---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/31/2001 
04:00 PM ---------------------------


Sheridan Titman <titman@mail.utexas.edu> on 01/29/2001 07:25:02 PM
To: Vince.J.Kaminski@enron.com
cc:  
Subject: Re: consulting arrangement


Dear Vince:

I enjoyed talking with you on the telephone on Friday and look forward to
working with you on this project.

Just to confirm, we decided to have a conference call on February 5th and
that I would come to Houston later in the month.  The week of February 12th
is not good for me, (I will be at Yale), but I am free on Tuesday and
Wednesday of the following week.  Also, note that I will be seeing you in
Austin for the energy finance conference on Thursday and Friday of that week.

I will spend a few hours thinking about the issues we discussed in Houston
before our conference call.  Specifically, issues relating to appropriate
discount rates and the concept of risk capital.  If you have other issues
that you would like me to start thinking about prior to the call, please
let me know.

I look forward to talking with you about this in more detail.

regards,

Sheridan
Sheridan Titman
Department of Finance
College of Business Administration
University of Texas
Austin, Texas 78712-1179

512-232-2787 (phone)
512-471-5073 (fax)

titman@mail.utexas.edu