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Interoffice
Memorandum

  T°: See Distribution List

  From: Kenneth L. Lay Department: Executive
Subject: Enron LOC Date: June 27, 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, June 27, 2001.



CC: Rocky Emery

Bob Butts

  Mary Joyce

  V Elaine Overturf

EC38648B0050256

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

Integrity

Communication Excellence

EXH063-00334

GOVERNMENT
EXHIBIT
  4116
  Crim. No. H-04-25 (S-2)