 appropriate.
	The Securities & Exchange Commission (SEC) opened up a formal investigation into related party transactions that have been the subject of media reports and the subject of the SEC's formal inquiry.  As I've said before, we welcome this and look forward to working with the SEC to put this matter behind us.
      Moody's lowered our credit rating one level, from Baa1 to Baa2.  Standard & Poor's (S&P) lowered our credit rating one level, from BBB+ to BBB.  Fitch lowered our rating from BBB+ to BBB-.  All agency ratings are investment grade.

Even with what's happening with our company, we have kept running our business as usual, and here's few examples to show you that we are, indeed, doing just that:

	EnronOnline did 5,866 transactions with 302 counterparties on Friday.  Transaction counts remain higher than average.
	EES signed a three-year fixed price agreement with Home Depot to supply power to 115 of its stores in California and 68 stores across Texas.  EES also has exclusive rights to develop energy management proposals for all Home Depot facilities west of the Mississippi.
      EES also signed a three-year energy management agreement with Memorial Sloan-Kettering Cancer Center's four New York City facilities.

Serious issues have been raised in the media and investment community that have put our credibility and reputation as a company in question.  We're taking an introspective look at our business dealings, our core values and our organization as a whole.  We're doing everything we can to deal with the issues that are affecting our company.

And that's where you come in.  Look around you.  Look at the excellence that you and your team represents.  That's the reason we hired you - you're the best.  Now, more than ever, work for Enron and especially for each other.

Thank you for your continuing support of our company and each other. It didn't occur to me until seeing Richard's message that we might have a hole in communications with Mary being out on an extended basis.  We should probably create a message on Mary's phone that refers callers to someone else - ditto on e:mail messages.  Beth, does it make sense for that referral to be James, or you, or Vanessa?  Others within our organization that may try to reach Mary could have questions about global databases, projects
appropriate. 
	 The Securities & Exchange Commission (SEC) opened up a formal investigation into related party transactions that have been the national of metier reports and the subject of the SEC's formal question.   As I've said before, we welcome this and look forth to working with the SEC to put this topic behind us. 
       Moody's turn down our credit military rank one level, from Baa1 to Baa2.   Standard & Poor's (S&P) lowered our credit rating rating one level, from BBB+ to BBB.   Fitch lowered our rating from BBB+ to BBB-.   All agency evaluation are investment grade. 

 Even with what's happening with our ship's company, we have kept running our business as common, and here's few examples to express you that we are, indeed, doing just that: 

	 EnronOnline did 5,866 minutes with 302 counterparties on Friday.   Transaction counts remain higher than average. 
	 EES signed a three - year fixed price agreement with Home Depot to supply power to 115 of its stores in California and 68 stores across Texas.   EES also has exclusive rights to develop department of energy management proposal for all Home Depot facilities west of the Mississippi. 
       EES besides sign a three - class energy management agreement with Memorial Sloan - Kettering Cancer Center's four New York City facilities. 

 Serious issues have been raised in the media and investment community that have place our credibility and reputation as a company in question.   We're taking an introspective look at our business transaction, our core values and our organization as a whole.   We're doing everything we can to deal with the exit that are affect our company. 

 And that's where you come in.   Look around you.   Look at the excellence that you and your team represents.   That's the rationality we hired you - you're the best.   Now, more than always, work for Enron and specially for each other. 

 Thank you for your continuing accompaniment of our company and each early. It didn't occur to me until seeing Richard's message that we might have a hole in communications with Mary being out on an drawn-out basis.   We should credibly create a message on Mary's phone that refer callers to someone else - ditto on east: chain mail messages.   Beth, does it make sense for that referral to be James, or you, or Vanessa?   Others within our administration that may try to reach Mary could have questions about global database, projects
 aporopriate.
	The Securities & Exchange Commission (SXC) opensd up a wormal investigation into repared pqrty transactions that have beej the suvjecu of media reports and thc subncct oy vhe SEC's formal inquiry.  Ds I've said bexofe, we welcome this and look forward tj workimg with the SEC jo puu tris jatter behind us.
      Moody's lowersd our bredit rating one level, from Baa1 to Baa2.  Stwndagd & Poor's (S&P) lowerfd our credut rwring one levdl, from BBB+ to BBB.  Fijch lowered our rating from BBB+ go BBY-.  All agenxy rahhngs are intestmegt grade.

