Wholesale Power and Gas Trading operation

8214 Colonial Oaks Lane
Spring, Texas 77379

December 13, 2001
Regarding: energy trading positions

To Kevin Presto, Harry Arora, and John Arnold:

I am writing to you to express my desire to be apart of the Wholesale Power and Gas Trading operation that will potentially be created with an entity that has a high credit rating. I have been working for Rogers Herndon in Enron Wholesale Services on the Options Desk. In this role I have modeled the power options that are embedded in the various deals done through Enron Energy Services with large industrial and commercial clients. In addition, I profitably managed the positions and priced deals for structurers and originators. I realize that now is a difficult time but am confident that I would make an excellent addition to your team for several key reasons:

? Proven experience in the financial markets and direct trading experience in various markets, including electricity and natural gas, mortgage backed securities, U.S. Treasury securities, foreign exchange, EuroCurrency and EuroDollar deposits
? Team player and high work ethic, successfully balancing trading opportunities with managing risk
? Solid portfolio management and risk management experience in electricity and mortgage banking
? Five years direct experience in trading, risk management, structured products and marketing of electricity for the United States
? Actively involved in the physical markets and strong understanding of the western grid
? Experience trading OTC forwards and options at major hubs in other NERC regions such as Cinergy, Entergy, ERCOT, NEPOOL and PJM
? Worked for both unregulated power marketers and regulated utility
? Extensive experience in derivatives and structured products
? Ability to effectively work with marketers pricing and structuring deals for industrial and commercial end users of energy
? Strength in mentoring junior traders

Thank you,

Rick J. Wurlitzer

Home: (281)251-6210, Work: (713)853-5049
E-Mail: Home: r.wurlitzer@att.net <mailto:r.wurlitzer@att.net<, Work: rwurlitz@enron.com