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  EAGLE GL; `BAL ADVISORS

5847 San Feiipe, Suite 930 • Houston, Texas 77057

(713) 952-3550 - Fax: (713) 952-4175



July 14, 2000



Mr. and Mrs. Kenneth L. Lay

Lay Family Interest

2001 Kirby Drive, Suite 1240

Houston, Texas 77019



RE: KENNETH L. LAY & LINDA P. LAY, TIC



Dear Mr. and Mrs. Lay,



We are delighted you have entrusted Eagle Global Advisors to help you with your investment

needs. I would like to take this opportunity to document your Investment Objectives, Risk

Tolerance, Investment Time Horizon, and Asset Allocation Guidelines.



Investment Objectives

  • Growth - Grow the portfolio over mid to long-term.



Rick Tolerance



• Above Average - Above average to average portfolio fluctuations.



Time Horizon



• 10 years or longer



Asset Allocation Guidelines



  Maximum international equity exposure 100%.



We hope this general comment on investment objectives and guidelines reflect our mutual

understanding. Assuming this to be the case, we would appreciate your acknowledging by

signing and returning one of the copies of this letter for our files.



Kindest regards,





  Thomas N. Hunt, III



  Ac ledged

Kenneth L. Lay



Acknowledged

Linda l.ay L



LAY-G20 0830