon as we have confirmation numbers, I will let you know. San Francisco Airport to The Faculty Club Take 101 Northbound Exit to San Francisco/Oakland Bay Bridge Exit to 1-80 East Exit on University Ave. East on University Avenue for 1.5 miles to Oxford St. Right on Oxford St., left on Durant Ave., left on Piedmont You will see parking on the right side Once again, thank you so much for helping with the General Presentation. Below are some last minute tips to keep in mind: Please remember to dress business casual. Please remember to bring some business cards for students. I have attached a pdf version of the Global Technology Track brochure. Please forward all expense receipts to Grace Garcia. She will handle any expenses incurred for this recruiting trip including: flight costs, hotel, car, food, valet, etc. However, you must turn in some sort of receipt - so be sure and save them! Ashley Baxter work: 713-853-3589 cell: 281-793-0567 Lara Berry work: 713-345-8320 cell: 713-857-1034 Grace Garcia work: 713-853-7252 Simone Lewis work: 713-853-1645

Kevin, OK. Vince Kevin G Moore 05/10/2000 12:53 PM To: Vince J Kaminski/HOU/ECT@ECT, Mike A Roberts/HOU/ECT@ECT cc: Subject: Wall Street Journal Hello, Elena Chilkina is requesting a Wall Street Journal, may I subscribe for her. Please inform .......

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/07/2000 12:27 PM --------------------------- "[email protected]" <webmaster on 12/08/99 04:37:03 PM To: undisclosed-recipients:; cc: (bcc: Vince J Kaminski/HOU/ECT) Subject: CERA Multimedia Presentation: December 8, 1999 ********************************************************************** CERA Multimedia Presentation Replay Now Available! Wednesday, December 08, 1999 ********************************************************************** Title: The Merger and Acquisition Dilemma Author: North American Power Team E-Mail Category: Conference Call, Multimedia Product Line: North American Electric Power URL: http://www.cera.com/client/nap/media.cfm There is a merger and acquisition dilemma facing the power industry today. The fact that no clear-cut winning strategy has emerged makes the dilemma more difficult to resolve. In a December 1 CERA North American Power client conference call and web presentation, Paul Parshley, CERA Director, discusses: * The long term strategy and short term returns of M&A: What does it mean for multi-service providers, super-regional provides and the global power and energy companies? * The M&A wave continues: Is it better to be near the front of the pack and embark on an unproven and risky strategic option and hope for the best, or to wait until strategic options are better understood and run the risk of missing the best opportunities? * Stock prices of recently merged or acquired companies: Is Warren Buffet right about the power industry? To view and listen to a replay of this presentation (an example of a new technology we are using), please click on the link above. **end** Follow URL for complete report. ********************************************************************** This electronic message and attachments, if any, contain information from Cambridge Energy Research Associates, Inc. (CERA) which is confidential and may be privileged. Unauthorized disclosure, copying, distribution or use of the contents of this message or any attachments, in whole or in part, is strictly prohibited. Terms of Use: http://eprofile.cera.com/tos.html Questions/Comments: [email protected] Copyright 1999. Cambridge Energy Research Associates - att1.htm

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/15/2000 05:11 PM --------------------------- [email protected] on 12/12/2000 12:40:57 AM To: [email protected] cc: Subject: Learning from other organizations on risk management practices Dear Sir, Attached is a copy of the letter faxed to you last week from Corporate Risk Management Unit, PETRONAS, Malaysia for your kind perusal. We are looking forward to hearing from you soon. Thank you for your time and cooperation. Yours sincerely, Khairuddin Jaafar DISCLAIMER : This e-mail and any files transmitted with it ("Message") is intended only for the use of the recipient(s) named above and may contain confidential information. You are hereby notified that the taking of any action in reliance upon, or any review, retransmission, dissemination, distribution, printing or copying of this Message or any part thereof by anyone other than the intended recipient(s) is strictly prohibited. If you have received this Message in error, you should delete this Message immediately and advise the sender by return e-mail. Opinions, conclusions and other information in this Message that do not relate to the official business of PETRONAS or its Group of Companies shall be understood as neither given nor endorsed by PETRONAS or any of the companies within the Group. (Embedded image moved to file: pic30538.pcx) - pic30538.pcx

Any recommendations? Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/31/2001 10:27 AM --------------------------- "Dennis Ray" <[email protected]> on 03/27/2001 04:46:44 PM To: "Vince Kaminski" <[email protected]> cc: Subject: PSERC Industrial Advisory Board Meeting Invitation Mr. Kaminski, Greetings. Bob Thomas, Shmuel Oren and I invite you to attend the Power Systems Engineering Research Center's upcoming Industrial Advisory Board meeting in Oak Brook, IL. It will be held on May 31 - June 1. As you know from Lance and Alex, this is an opportunity to meet university researchers and industrial members of PSERC. The meeting also has presentations on PSERC activities and research projects, PSERC business discussions, current topic discussions, and a tutorial. Our current topics discussion will be on ISO/RTO issues, and will involve executives from several ISOs in dialog with university researchers. Please let me know if you have any questions. We hope to see you there so that we can talk about any questions you might have about PSERC. Dennis Ray, Ph.D. Executive Director Power Systems Engineering Research Center 608-265-3808 - Directions.doc - IAB_Meeting_May2001.doc - IAB_Registration_Form.doc - PSERC Members.doc

