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Interoffice
Memorandum

  To: See Distribution List
From: Kenneth L. Lay

Subject: Enron LOC

  RECEIVED
JUN 28 2001
  Vidae Nicholson
SioWer Relations
Department: Executive

  Date: June 26, 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 26, 2001.


  00

CC: Rocky Emery
Bob Butts

  Mary Joyce
Elaine Overturf

EC38648B0050274

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

Integrity

Communication Excellence

EXH063-00336

GOVERNMENT
EXHIBIT
  4118
  Crim. No. H-04-25 (S-2)