1999 Accomplishments

1. Enron Online Trading -- organized a legal team and solved enforceability
and documentation issues around the world in a few short months for all the
commodities traded by Enron.

2. Developing New Businesses -- major contributions in developing and
structuring coal, insurance, band-width and power plant transactions. The
groundwork has been laid to develop very profitable businesses in each of
these areas.

3. Aggressive Pursuit of Litigation Claims as a Plaintiff -- pursued
Carolina Power & Light , Shell/Meridian, TVA, Ft. James and many others.
Most have already settled with excellent results. Successfully defended
Wolfschlager, the last Panhandle case and Jolen.

4. Lead Power Industry to Develop Master Power Agreement -- ENA lead the
Edison Electric Institute coalition in developing the first master power
agreement. ENA will benefit greatly in terms of dramatically lower
transaction costs and greater liquidity.

5. Reduced Legal Costs as Percentage of Earnings -- brought overall legal
costs to less than 6% of EBIT in 1999, down from 8% in 1998, despite the
upsurge in origination activity.

6. Brought Finance and Corporate Legal Talent to Origination Deals -- as
the origination work expanded dramatically and became much more complex,
brought in more sophisticated legal talent to deals like UI and Peoples with
great success.

7. New Concept to Better Manage and Communicate Legal Risks -- developed
the legal risk book concept to highlight where the largest buckets of legal
risks were and where efforts should be focused.