Kent, Thanks a lot. Look forward to meeting you on campus. Vince "Kent Garrett" <[email protected]> on 11/05/2000 01:06:21 PM To: <[email protected]> cc: Subject: Your visit to Carnegie Mellon Vince: I would like to personally thank you for spending the day with us at the MSCF program at Carnegie Mellon. The time you spent talking to us about Enron, and the energy industry in general, was very much appreciated. In fact, I believe some students who were not previously interested in energy are now interested because of the things about which you spoke. I have signed up for an interview for the Associate program at Enron, and I hope to speak to you again through involvement in the Associate program. Thanks again. Sincerely, Kent Garrett Kent Garrett M.S. in Computational Finance Carnegie Mellon University (412)362-7443

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/06/2001 05:38 PM --------------------------- "Angela Dorsey" <[email protected]> on 04/03/2001 03:12:14 PM To: cc: Subject: Energy Finance Conference presentations available FYI: You can now retrieve most all the speaker presentations of the 2001 Energy Finance Conference (Feb 22-23) from our website at http://cefer.bus.utexas.edu, with the exception of presentations made by John McCormack, Peter Nance, Sailesh Ramamurtie, and Ehud Ronn / Anoop Kapoor, which I hope to still receive. Sincerely, Angela ************** Angela Dorsey Assistant Director Center for Energy Finance Education & Research The University of Texas at Austin Department of Finance, CBA 6.222 Austin, TX 78712 [email protected] **************

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 08/09/2000 04:29 PM --------------------------- Shirley Crenshaw 08/09/2000 03:01 PM To: Brad Aimone/NA/Enron@Enron, Hector Campos/HOU/ECT@ECT, Yanna Crystal/Corp/Enron@ENRON, Amitava Dhar/Corp/Enron@ENRON, Cantekin Dincerler/HOU/ECT@ECT, Youyi Feng/NA/Enron@Enron, Ainsley Gaddis/NA/Enron@Enron, Shalesh Ganjoo/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Tom Halliburton/Corp/Enron@Enron, Alex Huang/Corp/Enron@ENRON, Paulo Issler/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Gwyn Koepke/NA/Enron@Enron, Kevin Kindall/Corp/Enron@ENRON, Pinnamaneni Krishnarao/HOU/ECT@ECT, Bob Lee/NA/Enron@Enron, Zimin Lu/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT, Maureen Raymond/HOU/ECT@ECT, Osman Sezgen/HOU/EES@EES, Vasant Shanbhogue/HOU/ECT@ECT, Chonawee Supatgiat/Corp/Enron@Enron, Samer Takriti/Corp/Enron@Enron, Tanya Tamarchenko/HOU/ECT@ECT, Clayton Vernon/Corp/Enron@ENRON, Datren Williams/NA/Enron@Enron, Sevil Yaman/Corp/Enron@Enron cc: Subject: Journal of Finance Hello everyone: I need your help! I had a request for an article that was in the February 2000 issue of the "Journal of Finance", which the Research Group subscribes to. However, when I went to look for that particular issue, I only found two issues (April and August) for the year 2000. Please check your desk or home and see if maybe you checked some of the missing issues out and let me know. Thanks! Shirley

FYI Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 08/08/2000 08:50 AM --------------------------- "Paul Bristow" <[email protected]> on 08/03/2000 05:14:43 AM Please respond to "Paul Bristow" <[email protected]> To: <[email protected]> cc: Subject: Enterprise risk management Dear Vince, ? Thanks for your call the other day regarding EPRM's upcoming enterprise risk management conference. We seem to be making progress and are pulling together some interesting subjects for inclusion this year. I am currently at a stage where there are plenty of possible sessions and over the next week I will be able to decide of which will stay and which will go. ? I have attached a file that gives an indication of the topics that have been identified so far. Although I have bullet points for the sessions I would first like to identify interested parties and then work with them to develop a session that reflects their particular expertise and experience. I also think that by continuously developing the points we can make greater allowances for continuity between each participant. ? Based on our discussion I would be extremely interested in inviting you to lead a session on the main conference. You seemed to have an interesting view on operational risk and the particular challenges that are presented within the energy industry. This session will run on Thursday, November 16th. The title is reasonably broad at this stage and any suggestions are welcome. ? Your overall views on the current conference content is also welcome and if you feel that another session is more suited to your work do not hesitate to contact me. I look forward to speaking with you soon. ? Yours sincerely, ? Paul Bristow Senior Course and Conference Producer, Energy & Power Risk Management +44 (0) 20 7484 9883 - maildoc.doc

Beth, Thanks. I shall be in London in February. Vince Beth S Perlman 01/11/2000 02:13 AM Sent by: Beth Perlman To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Re: Congratulations. Congrats to you too! I'll see you in February unless you're in London sooner. Can't wait to start up the dinner club again! See you soon. Beth Vince J Kaminski 11/01/2000 00:01 To: Beth Perlman/LON/ECT@ECT cc: Subject: Congratulations. Beth, Congratulations. Well deserved. Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/19/2001 04:56 PM --------------------------- Kevin Kindall@ENRON 01/19/2001 04:36 PM To: Vasant Shanbhogue/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT cc: Stinson Gibner/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT Subject: Treasury Dept memo The purpose of the following document is to inform the Treasury Dept. of the progress made so far, and to give an idea of the path forward. Comments welcome. -Kevin K.

