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Interoffice
Memorandum

To: See Distribution List

From: Kenneth L. Lay

Subject: Enron Line of Credit

Department: Executive

Date: May 14, 2001

This serves as notice of my intent to repay my outstanding loan balance of $4,000,000 plus interest
in full with shares of Enron stock as of this day, May 14, 2001.


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CC: Rocky Emery

Bob Butts

Mary Joyce

Elaine Overturf

EC38648B0050226

Respect
Form 000-469-E(7/92)

Integrity

Communication Excellence

EXH012-01944