All,

 At our offsite in Miami next week, each of you are on the agenda to present 
your business and goals.  This will be very short, only 20 minutes (an agenda 
will soon follow but we will have a business meeting from 8am - 11:30am on 
Saturday).  Please prepare a few of pages on power point and submit to Cathy 
Phillips so that she can have all the presentations ready for that Saturday 
morning.  

Attached below is a copy of the abbreviated goals that I submitted to 
Frevert, summarizing EGM's 2001 goals.  Please do not hesitate to change the 
list and add to it, it is only a guide and was used as a quick reference of 
EGM for the Enron board.  After this meeting, I will take each of your 
presentations and make a more comprehensive goals and objectives list for EGM 
as a business unit.  Also please add some of your other specific goals that 
illustrate where you want to be by year end regarding your competitive 
position and/or market share.  For example, to be the largest marketer of 
coal in the US, to be the largest options player in crude and products, or 
what ever is appropriate.

Also attached, for your information, is a recent  presentation from the coal 
group.  We thought that this was an excellent format and review.  In the 
upcoming weeks, we would like to see an update on each of your businesses as 
well.  I will let you know more in the next few weeks about the timing and 
format.

Thanks,
Mike