CORRECTION TO RON'S CELL PHONE

Our apologies. Ron's correct CELL PHONE number, should you need it, is
(713) 480-7087.

Michelle Britton, filling in for Michele van der Noort
713/751-4346
----- Forwarded by Michele van der Noort/HOU/NorthAmerica/MCKINSEY on
09/25/2001 12:30 PM -----

Ron Hulme
Sent by: To: greg.whalley@enron.com
Michele van cc:
der Noort Subject: PUSHING AHEAD
09/25/2001
12:10 PM

Greg,

We are pushing ahead and have scheduled two hours with you on Thursday
afternoon to review progress. I wanted to reconfirm the scope/focus of our
effort with the attached chart.

As we discussed, our primary focus is around pushing the M&A case for
action and options. This effort is well underway.

As we also discussed, we will push forward on the stock price valuation
from the standpoint of (1) understanding the likely impact of potential
disclosures/write-offs, and (2) assessing the value which Enron should
attribute to the stock if you were to use it as an M&A currency. This step
requires some recharacterization of baseline earnings and you expressed the
concern that it would be difficult to address this topic prior to the
completion of the budget process. We think we can approximate the impact
more quickly through an alternative process, which we will describe on
Thursday.

Finally, we think we should spend some time addressing fallback options
besides M&A (see chart).

Please give me a call on my cell phone (713) 480-2087, or leave a voicemail
at (713) 751-4309 to confirm that we are (or are not) on the right track.
I look forward to seeing you Thursday.

Regards.

(See attached file: 1 PAGER ho0400 (9-24-01).ppt)

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