From: john.arnold@enron.com Subject: Re: microphone to houston i think it is something we need to do. please set it up Caroline Abramo@ENRON 11/14/2000 11:06 AM To: John Arnold/HOU/ECT@ECT cc: Per Sekse/NY/ECT@ECT Subject: microphone to houston John- What do you think of getting a direct mic from New York to Houston as soon as possible? We had one at my last employer from NY to London which worked great. You can tun it on or off but it allows us to communicate without getting on the darn phone - I am sure its a total annoyance to pick us up. The steno is still a phone to me and its not recorded. We could keep it between you and Mike. We are getting a few more funds to trade now- some program guys among them who will need quicker execution. I know you and Per have discussed the idea of them calling you direct but I think, for now, the mic is a better answer. I can sit down with you when I am down there to discuss and give you an update of who we are planning to trade with. Best Rgds, Caroline


From: john.arnold@enron.com Subject: Nigel Patterson Can you swap me with Fletch. Try to make all of my interviews as late as possible. Thx John ---------------------- Forwarded by John Arnold/HOU/ECT on 09/29/2000 04:55 PM --------------------------- Enron North America Corp. From: Kimberly Hillis 09/29/2000 09:52 AM To: John Arnold/HOU/ECT@ECT, Fletcher J Sturm/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Mark Dana Davis/HOU/ECT@ECT, Rogers Herndon/HOU/ECT@ect, John J Lavorato/Corp/Enron@Enron, David W Delainey/HOU/ECT@ECT, Greg Whalley/HOU/ECT@ECT cc: Ina Rangel/HOU/ECT@ECT, Kay Chapman/HOU/ECT@ECT, Felicia Doan/HOU/ECT@ECT, Tamara Jae Black/HOU/ECT@ECT, Airam Arteaga/HOU/ECT@ECT, Jessica Ramirez/HOU/ECT@ECT Subject: Nigel Patterson Below please find a copy of the resume and the itinerary for Nigel Patterson. If you have any questions, please do not hesitate to call me or John Lavorato. Thanks for you help. Kim x30681 12:30 - 1:00 Rogers Herndon (EB3320) 1:00 - 1:30 Kevin Presto (EB3320) 1:30 - 2:00 Dana Davis (EB3320) 2:00 - 2:30 Dave Delainey (EB3314) 2:30 - 3:00 John Arnold (EB3320) 3:15 - 4:00 Greg Whalley (EB2801) 4:00 - 4:30 Fletch Sturm (EB3320)


From: john.arnold@enron.com Subject: Re: As far as lunch, it's a done deal. I need names of people who should be allowed. It is not for the whole floor, but rather for people who need to stay at their desk during the day. Please advise, John Enron North America Corp. From: Kori Loibl 09/28/2000 02:24 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Just wanted to say "thank-you" for dinner last night. It's unfortunate Errol and Dutch didn't make it, they are the ones who do all the work for you. Are you going to hook me up on the lunch police? Thanks again, Kori.


From: john.arnold@enron.com Subject: Re: requirement document Looks good. I'm a little confused as to how many users can be on. The system needs to be able to handle 50+ users at one time, each being able to post messages any time. Brian Hoskins@ENRON COMMUNICATIONS 09/28/2000 02:31 PM To: Fangming Zhu/Corp/Enron@ENRON cc: Allen Elliott/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT Subject: Re: requirement document Fangming, Looks good. That's exactly what we're looking for. John, please comment if there are any additional features you'd like to add. Brian Brian T. Hoskins Enron Broadband Services 713-853-0380 (office) 713-412-3667 (mobile) 713-646-5745 (fax) Brian_Hoskins@enron.net Fangming Zhu@ENRON 09/28/00 02:23 PM To: Brian Hoskins/Enron Communications@Enron Communications cc: Allen Elliott/HOU/ECT@ECT Subject: requirement document Hi, Brian: Please review attached requirement document and reply this message with any comments. Once you approve it, I am going to build the application. Thanks, Fangming


From: john.arnold@enron.com Subject: Re: PIRA Annual Seminar Preview Thank you for sending this. If only you sent it a couple hours earlier. Just kidding. T Boone must have heard this because he sold everything today. 9000 contracts. John From: Jennifer Fraser 09/28/2000 03:35 PM To: John Arnold/HOU/ECT@ECT cc: Subject: PIRA Annual Seminar Preview Hey JA: I was at PIRA today and got a preview of their presenation on Oct 11-12 for their client seminars. (Greg Shuttlesworth) Summary: They have turned a little bearish becuase They believe that distillates will cap gas ( get some to graph HO, CL, NY No.6 1% and TZ6 Index and NX3) the picture is very convincing Supply is increasing at a faster pace (1Bcf/d more in Q4 and expect incremental 2 BCF/d next summer) Canadian production is increasing Deep water GOm is increasing Lastly, Shallow water GOM is also improving after years of decline Demand modest in 01/02 more efficient gas turbine economic moderation Near term Yes it looks a little ugly this winter Possibility of shocks in the shoulder ( low storage and early summer heat in Apr-May 01) Call me or write if you call for more details. I am also faxing you their fuel substitution slide---- it looks at up to 5 BCF/d being put back into the supply chain. Thanks JF


From: john.arnold@enron.com Subject: test home.enron.com this is home.enron.com.


From: john.arnold@enron.com Subject: re:summer inverses seems crazy. if you're willing to ride it for a few cents against you it's a great trade. who knows where they're going in th eshort term though slafontaine@globalp.com on 12/01/2000 09:57:30 AM To: John.Arnold@enron.com cc: Subject: re:summer inverses johnnny-you think these inverses ready to get sold yet? to me its all a timing issue but aug/oct at 4-5 cts seems rich rich for injection season. only issue is when to go?


From: john.arnold@enron.com Subject: Re: Evening Hello: I am John Arnold. I believe you're looking for Jeff Arnold. pfse@dynegy.com on 09/27/2000 05:30:27 PM To: Jeff.Arnold@enron.com cc: Subject: Re: Evening jeff, thanks for the directions - i have already forwarded them home. tonight is not good for me but perhaps one day we will finally connect now that we are closer! i've been thinking about sunday and hope you have a deck of cards to play with (perhaps 2 decks of uno cards).


From: john.arnold@enron.com Subject: Re: Commercials I really liked the commercials about specifics (i.e. weather, EOL, bandwidth). The metal man was definitely at a different philosophical level than where my brain operates. Still not quite sure what was going on there. Ode was a bit too idealistic. The campaign in general was very different than previous. But I guess you know that and that's the point. Again, I think the commercials that showed why we are the most innovative were very impressive. Just telling people we are innovative made less of an impact. Sorry I ruined your run. At least you weren't molested by the River Oaks car thief. From: Margaret Allen@ENRON on 09/27/2000 08:24 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Commercials So, what did you think?! Don't lie or stretch the truth either -- you won't hurt my feelings, I promise. By the way, by the time I arrived home it was completely dark so I went for a three mile run this morning. Not fun, but I'm definitely awake right now! BUT, it's all your fault I couldn't go last night....he!he! Trade well, MSA


From: john.arnold@enron.com Subject: Commercials ---------------------- Forwarded by John Arnold/HOU/ECT on 09/27/2000 11:12 AM --------------------------- From: Margaret Allen@ENRON on 09/27/2000 08:24 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Commercials So, what did you think?! Don't lie or stretch the truth either -- you won't hurt my feelings, I promise. By the way, by the time I arrived home it was completely dark so I went for a three mile run this morning. Not fun, but I'm definitely awake right now! BUT, it's all your fault I couldn't go last night....he!he! Trade well, MSA


From: john.arnold@enron.com Subject: Re: ?? Hey freak: So we finally had LA type weather here for the past two days. Highs in the mid-70's. Beautiful. Life's just cruising along. Nothing new. I put a bid in for a condo in a new mid-rise building going up in West U that they accepted. If all goes as expected I'll move in next X-Mas. So are you adjusting to the big city. Got yourself a big Hollywood actor boyfriend yet? John


From: john.arnold@enron.com Subject: Re: mar/apr don't know. think a little bit of everyone as the storage guys own it all. slafontaine@globalp.com on 12/05/2000 09:37:01 AM To: jarnold@enron.com cc: Subject: mar/apr im so sick for getting out of that-john who 's getting squeezed on the mar? hope its not you. pretty sure it isnt so safe to ask you?


From: john.arnold@enron.com Subject: Re: Thanks. This is exactly what I wanted. John Enron North America Corp. From: Sunil Dalal @ ENRON 09/20/2000 04:05 PM To: John Arnold/HOU/ECT@ECT cc: Frank Hayden/Corp/Enron@Enron Subject: Re: John, the matrix that was sent to you includes YTD P&L for all the traders in the matrix. Trader P&L contribution to desk P&L, however, was not backed out on that particular matrix. That matrix effectively shows one trader's correlation to all others. What is does not show is one trader's P&L to the desk P&L. I have included a spreadsheet with each trader's P&L backed out of AGG-GAS P&L to demonstrate their relationship. Please call Frank or myself if you have questions. Thanks. From: Frank Hayden 09/19/2000 06:42 PM To: Sunil Dalal/Corp/Enron@ENRON cc: Subject: Re: questions and answers? ---------------------- Forwarded by Frank Hayden/Corp/Enron on 09/19/2000 06:42 PM --------------------------- John Arnold@ECT 09/19/2000 05:33 PM To: Frank Hayden/Corp/Enron@ENRON cc: Subject: Re: Thx for the spreadsheet. 2 questions : What time frame does this entail and does the correlation between the trader and AGG GAS include that trader's contribution to the floor's P&L. In other words, is my P&L correlated with the floor or is it correlated to the rest of the floor absent me? Enron North America Corp. From: Frank Hayden @ ENRON 09/19/2000 02:41 PM To: John Arnold/HOU/ECT@ECT cc: Subject:


From: john.arnold@enron.com Subject: Re: natural update Mark: You've called it right thus far. Let's plan to get a drink after work on the 19th. Thanks, John "Mark Sagel" <msagel@home.com> on 09/26/2000 10:23:06 AM To: "John Arnold" <jarnold@enron.com> cc: Subject: natural update John: ? I wish I had a lot to pass along, but not much has changed on my work.? All the analysis is still very bullish and expecting higher levels.? I am receiving hourly "9" type strength patterns, which means the up move must consistently continue from here.? Any drop under today's lows is a negative for natural.? On my daily work, natural will see a new type of strength pattern today.? It is not a "9" type topping pattern, but one that normally comes out along the way as price moves higher.? This would suggest a potential short-term high over the next 2-3 days, but nothing of major importance. ? I have tentative plans to be in Houston on Thursday, October 19.? Are you interested in meeting so that I may show in much greater detail what the work is doing and how it can enhance your activity?? Let me know if that day works for you.? Thanks, ? Mark Sagel Psytech Analytics (410)308-0245 msagel@home.com ?


