Attached are some initial thoughts for discussion on our call.Your views are
appreciated.

Panel 1

WSPP and EEI
At this point, I have seen materials from Bobby Campo. Andy has circulated
to all. Bobby's presentation gives the background and evolution of the WSPP
tariff/agreement. Bobby also provides his conclusions regarding the future
of WSPP.
Since we have seem Bobby's presentation, how should we structure the
remainder of our presentation?

Mike -- Since Bobby is giving a business flavor to the presentation, it may
make sense for you to focus more on legal and regulatory elements. For
example: what is WSPP's current regulatory status? How does that affect its
use? How is it administered/modified etc?.What material changes have
occurred to its terms over time? Where do you see it going?

Liz/Harlan-- How do think you should approach this topic?.It seems to me
that one obvious issue is the distinction between the a tariff based doc and
a standardized bilateral agreement. Regional vs. nationwide also seems
appropriate  Further, I think a discussion of the evolution of the EEI
agreement and some of the reasons for its development would be useful.  For
example, the lack of common bilateral credit provisions and product
definitions in 1998-99.A discussion of documents like ISDA and other master
trading agreements for physicals would also be useful. In addition, since
Dynegy and Enron are major players, your firms perspective on trading
documentation would be helpfull.Does EEI provide appropriate flexibility for
use in varied markets?[[Bobby- can you speak for Mirant here- as you know,
Mirant was an important contributor to the EEI contract].What document does
Enron on-line use? Finally, I think Liz's pitch for the Master-Master may
make sense in this context.

Finally, I think we should leave some time for questions; to comment on one
another's presenations;and , to provide some real world trading issues we
have run into if appropriate.

Panel 2

Let's make a deal

There is a lot packed into this panel and I'm told many of our audience are
not that sophisticated. I think we should approach this as a primer.I will
volunteer to do thevfirst few slides and generally set up the context for
contract specific discussions. How about Dede doing "set up"-- i.e.
negotiating the cover sheet/elections and optional provisions-- Liz doing
trading mechanics /oral transactions/confirmations/ and(her favorite) "into"
and Fritz doing all other products.  We can all chime in.


Panel 3


Some of this panel will carry over from the previous panel. For this one,
how about Andy doing the obligations to deliver/receive under the contract
slide with Harlan describing some real world issues her has seem with
delivery points or transmission.Harlan can then do the liquidated damages
and force majeure slides (setting things up in theory). Fritz can bat
clean-up with run through of the examples. Of course, we can all chime in.