-----Original Message-----
From: 	Dorland, Chris  
Sent:	Wednesday, January 16, 2002 1:57 PM
To:	Dorland, Dan
Cc:	Dorland, Chris
Subject:	RE: email


CHRIS'S VERSION 2

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. 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 XYZ retail venture or empowered him to speak on my behalf! (or something to that effect)

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

 -----Original Message-----
From: 	Dorland, Dan  
Sent:	Wednesday, January 16, 2002 1:00 PM
To:	Dorland, Chris
Subject:	email

Rob,

I would just like to follow up on our conversation and perhaps clarify any confusion you may have about what I am thinking. First, I should say that I have loved working for Enron over the past almost two years, gained invaluable experience and sincerely looked forward to harnessing the opportunities in Ontario under that banner and team. However, as a result of the events from the past few months, there was a considerable number of companies soliciting Enron people for the opening of the electricity market in Ontario. Of course, to be prudent, I evaluated the opportunities on the table.

At the same time, I was told that I had been slotted for retention by Netco and looked forward to the opportunity to grow with that business. In retrospect, I guess I was naive to think that I could seriously evaluate retail opportunities with, on the surface, very tantalizing potential compensation and assume that my role in Netco Ontario still resides. So today, I communicated to Paul that I did not feel that the retail opportunity was rewarding enough to leave and he told me that he would follow up with you to get more specifics on what my role within Netco would look like.  So, I was somewhat shocked when you mentioned my place within Netco had been compromised.

In any event, I appologize for this confusion Rob and truly appreciate your understanding. Currently, I do have an offer from a retailer that could significantly increase my current compensation, but I came to the conclusion that the level of experience, people, network, credibility and future earning potential at Netco is at too high of an opportunity cost to leave. I am confident that I know this marketplace as well as anybody in this office, and can add substantial value to the new entity with respect to future earnings and previous activities of the Toronto office. I am also very interested in the opportunity to work in trading.

Thanks again for your support Rob and please accept my appologies for the miscommunications.

Sincerely,

Dan