Morten Erik,

Thanks for the email.  I thought it was very thorough and hits all the main 
points that we are thinking about right now.  Jeff and I are very bullish on 
the opportunities in Japan are just now focusing on the specifics.  I believe 
that will also drive the structure.  You should have received an EGM overview 
yesterday and it will be an excellent brief on what we are doing and our 
general direction.  I am very interested in having both you and Joe look at 
that and provide feedback on the opportunities in Japan.  
 
We can talk about all of your issues later, when we are more prepared, but on 
the PRC issue, the key is not simply P&L but on transactions and growing the 
business.   I believe that these businesses with proper focus and dedication 
can grow quickly and show success even though the margins may be small.

I am glad that you are coming over and also touring Enron Europe and ENA.  It 
will help you make a better decision and we will have all of this clarified 
in the mean time.  Jeff and I will be talking about some of these points 
tomorrow as well.

Thanks,
Mike