RE: Real Options

Vince,

Thanks again for coming to Austin to speak with my class. I am sure
that they appreciated hearing about the use of real options at Enron, and I
think it was a very fine way to finish the semester.

Along with my colleagues from finance, I appreciate the strong
support that Enron has provided to the College of Business Administration.
We appreciate the relationship, and look forward to seeing you in Austin
again next year.

Jim