From: john.arnold@enron.com Subject: Re: I'm sorry but I have plans for Thursday already. Maybe next time. John James_Naughton@em.fcnbd.com on 09/26/2000 01:45:42 PM To: "John Arnold" <John.Arnold@enron.com> cc: Subject: John, I have tentative plans to be in Houston on Thursday. If, as we discussed yesterday, you have time to get out after work, I'd like to get together. Please let me know if this works for you and I'll confirm my plans to be there. Thanks, Jim Naughton


From: john.arnold@enron.com Subject: Re: Screen shots Hi: The big money making floor? I don't think I like that. Too much pressure...what happens if we screw up? I went to the website and clicked on the link but all I got was a mess of characteres and symbols. Any ideas how I fix it? John From: Margaret Allen@ENRON on 09/26/2000 03:30 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Screen shots Hey John, Did you check out the new spots?!!! They are posted on the Intranet (home.enron.com). Let me know what you think! Hope all is well down there on the 'big money making' floor. Have a good one, Margaret


From: john.arnold@enron.com Subject: Mario De La Ossa can you please add this ---------------------- Forwarded by John Arnold/HOU/ECT on 09/26/2000 11:03 AM --------------------------- Enron North America Corp. From: Molly Magee 09/25/2000 06:28 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Mario De La Ossa John: John Nowlan, Dave Botchlett, Jim Goughray and several others met with Mario last week. They were all favorably impressed. Jeff Shankman had asked to meet with him, and their appointment is scheduled for Thursday, 9/28, at 1:30 pm. Jeff had also asked that you spend some time with him so that a decision could be made as to whether or not to make him an offer. Would you have some time available on Thursday afternoon to see Mario? Thanks, Molly x34804


From: john.arnold@enron.com Subject: Re: sept 29th Steve: Sorry for the delay. I was actually out of the office Thursday and Friday...some Enron management training seminar bs. Count me as a probably for dinner on Friday. I know JP well. Darcy Carrol's number is 713-646-4930. See you this wknd John slafontaine@globalp.com on 09/21/2000 12:19:40 PM To: slafontaine@globalp.com cc: jarnold@enron.com Subject: Re: sept 29th silverman cant even get an email address rite. trying this again Steve LaFontaine 09/21/2000 11:19 AM To: jarnol1@enron.com, Steve LaFontaine/GlobalCo@GlobalCo cc: Fax to: Subject: sept 29th hi johnny, still waiting for you to return my call. know your tied up these days with the online stuff. shudda been in today cuz the site just went down. anyway two things: im coming in for the vitol party the 28th and going to go oout to dinner friday the 29th with john paul of cms and a cupla of other trader/friends. if you dont have plans would be great to have you join. let me know if youre interested. also, i have a good friend ex cargill that joined enron. he's in i think your brazil office-biz development. was wondering if you cud help me get either his phone number or an email address or both. would appreciate it. things going well for me in the new digs-making good money and enjoying boston. still pretty active in natgas. when i let you outta those feb/mar a month or so ago i told mark silverman that there were only two people i wud let out of a trade. thats the truth. hope all is well and hope to talk to you soon.also 781-398-4332, cell 617-320-4332


From: john.arnold@enron.com Subject: Re: For What It's Worth. Jim: Your words of encouragement are greatly appreciated. I've certainly had some troubles this quarter. I do appreciate your offer but I don't want to take away from the amazing year you've had so far. Maybe you should come trade this... John Jim Schwieger 12/06/2000 05:42 PM To: John Arnold/HOU/ECT@ECT cc: Subject: For What It's Worth. Through the year's (Sounds like Im really old) I have learned that the really great Individuals come down on themselves for circumstances beyond their control when in fact their performance is far beyond what anyone else could have done. I believe you are one of those individuals. I appreciate what you have done with EOL and the burden you have had to take on. This especially hits home when I see what has happened to you P/L the last 3 months. You are expected to carry the world without having any NYMEX liquidity to cover your risk. I would like to offer to transfer $30 million out of the Storage Book to the Price Book. Without you and EOL I could never have done what I've done. Thanks, Jim Schwieger


From: john.arnold@enron.com Subject: Re: Desk Dinner see you there Enron North America Corp. From: Kori Loibl 09/25/2000 03:19 PM To: John Arnold/HOU/ECT@ECT, Mike Maggi/Corp/Enron@Enron, Brian Hoskins/Enron Communications@Enron Communications, Dutch Quigley/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, Sherry Dawson/NA/Enron@Enron, Laura Vargas/Corp/Enron@ENRON cc: Subject: Desk Dinner I have made reservations for 8:00 Wednesday evening at Fogo de Chao. For those of us who haven't been there, the address is 8250 Westheimer, between Hillcroft and Fondren on the north side of the road. If you are not able to attend, please let me know. K.


From: john.arnold@enron.com Subject: Re: Electricity and Natural Gas hedging ---------------------- Forwarded by John Arnold/HOU/ECT on 09/25/2000 02:18 PM --------------------------- To: John Arnold/HOU/ECT@ECT, Phillip K Allen/HOU/ECT@ECT cc: Chris H Foster/HOU/ECT@ECT, Greg Wolfe/HOU/ECT@ECT Subject: Re: Electricity and Natural Gas hedging I suggest that we initially cover this person out of the Portland office. One of our middle marketers can easily get up to meet with this guy. Depending on the magnitude and complexity o their power and gas needs are we will then pull in the appropriate people. Phillip and John, let me know if this works for you. Eric Thode@ENRON 09/22/2000 07:28 AM To: John Arnold/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT cc: Subject: Electricity and Natural Gas hedging John and Tim -- I believe this one is for both of you. Thanks. Eric ---------------------- Forwarded by Eric Thode/Corp/Enron on 09/22/2000 09:29 AM --------------------------- Lisa.M.Feener@enron.com on 09/21/2000 11:31:32 AM To: eric.thode@enron.com cc: Subject: Electricity hedging ---------------------- Forwarded by Lisa M Feener/ENRON_DEVELOPMENT on 09/21/2000 11:30 AM --------------------------- "Holbrook, Doug" <holbrook.d@portseattle.org> on 09/21/2000 10:26:32 AM To: "'lfeener@enron.com'" <lfeener@enron.com> cc: Subject: Electricity hedging I work for the Airport Authority for Seattle-Tacoma International Airport in Seattle, Washington and I am responsible for Managing the Utilities. We are interested in hedging our Electricity and Natural Gas supplies. Can I get some information on Enron's services in this area? Douglas C. Holbrook Manager, Business & Utilities Management Port of Seattle Seattle-Tacoma International Airport PO Box 68727 Seattle, WA. 98168 Phone: 206-433-4600 Fax: 206-988-5515 holbrook.d@portseattle.org


From: john.arnold@enron.com Subject: Electricity and Natural Gas hedging ---------------------- Forwarded by John Arnold/HOU/ECT on 09/25/2000 07:23 AM --------------------------- Eric Thode@ENRON 09/22/2000 09:28 AM To: John Arnold/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT cc: Subject: Electricity and Natural Gas hedging John and Tim -- I believe this one is for both of you. Thanks. Eric ---------------------- Forwarded by Eric Thode/Corp/Enron on 09/22/2000 09:29 AM --------------------------- Lisa.M.Feener@enron.com on 09/21/2000 11:31:32 AM To: eric.thode@enron.com cc: Subject: Electricity hedging ---------------------- Forwarded by Lisa M Feener/ENRON_DEVELOPMENT on 09/21/2000 11:30 AM --------------------------- "Holbrook, Doug" <holbrook.d@portseattle.org> on 09/21/2000 10:26:32 AM To: "'lfeener@enron.com'" <lfeener@enron.com> cc: Subject: Electricity hedging I work for the Airport Authority for Seattle-Tacoma International Airport in Seattle, Washington and I am responsible for Managing the Utilities. We are interested in hedging our Electricity and Natural Gas supplies. Can I get some information on Enron's services in this area? Douglas C. Holbrook Manager, Business & Utilities Management Port of Seattle Seattle-Tacoma International Airport PO Box 68727 Seattle, WA. 98168 Phone: 206-433-4600 Fax: 206-988-5515 holbrook.d@portseattle.org


From: john.arnold@enron.com Subject: We need your feedback regarding the demonstrations you attended. You're not done yet big boy. ---------------------- Forwarded by John Arnold/HOU/ECT on 09/19/2000 05:34 PM --------------------------- Julie Pechersky 09/19/2000 02:31 PM To: John Arnold/HOU/ECT@ECT, Brian Hoskins/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Douglas S Friedman/HOU/ECT@ECT, David J Vitrella/HOU/ECT@ECT, Selena Gonzalez/HOU/ECT@ECT, Madhur Dayal/HOU/ECT@ECT, Reza Rezaeian/Corp/Enron@ENRON, Rogers Herndon/HOU/ECT@ect, Anna Santucci/NA/Enron@Enron, David J Botchlett/HOU/ECT@ECT cc: Subject: We need your feedback regarding the demonstrations you attended. We really appreciate your attendance of the demonstrations of Reuters, Bridge and Globalview software. Please take a minute to fill out the attached feedback form so that we will know what you thought of each application. Return the completed form to me. Thanks again for you time! Julie 39225


From: john.arnold@enron.com Subject: Re: Thx for the spreadsheet. 2 questions : What time frame does this entail and does the correlation between the trader and AGG GAS include that trader's contribution to the floor's P&L. In other words, is my P&L correlated with the floor or is it correlated to the rest of the floor absent me? Enron North America Corp. From: Frank Hayden @ ENRON 09/19/2000 02:41 PM To: John Arnold/HOU/ECT@ECT cc: Subject:


From: john.arnold@enron.com Subject: Re: Margin Lines project I'm in all day mtgs on Thursday and Friday. I'm free Wednesday afternoon Sarah Wesner@ENRON 09/18/2000 08:31 AM To: John Arnold/HOU/ECT@ECT cc: Joseph Deffner/HOU/ECT@ECT Subject: Re: Margin Lines project Let's do this on Tuesday at 4:00 at EB 2868. John Arnold@ECT 09/15/2000 07:16 AM To: Sarah Wesner/Corp/Enron@ENRON cc: Subject: Re: Margin Lines project yep...i'm always here Sarah Wesner@ENRON 09/14/2000 10:37 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Margin Lines project John - I will be out of the office on 9/15 and also from 9/21-9/30. Are you available during 9/18-9/20 as I want to go through the information before October. Let's arrange something early next week. Sarah


From: john.arnold@enron.com Subject: Re: Photograph for eCompany Now someone had a foul odor for sure Eric Thode@ENRON 11/30/2000 08:25 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Photograph for eCompany Now Thanks for your help with the photographer. I just heard from Ann Schmidt and Margaret Allen that he was, shall we say, a "fragrant photographer."


From: john.arnold@enron.com Subject: Re: Don't Forget Please remove me from your mailing list "Jason Nathan" <jnathan@nacore.com> on 09/15/2000 09:47:12 AM To: cc: Subject: Don't Forget Tuesday, September 19, 2000 NACORE Houston Chapter Luncheon Meeting An excellent opportunity to learn and network with your corporate real estate peers. Topic: THE DOWNTOWN ARENA Place: The Houston City Club Nine Greenway Plaza 1 City Club Drive, Houston, TX Cost: $25.00 (includes buffet luncheon) RSVP using the attached form or call Tammy Mullins at 713-739-7373 x 115 - Notice91300.doc


From: john.arnold@enron.com Subject: Re: Margin Lines project yep...i'm always here Sarah Wesner@ENRON 09/14/2000 10:37 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Margin Lines project John - I will be out of the office on 9/15 and also from 9/21-9/30. Are you available during 9/18-9/20 as I want to go through the information before October. Let's arrange something early next week. Sarah


From: john.arnold@enron.com Subject: Re: ?? I'm actually trying to go through all my email from the week. What a pain in the ass. As soon as I finish one, another appears in my inbox. So how's life at ucla? Eleanor Fraser <efraser@anderson.ucla.edu> on 09/14/2000 06:07:11 PM To: John.Arnold@enron.com cc: Subject: Re: ?? I think Yelena put a hit out on me all the way from Chicago for sending those pictures! I had no idea they would open right away--they were supposed to be attachments. Oops. I thought they were quite cute. How are ya? And what are you doing at work--I thought you gas guys all left at 3! :-) elf On Thu, 14 Sep 2000 John.Arnold@enron.com wrote: > > why would i be??? > > > > > Eleanor Fraser <efraser@anderson.ucla.edu> on 09/14/2000 06:02:57 PM > > To: john.arnold@enron.com > cc: > Subject: ?? > > > So--are you really pissed at me? > > :-) eleanor > > > > > >


From: john.arnold@enron.com Subject: Re: .exe file - infomercial Agree completely. In that context, it looks good. Louise Kitchen 09/14/2000 06:20 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: .exe file - infomercial It was something for the web-site but we are thinking its a bit arrogant for our counterparts so probably just use it internally or trade shows. John Arnold 14/09/2000 16:24 To: Louise Kitchen/HOU/ECT@ECT cc: Subject: Re: .exe file - infomercial Who's the target audience and how is it being distributed? Louise Kitchen 09/14/2000 11:50 AM To: Hunter S Shively/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron, John Arnold/HOU/ECT@ECT cc: Andy Zipper/Corp/Enron@Enron, gwhalle@enron.com Subject: .exe file - infomercial Just wondering what you think of this?