Carl, Thanks for the message. My fax # is 713 646 2503. Vince Carl Colditz@ENRON 07/31/2000 03:32 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: eThink About It: July 31, 2000 Vince This correspondence is sent to you in response to the below question pertaining to the type of research that should be introduced to Enron . On Tuesday , April 4th, 2000, a local newspaper in my area , "The Bakersfield California" ran an article pertaining to the 50 million dollars of funding from the U.S. congress set aside to study deep sea floor extraction of methane hydrate. This study will focus on methane hydrates as an energy source and the technologies needed for safe, efficient development. According to this article, the ice-like deposits of frozen methane have an energy potential equal to more than twice that of all other fossil fuels combined. I can fax you a copy of this newspaper article if you would like to read it . Send me you FAX number or call me at Enron Wind Corp. 661-823-6433. Also when I was in engineering student back in 1985, I did an independent senior level study on a proposed method which possibly could be used to extract hydrate from the sea floor. If you are interested, I could e-mail you a copy of my thesis explaining this proposed method . Carl Colditz Test Engineer Enron Wind Corp. 13681 Chantico Road Tehachapi, CA 93561 661-823-6433 661-823-6804 (fax) [email protected] ---------------------- Forwarded by Carl Colditz/EWC/Enron on 07/31/2000 11:48 AM --------------------------- The eThink Team From: eThink on 07/28/2000 05:58 PM CDT Sent by: Enron Announcements To: All Enron Worldwide cc: Subject: eThink About It: July 31, 2000 Here
,s What You
,ve Been Missing on eThink: For the answers, consult the Archives for the referenced eSpeak session. "ENE's market capitalization is currently around $50 B. What do you expect the market cap to be in five years? What needs to happen to get there?" - Thomas Myers Ken Lay, Office of the Chairman, 7/14/00 "Given appropriate latitude and funding, what is the one kind of research that you would like to introduce to Enron -- and what kind of talent would you need?" - Yannis Tzamouranis Vince Kaminski, Enron Research, 7/12/00 Do you still believe that nothing can travel faster than light? A recent experiment conducted in Princeton, NJ has proved this wrong. Reliant says it will file a plan with the Texas PUC to break into two publicly traded companies. Want to learn more? Get the rest of these stories at the Enron Edge.

Doug, Thanks. Vince Doug Leach 01/11/2000 07:32 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: promotion Vince, Congrats on your promotion to MD. Doug

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/09/2001 05:14 PM --------------------------- "John D. Martin" <[email protected]> on 04/09/2001 03:18:22 PM To: [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected] cc: Subject: Program Posted Hello all, The program for next week's conference is posted at the following address: http://hsb.baylor.edu/html/martinj/Tff2001/ProgramIII.htm We have lots of fun stuff planned to go with the serious so come prepared for a great weekend. John John D. Martin Carr P. Collins Chair in Finance Finance Department Baylor University PO Box 98004 Waco, TX 76798 254-710-4473 (Office) 254-710-1092 (Fax) [email protected] web: http://hsb.baylor.edu/html/martinj/home.html

