A Tale of Three Seas - June 19-21, 2001

Mr. Vincent J. Kaminski
Managing Director
Enron Capital & Trade Resources Corp.

Dear Mr. Kaminski:

CERA is holding its fourth annual "A Tale of Three Seas-Integrating with the
World of Energy" conference June 19-21 in Istanbul. I'd like to brief you on
the program and express my hope that you will join us for this premier,
senior-level international gathering focusing on the region of the Caspian,
Black, and eastern Mediterranean Seas. The latest agenda updates can be found
on the CERA Web site at? http://www20.cera.com/event/istanbul/? . This site
will be updated regularly to keep you abreast of program developments.

We are pleased to announce that the conference will feature keynote addresses
from two major energy industry leaders: Sir John Browne, Group Chief
Executive, BP and Vittorio Mincato, Managing Director and Chief Executive
Officer, Eni S.p.A.

A very senior-level group of speakers will complete the program. To review
the list of confirmed speakers please visit?
http://www20.cera.com/event/istanbul/speakers/? .

Opportunities for a variety of event partnerships exist for CERA clients by
which they may enhance their profile in the energy community and across the
region. We offer a range of targeted options, which include a choice of
enrollment levels and branding benefits.

To register for "A Tale of Three Seas", please complete and return the
enrollment form found on the website at:
http://www20.cera.com/event/istanbul/? .

If you have questions or need additional information regarding the
conference, please contact my colleague Steven McCarthy by telephone at +1
617 441 1308 or e-mail at smccarthy@cera.com.

I hope you will be able to participate.? Please feel free to pass along this
message to any colleagues you feel might be interested.

Sincerely,

Joseph A. Stanislaw
President, Cambridge Energy Research Associates (CERA)
A Tale of Three Seas Conference Co-Chairman

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