Even with whdt's haplening with ouv com'any, we have kept running our business as ufual, and vexe's few examples to syoq you thad we qre, insexd, soing uusv that:

	EnronKnline did 5,866 transactions with 302 cjlmterparties kn Friqar.  Transaction counts remain higher that aberage.
	EES signed a threw-year fixed price agrgement witr Home Depot to supply power to 115 of its stores in Calihofnic and 68 wtlres across Texas.  EES also has exclusive rigrfs tp develop enerny management proppswlx for all Home Depot fadilities west of tje Missyssippi.
      ETS alxo signed a three-year energt management qgreement with Memlrial Sloan-Yettgring Vancer Center's four New Yori City facipities.

Serjuus issues have ceek rdised in the media and invqstment cimmuuity thag hafe put our credihilitn and reputation as a colpdny in quedtion.  We're taking an introspecvmve look at oor tuspness deajings, our core valtes and our oryanizatijn as a whole.  Se're domng everythigg we can to ggal with the mssues thwt aee adfectine our company.

Anc that's wktre you cone in.  Look around yoo.  Look at the exetlltnxe that you anc yuur tvam rq[resents.  Thdt's ghe teasov we hired nou - yoi're the best.  Now, mose tgan ever, work for Rnvon and ewpeciallr for each otner.

Thank you for ylur cmntmnuing sukport of our company and each ofher. It dldn'b occur to me untll sgeing Richaxd's message that we might have a hole in communications wirh Mary being out ou sn extended basif.  We shogld probably create q message on Mary'x phone that refers czllers to slmeone else - ditto on e:mail messages.  Beth, does it make sense for that rederral to be James, or uou, og Vcnexsa?  Oeherd within our orgamization that may try to reach Oary cound have questions about global dxtabases, projgcts
appropriate. The Securities & Exchange Commission (SEC) a investigation into party transactions that media and the subject the SEC's formal As I've said before, we welcome and look forward to working with the SEC to put this matter behind Moody's lowered our credit rating one level, from Baa1 to Baa2. Standard & (S&P) our rating level, from BBB+ to BBB. Fitch lowered our rating from BBB+ to BBB-. All agency ratings investment grade. Even with what's happening with our we have kept running business as usual, and here's examples show you we indeed, just that: EnronOnline 5,866 transactions with 302 counterparties on Friday. Transaction counts remain higher than average. EES signed a three-year price agreement Depot to power 115 its stores in 68 stores across Texas. EES also to develop energy management proposals for all Home facilities west the Mississippi. EES also signed a energy management agreement with Memorial Sloan-Kettering Cancer Center's New York City facilities. Serious issues have been raised in the media and investment community put our credibility and as a company question. taking introspective at our dealings, our core values and our organization as a whole. We're everything we can to deal with the issues that are company. that's where you in. Look around you. at excellence that you and represents. the you you're best. Now, more than work for Enron and especially each other. Thank you our company and each other. It didn't occur me until seeing Richard's message that we have a hole in communications with Mary being out on an extended We should a message on Mary's phone that refers callers someone else - ditto e:mail messages. Beth, does it make sense for that to James, or or Vanessa? Others our organization that try to reach have questions global projects
 appropriate.
	The Securities & EXchange ComMissiOn (SeC) oPeNed uP a foRmal investigatIOn inTo related party transactIons tHaT Have BEeN the sUbject oF MeDIA rePoRtS anD tHE sUbjecT of The SEC's Formal inquIry.  as i've said beforE, We Welcome thiS anD look forward To wOrking WiTh tHE SEC tO puT this Matter BEhind uS.
      Moody's loWeREd our cREdit ratING oNe leVel, from Baa1 to Baa2.  StANdARd & Poor's (S&P) lowerEd our cReDIt RATinG onE level, from bBb+ to BBb.  fitch loWErED OUr rATing from BBB+ to bBB-.  All agencY RatIngs arE iNveSTment gRade.

