Re: Equity Group Presentation

Gary,

That was a great presentation. Thanks for the update.

From: Gary Hickerson 12/06/2000 12:57 PM

To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Equity Group Presentation

Gentlemen,

The meeting today with our equity traders should be an informal discussion.
My intention is to encourage you to get to know them, to educate you about
how they run their separate businesses and to discuss future prospects of the
fund. Although we will be touching on some heavy topics, such as accepting
third party money, the tone of the meeting should be relaxed, informative and
a good debate. I will be sending you a presentation shortly.

Thanks,

Gary