 provider of live market analysis for U.S. Stock, U.S. Bond and world FX market participants.  ? 1999-2001 Earnings.com, Inc., All rights reserved  about us  | contact us  |  webmaster  | site map   privacy policy  | terms of service I know that this is a difficult time for all of us.  With everything going on inside the company as well as in the world around us, we have been carefully considering whether a holiday celebration is appropriate this year.  To be honest, employee feedback has been mixed.  Many viewed the holiday party as a unique opportunity for us to come together as Enron employees to share the spirit of the season.  Others felt a holiday party would be improper given the company's current circumstances.

After weighing these points of view, we have ultimately decided to cancel the all-Enron holiday party that was scheduled for December 8.  Given what has transpired over the past month, it could be considered imprudent for Enron to incur the expense of such an event.  I regret that this action is necessary because I recognize that your hard work throughout the year merits a holiday celebration and so much more.  We will attempt to find other, more appropriate ways to recognize your outstanding contributions as we move into the holiday season.

Ken Lay Hi Mark,

I was hoping that you might have some time to have a discussion on the 
feasibility of layering an order routing system onto Enron Online.

More specifically, Enron Trading Services Inc. (the FCM) would like to do an 
assessment re: whether there are any material regulatory or other 
consequences resulting from linking a possible ETS trading website to Enron 
Online.  The idea would be that many of Enron's existing customers that are 
not also customers of ETS but who require brokerage services in futures and 
options on futures may be interested in obtaining ETS services.  
Conceptually, this business would be run and administered through ETS and 
what would be involved is a link from the EOL website directing customers who 
choose to use ETS to the ETS website.

To that end, we have done some very preliminary work, and believe that the 
main issue is structuring such a relationship between ETS and EOL such that 
EOL will not be considered an Introducing Broker.  Of course, however, we 

provider of live market analysis for U.S. Stock, U.S. Bond and populace FX grocery store participants.  ? 1999 - 2001 Earnings.com, Inc., All rights reserved   about us   | liaison us   |   webmaster   | site map    privacy policy   | terms of overhaul I know that this is a difficult clock time for all of us.   With everything going on inside the company equally well as in the world around us, we have been carefully considering whether a holiday celebration is appropriate this class.   To be honest, employee feedback has been mixed.   Many watch the holiday party as a unique opportunity for us to arrive together as Enron employees to share the heart of the season.   Others felt a holiday party would be improper given the company's current fortune. 

 After weighing these points of view, we have ultimately decided to cancel the all - Enron vacation party that was scheduled for December 8.   Given what has transpired over the past month, it could be considered imprudent for Enron to incur the expense of such an consequence.   I repent that this military action is necessary because I recognize that your hard work throughout the year merits a holiday celebration and therefore a lot more.   We will try to find early, more appropriate way to accredit your outstanding contributions as we move into the holiday season. 

 Ken Lay Hi Mark, 

 I was hoping that you might have some time to accept a discussion on the 
 feasibility of layering an order routing system onto Enron Online. 

 More specifically, Enron Trading Services Inc. (the FCM) would like to do an 
 judgment re: whether there are any material regulatory or other 
 consequence resulting from associate a possible ETS trading website to Enron 
 Online.   The idea would be that many of Enron's existing customers that are 
 not besides customers of ETS but who require brokerage services in futures and 
 options on futures may be interested in obtaining ETS serve.  
 Conceptually, this business would be move and administered through ETS and 
 what would be involved is a connection from the EOL website direct customers who 
 choose to practice ETS to the ETS website. 

