Dear Sandra,

I sincerely apologize if I offended you in any way Wednesday evening. That
was certainly never my intention. I let my competitive emotions take over. I
was attempting to compare myself with other brokers not any specific shop.
If I singled certain brokers out that was not my intention. I was honestly
trying to stress that I really work hard to earn the business.

I can truly say that I slept very little that night reflecting on things
that were discussed in our dinner. After pondering the discussion about the
firmness of physical gas, I was afraid that I did not communicate my point
well and insulted your intelligence and your ability to judge the
intelligence of your brokers. I certainly would never purposely do that. I
respect your reputation in the market and your knowledge of the market. Upon
reflection of the conversation, I did not communicate my points concerning
physical, and I cannot say enough that it was not my intention to insult you
(whether you work at Enron or not).

I have reviewed the conversation with Steve and Jon (Ray is at lunch), and I
can honestly say I was trying to point out Enron's strength in the
marketplace. I chose the West as the example because of the volatility. I
certainly meant it on how the market has changed; NOT how Enron manipulates
the market or is putting traders out of jobs.

I am embarrassed that I lost my composure. I felt you were trying to
challenge our group to raise our level of game (which you did). I did not
mean to dominate the conversation from Natsource's point of view. Steve and
I agreed that we both could have handled the discussions much better. I do
not blame Steve as my boss or Jon as the desk head for not stopping the
conversation. I am an adult and a professional so I take full
responsibility. As brokers, our job is to communicate. Clearly, we failed
in this regard.

I obviously would like to make it up to you and your firm. I hope my lack
of composure does not cost my entire firm any of Enron's business. I hope I
can work through the issues I created for the Gulf desk. I will take it
personally to take your points about our desk and make them happen. I do
not want you uncomfortable with anyone who speaks with you. Your respect
for Ray is obvious, and I will try to support whatever you decide to the
fullest.

Sincerely,

Aaron