John, Thanks. Stinson will be able to join us for dinner. He is opting out of the paper due to his big workload but we can get his perspective on the last 8 years he spent at Enron. Vince "John D. Martin" <[email protected]> on 11/28/2000 09:44:17 AM To: [email protected] cc: Subject: 2001 FMA European Conference Here's the info on the European conference. Just for your files. John >Date: Tue, 28 Nov 2000 08:40:39 -0500 >From: Karen Wright <[email protected]> >Subject: 2001 FMA European Conference >To: [email protected] >X-Mailer: Mozilla 4.5 [en] (Win98; I) >X-Accept-Language: en,pdf > >2001 FMA European Conference > >The Fifth Annual European Meeting of the Financial Management >Association International (FMA) will be held May 31 and June 1, 2001 at >the Hotel Sofitel (Rive Gauche) in Paris, France. FMA
,s European >Meeting brings together academicians and practitioners with interests in >financial decision-making. The meeting provides a forum for presenting >new research and discussing current issues in financial management, >investments, financial markets and institutions, and related topics. >Keynote addresses and other special presentations will be held in >addition to research paper presentations. > >Paper Submissions >Research Papers. The program includes traditional research paper >presentations. Criteria used to determine the suitability of these >papers for the program include the nature of the research problem, >implications of the proposed research, the quality of the research >design, and the expected contribution of the research to the >literature. Please note that the purpose of these sessions is to >present new and unpublished research. > >Submission Fee. There is no submission fee for the FMA European >Conference. > >Submissions. Please follow these steps: >Complete the Presentation Form that can be downloaded at >www.fma.org/paris.htm. Carefully select the subject code on the >Presentation Form that most closely describes your research. The code >number you select will be used to select reviewers for your proposal. > >Send six (6) copies of your completed paper, along with the completed >Presentation Form, to the FMA office (Financial Management Association, >University of South Florida, College of Business Administration, Tampa >FL 33620-5500, USA). >Please note that only completed papers will be accepted for the FMA >European Conference review process. > >The paper submission deadline is Friday, December 1, 2000. > >You will receive an electronic confirmation of your submission within >six weeks of its receipt by the FMA office, and you will be notified of >the results of the reviewing process by the middle of February, 2001. > >Competitive Paper Awards >The Financial Management Association International is pleased to >announce that four (4) $1,500 awards will be presented in conjunction >with the 2001 FMA European Conference. The "Young Scholars" award will >be presented to the best paper authored by a Ph.D. student (or >equivalent) or recent Ph.D. (or equivalent) graduate. Three additional >$1,500 awards will be presented to the papers deemed "Best of the Best" >by the members of the 2001 FMA European Conference Competitive Paper >Awards committee. Please note that these awards will be made only if, in >the opinion of the FMA Awards Committee, a paper warrants such a >decision. The decisions of the FMA Awards Committee are final. > >Accepted Papers. If your proposal is accepted, the version of the paper >you submit will be sent to its discussant as soon as he/she is >identified. You are obligated to send the final version of your paper to >the discussant and session chair by April 27, 2001. You also are >obligated to present your paper in a professional manner at the assigned >FMA program session. > >The collegiality of the meeting provides a very special opportunity for >participants to share their work and to hear about the work others are >doing. Thus, individuals whose papers are accepted for presentation at >the 2001 FMA European Conference will be expected to either chair a >session or discuss a paper. > >Program Co-Chairs > >Francois Degeorge >HEC Paris >1 rue de la Lib,ration >78351 Jouy en Josas Cedex >France >33-1-39-67-72-34 (ph) >33-1-39-67-94-34 (fax) >[email protected] > >Kent Womack >Dartmouth College >Amos Tuck School >Hanover, NH 03755 >1 603 646 2806 (ph) >1 603 646 1308 (fax) >[email protected] > >Additional Opportunities For Participation > >Session Chairperson or Discussant. If you wish to serve as the >chairperson of a session or paper discussant, but are not submitting a >paper, please complete the Participation Form which can be downloaded >from www.fma.org/paris.htm. Submit the completed form to the FMA office >by December 1, 2000. Session organization will take place in March, >2001. > >Deadline Summary > >Completed Papers: December 1, 2000 >Chairperson/Discussant Requests: December 1, 2000 > > > John D. Martin Carr P. Collins Chair in Finance Finance Department Baylor University PO Box 98004 Waco, TX 76798 254-710-4473 (Office) 254-710-1092 (Fax) [email protected] web: http://hsb.baylor.edu/html/martinj/home.html

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/28/2000 04:11 PM --------------------------- Rosemary Fitzgerald <[email protected]> on 02/23/2000 10:50:48 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Dear Mr. Kaminski Dear Mr. Kaminski I am emailing to introduce myself to you as the new producer for the PoweRisk conference. I am in the process of developing the draft programme for the 2000 event, and this is the reason that I am contacting you. Building on the success of last year's event, which attracted over 230 delegates from across Europe and the US, PoweRisk 2000 will once again feature more than 50 leading power industry experts and academics world-wide. There will also be a comprehensive exhibition running alongside, cocktail parties,, champagne roundtables, in-depth workshops * and numerous other opportunities to catch up with your colleagues. Throughout the course of my research, I have been speaking with many of the people who attended the workshop you led with Prof. Geman and Alexander Eydeland last year. The feedback has been extremely favourable and many expressed a wish to see you both participating in the main conference this year. I appreciate that you have an incredibly busy schedule, and to this end, I wanted to contact you at this early stage with regard to the dates for this year's PoweRisk conference and to outline my list of queries to you, prior to calling your office tomorrow. I would very much like to extend an invitation to you to deliver an address at this year's main conference. The conference will be taking place in Paris, on the 4th and 5th of October (with workshops taking place on the 6th) The workshop topic last year dealt with the latest developments in risk management, pricing and trading of electricity derivatives. I would be most grateful if you could spare me some time tomorrow on the phone to discuss this area with me, and in particular the issues that you are finding most relevant to your work with Enron at present. The need to build a programme which truly reflects the needs of the global power trading and risk management industry is clear in such a conference-saturated market. To achieve this we formed our Energy Derivatives Advisory Board last year for advice on all aspects of programme development and speaker acquisition. Chaired by Prof. Helyette Geman, the Board members currently include: Ehud. I. Ronn, Mark B. Garman, Dragana Pilipovic, Blake Johnson, Les Clewlow, Chris Strickland and Christian Vrolijk. This year we are expanding the scope of the Advisory Board and inviting a number of new members*, including Jeffrey Skilling of Enron, Bruce Williamson of Duke Energy, Heinz Dieter Waffel of PreussenElektra, Harvey Padewer of Duke Energy, Alexander Eydeland of Southern Company Energy Marketing, John Shapiro of Morgan Stanley Dean Witter and Jeff Porter of Koch Industries * (all confirmed and invited Board Members are past speakers at the ICBI PoweRisk event) This year, I would also like to invite you to join our Energy Derivatives Advisory Board. In return for your evaluation of the draft programme and suggestions of possible improvements and potential speakers, you would be entitled to full branding as an Advisory Board member on the conference brochure and all conference documentation, first choice on speaking slots, a free pass if not speaking, and further discounted registration for clients or colleagues. I will call your office tomorrow and would be very grateful if you could spare me a few moments to discuss the above proposals. I will also email this letter to you. My contact details are as follows: Tel: +44 171 915 5194 Fax: +44 171 915 5101 Email: [email protected] I look forward to speaking to you and very much hope that I will have the opportunity of working with you on this year's PoweRisk conference. Yours sincerely Rosemary Fitzgerald Director, PoweRisk 2000