From: john.arnold@enron.com Subject: Re: follow up request From: Gary Taylor 09/14/2000 06:12 PM To: John Arnold/HOU/ECT@ECT cc: Subject: follow up request John, I know this gets nit-picky - but we're about to close. regards, Gary x31511


From: john.arnold@enron.com Subject: Re: Vanderbilt Presentation and Golf Tournament I would like to participate in the Enron presentation at Vandy. John Kristin Gandy@ENRON 09/11/2000 09:30 AM To: Mark Koenig/Corp/Enron@ENRON, Kevin Garland/Enron Communications@Enron Communications, Jonathan Davis/HOU/ECT@ECT, Jian Miao/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ed Wood/HOU/ECT@ECT, Jun Wang/Enron Communications@Enron Communications, Miguel Vasquez/HOU/ECT@ECT, Lee Jackson/HOU/ECT@ECT, Amber Hamby/Corp/Enron@Enron, Jay Hawthorn/Enron Communications@Enron Communications, Joe Gordon/Corp/Enron@Enron, Susan Edison/Enron Communications@Enron Communications, Vikas Dwivedi/NA/Enron@Enron, Mark Courtney/HOU/ECT@ECT, Monica Rodriguez/Enron Communications@enron communications cc: Seung-Taek Oh/NA/Enron@ENRON, John Arnold/HOU/ECT@ECT, Andy Zipper/Corp/Enron@Enron, George McClellan/HOU/ECT@ECT, David Oxley/HOU/ECT@ECT Subject: Vanderbilt Presentation and Golf Tournament Hello Vandy Recruiting Team, Well it is almost time for the corporate presentation on campus (September 26th at 5:30pm) and the MBA golf tournament (September 30th at 12pm). I need to know as soon as possible the members who are available to participate in either of these events. We only need two participants for the golf tournament but we will need at least 6 to 8 members for the presentation. Reserve your spot now before its too late! Thank you and if you have any questions feel free to contact me at x 53214. Kristin Gandy Associate Recruiter


From: john.arnold@enron.com Subject: Re: ?? why would i be??? Eleanor Fraser <efraser@anderson.ucla.edu> on 09/14/2000 06:02:57 PM To: john.arnold@enron.com cc: Subject: ?? So--are you really pissed at me? :-) eleanor


From: john.arnold@enron.com Subject: Re: and they say it was purely coincidental the announcement came today. 6 is fine. "Jennifer White" <jenwhite7@zdnetonebox.com> on 12/13/2000 01:18:41 PM To: John.Arnold@enron.com cc: Subject: Hmmm... interesting news at Enron today. Should I plan to come to your place around 6PM? ___________________________________________________________________ To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax, all in one place - sign up today at http://www.zdnetonebox.com


From: john.arnold@enron.com Subject: Re: Hey i'll let you know if they invite me this year. To: John Arnold/HOU/ECT@ECT cc: Subject: Hey Hey! How are you? When Is Amerex throwing there yearly Christmas party? Thanks Frances


From: john.arnold@enron.com Subject: Re: Tony Harris Come talk to me sometime after 4:00 From: Jennifer Fraser 09/11/2000 07:15 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Tony Harris JA; Six months ago we spoke about Tony moving to a commercial role. He followed your advice and has gained some experience in structuring. He approached me about joining the middle marketing group. I think he would an asset. I think we would bring him as an associate with the hope that he would move up to manager in 6 months. Please let me know your thoughts. I would like to use you as a reference with Fred and Craig. Thanks JF


From: john.arnold@enron.com Subject: Re: quotes for gas hedge for SMUD i filled in the spreadsheet From: Gary Taylor 09/14/2000 05:24 PM To: John Arnold/HOU/ECT@ECT cc: Subject: quotes for gas hedge for SMUD John, Please keep in mind that the option we are looking for is the average of the daily Gas Daily Henry Hub settles from 2/1 - 8/31. If you have any questions, please call me at x31511. Regards, Gary


From: john.arnold@enron.com Subject: Re: .exe file - infomercial Who's the target audience and how is it being distributed? Louise Kitchen 09/14/2000 11:50 AM To: Hunter S Shively/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron, John Arnold/HOU/ECT@ECT cc: Andy Zipper/Corp/Enron@Enron, gwhalle@enron.com Subject: .exe file - infomercial Just wondering what you think of this?


From: john.arnold@enron.com Subject: Re: Margin Lines How about 4:00? Sarah Wesner@ENRON 09/12/2000 06:00 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Margin Lines John - we could be ready by Thursday. What time does your market close (what is the earliest in the afternoon you can meet?)


From: john.arnold@enron.com Subject: confirm ---------------------- Forwarded by John Arnold/HOU/ECT on 09/13/2000 02:56 PM --------------------------- David P Dupre 09/13/2000 02:41 PM To: John Arnold/HOU/ECT@ECT cc: Subject: confirm I've got you at 5pm in their calendar for Thursday Sep 14. Al Pennisi and Craig Young from MG NY David 3-3528 Steno 275


From: john.arnold@enron.com Subject: Re: dmb you're right....they're full Matthew Arnold 09/11/2000 02:26:50 PM To: John Arnold/HOU/ECT@ECT cc: Subject: dmb tuesday night?


From: john.arnold@enron.com Subject: Re: PAB Deleted I'm here... "Cooper, Sean" <CooperS@EPEnergy.com> on 08/29/2000 01:27:32 PM To: cc: Subject: PAB Deleted My PAB file, or for the non technical among you, my Outlook Personal Address Book was accidently deleted this week in an upgrade to Windows 2000 NT. I have restored an old one, but it is several months, if not a whole year out of date. This is the first message to confirm the current address I have for you is still active. Please reply confirming you recieved it. A second message will follow to try and replace some of the address's I know I have lost. Thanks for your help Sean. ****************************************************************** This email and any files transmitted with it from El Paso Energy Corporation are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you have received this email in error please notify the sender. ******************************************************************


From: john.arnold@enron.com Subject: Re: Please schedule me for 10/10 from 3:00-5:00. Celeste Roberts 08/29/2000 06:21 PM To: Celeste Roberts/HOU/ECT@ECT cc: (bcc: John Arnold/HOU/ECT) Subject: URGENT The Associate and Analyst Recruiting Department will be conducting a number of two hour workshops to review our recruiting and interview process for the fall on-campus recruiting effort. Critical information regarding our on-campus interview process, revised evaluation forms and program structure will be reviewed during these two hours sessions. It is mandatory that all team members attend these workshops. All team members must attend in order to articulate and demonstrate the Enron recruiting process. Knowing how busy schedules are, we have made arrangements to present these workshops in two hours sessions for a total of 40 workshops that will run during the last week of August, through the month of September and end at mid October. Listed below are the dates, location and times for each session. Please select a date and time and e-mail this information to my assistant, Dolores Muzzy. We can accommodate 25 participants at a time. Dolores will take dates and times on a first come, first serve basis. We have scheduled enough sessions to accommodate every member of both the Associate and Analyst recruiting teams. In order to participate in the recruiting process, you must attend one of these sessions. We will be tracking participation. CPE credits will also be given for attending this workshop.


From: john.arnold@enron.com Subject: Re: wassup wassup wassup. plan drinks for any day early in the week Jennifer Shipos 11/09/2000 05:31 PM To: John Arnold/HOU/ECT@ECT cc: Subject: When do you want your drinks that I owe you? I think it's time to have another group happy hour. It doesn't seem like you have been your normal self recently.


From: john.arnold@enron.com Subject: concord Crash ---------------------- Forwarded by John Arnold/HOU/ECT on 09/07/2000 05:15 PM --------------------------- "Zerilli, Frank" <fzerilli@POWERMERCHANTS.COM> on 09/06/2000 06:46:47 AM To: "'jarnold@enron.com'" <jarnold@enron.com> cc: Subject: concord Crash concord - concord.jpg


From: john.arnold@enron.com Subject: TIME SENSITIVE: Executive Impact & Influence Program Survey Please take care of ---------------------- Forwarded by John Arnold/HOU/ECT on 09/07/2000 05:13 PM --------------------------- Enron-admin@FSDDataSvc.com on 09/07/2000 11:51:29 AM To: John.Arnold@enron.com cc: Subject: TIME SENSITIVE: Executive Impact & Influence Program Survey Executive Impact & Influence Program * IMMEDIATE ACTION REQUIRED - Do Not Delete * As part of the Executive Impact and Influence Program, each participant is asked to gather input on the participant's own management styles and practices as experienced by their immediate manager, each direct report, and up to eight peers/colleagues. You have been requested to provide feedback for a participant attending the next program. Your input (i.e., a Self assessment, Manager assessment, Direct Report assessment, or Peer/Colleague assessment) will be combined with the input of others and used by the program participant to develop an action plan to improve his/her management styles and practices. It is important that you complete this assessment NO LATER THAN CLOSE OF BUSINESS Thursday, September 14. Since the feedback is such an important part of the program, the participant will be asked to cancel his/her attendance if not enough feedback is received. Therefore, your feedback is critical. To complete your assessment, please click on the following link or simply open your internet browser and go to: http://www.fsddatasvc.com/enron Your unique ID for each participant you have been asked to rate is: Unique ID - Participant EMP74A - Phillip Allen If you experience technical problems, please call Dennis Ward at FSD Data Services, 713-942-8436. If you have any questions about this process, you may contact Debbie Nowak at Enron, 713-853-3304, or Christi Smith at Keilty, Goldsmith & Company, 858-450-2554. Thank you for your participation.


From: john.arnold@enron.com Subject: concord Crash ---------------------- Forwarded by John Arnold/HOU/ECT on 09/06/2000 06:59 PM --------------------------- "Zerilli, Frank" <fzerilli@POWERMERCHANTS.COM> on 09/06/2000 06:46:47 AM To: "'jarnold@enron.com'" <jarnold@enron.com> cc: Subject: concord Crash concord - concord.jpg


From: john.arnold@enron.com Subject: Re: Happy Hour Next Wednesday.... Jennifer Shipos 09/06/2000 05:07 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Happy Hour Should we have a kick-off happy hour next week? Sandra told me to start working on it.


From: john.arnold@enron.com Subject: Re: Yea...can you come by around 5:30? Sarah Wesner@ENRON 09/06/2000 03:29 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Progress is good. Do you want to meet up today? John Arnold@ECT 09/06/2000 11:51 AM To: Sarah Wesner/Corp/Enron@Enron cc: Subject: just checking up on the status of the margin project....


From: john.arnold@enron.com Subject: Re: Job Opportunities from IDRC Take me off your mail list JobOpps@idrc.org on 09/05/2000 03:37:13 PM To: jarnold@ei.enron.com cc: Subject: Job Opportunities from IDRC IDRC Job Opportunity Posting DATE RECEIVED: September 05, 2000 POSITION: Property Director COMPANY: Regus Business Centre Corp. LOCATION: Northeast USA For complete details go to: http://site.conway.com/jobopps/jobdetail.cfm?ID=83 To see all job postings go to: http://site.conway.com/jobopps/jobresult.cfm


From: john.arnold@enron.com Subject: Re: Job Opportunities from IDRC take me off your mailing list JobOpps@idrc.org on 09/05/2000 01:57:01 PM To: jarnold@ei.enron.com cc: Subject: Job Opportunities from IDRC IDRC Job Opportunity Posting DATE RECEIVED: September 05, 2000 POSITION: Real Estate Manager COMPANY: Sony Corporation of America LOCATION: New York City NY, USA For complete details go to: http://site.conway.com/jobopps/jobdetail.cfm?ID=82 To see all job postings go to: http://site.conway.com/jobopps/jobresult.cfm


From: john.arnold@enron.com Subject: Re: Nymex Converter for Nov. 20 - 24 no thanks. Andy Zipper@ENRON 11/28/2000 08:25 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Nymex Converter for Nov. 20 - 24 Do you care about seeing this report ? I use it for general benchmarking. Let me know if you want to see it regularly. ---------------------- Forwarded by Andy Zipper/Corp/Enron on 11/28/2000 08:23 AM --------------------------- From: Peter Berzins 11/27/2000 04:23 PM To: Andy Zipper/Corp/Enron@Enron, Rahil Jafry/HOU/ECT@ECT, Savita Puthigai/NA/Enron@Enron cc: Torrey Moorer/HOU/ECT@ECT, Matt Motsinger/HOU/ECT@ECT, Simone La Rose/HOU/ECT@ECT Subject: Nymex Converter for Nov. 20 - 24 If you have any questions, I would be more than happy to answer them. Thanks, Pete x5-7597