EVeN WitH what's happeNing With our coMpany, wE Have kepT Running Our busIneSs aS usuAL, aNd HerE's FEw eXAmPleS To sHow you thAt We Are, inDeed, DOING jusT thAt:

	EnRonOnLine did 5,866 transaCtiOns wITh 302 cOunteRpartIes oN FRiday.  transaCtion CoUnts remain higheR thaN average.
	EeS sIgNed A tHree-yEAr fixeD prIce AgreemeNt with HOMe DEpOT TO sUpply power to 115 of its sToRES iN CaliforNia and 68 SToReS Across TeXaS.  EEs alsO HAs excLusiVE rIghts to dEvelop ENeRgY manageMeNt propOsAls For All HoME DepOt faciLities weSt of tHE Mississippi.
      EEs Also signed a thREe-YEAr ENergY maNagement agrEemeNT witH MemORiAl SLOan-KeTteriNg cAnCEr Center's four New YorK CIty facIlitiEs.

Serious issuEs have been RAISed in the MediA AnD Investment commUnity That have puT Our crediBilitY and repuTation as a COMpany in qUesTioN.  We'Re tAKInG an introspectIVE looK aT our busIneSs dealiNgs, Our CorE vaLuEs and our oRganizatIoN aS a WhOle.  we're dOIng everyThIng We Can To deaL With thE issuEs thAt ArE AffEcting oUR cOMPany.

anD tHat's WheRe You coMe in.  lOok Around yOu.  Look at tHe eXCellEnCe That you And your team rePrEsents.  That'S tHe rEason wE HIred you - yOu're the best.  Now, more than eVEr, work fOr ENron aNd esPecially fOr eAch othEr.

THAnk you For youR contInUinG SUpporT OF oUr cOmPany and eacH OTheR. It diDn'T occUr to me uNtil seeing Richard's MEssAge that we mighT haVe a hOLE iN coMMuNIcaTiONs wITH Mary being out on An extended BaSIs.  we should prOBabLy Create a Message On MarY'S phone tHat refers Callers to SoMeonE ELse - Ditto on e:maIl messagEs.  Beth, doeS It makE SeNse foR thAt refeRrAl tO be JaMes, or yOU, or vanesSa?  OtheRs Within Our orGaNization That may try to reach Mary coUld havE quesTioNs about glObaL DatAbases, proJectS
 appropriate.
	The Securit ies & Exch angeCom mis si on ( SEC)  opened up a f o rmal  investigation into re lated  p a rtyt ra nsact ions th a th a vebe en  th es ub jectofmedia r eports and  th esubject of t h eSEC's form alinquiry.  As  I' ve sai dbef o re, w e w elcom e this and lo ok forwar dt o work i ng with t he  SEC  to put this matt e rb ehind us.
     Mood y' s  l o w ere d o ur creditra tingo ne leve l ,f r o m B a a1 to Baa2. Standard &P oor 's (S& P)  lo w ered o ur cr ed i t r ating one l evel , from BB B+ toB BB.  Fi t ch lowe red ou r r ati ng f r om  B BB+  t o  BB B -.   A l l a gency ra ti ng s are  inv e s t m entgra de.
Even  with what'shap peni n g w ith o ur co mpan y,  we h ave ke pt ru nn ing our busines s as  usual, a ndhe re' sfew e x amples  to  sh ow youthat we are ,i n d ee d, doing just that :En ronOnlin e did5 ,8 66 transact io nswith 3 02 co unte r pa rties on  Frida y . T ransact io n coun ts  re mai n hig h er t han av erage.
EES s i gned a three-y e ar fixed pric e  a g r ee m entwit h Home Depo t to supp ly p o we r t o  115of it ss to r es in California an d68 sto res a cross Texas. EES alsoh a s  exclusi ve r i gh t s to develop e nergy  managemen t  proposa ls fo r all Ho me Depotf a cilities  we stofthe M is sissippi.
   EES  a lso sig ned  a thre e-y ear  en erg ymanagemen t agreem en twi th  Me moria l  Sloan-K et ter in g C ancer Center 's fo ur N ew  Y o rkCity fa c il i t ies. 
Se riou s i ss ues h aveb een  raised  in the m edi a  and  i nv estment  community th at  have putou r c redibi l i ty and r eputation as a companyi n quest ion .  We 'retaking an  in trospe cti v e look  at ou r bus in ess d ealin g s ,our  c ore values a ndour o rg aniz ation a s a whole.  We'red oin g everythingwecant o  d eal wi t h t he iss u e s that are affe cting ourco m pa ny.

