Dear Working Group Participant

We are stating up the GARP FAS 133 Working Group Meetings again. The next
meeting is on Wednesday September 20 from 6:30- 8:30 Central Time in
Houston.

Phone-In will be provided.

GREETINGS FROM GARP!   WE ARE HAVING THE NEXT MEETING SEPTEMBER 20th AT
ENRON, FROM 6:30PM UNTIL 8:30PM. Due to security we NEED EVERYONE TO RSVP,
including the names of any guest they may be bringing.  Please RSVP to
rita.hennessy@enron.com.

The meeting will cover SFAS 133 and related Risk Management Issues.
Sajjad RIzvi and Phillip Merrill (GARP Chairman relating to SFAS 133) will
be presenting.  Attendence is anticipated to include risk
control/accounting/and quantitative analyst.  Below is the following
agenda:

"FAS133 and Beyond; An update on SFAS  138 and EITF 98-10"

   Overview of ?4 major amendments to SFAS 133,  that were made in 138,
   Accounting for Certain Derivative Instruments and Certain  Hedging
   Activities
        Impact of the expanded definition of Normal  Purchase Normal Sales
        on the Commodity transactions.
        Update on all the recently finalized Implementation  issues from
        DIG since the last GARP meeting in May/June 2000.
        Discussion on ?EITF 98-10 Issues on Energy related  contracts.
             ??? EITF 00-T- Capacity?contract subject  to?Lease Accounting
             treatment under SFAS 13.
             ??? EITF 96-17- Power Contracts-Long  term
             ??? EITF 91-6-? Power Contracts-Long  term

   Outline GARP's role and Methodology in dealing with the FASB regarding
   Energy related Issues
        Overview of FASB and DIG rule making process and how GARP can make
        impact
   Discussion to find Common ground on issues relating to this new
   accounting rule
        Outstanding issues in the energy  industry, including Capacity
        Sales transactions, Book-Outs  etc.
        Prioritizing issues
             Explore various positions and how to take next steps

The issues presented by SFAS 133 are very dynamic and the presenters have
requested that if you would like a particular issue raised at this meeting,
please direct your interests and questions to Sajjad Rizvi at
lima@flash.net, or call Sajjad at  281-579-3410

Again, I would like to extend a thank you to our presenters and I look
forward to your attendence.
Regards,
Frank Hayden
Director - GARP Houston Chapter