From: john.arnold@enron.com Subject: Re: data standards Please take me off your email list Jennifer Green <jgreen@aedc.org> on 09/01/2000 02:50:03 PM To: "AEDC Members":; cc: Subject: data standards Dear AEDC Member, One of the most interesting developments in the economic development arena is the creation of the AEDC/CUED/EDAC Site Selection Data Standard. This standard, long in the making, provides an opportunity for economic developers and their customers to have one common means of presenting and examining data. Adoption of the standard promises real time savings and more effective economic development decisions as communities will be more comparable than ever before. A copy of the standards is attached so that you can take a look at it to see how the data standards can be made to work for you. There are 25 tables in the standard presented in an excel format. The tabs at the bottom of the page will access the additional tables. You can assemble your own data for the data standard tables or you can use the services of ACN, the American Community Network. AEDC has entered into a strategic partnership with ACN to provide much of the data necessary for the standards. ACN will provide data and provide future updates of the standard to AEDC members at a discounted rate. It is your call as to which approach works best for you. Adoption of the standards promises great changes for the economic development profession. They should be of particular advantage to the many areas that have great economic development opportunities but which haven't received the consideration they deserve. The standards are a great way to tell their story. If you'd like more information on the use of the standards, look for notices of upcoming courses offered with AEDC's National Seminars on the standards and their use. Paul Lawler AEDC - SSDSTF Datatables 97 June 00.xls


From: john.arnold@enron.com Subject: Re: Young John? Glad to see you're having so much fun with this. I've been here 5.5 years with nothing and then in one week I'm in Fortune and Time. Pretty funny. Things are going well here . The big E just chugging along, bringing the stock price with it. Wish I could tell you everything new in my life, but I think I just did. Your long lost buddy, John Heather Robertson <hrobertson@hbk.com> on 08/31/2000 10:10:09 AM To: john.arnold@enron.com cc: Subject: Young John? Is this "the 26-year-old chief of natural-gas derivatives"? If so, you should write me back after you complete your "nine hours and $1 billion in trades" today!! Does this mean I have to start calling you "Mr. John"?! It was great to see you're doing so well.... Your long lost buddy, Heather Heather Lockhart Robertson HBK Investments LP Personal: 214.758.6161 Phone 214.758.1261 Fax Investor Relations: 214.758.6108 Phone 214.758.1208 Fax


From: john.arnold@enron.com Subject: Re: Did you get the magazines I sent you? Karen Arnold <klarnold@flash.net> on 08/30/2000 09:16:53 PM To: John Arnold/HOU/ECT@ECT, Matthew Arnold/HOU/ECT@ECT cc: Subject: Don't look at Power until it goes up again.....today was not a good day. I have a job interview tomorrow night! Yes, ME! I don't know if I will take it if it is offered to me. It's for only 4 days/week!!!!


From: john.arnold@enron.com Subject: Re: She's out no bitch "Andrew Thomas" <athomas1@dellnet.com> on 08/28/2000 01:42:25 PM To: <John.Arnold@enron.com> cc: Subject: Re: you know i have a picture of you blown up on my wall, don't you? So when does the fortune story come out? (lemme guess, sep 11?) ----- Original Message ----- From: <John.Arnold@enron.com> To: <athomas1@dellnet.com> Sent: Sunday, August 27, 2000 12:49 PM Subject: Re: You didnt realize I was such a fucking bigshot did ya? Check out the Sep 11 Fortune page 182 for more of the mojo. "Andrew Thomas" <athomas1@dellnet.com> on 08/25/2000 02:02:59 PM To: <Matthew.Arnold@enron.com>, <john.arnold@enron.com> cc: Subject: "You can't turn away for a minute or you get picked off." Damn!! I'm minding my own business sitting on the dooker reading Time, and sure enough i get picked off! Sheeeeeeeeeet. Friggin celebrities. Can I have your autograph? :) Nice work, dood. Fellas, I believe the new job is almost here--i was told yesterday that I got the job and am just waiting for the phone offer (supposed to happen this afternoon). If it comes through, I'll be covering the internet--should be pretty solid. Who knows, if EnronOnline gets spun off (obv, not gonna happen) I might even get to cover it... what a mock! Anyway, thought I'd drop you two a line. Hope things are going well... can't wait for football... lemme know when you boys come back out here... Andy


From: john.arnold@enron.com Subject: Re: commissions saved Fine with me Andy Zipper@ENRON 08/29/2000 06:55 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: commissions saved Fair enough, though for basis swaps and other non NYMEX stuff I thought the numbers were a little higher. We are going to use $7.50 per 10,000 unless you have objection.


From: john.arnold@enron.com Subject: Re: appears as though the time to get in was last wednesday and everybody already missed their chance to get out "Pesot, Jeff" <jeff.pesot@verso.com> on 11/28/2000 02:33:21 PM To: "'jarnold@enron.com'" <jarnold@enron.com> cc: Subject: thursday 6 PM Ruggles on main. Is it time to get into etoys? Jeff Pesot Verso Technologies (212) 792-4094 - office (917) 744-6512 - mobile mail to : jeff.pesot@verso.com www.verso.com


From: john.arnold@enron.com Subject: Re: Soc Gen And you wonder why America is the most productive country in the world. MARY COOK 08/29/2000 08:12 AM To: Sarah Wesner/Corp/Enron@ENRON cc: John Arnold/HOU/ECT@ECT Subject: Re: Soc Gen Ah, the European holiday tradition! Sarah Wesner@ENRON 08/28/2000 07:25 PM To: John Arnold/HOU/ECT@ECT, Mary Cook/HOU/ECT@ECT cc: Subject: Soc Gen Warren Tashnek called to say that the documents for the credit line will not be available until next week. It seems that all of Soc Gen's Paris office is on holiday for the month of August so the credit proposal for the Enron facility is gathering dust on someone's desk until they return. Mary Cook is working on t he brokerage agreement between Fimat and Enron. That should be done in about a week.


From: john.arnold@enron.com Subject: Re: commissions saved Just FYI, whether it matters or not, but commissions in gas average $3-4 a contract. Not sure about power. Andy Zipper@ENRON 08/28/2000 04:10 PM To: John Arnold/HOU/ECT@ECT, Mike Maggi/Corp/Enron@Enron cc: Subject: commissions saved While we are putting this card together I thougth you guys might like to see some of the imputed commission numbers.......I thought we would cut it off at $100,000 saved. I'm using an average rate of $10 per 10,000 mmbtu gas and power equivalent.


From: john.arnold@enron.com Subject: Re: EnronOnline Rahil: I have never commented favorably nor unfavorably about Kase's newsletter. I think publishing independent market evaluations could be beneficial. The more interesting content that is published, the better. From: Rahil Jafry 08/28/2000 07:48 PM To: John Arnold/HOU/ECT@ECT cc: Subject: EnronOnline Hey John, We'd briefly spoken on the phone last week, but I haven't been able to come by and talk to you like I'd promised. Louise had mentioned you did not like Cynthia Kase's newsletter and may not want us to put Cynthia's weekly summaries on EnronOnline. Since Fred (Lagrasta) and his group think publishing her summaries on EnronOnline will attract more of the smaller customers, would you have any objection over us publishing the Kase newsletters. Pls. let me know ASAP so we can proceed with this further. Regds., Rahil x. 3-3206


From: john.arnold@enron.com Subject: Re: yes To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Under the alternative "bumping" method, if the market is 3.75/5.25 and our EOL and ICE market's are both 4/5 in that case, would we pay brokerage if someone executes on ICE rather than EOL? Fletch


From: john.arnold@enron.com Subject: Re: Thanks From: Ted Murphy 08/28/2000 01:36 PM To: John Arnold/HOU/ECT@ECT cc: John J Lavorato/Corp/Enron@Enron, Frank Hayden, Sunil Dalal/Corp/Enron@ENRON, Vladimir Gorny/HOU/ECT@ECT Subject: Re: John, Delainey asked Buy and Skilling to extend it for the next two weeks. Consider it extended thru 9/12/00. Ted


From: john.arnold@enron.com Subject: Re: You didnt realize I was such a fucking bigshot did ya? Check out the Sep 11 Fortune page 182 for more of the mojo. "Andrew Thomas" <athomas1@dellnet.com> on 08/25/2000 02:02:59 PM To: <Matthew.Arnold@enron.com>, <john.arnold@enron.com> cc: Subject: "You can't turn away for a minute or you get picked off."? Damn!!? I'm minding my own business sitting on the dooker reading Time, and sure enough i get picked off!? Sheeeeeeeeeet.? Friggin celebrities.? Can I have your autograph?? :)? ? Nice work, dood. ? Fellas, I believe the new job is almost here--i was told yesterday that I got the job and am just waiting for the phone offer (supposed to happen this afternoon).? If it comes through, I'll be covering the internet--should be pretty solid.? Who knows, if EnronOnline gets spun off (obv, not gonna happen) I might even get to cover it...? what a mock!? Anyway, thought I'd drop you two a line.? Hope things are going well... ? can't wait for football...? lemme know when you boys come back out here... ? Andy ?


From: john.arnold@enron.com Subject: Re: New role CONGRATULATIONS David P Dupre 11/28/2000 09:02 PM To: Errol McLaughlin/Corp/Enron@ENRON, Dutch Quigley/HOU/ECT@ECT cc: Mike Maggi/Corp/Enron@Enron, John Arnold/HOU/ECT@ECT Subject: New role As a recent transfer into the analyst program, I have moved to a new group: EnronCredit.com, based in London but I will be working here. I will be working mainly with credit derivative traders. I am at the same phone number, 3-3528, and completely enjoyed my role working with you in the Nymex checkout function for the past 1 1/2 years. Joe Hunter will be taking my place while a replacement is found. Best wishes to each of you at Enron. David


From: john.arnold@enron.com Subject: Re: Long Term Volatility How about Tuesday at either 6:45 am or 2:15 pm my time. David Redmond 08/25/2000 07:26 AM To: John Arnold/HOU/ECT@ECT, Mike Maggi/Corp/Enron@Enron, John Disturnal/CAL/ECT@ECT cc: Richard Lewis/LON/ECT@ECT, Peter Crilly/LON/ECT@ECT Subject: Long Term Volatility John, Mike, As you may know I recently moved from the Calgary office to the London office. The vol curve here is marked very similarly to the Nymex curve at the front but drops off to a much lower level at the back. Richard Lewis, who is in charge of UK Gas and Power trading, would like to discuss the rationale behind the longer end of the NG curves, both vol and price. Could we all get on the phone sometime next week (Monday is a holiday here) perhaps before the open or shortly after the close? (The Nymex closes at 8pm UK time.) Thanks, Dave


From: john.arnold@enron.com Subject: Re: Tickets Thanks, have a good time but no interest.. John David P Dupre 08/24/2000 05:00 PM To: John Arnold/HOU/ECT@ECT, Mike Maggi/Corp/Enron@Enron cc: Subject: Tickets Every now and then, I receive complimentary tickets to Astros games at Enron field from various brokers or other contacts. If you would be interested in receiving them, let me know-- David 3-3528 Steno: 275


From: john.arnold@enron.com Subject: Re: Vacation Must be nice to be a Wall Street executive "Frank F. Zerilli" <fzerilli@optonline.net> on 08/23/2000 10:11:35 PM To: jarnold@enron.com cc: Subject: Vacation John, I will be out of the office vacationing up in Martha's Vineyard with the family through Labor Day. Good Luck with Debby...talk to you in Sep.