Shane, Thanks for your message. As a matter of fact, I expected your resume in time for our summer internship program. We shall be glad to invite you for an interview. How long "sabbatical" do you envisage? Vince P.S. Shirley, please, call Shane to arrange an interview with HR. "Shane Green" <[email protected]> on 06/19/2000 02:14:00 PM To: <[email protected]> cc: Subject: Dr. Kaminski: ? You probably won't remember my name, but I am the Ph.D. student that took you back to the airport after your visit to Louisiana State University during the previous academic year. ? I received my M.S. in Finance in May of last year, and chose to?remain at LSU to work on my Ph.D. At that time, I intended to pursue a career in?teaching and research at a four year college or university.? In part?because of your visit,?and my?primary interest in normative research, my?plans have changed.? While I?still want to earn my Ph.D.,?I plan to pursue a career in research in the private sector. ? As you know, Ph.D. programs in financial economics are designed to train future academics.? Not surprisingly, they emphasize methods to approach the types of questions that are of interest to finance academics.? What did surprise me, however, was that these areas of interest often had little to do with what I imagined to be the concerns of practitioners in the real world.? As you mentioned in your discussion, academic researchers know little about what their counterparts in the private sector are?doing.????????????????????????????????????? ? In light of my objective, I feel I would get the most out of the remainder of my doctoral studies if I took some time off to work in the private sector to see first hand the?types of challenges I can expect to face as a researcher in corporate America.? As my primary interests revolve around the use of derivatives and financial engineering in corporate risk management, Enron, as the leading innovator in these areas, would be an ideal place to learn.? I was wondering if you were aware of any openings at the company that might provide me with the exposure I am looking for.? If there are no such positions or opportunities, any advice or suggestions you could give me,?such as whether or not you think such a "sabbatical" (for lack of a better term) would be helpful, or information on private sector careers for Ph.D.'s would be greatly appreciated.? ? I am sending a current copy of my vita as an attachment.? If you have any questions my e-mail address is [email protected].? Thanks for your help and advice. ? ? Cordially, ? ? ? ? Shane Green ? ? ????? - Vita.doc

Vasant, Tanya Any interest? Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/14/2000 03:56 PM --------------------------- Melanie Doyle 03/10/2000 04:33 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Brad McSherry/HOU/ECT@ECT Subject: Re: Enroncredit.com Hi This guy has applied to Credit.com in Houston, I spoke to him yesterday and then passed my comments to Bryan Seyfried. Bryan suggested he may be of interest to you. I let this this guy know that he would hear from us either way and if we want to pursue the application we would invite him for interviews in Houston. Please give me a call if you need more information. Melanie 00 44 171 783 7740. ---------------------- Forwarded by Melanie Doyle/LON/ECT on 10/03/2000 10:26 --------------------------- Bryan Seyfried 08/03/2000 07:51 To: Brad McSherry/HOU/ECT@ECT cc: Melanie Doyle/LON/ECT@ECT Subject: Re: Enroncredit.com Let's start getting these guys in to interview. Melanie can do initial telephone interviews and then coordinate with Brad to ensure we are seeing the best people. I would like to move as quickly as practical. bs From: Brad McSherry on 07/03/2000 13:17 CST To: Bryan Seyfried/LON/ECT@ECT cc: Subject: Enroncredit.com ---------------------- Forwarded by Brad McSherry/HOU/ECT on 03/07/2000 01:17 PM --------------------------- [email protected] on 03/03/2000 01:55:23 PM To: [email protected] cc: Subject: Enroncredit.com Dear Mr. McSherry: I am responding to your search for credit risk professionals on the enroncredit.com website. After working for seven years on credit risk management in a research and consulting capacity, I would like to transfer my experience in assessing credit risk modeling, information technology and methodology in complex top-tier institutions to an active credit trading managerial environment. I am excited about being involved in trading, origination, risk management and R&D of credit derivatives. I have seven years of experience in credit risk measurement and management. I have helped design, test and implement credit value-at-risk systems with KMV Corp and with a major Japanese bank. I was a major contributor at KMV in designing the Expected Default Frequency model and I am thoroughly familiar with its assumptions, strengths, weaknesses and applications. I did the empirical research that lies behind the KMV default correlation model, the private firm EDF model and I interfaced with J.P. Morgan (now R.M.G.) personnel during the creation of the CreditMetrics documentation. I have excellent analytical, quantitative, statistical and programming skills. I studied finance extensively when I was a graduate student and I studied credit risk theory while I worked with KMV and Arthur Andersen. I am eager to join the credit derivative team at Enroncredit.com where I am certain that my combination of quantitative research skills, credit risk consulting experience and technology expertise make me uniquely qualified to support the credit derivatives trading and risk management function. I have included my resume with this e-mail. Please e-mail me or call me at 201-420-0191 (home) and 212-708-4027 (work) so that we can discuss this opportunity further. (See attached file: Alex.doc) *******************Internet Email Confidentiality Footer******************* Privileged/Confidential Information may be contained in this message. If you are not the addressee indicated in this message (or responsible for delivery of the message to such person), you may not copy or deliver this message to anyone. In such case, you should destroy this message and kindly notify the sender by reply email. Please advise immediately if you or your employer do not consent to Internet email for messages of this kind. Opinions, conclusions and other information in this message that do not relate to the official business of my firm shall be understood as neither given nor endorsed by it. - Alex.doc

