Ken,

Soon you will receive (or perhaps have just received) a letter from a fellow
MU alumnus, Roger Vasey.  In the letter, Roger outlines a business
opportunity that he believes has a potential synergy with Enron.

While I am not familiar with this business opportunity, I am very familiar
with Roger.  He is now semi-retired following a very successful business
career.  He remains a special advisor to the chairman of Merrill Lynch &
Co., Inc., in New York.  Previously, he was executive VP and global director
of all debt markets underwriting, sales, and trading for the firm.

Since the early 1990s, Roger has been actively involved with MU,
specifically with the College of Business.  He has served as chair of both
the Strategic Development Board and the Davenport Society.  Roger also was a
member of the steering committee for the college's very successful capital
campaign.  I hold him in the highest regard and feel fortunate that he, like
you, has chosen to contribute to his undergraduate alma mater in various
significant ways.

I hope you will consider the opportunity described in Roger's letter.  I
know he must think it has a great deal of potential if he decided to present
it to you.

Finally, thanks very much for your holiday card and the donation
opportunity, which benefitted Boys & Girls Club of Columbia in my case.
Season's greetings,

Bruce Walker