From: john.arnold@enron.com Subject: Re: stock option grant agreement Jennifer: I'll be here, 3221F, tomorrow from 7:00 - 8:00 and 8:30-9:00 am. Thanks John Jennifer Milligan 08/21/2000 11:15 AM To: John Arnold/HOU/ECT@ECT cc: Subject: stock option grant agreement John, I am a new generalist on your Human Resources team and I would like to deliver your Stock Option Grant Agreement. We are required to deliver these documents in person, so please email me with your current EB location or call me with a convenient delivery time. Thanks, Jennifer X35272


From: john.arnold@enron.com Subject: Re: And I'm expecting the same from you. Brian Hoskins 08/21/2000 12:52 PM To: John Arnold/HOU/ECT@ECT cc: Mike Maggi/Corp/Enron@Enron, Larry May/Corp/Enron@Enron, Peter F Keavey/HOU/ECT@ECT Subject: Re: John, I trust you have set a good example for all of us to follow by contributing 20% of your gross income. Don't let us down. Brian John Arnold 08/21/2000 12:49 PM To: Mike Maggi/Corp/Enron@Enron, Larry May/Corp/Enron@Enron, Peter F Keavey/HOU/ECT@ECT, Brian Hoskins/HOU/ECT@ECT cc: Subject: Dear fellows, Please remember to fill out your pledge card for United Way (even if you don't plan on contributing) if you haven't done so thus far. Thanks, John


From: john.arnold@enron.com Subject: Bi-weekly Meeting Ina: 1. Vacation is fine. 2. Please put meeting below on calendar. 3. I am going to analyst presentation at Vanderbilt. Find out when it is and put on calendar. 4. Can you find out who is on the ENA management committee meeting I went to along with their title and responsibilities. 5. Can you schedule a meeting for Tuesday or Wednesday late afternoon with Phillip, Hunter, and Fletch about EOL Thanks. ---------------------- Forwarded by John Arnold/HOU/ECT on 08/21/2000 12:26 PM --------------------------- Enron North America Corp. From: Airam Arteaga 08/18/2000 05:26 PM To: Phillip K Allen/HOU/ECT@ECT, Thomas A Martin/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT, Beth Perlman/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Vladimir Gorny/HOU/ECT@ECT cc: Rita Hennessy/NA/Enron@Enron, Cherylene R Westbrook/HOU/ECT@ECT, Patti Thompson/HOU/ECT@ECT, Ina Rangel/HOU/ECT@ECT, Laura Harder/Corp/Enron@Enron, Kimberly Brown/HOU/ECT@ECT Subject: Bi-weekly Meeting Please mark your calendars for the following Bi-Weekly Meeting, on Tuesdays, starting on August, 29th. Date: Tuesday, August 29 Time: 3:00 pm - 4:00 pm Location: EB32C2 Topic: Var, Reporting and Resources Meeting If you have any questions/conflicts, please feel free to call me. Thanks, Rain x.31560


From: john.arnold@enron.com Subject: Re: trading the dots time again? does the arnolds' worldwide notoriety surprise you? John Buckner Thomas 08/21/2000 12:20 PM To: John Arnold/HOU/ECT@ECT cc: Matthew Arnold/HOU/ECT@ECT Subject: Re: trading the dots time again? season started saturday. ends in may. i'm pretty open..... bring it. arsenal v liverpool tonite. me and hugh grant are neighbors (notting hill)... and he's been asking about the arnolds... or something. John Arnold 21/08/2000 18:16 To: John Buckner Thomas/LON/ECT@ECT cc: Subject: Re: trading the dots time again? when are we invited?? John Buckner Thomas 08/21/2000 11:51 AM To: John Arnold/HOU/ECT@ECT cc: Subject: trading the dots time again? when are you and your brother coming over to watch some premier league?


From: john.arnold@enron.com Subject: Re: trading the dots time again? when are we invited?? John Buckner Thomas 08/21/2000 11:51 AM To: John Arnold/HOU/ECT@ECT cc: Subject: trading the dots time again? when are you and your brother coming over to watch some premier league?


From: john.arnold@enron.com Subject: Re: Is that hugs or kisses? John J Lavorato@ENRON 08/21/2000 10:42 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: XXXX XXX


From: john.arnold@enron.com Subject: Nat Gas intraday update Please tell me he's not analyzing bollinger bands. ---------------------- Forwarded by John Arnold/HOU/ECT on 11/27/2000 05:42 PM --------------------------- "Bob McKinney" <capstone@texas.net> on 11/27/2000 09:46:13 AM To: "Capstone" <capstone@texas.net> cc: Subject: Nat Gas intraday update Attached please find a follow up to today's Natural Gas market analysis. ? Thanks, ? Bob - 11-27-00 Nat Gas intraday update 1.doc


From: john.arnold@enron.com Subject: FW: Bumping into the husband.... ---------------------- Forwarded by John Arnold/HOU/ECT on 08/17/2000 02:20 PM --------------------------- 08/17/2000 02:12 PM Brenda Flores-Cuellar@ENRON Brenda Flores-Cuellar@ENRON Brenda Flores-Cuellar@ENRON 08/17/2000 02:12 PM 08/17/2000 02:12 PM To: Jeffrey A Shankman/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT cc: Subject: FW: Bumping into the husband.... This is too funny. -Bren - hyundai.mpeg


From: john.arnold@enron.com Subject: Re: Thanks...anxiously awaiting Andy Zipper@ENRON 08/16/2000 09:28 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Yeah yeah I know.... The roll out for phase II EOL is (for now) 8/28/00. Options are qeued next after that. Unfortu ately I wish I could give you a hard date, but it is out of my hands and in Jay Webb's shop. I am pushing as hard as I can but Louise has set phase II as the priority. I know this sounds like a lame excuse, but I don't know what else to say. The application is built, it just needs to be tested. Please don't get too frustrated and keep the pressure up on us. Andy


From: john.arnold@enron.com Subject: suicide at press conference ---------------------- Forwarded by John Arnold/HOU/ECT on 08/09/2000 05:47 PM --------------------------- "Zerilli, Frank" <fzerilli@POWERMERCHANTS.COM> on 08/09/2000 08:49:34 AM To: "'jarnold@enron.com'" <jarnold@enron.com> cc: Subject: suicide at press conference suicide - suicide.avi


From: john.arnold@enron.com Subject: Re: not good for the under good seats sill available Matthew Arnold 11/27/2000 12:33:48 PM To: John Arnold/HOU/ECT@ECT cc: Subject: not good for the under guess who is a sponsor of the galleryfurniture.com bowl? tickets available in the energizer for $8.


From: john.arnold@enron.com Subject: Re: Carr Futures Presentation I will not be able attend but Errol will be there in my place. Thanks, John PAMELA SONNIER 08/09/2000 10:27 AM To: David P Dupre/HOU/ECT@ECT, Larry Joe Hunter/HOU/ECT@ECT, Dutch Quigley/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, Dart Arnaez/HOU/ECT@ECT, DeMarco Carter/Corp/Enron@ENRON, Aneela Charania/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT, Shifali Sharma/NA/Enron@Enron, Bob Bowen/HOU/ECT@ECT, John Weakly/Corp/Enron@ENRON, Curtis Smith/HOU/ECT@ECT, Jeremy Wong/HOU/ECT@ECT, Jennifer K Longoria/HOU/ECT@ECT, Patricia Bloom/HOU/ECT@ECT, Bob Klein/HOU/ECT@ECT, Gerri Gosnell/HOU/ECT@ECT, Spencer Vosko/HOU/ECT@ECT, John Wilson/NA/Enron@ENRON, John Arnold/HOU/ECT@ECT cc: Jefferson D Sorenson/HOU/ECT@ECT, Maria Sandoval/HOU/ECT@ECT Subject: Carr Futures Presentation Your attendance is requested for this Carr presentation Friday, August 11th in 32C2 at 11:30a. Jeff Koehler, Senior VP of Global Client Services along with Scott Oblander, Assistant VP, Energy Division and Hamilton Fonseca, VP, Customer Support will be in our office on Friday. These gentlemen will be here to demonstrate Carr's electronic clearing capabilities. This presentation is for Enron's mid/back office and IT personnel that are involved in exchange traded futures and options. The presentation is real time via the internet and takes approximately 1 1/2 to 2 hours depending on the number of questions that are raised. Lunch will be served and we look forward to seeing each of you present. If for any reason you are unable to attend please inform me that I might order lunch accordingly. Thank You. Pamela Sonnier (x3 7531)


From: john.arnold@enron.com Subject: Re: thx Liz M Taylor 08/09/2000 08:54 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Hi Johnny, I was out yesterday and did not receive your message until now. However, I did not have any tickets. I'll make it up to you. Let me know when you would like to attend a game. Liz John Arnold 08/08/2000 01:45 PM To: Liz M Taylor/HOU/ECT@ECT cc: Subject: Hey: Do you have any extras for tonight's game? John PS. How's you bowl


From: john.arnold@enron.com Subject: Re: Forward-forward Vol Implementation Plan Hello, Just checking to see if things are progressing as scheduled. Thanks, John From: Vladimir Gorny 07/31/2000 06:35 PM To: John J Lavorato/Corp/Enron@Enron, Jeffrey A Shankman/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Frank Hayden/Corp/Enron@Enron, Stephen Stock/HOU/ECT@ECT cc: Subject: Forward-forward Vol Implementation Plan Plan of action for implementation of the VaR methodology change related to forward-forward volatilities: 1. Finalize the methodology proposed (Research/Market Risk) - Done 2. Testing of the new methodology for the Natural Gas Desk in Excel (Market Risk) - Done 3. Get approval for the methodology change from Rick Buy (see draft of the memo attached) - John Lavorato and John Sherriff - by 8/7/00 - John Lavorato, any comments on the memo? - Would you like to run this by John Sherriff or should I do it? 4. Develop and implement the new methodology in a stage environment (Research/IT) - by 8/14/00 5. Test the new methodology (Market Risk, Traders) - by 8/27/00 6. Migrate into production (Research/IT) - 8/28/00 Please let me know if this is reasonable and meets everyone's expectations. Vlady.


From: john.arnold@enron.com Subject: Re: HeHub Basis Sep00 Yes, I managed it while she was on vacation. David Forster@ENRON 08/07/2000 10:01 AM To: John Arnold/HOU/ECT@ECT cc: Subject: HeHub Basis Sep00 I note that Sandra Brawner is managing this product today, but your ID had it Friday night. Does this sound right? Dave ---------------------- Forwarded by David Forster/Corp/Enron on 08/07/2000 10:01 AM --------------------------- David Forster 08/04/2000 08:18 PM To: John Arnold/HOU/ECT@ECT cc: Subject: HeHub Basis Sep00 Was live as of 8:15 this evening. I suspended it. Dave


From: john.arnold@enron.com Subject: Re: Houston Street Although I would prefer to see the counterparty name for failed transactions, it is not of great importance and I certainly understand a third party system not supplying us with that info. Andy Zipper@ENRON 07/31/2000 01:51 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Houston Street John, As you are probably aware we did a click through deal with Houston Street, whereby EOL prices would be posted on their platform. The initial thought was that this would be transparent to the trading desks; they wouldn't care whether the trade came from Houston Street, True Quote or EOL (although we could make the platform name available to you if you so desired.) This still will be the case except for one problem: Houston Street does not want us to reveal the counterparty name to the trader in the event of a failed transaction. I don't know whether this is an issue for you or not, but I would like to know. We will probably run into this issue with any platform we deal with for obvious anonymity reasons. I would really appreciate your thoughts/concerns. -Andy


From: john.arnold@enron.com Subject: Re: west africa thx Phil Clifford 08/02/2000 04:25 PM To: John Arnold/HOU/ECT@ECT cc: Subject: west africa thought you might find this interesting. looks like heavy tropical wave moving off the coast. http://www.intellicast.com/Tropical/World/UnitedStates/AtlanticLoop/


From: john.arnold@enron.com Subject: Re: Service Agreement The agreement is fine. I'll mail it out. "Mark Sagel" <msagel@home.com> on 11/27/2000 03:16:15 PM To: "John Arnold" <jarnold@enron.com> cc: Subject: Service Agreement John: ? Thanks again for the opportunity to provide my technical service.? Attached is an agreement that covers our arrangement.? Let me know if you have any questions.? If it's ok, please sign and fax back to me at (410)308-0441.? I look forward to working with you.? ? Mark Sagel Psytech Analytics (410)308-0245 - Agree-Enron.doc


From: john.arnold@enron.com Subject: Re: SCHEDULE - Stephen Bennett I am leaving early on Friday. If they want I'll try to talk to the kid for 15 minutes around lunch. John ---------------------- Forwarded by John Arnold/HOU/ECT on 08/03/2000 03:55 PM --------------------------- Kevin G Moore 08/01/2000 01:22 PM To: Toni Graham/Corp/Enron@ENRONVince J Kaminski/HOU/ECT@ECT, Mike A Roberts/HOU/ECT@ECT, Jose Marquez/Corp/Enron@ENRON, Shirley Crenshaw/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Barbara Lewis/HOU/ECT@ECT, Kimberly Hillis/HOU/ECT@ectBETTY CONEWAY cc: Subject: Re: SCHEDULE - Stephen Bennett Hello, I have several changes. Vince Kaminski 9:00-10:00 Conf.EB19C1 Toni Graham 10:00-11:00 Conf.EB32C2 Mike Roberts and Jose Marquez - Lunch Mark Tawney 1:00-1:30 Conf.EB32C2 Grant Masson 1:45-2:10 Conf.EB19C1 Stinson Gibner 2:15-2:30 Conf.EB19C1 Maureen Raymond 2:30-2:45 Conf.EB19C1 Hunter Shively 3:00-3:15 EB3241 Jeff Shankman 3:15-3:30 EB3241 John Arnold 3:30-3:45 EB3241 Please call me at x34710 with any questions or new information. Thanks Kevin Moore