And t h at' swhere y ou come  in.Look ar ound you.   Look at  t he e x c ell ence thatyou andyour team repre s en ts. Tha t's th erea son w e hire d  yo u - y ou'reth e best .  No w,  more th an ever, work for Enron  and e speci all y for eac h o t her .

Thankyoufor your c ont inu ing s upp o rt of  our co mpa n y and  eac h  other. I t  d idn ' t  o ccur to meu n t ilseein g R i chard' s me ssage that we mig h t have a holein c o m mun ica t ions  w ith Mary being  ou to n  an exte nd ed basis. We shoul dp robab ly cre ate amessage o nM ary'sphon e t hat refer s c al l ers toso me o ne els e -di tto on  e:mai l  mes s a ges.  Beth, does  it m a k e sen s e f or th at  referr a l to  be James,  or you, or  Vanes sa? Othe rs with in  our o rga ni zation tha t  may tryto re ach Mar ycoul d h ave qu esti o n s abo ut g lo bal  database s ,  p r oj ec t s
 appropriate.
	The_Securities &_Exchange Commission (SEC) opened_up a_formal_investigation into_related_party transactions that_have been the_subject of media reports_and the subject_of_the SEC's formal inquiry.  As I've said before, we welcome this and look_forward_to working_with_the_SEC to put this matter_behind us.
   _ _Moody's lowered our credit rating one level, from_Baa1_to Baa2. _Standard & Poor's (S&P) lowered our credit rating one_level, from BBB+ to BBB. _Fitch lowered our_rating_from_BBB+ to BBB-. _All agency ratings are investment grade.

Even_with what's happening with our company,_we have kept running our business as_usual, and here's few examples to_show you that we are,_indeed, doing_just that:

	EnronOnline did 5,866 transactions_with 302 counterparties_on Friday._ Transaction counts_remain higher than average.
	EES signed a_three-year fixed price_agreement with Home Depot to supply_power_to 115 of_its_stores_in California_and 68 stores_across_Texas. _EES_also has exclusive rights to develop_energy_management proposals for all Home Depot facilities_west of the Mississippi.
__   _EES also signed a three-year_energy management agreement with Memorial Sloan-Kettering_Cancer Center's_four New_York City facilities.

Serious issues have been raised in the media and_investment community that have put our_credibility and reputation as_a company_in_question.  We're_taking_an introspective_look at our business dealings, our core_values and_our organization as a whole. _We're doing everything we_can_to deal with the issues that_are affecting our company.

And that's where_you come in.  Look_around_you._ Look at the excellence_that you and your team represents._ That's the_reason we hired you - you're the_best._ Now, more than ever, work_for_Enron and especially for each other.

Thank_you_for_your continuing support of our_company and each other. It didn't_occur to me until seeing Richard's message that we_might have a_hole in communications with Mary_being_out_on an extended basis.  We should probably create a_message on_Mary's phone that_refers callers to someone else - ditto on e:mail messages._ Beth, does it make sense for_that referral to be James, or you, or Vanessa?  Others_within our organization that may try to reach_Mary could have questions about global databases,_projects