Dr. Kenneth L. Lay
Chairman & CEO
Enron Corp.

Dear Dr. Lay:

You are cordially invited to participate as our guest in the 2002 CERA
Leadership Circle, to be held in conjunction with our annual Executive
Conference in Houston, Texas, February 10-15, 2002. The Leadership
Circle is an exclusive program that is one of the highlights of
CERAWeek, bringing together top decision-makers in the global energy
community for informal peer-level discussions and presentations by
thought leaders. The proceedings are informal and relaxed, designed to
maximize ideas, exchange, and relationship building. Participation is by
invitation only and is exclusively for senior executives and ministerial
officials.

The Leadership Circle will commence Sunday, February 10th with dinner.
The program continues Monday afternoon and features breakfast discussion
sessions Tuesday through Friday. This year's program will be
particularly timely and important. Our focus is on the new dynamics of
geopolitics, the global security agenda, the economic future, and the
new battle over globalization and the marketplace. Our aim is to offer
thoughtful insight on the future political and economic landscape and
what this means for energy.

We hope you will join us for this unique opportunity to share
experiences and perspectives at this time of great turbulence and
change. We will be sending you a formal letter of invitation later in
January. The Leadership Circle will commence Sunday, February 10th with
dinner. The program continues Monday afternoon and features breakfast
discussion sessions Tuesday through Friday.

If you wish to confirm participation now, please complete the
registration form found on our website at
http://www.cera.com/lcircle2002/lc2002_enroll.pdf (requires Adobe
Acrobat Reader).  Please fax this form CERA registration at +1 617 498
9176.

Alternatively, if you have any questions, please contact Sabrina Wisner
via e-mail at swisner@cera.com.

Sincerely,

Joseph A. Stanislaw
CERA President and CEO


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