From: john.arnold@enron.com Subject: Re: Sydney Olympics & IDRC Please take me off email list. mailreply <mailreply@idrc.org> on 08/03/2000 09:15:53 AM To: jarnold@ei.enron.com cc: Subject: Sydney Olympics & IDRC Planning to attend the Olympics in Sydney, Australia? Here is a networking opportunity for our international IDRC visitors to experience some warm Aussie hospitality. The Sydney Chapter would love to offer our international IDRC members an opportunity to combine the Olympics with a real Aussie Bush Barbeque in one of our National Parks close to Sydney. The Chapter has set aside Thursday, 14 September 2000 for an IDRC International "Wine & Wisdom" event in the form of a Bush BBQ. The time is 4:00 - 6:00 pm for a BBQ, a little informal information sharing, and some warm Aussie hospitality. Just let us know who you are, how we can contact you, your particular social or business interest, and we will be in touch with more detail. It's then up to you! Contact John Fox, IDRC Australia Regional Director, tel (612) 9977 0732, email: john.fox@idrc.org Regards, Bruce Richards Australia Regional Council Chair John Fox Australia Regional Director Visit our website for news and information www.idrc.org


From: john.arnold@enron.com Subject: wv love story ---------------------- Forwarded by John Arnold/HOU/ECT on 08/03/2000 07:34 AM --------------------------- Matthew Arnold 08/02/2000 06:46 PM To: John Arnold/HOU/ECT@ECT, Tom Mcquade/HOU/ECT@ECT cc: Subject: wv love story ---------------------- Forwarded by Matthew Arnold/HOU/ECT on 08/02/2000 06:44 PM --------------------------- Jonathon Pielop 07/31/2000 07:55 AM To: Mo Bawa/HOU/ECT@ECT, Matthew Arnold/HOU/ECT@ECT, Brian O'Rourke/HOU/ECT@ECT cc: Subject:


From: john.arnold@enron.com Subject: wv love story ---------------------- Forwarded by John Arnold/HOU/ECT on 08/03/2000 07:31 AM --------------------------- Matthew Arnold 08/02/2000 06:46 PM To: John Arnold/HOU/ECT@ECT, Tom Mcquade/HOU/ECT@ECT cc: Subject: wv love story ---------------------- Forwarded by Matthew Arnold/HOU/ECT on 08/02/2000 06:44 PM --------------------------- Jonathon Pielop 07/31/2000 07:55 AM To: Mo Bawa/HOU/ECT@ECT, Matthew Arnold/HOU/ECT@ECT, Brian O'Rourke/HOU/ECT@ECT cc: Subject:


From: john.arnold@enron.com Subject: wv love story ---------------------- Forwarded by John Arnold/HOU/ECT on 08/03/2000 07:24 AM --------------------------- Matthew Arnold 08/02/2000 06:46 PM To: John Arnold/HOU/ECT@ECT, Tom Mcquade/HOU/ECT@ECT cc: Subject: wv love story ---------------------- Forwarded by Matthew Arnold/HOU/ECT on 08/02/2000 06:44 PM --------------------------- Jonathon Pielop 07/31/2000 07:55 AM To: Mo Bawa/HOU/ECT@ECT, Matthew Arnold/HOU/ECT@ECT, Brian O'Rourke/HOU/ECT@ECT cc: Subject:


From: john.arnold@enron.com Subject: wv love story ---------------------- Forwarded by John Arnold/HOU/ECT on 08/03/2000 07:22 AM --------------------------- Matthew Arnold 08/02/2000 06:46 PM To: John Arnold/HOU/ECT@ECT, Tom Mcquade/HOU/ECT@ECT cc: Subject: wv love story ---------------------- Forwarded by Matthew Arnold/HOU/ECT on 08/02/2000 06:44 PM --------------------------- Jonathon Pielop 07/31/2000 07:55 AM To: Mo Bawa/HOU/ECT@ECT, Matthew Arnold/HOU/ECT@ECT, Brian O'Rourke/HOU/ECT@ECT cc: Subject:


From: john.arnold@enron.com Subject: Re: who were you trying to bet on?? John J Lavorato@ENRON 11/26/2000 08:55 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: That's cheap


From: john.arnold@enron.com Subject: Re: Guest That is fine...Just make sure you ensure the confidentiality of the floor is not compromised. Do not let him see any EOL entry screens. Thanks, John David P Dupre 08/02/2000 02:09 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Guest I have a friend at Prudential Securities who is interested in visiting the trading floors this week. He is in my capacity (back office) at Pru. Please let me know, Thanks David 3-3528 Steno: 275


From: john.arnold@enron.com Subject: baby ---------------------- Forwarded by John Arnold/HOU/ECT on 08/02/2000 10:46 AM --------------------------- "Zerilli, Frank" <fzerilli@POWERMERCHANTS.COM> on 08/01/2000 02:58:03 PM To: "Kelly, Joseph" <jkelly@POWERMERCHANTS.COM>, "Marcotte, Tom" <TMarcotte@POWERMERCHANTS.COM>, "Lynch, Justin" <jlynch@POWERMERCHANTS.COM>, "Fioriello, John" <JFioriello@POWERMERCHANTS.COM>, "Dennis, Robert" <rdennis@POWERMERCHANTS.COM>, "Glynn,Kevin" <kglynn@POWERMERCHANTS.COM>, "Leo, Andre" <aleo@POWERMERCHANTS.COM>, "Sergides, Melissa" <MSergides@POWERMERCHANTS.COM>, "Bill Horton (E-mail)" <bhorton@tnsk.com>, "Lew G. Williams (E-mail)" <Lew_G._Williams@aep.com>, "Lew G. Williams (E-mail 2)" <bak2texas@msn.com>, "Christine Zerilli (E-mail)" <Christine_Zerilli@lotus.com>, "Sharon C. Zerilli (E-mail)" <szerilli@optonline.net>, "Stacey & Dave Hoey (E-mail)" <sah51099@cs.com>, "Jeannine & Rob Votruba (E-mail)" <votruba@worldnet.att.net>, "Pat Creem (E-mail)" <pcreem@hotmail.com>, "josh Faber (E-mail)" <joshfaber@hotmail.com>, "Jason D'alessandro (E-mail)" <jsd77@altavista.com>, "David D'alessandro (E-mail)" <DDALESSA@SEMPRATRADING.COM>, "Eric Carlstrom (E-mail)" <Eric_Carlstrom@ars.aon.com>, "Sean Jacobs (E-mail)" <jakey@peoplepc.com> cc: "'jarnold@enron.com'" <jarnold@enron.com> Subject: baby baby - baby.mpg


From: john.arnold@enron.com Subject: Re: SCHEDULE - Stephen Bennett ---------------------- Forwarded by John Arnold/HOU/ECT on 08/01/2000 03:34 PM --------------------------- Kevin G Moore 08/01/2000 01:22 PM To: Toni Graham/Corp/Enron@ENRONVince J Kaminski/HOU/ECT@ECT, Mike A Roberts/HOU/ECT@ECT, Jose Marquez/Corp/Enron@ENRON, Shirley Crenshaw/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Barbara Lewis/HOU/ECT@ECT, Kimberly Hillis/HOU/ECT@ectBETTY CONEWAY cc: Subject: Re: SCHEDULE - Stephen Bennett Hello, I have several changes. Vince Kaminski 9:00-10:00 Conf.EB19C1 Toni Graham 10:00-11:00 Conf.EB32C2 Mike Roberts and Jose Marquez - Lunch Mark Tawney 1:00-1:30 Conf.EB32C2 Grant Masson 1:45-2:10 Conf.EB19C1 Stinson Gibner 2:15-2:30 Conf.EB19C1 Maureen Raymond 2:30-2:45 Conf.EB19C1 Hunter Shively 3:00-3:15 EB3241 Jeff Shankman 3:15-3:30 EB3241 John Arnold 3:30-3:45 EB3241 Please call me at x34710 with any questions or new information. Thanks Kevin Moore


From: john.arnold@enron.com Subject: Re: ALS Charity - It's Time to Collect Liz: Come by anytime... Thanks, John Liz M Taylor 07/25/2000 05:22 PM To: John Arnold/HOU/ECT@ECT cc: Subject: ALS Charity - It's Time to Collect John, Thank you for sponsoring me for ALS (Lou Gehrig's disease). I need to turn all funds in by Wednesday, July 26. Please make your check payable to "MDA." (Cash is also accepted.) Call me when ready and I'll come collect or send to EB2801e. Many Thanks, Liz Taylor x31935 EB2801e John Arnold $100.00


From: john.arnold@enron.com Subject: Re: Oak -11 or Atl +11 ???? Bet voided John J Lavorato@ENRON 11/23/2000 09:42 AM To: John Arnold/HOU/ECT@ECT cc: Subject: 250 per New England +6 Over 37 1/2 NE/DET Minn -7 1/2 Buff +3 1/2 Miami +5 1/2 Phil +6 1/2 Clev +16 Chic +7 Oak +11 Jack +3 1/2 Den -3 KC -2 Giants/Ariz over 38 Current 3730


From: john.arnold@enron.com Subject: Schedule Interview for Stephen Bennett ---------------------- Forwarded by John Arnold/HOU/ECT on 07/24/2000 03:16 PM --------------------------- Kevin G Moore 07/24/2000 01:09 PM To: Vince J Kaminski/HOU/ECT@ECT, Mike A Roberts/HOU/ECT@ECT, Jose Marquez/Corp/Enron@ENRON, Shirley Crenshaw/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Barbara Lewis/HOU/ECT@ECT, Kimberly Hillis/HOU/ECT@ect cc: Subject: Schedule Interview for Stephen Bennett Friday , August 4,2000 Interview begins at 9:00 a.m. 9:00 a.m. Vince Kaminski - EB1962 10:00 a.m. John Lavarato - No Interview 11:15 a.m. Mike Roberts / Jose Marquez (Luncheon Interview) 3:00 p.m. Hunter Shively - EB32C2 3: 15 p.m. Jeff Shankman - EB32C2 3:30 p.m. John Arnold - EB32C2 3:45 p.m. Toni Graham- Itinerary and Resume will follow ...... Thanks Kevin Moore Please note: DO NOT OFFER Mr. Bennett a position without JOHN LAVARATO APPROVAL


From: john.arnold@enron.com Subject: Re: Stress Testing Frank: One of the most likely scenarios for a VAR blowout would be a severe cold front hitting the country in the middle to latter part of the winter. In such a circumstance, cash may separate from prompt futures similar to how Midwest power traded $5000+ on specific days last year while prompt futures were $200. The correlation between prompt and cash is normally very strong, and is indicated by the small VAR associated with a spread position currently. But in the winter that may change. Another thing to keep in mind while developing this scenario is the assymetric risk presented by having a spread position on. Assuming we enter the winter with normal to below normal storage levels, a position of long cash, short prompt futures has a long tail only on the positive p&l side. While such a trade in an efficient market has expected payout of 0, the payout probabilities may look like the following: 20% $ -.05 40% $ -.02 20% $ 0 19% $ .03 1% $ 1 Enron North America Corp. From: Frank Hayden @ ENRON 07/20/2000 02:12 PM To: Fletcher J Sturm/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT cc: Subject: Stress Testing RAC is working on developing some "canned" stress tests regarding VaR. For example, one test could be called "hurricane", were the prompt month is "stressed" on both price and vols, holding all other inputs constant. Anyway, I would like to know of any likely/realistic stress scenarios you can think of.... Let me know, Frank


From: john.arnold@enron.com Subject: Re: VaR Methodology Change Vlady: The plan looks good. Can you please attach a time schedule to the different steps and send it back. Thanks, John From: Vladimir Gorny 07/17/2000 07:30 PM To: John J Lavorato/Corp/Enron@Enron, Ted Murphy/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT cc: Subject: VaR Methodology Change Gentlemen, Below is a plan of action for moving along with the VaR methodology change related to forward-forward volatility: 1. Finalize the methodology proposed (Research/Market Risk) - determine the time period used to calculated forward-forward vols vs. correlations (20 days vs. 60 days) - stabilize the calculation for curves and time periods where the curve does not change based on historical prices, implying volatility of 0% 2. Get approval for the methodology change from Rick Buy (see draft of the memo attached) - John Lavorato and John Sherriff 3. Develop and implement the new methodology in a stage environment (Research/IT) 4. Test the new methodology (Market Risk, Traders) 5. Migrate into production (Research/IT) Please let me know if this is reasonable and meets everyone's expectations. Vlady.


