Enron Direct Transaction Summary Memo

From: mark.powell@enron.com

To: rob.milnthorp@enron.com, derek.davies@enron.com, peter.keohane@enron.com,mckay.jonathan@enron.com, darren.cross@enron.com, kate.joslyn@enron.com

Subject: Enron Direct Transaction Summary Memo

Cc: linda.sietzema@enron.com, greg.johnston@enron.com

Bcc: linda.sietzema@enron.com, greg.johnston@enron.com

Date: Tue, 22 May 2001 13:20:00 -0700 (PDT)

Attached is a 3 page memo which describes the purchase and sale transactions of Enron Direct as we discussed last Tuesday. The structure for the power transactions is not exactly as we discussed. Please see subsection © of the attached.

A memo describing the legal and practical requirements for balancing should be circulated shortly.

Regards,

Mark Powell