-----Original Message-----
From: 	Dorland, Dan  
Sent:	Wednesday, January 16, 2002 4:27 PM
To:	Milnthorp, Rob
Subject:	Follow up on our conversation

Rob,

I would just like to follow up on our conversation and clarify any confusion you may have about where I stand. I have loved working for Enron over the past two years and have gained invaluable experience. I look forward to harnessing the opportunities in Ontario under the UBS banner and working with the former Enron team. Recently there have been a considerable number of companies soliciting Enron people familiar with the electricity market in Ontario. I evaluated the opportunities on the table and had come to a decision about my future, I want to stay with the team at Netco.

I communicated to Paul that I did not feel that the retail opportunity was rewarding enough to leave. He said that he would follow up with you to get back to me with more specifics on my role within Netco and to see if I have the opportunity to get into trading. It came as quite a shock to me when you mentioned my place within Netco had been compromised. I never gave Paul any commitment to join him on a retail venture or empowered him to speak on my behalf!

Rob, I apologize for this confusion and truly appreciate your understanding. I realize that the experience I stand to gain, the caliber of people I will work with, the credibility or the organization I will work for and my future earning potential will be significantly higher if I stay with the team and join UBS. I am confident that I know this market as well as anyone in this office, and I will continue to work hard to add value to the new organization.

Again, thanks for your support and please accept my apologies for the any miscommunication.

Sincerely,

Dan Dorland