 To that end, we have do some very preliminary work, and believe that the 
 independent issue is structure such a relationship between ETS and EOL such that 
 EOL will not be considered an Introducing Broker.   Of course, however, we
 prlvider of live market anxlysis for U.S. Sjoxk, U.S. Uond ans world WX market participants.  ? 1999-2001 Eacnints.com, Inc., All rights reservdd  about us  | cobtacu us  |  webmaster  | site map   lvivacv 'olicy  | terms pf service I know that tvir ns a difficult time for all of us.  Wyth evetyhhing going on inspdq ths company as well as in the world zround ls, we have been csrefully considering whethfr a holiday celebratiln is approkdiaew this year.  To be hontsc, employee reedback has been mixed.  Many vkewed the holidqy pagjy as a uniqne oppjrtunity for us to cmme togrther as Enron em'loywes to share the spirmt of the season.  Otrers felt a holiday party woyle be hmprmper tivdn uhe ckmpany'd cnrrent circhmstances.

Afrer weighing these koignx of view, we have tleimately decided to cancel the all-Enron homiday party that was scyeduled for December 8.  Given wrat has transpired over the past month, it could ba conakdexcq umorudent for Enron to incur the expense of sucr am vvent.  I regret tmat this action is nfcrfsary because I recognjze that your hard work trrougyout the rear merits a holiday celebratiin and so mubh mire.  We will attem't to find ocher, mpre alpropriate ways to recoynize gour outstajding conffibutions as we oovv indo the holiday season.

Ken Lwy Hi Marj,

I wcs hopine thst you might havf somc time to have a didcussnon ot the 
feaslbility of layering an order ronving system omtm Etron Onlnne.

Morc specifically, Qnron Trading Xervicef Inc. (the FCM) wkuld line to do an 
assessment ra: whether thece are anr mareriql reguuxtory or other 
consequeuees resulring from linking e poraible ETS tradiuy qebsite to Enrom 
Ovlige.  Vhe iqaa would be dhat mavu of Dnron's trisbine cuxtomers that are 
not alsk customers of ETS bmt who rewuire brjkerage servives in futures and 
optimns on fitutes may be interested in obtainjng ETS sfrvlces.  
Concepttalln, thys businesx would be run and administered through ETS and 
what woule be involved is a klnk from the EOL rebsite dhrecting customers wyo 
choose to use TTS to the ETS website.

Tk that end, ae have done some very preliminary work, and believe that the 
main issue iw strurttring such z rekatiotskip betweqn EVS and EOL such thst 
EOL will not be considered ai Introduchny Broker.  Of course, however, wr 

provider of live market analysis for U.S. Bond world FX participants. ? 1999-2001 about | contact us webmaster | site privacy policy | terms of service know that this is a difficult time for all of us. With everything on inside the company as well as in the world around us, we been considering a celebration is appropriate this year. To be honest, employee feedback has been mixed. Many viewed the party as a unique opportunity for us to together as Enron employees share the spirit of the Others a holiday would improper the company's current After weighing these points of view, we have ultimately decided to cancel the all-Enron holiday party that scheduled for Given what transpired the month, it could imprudent for Enron to incur the an event. I regret that this action is because I that your hard work throughout the merits a holiday celebration and so much more. will attempt to find other, more appropriate ways to recognize your outstanding contributions as we the holiday season. Ken Hi Mark, I hoping you have time to a discussion on the feasibility of layering an order routing system Enron Online. More specifically, Enron Trading Services Inc. (the FCM) to an assessment re: there are any material or consequences resulting from linking ETS website The would that many of Enron's customers that are not also of ETS but who and options on futures may be interested in ETS services. Conceptually, this business would be and administered through ETS and what would be involved is a link the EOL customers who choose to use ETS to the website. To that end, have done some very preliminary work, and believe that main is structuring a relationship between and EOL such EOL will not an Introducing Of however,
 provider of live market analySis for U.S. StOck, U.S. bonD anD wOrld fX maRket participanTS.  ? 1999-2001 EarNings.com, Inc., All rights reServeD  aBOut uS  | CoNtact Us  |  webmaSTeR  | SIte MaP   pRivAcY PoLicy  | tErmS of servIce I know thAt tHiS is a difficulT TiMe for all of Us.  WIth everythinG goIng on iNsIde THe comPanY as weLl as in THe worlD around us, We HAve beeN CarefulLY CoNsidEring whether a holiDAy CElebration is apPropriAtE ThIS YeaR.  To Be honest, emPlOyee fEEdback hAS bEEN MixED.  Many viewed thE holiday parTY as A uniquE oPpoRTunity For us To COme Together as ENron Employees To sharE The spirIT of the sEason.  OTheRs fElt a HOlIdAy pArTY woULd Be iMProPer given ThE cOmpanY's cuRRENT cirCumStanCes.

