Freight Presentation to Banks

Jeff,

I wanted to send you a copy of the presentation we have given to the
following banks in London last week:

ANZ
Christiana
Chase
ING Barings
NIB (small niche shipping Dutch bank)
BNP Paribas
Citibank
ABN AMRO

I wanted to set up meetings with a combination of Enron's tier 1 banks and
niche shipping banks. Andrew Makk,
myself, Pierre Aury, Andy James and Simon Crowe (works for Paul Chivers)
attended the meetings from Enron's side.
Simon did a good job coordinating all the meetings and we were well
received in terms of banks agreeing with our value
proposition. We marketed to them in regard to being able to provide risk
management solutions for their loan portfolio and
asked for their input regarding the shipping market today and in the near
term. Pierre and Andy were very appreciative of the
information and effort to help their business. It was a very good learning
experience for the Enron team. We have solid leads
with each of the banks. I will let you know if I hear of anything further.

On another note we will be meeting with Fuji and CSFB next week to hear
their updated input on how best to finance
the Jose project. We have also been visiting with multiple people in
London related to the Sutton Bridge structure and several new ideas.
Andrew
and I have also been visiting with Eric Gonzales in regard to our options
to extract maximum value as soon as possible from the Jose project.
I hope all is well and I sent a similar message to Mike.

Regards,

-Larry-

(See attached file: Banks Jan-01 -- no graphics.ppt)

- Banks Jan-01 -- no graphics.ppt