Cedric,  

As a follow-up to our meeting,  below are a few comments and ideas regarding 
the Net Works piece of the analyst presentation.  

I know I sent you a lot of data and presentations, here are a few pages in 
the various presentations that I think may be appropriate for the 
presentation (or pieces of them) including: 

? Why Enron?
? Recent Enron eCommerce Experience
? Lessons Learned
? Business Strategy
? Target Market Criteria
? Enron Today/Enron Tomorrow

Here are a couple of other thoughts and ideas.

We need to emphasize our new businesses outside the energy business 
(obvious).  Clickpaper.com will be out and live just before the analyst 
meetings.  This is very exciting and could take the industry by storm 
(eventually).  Especially with Jeff,s comments with the analysts.  This 
should be emphasized with the metals piece.  The concept is that here are 2 
new areas where Enron is going to change the "old economy" businesses and 
industries.  Clickpaper will have real time pricing which is different than 
all the other 15 existing sites.  All of the others are charging 3% fees for 
matching buyers and sellers in a bulletin board or auction type of 
transactions. We will also have that functionality (and will charge 1% or $0 
(we,ll update you later) but will also have an EOL type of real time pricing 
component (this piece will be free).  This piece will not be ready for July 
25th but will be announced publicly and in final development stages (should 
be out by end of 3rd qtr.).  I believe that the link with Net Works with both 
paper and metals is very important for providing a more complete picture than 
just metals alone.  Also for your information, we are working on 2 
acquisition deals that will be coming out soon, 1 is to buy a mill and could 
be announced next week, which will also clarify and add to the story since we 
will have access to physical pulp and paper.  Paper must be an important 
piece of the presentation.  Greg Piper is the MD for Clickpaper and he can 
answer any other questions and fill you in and answer more questions.  He can 
be reached at ext. 36635.

Also, on the "Target Markets" page, I would reorder;  put Lumber underneath 
pulp and paper and think about separating the others as potential markets.  
That way we could actually check off the top 3 as "done" and the others are 
in "incubation" and examination stages. 

Please draft up your initial thoughts on these items and send me the latest 
version and I,ll add additional commentary.  I will be in all next week.

Thanks,
mike