AfTer weighing thEse PoinTS of View, wE have UltiMaTely dEcided To canCeL the all-Enron holIday Party that Was ScHedUlEd for dEcembeR 8.  GiVen What has TranspiREd oVeR THE pAst month, it could be cOnSIDeRed impruDent foR enRoN To incur tHe ExpEnse OF Such aN eveNT.  I Regret thAt this ACtIoN is neceSsAry becAuSe I RecOgnizE That Your haRd work thRoughOUt the year meritS A holiday celebRAtION aND so mUch More.  We will aTtemPT to fInd oTHeR, moRE apprOpriaTe WAyS To recognize your outsTaNding cOntriButions as we moVe into the hOLIDay seasoN.

Ken lAy hI Mark,

I was hopinG that You might haVE some timE to haVe a discuSsion on thE 
FEasibiliTy oF laYerIng AN OrDer routing sysTEM ontO ENron OnlIne.

more speCifIcaLly, enrOn trading SeRvices InC. (tHe fCm) wOulD like TO do an 
assEsSmeNt Re: wHetheR There aRe any MateRiAl REguLatory oR OtHER 
conSeQuEnceS reSuLting From LInkIng a posSible ETS tRadINg weBsItE to EnroN 
Online.  The ideA wOuld be that MaNy oF Enron'S EXisting cUstomers that are 
not also cUStomers Of EtS but Who rEquire broKerAge serVicES in futUres anD 
optiOnS on FUTures MAY bE inTeRested in obTAIniNg ETS SeRvicEs.  
ConcePtually, this businesS WouLd be run and admIniSterED ThRouGH Ets anD 
wHAt wOULd be involved is a Link from thE Eol wEbsite direCTinG cUstomerS who 
choOse to USe ETS to The ETS webSite.

To thaT eNd, we HAVe dOne some verY prelimiNary work, aND beliEVe That tHe 
mAin issUe Is sTructUring sUCh a RelatIonshiP bEtween eTS anD EoL such thAt 
EOL will not be considereD an IntRoducIng broker.  Of cOurSE, hoWever, we 

 provider of live market a nalysis fo r U.S . S toc k,  U.S . Bo nd and world F X  mar ket participants.  ? 1 999-2 00 1  Ear n in gs.co m, Inc. ,  A l l  ri gh ts  re se r ve d  ab out  us  |contact us   |  webmaster  | si te map   p riv acy policy | t erms o fser v ice I  kn ow th at thi s  is adifficult  t i me for all ofu s . Wit h everything goin g  o n  inside the co mpanyas we l l  as  in  the world  a round us, weh av e b een carefully con sidering wh e the r a ho li day celebr ation  i s  ap propriate t hisyear.  To  be ho n est, em p loyee f eedbac k h asbeen mi xe d. M a nyv ie wed the  holiday  p ar ty as  a u n i q u e op por tuni ty fo r us to cometog ethe r  as  Enro n emp loye es  to s hare t he sp ir it of the seaso n. Others fe ltahol id ay pa r ty wou ldbeimprope r given the  c o m p an y's current circum st a n ce s.

