Richard B. Buy
EVP & Chief Risk Officer
Enron Corporation
1400 Smith Street - 50th Floor
Houston, Texas 77002-7361

RE:  Reception & Dinner on
     October 24, 2001 in Houston, Texas

Dear Mr. Buy:

As  one of our most valued clients, HVB America hopes that you will be able
to join us on the evening of Wednesday, October 24, 2001 in Houston, Texas.

Stephen  Bub,  a  member  of  HVB's  Board  of Directors and the CEO of HVB
America  and  Asia  will  host  the  event,  which includes a reception and
dinner.  Other  senior  officers  from our Munich and New York offices will
attend as well.

Within the next 2-3 weeks, we shall provide you with additional details. In
the meantime, however, please make a note in your diary.


Sincerely yours,

Yoram Dankner