Rick, I have just looked at the memo regarding promotions. Congratulations - well deserved. Vince

Tod, I have no interest in the JPM product. I like to manage my own investments as a hobby (expensive as it may be). Vince

Robert, This is to confirm the meeting on March the 20th at 9:00 a.m. Enron will be represented by Bill Bradford, Bryan Seyfried,,Vasant Shanbhogue and myself. Could you, please, advise me what is the best hotel where we could stay overnight, close to your location? Vince Kaminski ENRON Corp. 1400 Smith Street, Room 1962 Houston, TX 77251-1188 Phone: (713) 853 3848 Fax : (713) 646 2503 E-mail: [email protected]

Shirley, The place to stay is Mariott Financial Center in NYC. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/05/2000 12:56 PM --------------------------- Mary Jaffier <[email protected]> on 01/05/2000 10:46:58 AM To: [email protected] cc: (bcc: Vince J Kaminski/HOU/ECT) Subject: Conference on Risk Management: The State of the Art, January 13-14, 2000 We confirm receipt of your registration for the above-mentioned conference. The conference will be held at New York University Stern School of Business, Henry Kaufman Management Center, 44 West 4th Street, New York City. Registration and continental breakfast will begin at 8:30 a.m., when you will receive the conference material and a name tag. Meanwhile, if you have any questions regarding the conference, please do not hesitate to contact me. ************************************************************* Mary T. Jaffier NYU Salomon Center Stern School of Business 44 West 4th Street, Suite 9-160 New York, NY 10012 Tel: 212-998-0706 Fax: 212-995-4220 http://www.stern.nyu.edu/salomon

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/15/2000 04:22 PM --------------------------- Zimin Lu 12/15/2000 03:11 PM To: John J Lavorato/Corp/Enron@Enron cc: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT Subject: WTI trading simulation presentation John, I prepared the presentation in the way we discussed on Wednesday. In summary I have included the following scenarios: Tenor: 1, 3, 5 years back from Nov, 2000 1, 3, 5 years back from Nov, 1998 1, 3, 5 years back from Nov. 1995 Number of trade per day: 200, 600,1000 Bid-offer spread: $0.04 and $0.06 Net Open position allowed: 1,000,000 and 5,000,000 Volume per trade is fixed at 1,000 BBL. All together, there are 9*12 = 108 scenarios included in the presentation. I will be on vocation starting next week. But I will check my e-mail and phone messages to make modifications you need. Happy Holidays, Zimin