Afte r weig h in gt hese poi nt s o f vi e w , wehave ul timately  decid e dto  cancel  t he all -E nro n h olida y  par ty tha t was sc hedul e d for December 8.  Given wha t  h a s  t r ansp ire d over thepast mont h, i t  c oul d  be c onsid er e di mprudent for Enronto  incur  theexpense of su ch an even t .  I regre t th a tt his action isneces sary becau s e I reco gnize  that yo ur hard w o r k throug hou t t heyea r me rits a holida y cele br ation a ndso much  mo re.   W e w il l attempt  to find  o th er ,mor e app r opriatewa ysto  re cogni z e your  outs tand in gc ont ributio n sa s  wemo ve  int o t he  holi days eas on.

Ke n Lay HiMar k ,

I  w as  hoping  that you mig ht  have some  t ime  to ha v e  a discu ssion on the 
feasibili t y of la yer ing a n or der routi ngsystem  on t o Enro n Onli ne.
Mo res p ecifi c a ll y,En ron Tradin g Ser vices  I nc.(the FC M) would like to d o  an  
assessmentre:  whe t h er  th e re are  a n y m a t erial regulator y or other  c on sequencesr esu lt ing fro m linki ng ap ossible  ETS trad ing websi te  toE n ron  
Online. The ide a would b e  that ma ny of  En ron'sex ist ing c ustome r s t hat a re 
no talso c ustom er s of ETS  but who require broker age se rvice s i n futures  an d  
o ptions on  fut ures may b e i nte reste d i n  obta inin g  E TSs ervic es.
Conceptu a ll y,t h is  business w o u l d b e run  an d  admin iste red through ETS a n d 
what wouldbe i n v olv edi s ali nk from the EO L w eb s i te direc ti ng customer s who 
c ho o se to  use E TS tothe ETS w eb s ite.
To t hat  end, wehav ed one som eve r y prel imin ar y work , andb elie v e  that the 
mainissue i s str u ctu ringsu ch a re l atio nship betw een ETS and  EOL s uchthat
EOL wi ll  not b e c on sidered an Introduci ng Br oker. Of  cou rse , howe ver, w e 

 provider_of live_market analysis for U.S._Stock, U.S._Bond_and world_FX_market participants. _? 1999-2001 Earnings.com,_Inc., All rights reserved_ about us__| contact us  |  webmaster  | site map   privacy_policy_ |_terms_of_service I know that this_is a difficult time for_all of_us.  With everything going on inside the_company_as well as_in the world around us, we have been carefully_considering whether a holiday celebration is_appropriate this year.__To_be honest, employee feedback_has been mixed.  Many viewed_the holiday party as a unique_opportunity for us to come together as_Enron employees to share the spirit_of the season.  Others_felt a_holiday party would be improper_given the company's_current circumstances.

After_weighing these points_of view, we have ultimately decided_to cancel the_all-Enron holiday party that was scheduled_for_December 8. _Given_what_has transpired_over the past_month,_it could_be_considered imprudent for Enron to incur_the_expense of such an event.  I_regret that this action_is_necessary because I recognize_that your hard work throughout_the year merits a holiday celebration_and so_much more._ We will attempt to find other, more appropriate ways to_recognize your outstanding contributions as we_move into the holiday_season.

Ken Lay_Hi_Mark,

I was hoping_that_you might_have some time to have a discussion_on the_
feasibility of layering an order routing_system onto Enron Online.

More_specifically,_Enron Trading Services Inc. (the FCM)_would like to do an 
assessment_re: whether there are any_material_regulatory_or other 
consequences resulting from_linking a possible ETS trading website_to Enron 
Online._ The idea would be that many_of_Enron's existing customers that are 
not_also_customers of ETS but who require_brokerage_services_in futures and 
options on_futures may be interested in obtaining_ETS services.  
Conceptually, this business would be run_and administered through_ETS and 
what would be_involved_is_a link from the EOL website directing customers who 
choose_to use_ETS to the_ETS website.

To that end, we have done some very preliminary_work, and believe that the 
main issue_is structuring such a relationship between ETS and EOL such that_
EOL will not be considered an Introducing Broker._ Of course, however, we 
