RE:

Thank you Sir for your response and I do appreciate your very hard work that you have accomplished for us (Enron Corp).
I now agree with you on your approach and I also feel very positive about the merger and of course will do all I possibly can to help in the efforts.
Ever Faithful
Rudy Elizondo

-----Original Message-----
From: Wells, Tori L. On Behalf Of Lay, Kenneth
Sent: Monday, November 12, 2001 9:52 AM
To: Elizondo, Rudy (ETS)
Subject: RE:

I very much appreciate your e-mail and agree with most of what you said. But for very practical reasons, the management and the Board decided a merger with Dynegy was the best alternative for Enron.

Thank you,

Ken

-----Original Message-----
From: Elizondo, Rudy (ETS)
Sent: Thursday, November 08, 2001 12:42 PM
To: Lay, Kenneth; Causey, Richard
Subject:

Ken, I am a loyal Enron Employee for over 17 years and my opinion (however insignificant) is that we stand and fight and not take any buy out offer from anyone.

I know that I speak for the rest of my team when I say lets stand and fight and not sell out to the first bidder who will not give us what we are really worth. We are the best and continue to be the best in the energy world, that is my attitude every day that I proudly come to work.

Please reconsider and take our lumps like Columbia Gas System, like Continental Airlines and get back into solvency the best way we know how to. The past is past, lets pick up ourselves by our boot straps and get back into the fight and win this one.

You know that you can count on me and the rest of my team in ETS to stand by this decision to stand and fight.

Ever Loyal and willing to serve.

Rudy Elizondo (ETS).

ps If you need more inspirational speeches from me, I will be happy to oblige.