Steve, What about Thu? Vince From: Stephen Stock/ENRON@enronXgate on 01/24/2001 09:11 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: RE: FW: Re: Valuation I'll be in a Visioning session all afternoon offsite, so this morning would be better if you are available.... regards Steve -----Original Message----- From: Kaminski, Vince Sent: Wednesday, January 24, 2001 9:00 AM To: Stock, Stephen Cc: Kaminski, Vince Subject: RE: FW: Re: Valuation Steve, I was delayed on my wait out. I probably hit the stop at 6:15. Let me buy you a coffee this afternoon. What about 2:00? Vince From: Stephen Stock/ENRON@enronXgate on 01/24/2001 08:13 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: RE: FW: Re: Valuation Vince, I was at the bus-stop from 5:50 to 6:10 ish, assumed you had been delayed and jumped on the next Research Forest bus that came along. I hope you didn't wait around for me? regards Steve -----Original Message----- From: Kaminski, Vince Sent: Tuesday, January 23, 2001 5:28 PM To: Stock, Stephen Subject: Re: FW: Re: Valuation Steve, Around 6:00 p.m. Vince From: Stephen Stock/ENRON@enronXgate on 01/23/2001 05:26 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: FW: Re: Valuation Vince, I'm in all this week.....what time are you going for the bus tonight? regards Steve -----Original Message----- From: [email protected]@ENRON [mailto:[email protected]] Sent: Tuesday, January 23, 2001 4:42 PM To: Stock, Stephen Subject: fwd: Re: Valuation ------ From: Vince Kaminski <[email protected]> Subject:Re: Valuation Steve, Please, let me know when you come back. I have detected a tendency to implement different approaches to valuation in the past. To some extent, it reflects the absence of formal rules for sign-off on the valuation techniques which, in turn, reflects, the turf wars and the desire by the originators to control the outcomes. Vince [email protected] on 01/19/2001 06:53:14 PM To: [email protected] cc: Subject: Valuation Vince, I'd like an opportunity to talk to you about valuation. I'm hearing confusing messages about the way that the UK IT team and the UK traders get their Valuation code aparently signed off by Research, while here... You provide it for our guys to wrap up. We have now a situation where the UK team are using a home grown Valuation piece called DOVE, where results differ from those of the equivalent USA portcalc. I need to break through the pride barriers and the "not built here" syndrome, and try to do the right thing, but I don't beleive I can do that without you guidance. I'm scared that if we diverge too much we will never work globally on these systems. Steve ------------------------ Tel: 713-345-8980 Cell: 281-541-1862 Page: [email protected] Steve ------------------------ Tel: 713-345-8980 Cell: 281-541-1862 Page: [email protected]

Sevil, Thanks for the card. It's a pleasure and privilege to work with you. Vince

Shirley, It will take a lot of effort to compile this list. Please, remind me about it. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/17/2000 10:27 AM --------------------------- Marie Hejka@ENRON 02/15/2000 01:49 PM To: Habiba Bayi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Monica Talan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Johan Zaayman/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rob Bradley/Corp/Enron@ENRON, Margaret Carson/Corp/Enron@ENRON, Vince J Kaminski/HOU/ECT@ECT cc: Karen Denne/Corp/Enron@ENRON, Ricardo Charvel/NA/Enron@Enron, Mark Palmer/Corp/Enron@ENRON, Steven J Kean/HOU/EES@EES, Elisabeth McCabe/Corp/Enron@Enron Subject: Document Identification In an effort to identify intellectual capital for Enron's Knowledge Management effort, we are establishing an inventory of documents (e.g. papers published, speeches, magazine/journal subscriptions, professional associations, etc.). Please forward the types of documentation you have which may be inventoried for other Enron employees' use. If there are other individuals like yourself with access to this type of information, please forward their names to me. I am available to discuss this effort at your convenience. My extension is 3 9698. I look forward to hearing from you. Sincerely, Marie Hejka Knowledge Management Forum

Althea, I was trying to get in touch with this guy. Did he contact you by any chance? He missed the interviews on the campus. Vince ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/16/2001 01:51 PM --------------------------- "Seade, Juan J." <[email protected]> on 03/19/2001 01:15:56 AM To: "'[email protected]'" <[email protected]> cc: Subject: Stanford MBA- Interview Dear Vincent, As I told you on the phone on Friday, I am very interested in a summer internship at Enron. I would like to point out that I want to pursue a career in trading, and I am especially interested in derivatives. Given that Enron is a pioneer in the market making of energy, broadband and weather derivatives, I find it a company I would be most interested in working for. I believe that you will find my background of interest to your firm, and I hope to be interviewed by yourself and other colleagues of yours. I have final exams from March 19-22, but would be most willing to travel to Houston for interviews any time from Friday March 23rd onwards. I hope to hear from you soon. Best regards, Juan Seade MBA Class of 2002 Stanford Business School 796 Escondido Road Apt. 29C Stanford, CA 94305 Tel: (650) 497-3705 Email: [email protected] <<Resume Juan Seade.doc>> - Resume Juan Seade.doc

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 02/15/2000 08:56 AM --------------------------- "Network World" <[email protected]> on 02/15/2000 08:36:42 AM To: <[email protected]> cc: Subject: Network World E-Mail Confirmation 2/15/00 Thank you Wincenty for choosing Network World's E-Mail Newsletters. You have just hand-picked the most concise, accurate and timely technology email alerts in the industry. You are currently subscribed to: Network World Product Review of the Week Application Services Providers Storage in the Enterprise Security and Bug Patch Alert Novell NetWare Linux Whitepapers Download Please note that the newsletters are scheduled to begin this March. While waiting for your newsletters to arrive come visit us at http://www.nwfusion.com and be part of Networking's most active online community. Are you a Network World print subscriber? It's FREE! Go to http://www.nwwsubscribe.com/wb16 and apply to receive 51 issues of Network World the weekly magazine that is "The leader in network knowledge"!

