Dr. Kenneth L. Lay 
Chairman & C.E.O. 
Enron Corporation 

Dear Dr. Lay: 

As part of CERAWeek 2001, you are cordially invited to participate in the 
Leadership Circle, an exclusive program for senior executives to be held in 
Houston, Texas, February 11-16, 2001, in conjunction with CERAWeek 2001 and 
our 20th annual Executive Conference. 

The Leadership Circle has become a highlight of our annual conference, 
bringing together a very high-level, select group of government ministers and 
energy decision makers for informal discussions as well as substantive 
presentations on issues of common concern.

Our focus this year is energy market turmoil and its effect on investment 
strategies, regulatory backlash, and industry structure.? We will also 
discuss the postelection prospects for the economy and US politics. Note that 
we have extended the program in response to member suggestions and have 
included recreational activities on Sunday, February 11, and a reception that 
evening at the unique Paraiso Maravilla in Houston, as well as a special 
Summit on Energy Supply and Investment on Monday morning.

To view the complete program, and for details on sponsorship and 
registration, please visit our web site at 
http://www.cera.com/cfm/track/mc.cfm?p=674&c=150. Please reserve your place 
at Leadership Circle 2001 by returning a completed registration form, which 
can be found at http://www.cera.com/cfm/track/mc.cfm?p=785&c=150, or by 
e-mailing your session preferences to CERA Event Registration at 
register@cera.com.

You will also receive a copy of the program via regular mail. In the 
meantime, should you have any questions regarding Leadership Circle 
participation or sponsorship, please contact Sabrina Wisner, Leadership 
Circle Manager, at +1 617 441 1339 or swisner@cera.com.

We hope that you join us for these timely and lively discussions as the 
energy industry enters the new millenium. I personally hope to see you at 
CERAWeek 2001.

Yours sincerely, 

Daniel Yergin 
Chairman 
Cambridge Energy Research Associates 

Should you have trouble reaching the Website using the link above, please go 
to http://www.cera.com/lcircle/ 
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