From: john.arnold@enron.com Subject: Re: FALL RECRUITING TEAM LISTINGS VP ENA Nat Gas Trading 3-3230 Debbie Flores 07/18/2000 09:01 AM To: James Armstrong/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT cc: Subject: FALL RECRUITING TEAM LISTINGS I am needing to update the following information for Beth Miertschin's Fall Recruiting team listings. Please forward me the following: Title Company Business Unit/Function Extension Location Your response is greatly appreciated. Debbie Flores Recruiting Coordinator Analyst Program


From: john.arnold@enron.com Subject: Re: Give Up Agreements: Banc One Mary: These agreements are acceptable. Please sign the give up agreements with Banc One. John MARY COOK 07/19/2000 02:30 PM To: John Arnold/HOU/ECT@ECT, Sarah Wesner/Corp/Enron@Enron cc: Subject: Give Up Agreements: Banc One I have received the executed counterparts of the Give Up Agreements from Banc One for our signature contemplating several executing brokers. It is my understanding that trades were recently pulled from Banc One and therefore, these agreements may not now be warranted. John, please advise me regarding whether you will want to sign these agreements with Banc One or not. Thank you. Mary Cook ENA Legal


From: john.arnold@enron.com Subject: Re: New Counterparty Transaction Russell: My risk group frequently uses the New Counterparty label for internal counterparties that do not have a trading book. This transaction was a hedge for the acquisition of the paper plant we announced recently. I'm not sure who the internal group is that did the transaction. Dutch Quigley should be able to help. John. From: Russell Diamond 07/19/2000 05:22 PM To: John Arnold/HOU/ECT@ECT cc: Subject: New Counterparty Transaction John A trade came across our morning report listed as a 'New Counterparty'. It was about 17BCF Swap from Sep "00 - Aug '07. Can you give me some details on the counterparty. Thank you, Russell Credit


From: john.arnold@enron.com Subject: Re: Thanks. Andy Zipper@ENRON 07/19/2000 08:27 AM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: By the version of EOL do you mean the new version of stack manager ? If you do, we should have finished testing by today. That means we will roll out today or tomorrow, but Louise wants a more developed roll out plan, so that might slow things down a bit. Not to make excuses, but we have had some serious technical problems with the new release and have had to redesign whole parts of the back end of the system. The problem is around how many things can be linked to a single product and stack manager performance, obviously a serious issue. It has taken us, obviously, a lot longer than we thought to fix it. I think there are still some minor issues that we should discuss, but they should not get in the way of release. If you mean by new version, the phase II website version with sexy content, we are scheduled (cum grano salis) to roll that out in mid august. any questions please feel free to call. -andy


From: john.arnold@enron.com Subject: Re: "Strike Out" ALS I think you're cheating trying to get a fixed amount.... I'll give $1 per pin. Good luck, John Liz M Taylor 07/17/2000 03:57 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: "Strike Out" ALS John, Please a flat amount. Don't hold me to pins. Everyone is giving a flat amount. I'm NOT a bowler. Liz John Arnold 07/17/2000 03:56 PM To: Liz M Taylor/HOU/ECT@ECT cc: Subject: Re: "Strike Out" ALS Is it per game or point or what? Liz M Taylor 07/17/2000 02:33 PM To: John J Lavorato/Corp/Enron@Enron, Jeffrey A Shankman/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Stephen R Horn/HOU/ECT@ECT, Wes Colwell/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, Paul Racicot/Enron Communications@Enron Communications, Jean Mrha/NA/Enron@Enron cc: Subject: "Strike Out" ALS Enron/MDA Beach Bowl 2000 To Benefit ALS Research I'm bowling to help "strike out" ALS (Lou Gehrig's disease). If you have not sponsored someone else, I would very much like for you to sponsor me. The event takes place on July 29. I will need all donations by July 26. Any donation is greatly appreciated and matched by Enron. Many Thanks, Liz


From: john.arnold@enron.com Subject: Re: "Strike Out" ALS Is it per game or point or what? Liz M Taylor 07/17/2000 02:33 PM To: John J Lavorato/Corp/Enron@Enron, Jeffrey A Shankman/HOU/ECT@ECT, Kevin M Presto/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, John Arnold/HOU/ECT@ECT, Stephen R Horn/HOU/ECT@ECT, Wes Colwell/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, Paul Racicot/Enron Communications@Enron Communications, Jean Mrha/NA/Enron@Enron cc: Subject: "Strike Out" ALS Enron/MDA Beach Bowl 2000 To Benefit ALS Research I'm bowling to help "strike out" ALS (Lou Gehrig's disease). If you have not sponsored someone else, I would very much like for you to sponsor me. The event takes place on July 29. I will need all donations by July 26. Any donation is greatly appreciated and matched by Enron. Many Thanks, Liz


From: john.arnold@enron.com Subject: Re: 8 pm to 2 am Gregory Carraway@ENRON 07/10/2000 04:32 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: What time do the festivities begin?


From: john.arnold@enron.com Subject: Re: Greg's always on vacation. You need to teach him some work habits. Next Tuesday will work. John Liz M Taylor 07/10/2000 02:57 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Hi John! Greg and Mary are on vacation this week in Germany. May I put you on the calendar for Tuesday of next week? Greg will travel to Philly on Monday. Liz John Arnold 07/10/2000 12:36 PM To: Liz M Taylor/HOU/ECT@ECT cc: Subject: Hey, Can Greg fit me in for about 30 minutes tomorrow afternoon? --- Your secret admirer


From: john.arnold@enron.com Subject: Re: I'll send 2 invites up. What's your location? Gregory Carraway@ENRON 07/10/2000 02:36 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: Thank you for the invitation. I would love to attend. I would like to invite my wife, if that would be ok. Also, could you tell me where the Mercantile bar is located? Thank you!!!


From: john.arnold@enron.com Subject: Re: Forward-forward Vol I'm free from 4:00-5:00 today From: Vladimir Gorny 07/10/2000 02:14 PM To: John Arnold/HOU/ECT@ECT cc: Tanya Tamarchenko/HOU/ECT@ECT, Frank Hayden/Corp/Enron@Enron Subject: Forward-forward Vol John, Per your and Jeff's request, Research and Market Risk Groups have conducted an extensive analysis of the forward-forward vol methodology used in the Value-at-Risk calculation. We analyzed and compared two methodologies: the existing methodology - based on forward (implied) vols an alternative methodology - based on historical vols I would like to schedule about 30 minutes to walk you through the pros and cons of each methodology and get your input. Vlady.


From: john.arnold@enron.com Subject: Re: FW: trading Per: I've talked to him several times in the past. I told him that you would call because of your experience with setting up funds. They have two main problems. One is setting up their internal systems. Second, they have credit problems with a BBB+. Please call and introduce yourself. Thanks, john To: John Arnold/HOU/ECT@ECT cc: Subject: Re: FW: trading John, did you answer him or should I respond? Per John Arnold 06/26/2000 05:18 PM To: Per Sekse/NY/ECT@ECT cc: Subject: FW: trading ---------------------- Forwarded by John Arnold/HOU/ECT on 06/26/2000 04:17 PM --------------------------- Steve List <slist@Campbell.com> on 06/26/2000 12:32:02 PM To: "'jarnold@enron.com'" <jarnold@enron.com> cc: Subject: FW: trading > -----Original Message----- > From: Steve List > Sent: Monday, June 26, 2000 1:26 PM > To: 'jarnol1@ect.enron.com' > Subject: trading > > > John, > > I hope all is well down in Houston, though it would seem your baseball > team is, well, terrible. > We may be close to resolving our internal issues as our CEO indicated on > Friday. We are awaiting some > confirmation but it seems we are close. How is the credit standing for > Enron? > Is there a chance of upgrade or well, you can tell me the status. > > Thanks > > Steve List


From: john.arnold@enron.com Subject: Re: Not nice Hey: Hope you're enjoying the Holidays. I don't have your cell phone #, so call me if you get bored this week. Sorry I didn't return your call Monday. I'll be in the Big D. You can reach me on my cell or, better yet, at 972 934 3440. Adios amigos: John


From: john.arnold@enron.com Subject: Re: options and other stuff How about 4:00 ?? Andy Zipper@ENRON 06/30/2000 05:02 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Re: options and other stuff Pick a time on Wednesday to come by and take a look at the Options manager. Have a good 4th. -andy


From: john.arnold@enron.com Subject: Re: options and other stuff Andy: Sorry...I was on vacation last week and fell behind my email. Anytime you want to talk is fine. I'll be around today if it works for you. john Andy Zipper@ENRON 06/16/2000 11:48 AM To: John Arnold/HOU/ECT@ECT cc: Subject: options and other stuff john, I'd like the chance to review some assumptions re: options manager ( yes, we are still on schedule) with you as well as discuss some other issues related to putting Enron's prices on other platforms. some time on monday would work best for me. Let me know. andy


From: john.arnold@enron.com Subject: Re: FW: trading Steve: Good hearing from you. Hope all is going well. I gave your name to Per Sekse in our New York office. He deals with a couple hedge funds we currently do business with and has addressed some of the obstacles that we face with other counterparties. He is on vacation this week but will call next week. If you have any problems or concerns, feel free to call. John Steve List <slist@Campbell.com> on 06/26/2000 12:32:02 PM To: "'jarnold@enron.com'" <jarnold@enron.com> cc: Subject: FW: trading > -----Original Message----- > From: Steve List > Sent: Monday, June 26, 2000 1:26 PM > To: 'jarnol1@ect.enron.com' > Subject: trading > > > John, > > I hope all is well down in Houston, though it would seem your baseball > team is, well, terrible. > We may be close to resolving our internal issues as our CEO indicated on > Friday. We are awaiting some > confirmation but it seems we are close. How is the credit standing for > Enron? > Is there a chance of upgrade or well, you can tell me the status. > > Thanks > > Steve List


From: john.arnold@enron.com Subject: Re: World Phone Hey Liz, Thanks for letting me use the phone. A real life-saver. My brother had a Nokia world phone on the trip and it seemed to work better. It got reception some places where mine did not and is more user-friendly. On a different topic...Greg talked me into upgrading to first class for a flight in December to Australia. He talked me into it by agreeing to pay for half. Cliff found it funny and agreed to pay for the other half. I haven't expensed it yet so I'm having Barbara send it on. Thanks, John Liz M Taylor 06/28/2000 09:27 AM To: John Arnold/HOU/ECT@ECT cc: Subject: World Phone John, We are testing the Nextel phone for company usage. What did you think of the phone? Liz


From: john.arnold@enron.com Subject: FW: trading ---------------------- Forwarded by John Arnold/HOU/ECT on 06/26/2000 04:17 PM --------------------------- Steve List <slist@Campbell.com> on 06/26/2000 12:32:02 PM To: "'jarnold@enron.com'" <jarnold@enron.com> cc: Subject: FW: trading > -----Original Message----- > From: Steve List > Sent: Monday, June 26, 2000 1:26 PM > To: 'jarnol1@ect.enron.com' > Subject: trading > > > John, > > I hope all is well down in Houston, though it would seem your baseball > team is, well, terrible. > We may be close to resolving our internal issues as our CEO indicated on > Friday. We are awaiting some > confirmation but it seems we are close. How is the credit standing for > Enron? > Is there a chance of upgrade or well, you can tell me the status. > > Thanks > > Steve List


From: john.arnold@enron.com Subject: Re: PLEASE,PLEASE,PLEASE Thank you very,very much. Love you, John Liz M Taylor 06/15/2000 10:19 AM To: Ina Rangel/HOU/ECT@ECT cc: John Arnold/HOU/ECT@ECT Subject: Re: PLEASE,PLEASE,PLEASE Ina, Because Johnny is my favorite trader, he can use my world phone. What time is he leaving tomorrow? How long will he be gone? I'll get everything to you late this afternoon. Many Thanks, Liz Ina Rangel 06/15/2000 09:41 AM To: Liz M Taylor/HOU/ECT@ECT cc: Subject: PLEASE,PLEASE,PLEASE I NEED YOUR HELP IF AT ALL POSSIBLE. JOHN ARNOLD IS TRAVELING TO EUROPE TOMMORROW AND HAS ASKED ME TO GET HIM A WORLD PHONE. I CALLED NEXTEL, HOUSTON CELLULAR AND GTE. NOONE CAN HELP ME WITH THIS BY TOMMORROW. IF I REMEMBER YOU SAID YOU TURNED OFF THE PHONES YOU HAD. DO YOU HAVE ANY SUGGESTIONS? ANY ADVICE? -INA


From: john.arnold@enron.com Subject: Re: PARIBAS Futures Weekly AGA Survey 84 michael.byrne@americas.bnpparibas.com on 06/14/2000 07:02:32 AM To: michael.byrne@americas.bnpparibas.com cc: Subject: PARIBAS Futures Weekly AGA Survey Good Morning, Just a reminder to get your AGA estimates in by Noon EST (11:00 CST) TODAY. Last Year +63 Thanks, Michael Byrne Paribas Futures ----------------------------------------------------------------------------- This message is confidential; its contents do not constitute a commitment by BNP PARIBAS except where provided for in a written agreement between you and BNP PARIBAS. Any unauthorised disclosure, use or dissemination, either whole or partial, is prohibited. If you are not the intended recipient of the message, please notify the sender immediately. Ce message est confidentiel ; son contenu ne represente en aucun cas un engagement de la part de BNP PARIBAS sous reserve de tout accord conclu par ecrit entre vous et BNP PARIBAS. Toute publication, utilisation ou diffusion, meme partielle, doit etre autorisee prealablement. Si vous n'etes pas destinataire de ce message, merci d'en avertir immediatement l'expediteur.


