From: [email-masked]
To: [email-masked]
Cc: [email-masked]
Date: Wed, 7 Nov 2001 13:50:12 -0800 (PST)

Greg:

We wanted to follow up after our recent efforts.  Ron has tried
(unsucessfully) to reach you over the last couple of weeks and  we are
fully sensitive to how difficult it is to find time to speak these days.
In that context, Ron and I felt that a brief note might be best.   As you
know, we worked at Jeff Donahue and Mitch Taylor's request for several days
to develop a synthesis of the Enron Wholesale Services business model.
This model centered around the cash/earnings generation power of Enron
North America's gas and power franchise and the related working capital
dynamics.  We also began to develop a model to explain how VaR, volatility,
and price drive Enron Wholesale Services' proprietary trading
profitability.  When we were asked to leave a week ago this effort was well
underway, but still incomplete.

We believe that these analyses, as well as an integrated view of the Enron
Wholesale Services business model, will be central to any investor's due
diligence process.  To the extent you feel this process needs to be
accelerated or enhanced, we stand ready to help at this critical time.

Finally, we have billed you for the capital markets diagnostic work
completed several weeks ago.  As agreed, we only invoiced you for two weeks
of work.  Please let us know if you have any questions about this work.

Once again, we want to emphasize our personal commitment to supporting you
and Enron in any way possible.

Best regards,

Suzanne Nimocks
713/751-4390

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