Shan, It's nice to hear from you. Congratulations on the new job. FT is my favorite publication I never miss (and I read a number of different FT publications, including FT Energy collection). You can contact Harry Arora (X 6750) here in London who works on finance related E-commerce projects. He may give you some useful comments. I shall be myself very interested in the first issue of your new publication. Regards Vince [email protected] (Shan Millie) on 08/08/2000 08:50:45 AM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Hullo, Vince: I hope you're very well. As you can see, I am now working for the FT's magazine publishing business; I have responsibility for what's currently termed the Expatriate Division and I've just passed my statutory probationary period of 3 months. Apologies for not contacting you sooner - but I guess you knew you'd hear from me sooner or later , especially when I need help! Having gotten thru probation, I am set loose upon new projects......I'm investigating several ideas for new magazine product and wondered if you would be able to comment on one of them. Very basically, I want to develop a magazine product for the international private investor, specifically o HNWIs o Owner-managers o Results-oriented but intelligent investor with long-term investment goals and a desire to be able to converse with their private bankers and/or brokers on something approaching equal terms The product would be delivered monthly and cater to the developing breed of private international investor who prefers to make informed decisions - for themselves. The product would aim to cover the major asset classes, including the "wilder shores" such as Hedge Funds and Emerging Markets. I am working on a portal site (imaginatively entitled FTEXPAT.COM!), nested within FT.com, which will launch in October; International Investment will be a significant channel on the site, and a key distribution/marketing channel for this (and future) offering. At this very early stage I am testing out the reaction to the notion of such a product - do you have one? Would you be able to suggest any other contacts who might be willing/able to share their thoughts with me? I know it's not bang in your sphere but I'm hoping you'll be interested enough to share your thoughts with me. If you can give me a few pointers, I'd be grateful. Looking forward to hearing from you, Sh?n 44-20-7896-2310 ********************************************************************* * Please visit the web site of the Financial Times at: * * http://www.ft.com * * * * This E-Mail is intended for the use of the addressee only and may * * contain confidential information. If you are not the intended * * recipient, you are hereby notified that any use or dissemination * * of this communication is strictly prohibited. * * If you receive this transmission in error, please notify us * * immediately then delete this E-Mail. * * * * * [email protected] * *********************************************************************

Steve, All these provisions make a lot of sense. Anjam showed very poor judgment one more time. He got a very generous offer to move to Houston. I recommend keeping him on the payroll, and at home, as long as possible. Vince Richard Lewis 10/26/2000 04:41 AM To: Steven Leppard/LON/ECT@ECT cc: Dale Surbey/LON/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Melanie Doyle/LON/ECT@ECT, Simon Hastings/LON/ECT@ECT Subject: Re: Actions on Anjam's resignation I will sit Anjam down before he leaves and explain the confidentiality provisions in his contract and that we will pursue them vigorously. Melanie - can you give me a copy, Steve, let me know when he is leaving - I'll do it closer to the time. Richard Steven Leppard 26/10/2000 10:13 To: Dale Surbey/LON/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Melanie Doyle/LON/ECT@ECT cc: Richard Lewis/LON/ECT@ECT, Simon Hastings/LON/ECT@ECT Subject: Actions on Anjam's resignation All My preferred approach to dealing with Anjam's departure is given below. These recommendations are informed by the fact that I don't feel Anjam has much to offer his next employer, except what code and data he can remove from Enron: HR-type stuff: 1. Get Anjam off the trading floor as soon as possible. There is no need for him to remain on the floor. 2. Determine where Anjam is heading. We need to know who is going to know our positions and curves next. IT-type stuff: 1. Ask him to catalogue the contents of his h: drive, since the rest of the group will need to support his work in the future. This should take no more than a day or two. 2. Get IT to obtain their backups of Anjam's h: drive for weekly intervals over the last two months. This will allow us to determine what he has deleted. 3. Get IT to provide a snapshot of Anjam's Notes folders, and provide records of mail sent out to the internet over the last couple of months. I'm worried about code/data he may have zipped up and mailed out. 4. Ask IT to use a utility program to determine what has been deleted from Anjam's c: drives. There may be useful info here too. Steve

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 11/10/2000 01:29 PM --------------------------- Carrie Miller <[email protected]> on 11/10/2000 10:31:25 AM To: (Recipient list suppressed) cc: [email protected], [email protected] Subject: Rice University ALP program -- December 1st deadline On behalf of the Jones Graduate School at Rice University, we would like to thank all of the company representatives who have submitted Action Learning Project (ALP) proposals. Currently, the ALP faculty committee is reviewing all proposals received. We also want to remind those who are planning to submit proposals of our December 1st deadline. Please keep us updated on the status of your project. We are happy to answer any questions or provide assistance. Our goal is to have a good mix of projects from a variety of companies, and we are also pleased to accept multiple projects from one company. Thus far, many of our proposals are marketing and/or strategy related. To increase the diversity of projects, we are especially looking for ideas that give our students the opportunity to utilize finance skills. Of course, an ideal project is one that allows a student to use multiple skills. Again, thank you for your continued interest in Rice University and the Jones School ALP program. Carrie Miller???????????????????????????????????????????Pam Castro?????????????????????? Director of MBA Program?????????????????????????MBA Program Associate Phone:? (713) 348-5260??????????????????????????????????Phone: (713) 348-6223 Fax:? (713) 348-5251????????????????????????????????????Fax: (713) 348-5251? E-mail:? [email protected]???????????????????????????????E-mail:? [email protected]