From: john.arnold@enron.com Subject: Re: Vlady: Can I add 3 more portfolios: 1. +1000 July 2003 Chicago Basis - 1000 July 2003 Panhandle Basis 2. +1000 June Henry Hub Cash 3. +1000 June Henry Hub Cash - 1000 July Futures Thanks, John To: John Arnold/HOU/ECT@ECT cc: Subject: Re: John, 2. Do you assume at-the-money straddles? If not, please give us deltas and gammas. See you at 5:30 tomorrow. Vlady. John Arnold 06/12/2000 08:47 AM To: Vladimir Gorny/HOU/ECT@ECT cc: Subject: Vlady: In preparation for our discussion tomorrow, can you run VAR numbers for some mini-portfolios: Portfolio 1. +1000 November Nymex -1000 December Nymex 2. -1000 July Nymex Straddles 3. +1000 July 2002 Nymex 4. +1000 July 2002 Nymex - 1000 August 2002 Nymex 5. +1000 July Socal Basis 6. +1000 July Chicago Basis -1000 July Michcon Basis 7. +1000 July Henry Hub Index 8. +1000 July 2003 Chicago Basis Again, these are separate portfolios. I'm trying to check that the VAR numbers make logical sense. Thanks, John


From: john.arnold@enron.com Subject: Re: eat shit John J Lavorato@ENRON 11/18/2000 01:01 PM To: John Arnold/HOU/ECT@ECT cc: Subject: Football bets 200 each Minn -9.5 Buff +2.5 Phil -7 Indi -4.5 Cinnci +7 Det +6 clev +16 Den +9.5 Dall +7.5 Jack +3.5


From: john.arnold@enron.com Subject: Re: yes To: John Arnold/HOU/ECT@ECT cc: Subject: Re: John, 2. Do you assume at-the-money straddles? If not, please give us deltas and gammas. See you at 5:30 tomorrow. Vlady. John Arnold 06/12/2000 08:47 AM To: Vladimir Gorny/HOU/ECT@ECT cc: Subject: Vlady: In preparation for our discussion tomorrow, can you run VAR numbers for some mini-portfolios: Portfolio 1. +1000 November Nymex -1000 December Nymex 2. -1000 July Nymex Straddles 3. +1000 July 2002 Nymex 4. +1000 July 2002 Nymex - 1000 August 2002 Nymex 5. +1000 July Socal Basis 6. +1000 July Chicago Basis -1000 July Michcon Basis 7. +1000 July Henry Hub Index 8. +1000 July 2003 Chicago Basis Again, these are separate portfolios. I'm trying to check that the VAR numbers make logical sense. Thanks, John


From: john.arnold@enron.com Subject: Re: using new FF vols ---------------------- Forwarded by John Arnold/HOU/ECT on 06/07/2000 08:43 AM --------------------------- Tanya Tamarchenko 06/07/2000 08:33 AM To: John Arnold/HOU/ECT@ECT cc: Grant Masson/HOU/ECT@ECT Subject: Re: using new FF vols Hi, John, following up the discussion with you on Friday we talked with Risk Control people who are not excited to use that FF vol curve you sent to me. Also in order to use your curves we would have to have them for all the locations. The suggested alternative solution was to calculate the Forward Forward vol curves from historical data. I implemented this solution based on 18 last business days forward price curves for NG and all basis locations. I used exponential weights with 0.97 decay factor. I enclose these curves in the spreadsheet below. And here are the VAR numbers based on these curves: 5/30/00 5/31/00 AGG-STORAGE (production) 3,027,000 4,516,000 AGG-STORAGE (test, 0.97) 2,858,543 3,011,761 AGG-GAS (production) 36,627,200 40,725,685 AGG-GAS (test, 0.97) 29,439,969 31,207,225 You see that the numbers are stable, lower than the official numbers. I suggest that we use 0.94 decay factor as recommended by Risk Metrics which would give more weight to recent data. We need to test this approach for a period of time and also to collect backtesting data for an educated choice of decay factor. Tanya. John Arnold 06/07/2000 07:40 AM To: Tanya Tamarchenko/HOU/ECT@ECT cc: Subject: Tanya: On Friday I emailed a new vol curve to use for VAR testing. I was under the impression that you could apply this vol curve to the price book and storage book and have a new experimental VAR number by Monday. I have not received any response. Please reply with status of this project. John


From: john.arnold@enron.com Subject: Re: VaR Let's meet at 4:00. Vince J Kaminski 06/01/2000 09:19 AM To: John Arnold/HOU/ECT@ECT cc: Vince J Kaminski/HOU/ECT@ECT, Tanya Tamarchenko/HOU/ECT@ECT, Jim Schwieger/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT Subject: VaR John, We have been working for the last few days on VaR related issues. The focus is on Jim Schwieger's storage book as of 5/25 and 5/26 where we had some counterintuitive results. This book is a good candidate for a systematic review of the VaR process. It seems that the problem arises from forward - forward vols used by the VaR system. You can see in the attached spreadsheet that the VaR, on a cumulative basis, jumps on Jan 04, when an abnormal FF vol hits a relatively large position. This FF vol is also much different from the previous day number producing a big jump in VaR. This row (Jan 04) is in magenta font in the attached spreadsheet. Please, look at column D. The abnormal FF vol may result from one of the two factors: a. a bug in the code. We are working with the person in IT who wrote the code to review it. b. a poorly conditioned forward vol curve ( a kink or discontinuity in the fwd vol curve will do it). One solution I can propose, is to develop for the traders a fwd-fwd vol generator allowing them to review the fwd vol curve before it is posted. If it produces a weird fwd-fwd vol, it can be smoothed. Can you meet at 4 p.m. to review our findings? Vince


From: john.arnold@enron.com Subject: Re: IRS Beers Stupid taxes Bill White@ENRON 05/30/2000 04:52 PM To: John Arnold/HOU/ECT@ECT cc: Subject: IRS Beers Remember we were trying to figure out the difference in return between tax free investment growth and annually-taxed investment growth? Turns out that it is different, but over 5 years and a 10% growth rate, it doesn't amount to much more than the cost of our beer tab. See attached.


From: john.arnold@enron.com Subject: Re: FIMAT loan agreement i assume means carrying equity positions, which of course the line would not be used for. john Sarah Wesner@ENRON 11/20/2000 12:47 PM To: John Arnold/HOU/ECT@ECT cc: Subject: FIMAT loan agreement John - the FIMAT loan agreeemnt will prohibit ENE from using loan proceeds as follows: No part of the proceeds of any Advance hereunder will be used for "purchasing" or "carrying" any "margin stock" within the respective meanings of each of the quoted terms under Regulation U of the Board of Governors of the Federal Reserve System as now and from time to time hereafter in effect. Do you know whether you engage in purchasing or carrying margin stock? I will check with legal as well. Sarah


From: john.arnold@enron.com Subject: Re: New Spreadsheet Kevin: Come by Tuesday between 5:00-5:30 if you still want to see the new spreadsheet. However, it may be more valuable to talk to Dutch Quigley, who runs my risk, as he built the system and understands the vertical integration better. John


From: john.arnold@enron.com Subject: Re: LAST CHANCE TO REGISTER!! Please take me off your mailing list


From: john.arnold@enron.com Subject: Re: Hey, I just got your email. Call anytime after 4:00. Obviously, I don't read my email very often


From: john.arnold@enron.com Subject: Re: options Andy: Just a couple of quick items that need to be addressed. First, what happens if the delta of the option is greater than the size of the hedge offered on EOL? Second, what strike are straddles traded at. Are they set at the nearest 5 cent interval or are they mid-market of the EOL quote?


From: john.arnold@enron.com Subject: Option Analysis on NG Price Book ---------------------- Forwarded by John Arnold/HOU/ECT on 04/11/2000 04:57 PM --------------------------- From: Rudi Zipter 04/08/2000 09:03 AM To: John Arnold/HOU/ECT@ECT cc: Vladimir Gorny/HOU/ECT@ECT, Minal Dalia/HOU/ECT@ECT, Sunil Dalal/Corp/Enron@ENRON Subject: Option Analysis on NG Price Book John, Several months ago we talked about the development of an option analysis tool that could be used to stress test positions under various scenarios as a supplement to our V@R analysis. We have recently completed the project and would like to solicit your feedback on the report results. We have selected your NG price position for April 4, 2000 (POST-ID 753650) for the initial analysis. Attached in the excel file below you will find: Analysis across the various forward months in your position Underlying vs. Greeks, theoretical P&L Volatility vs. Greeks, theoretical P&L Time change vs. Greeks, theoretical P&L Summary of your Overall Position analysis Underlying vs. Greeks, theoretical P&L Volatility vs. Greeks, theoretical P&L Time change vs. Greeks, theoretical P&L Multiple Stress Analysis The attached Word document demonstrates the multiple stress choices. I have included a tab in the excel file that demonstrates the theoretical P/L resulting from shifts in both volatility and underlying price. Please note that the percentage changes across the column headers are not in absolute terms (for example, if the ATM volatility in a given month is 40% and the stress is -10% then the analysis is performed under a volatility scenario of 36%) Thanks, Rudi


From: john.arnold@enron.com Subject: Re: nope...your loss though


From: john.arnold@enron.com Subject: Re: are you sure...have you ever been to bon coupe before don't knock it till tou try it


From: john.arnold@enron.com Subject: Re: 2 options: Either we leave from work and you watch me get a haircut for 20 minutes or... I pick you up around 6:30...


From: john.arnold@enron.com Subject: Re: NY Hello: It is the Blue Men Group. Two friends highly recommend it. It's in the Astor Theatre on Lafayette in the Village. 43rd should be good. I think you woul dhave had more flavor in Harlem though "Jennifer White" <jenwhite7@zdnetonebox.com> on 11/21/2000 01:54:16 PM To: john.arnold@enron.com cc: Subject: NY I've been tasked with getting tickets to a show. Was it 'Blue Men Group' that you recommended we see? And Michelle lives on W43rd, so it's not as bad as you thought. ___________________________________________________________________ To get your own FREE ZDNet Onebox - FREE voicemail, email, and fax, all in one place - sign up today at http://www.zdnetonebox.com


From: john.arnold@enron.com Subject: Re: Nymex NG Swaps Andy: This past weekend we released a new version of the EOL software that, unfortunately, had a bug. The effect was to lengthen the time delay between numbers changing and when they would show up on the internet to an unacceptable level that increased the number of failed trades. We made the decision to take some of the more volatile products temporarily offline until the fix could be made. I do not anticipate this to be a concern going forward. Thanks for the feedback. John Arnold


From: john.arnold@enron.com Subject: re: New Computer Please approve. ---------------------- Forwarded by John Arnold/HOU/ECT on 04/05/2000 07:32 AM --------------------------- Larry May@ENRON 04/04/2000 10:10 AM To: John Arnold/HOU/ECT@ECT cc: Subject: re: New Computer John, could you forward this message with your approval to Enron IT Purchasing. Would you please order a new computer for : Larry May Company # 413 rc# 0235 Location 3221c As discussed with Hank Zhang, I would like to order a SP700 with 512 mbytes RAM Thnks Larry May 3 6731


From: john.arnold@enron.com Subject: Re: VaR i am free to talk this afternoon if you want