As officers of the company, we would like to reiterate that we are all 
responsible for conducting the business affairs of the Company in accordance 
with all applicable laws and in a moral and honest manner.  
 At this particular point in time, we would like to revisit our Business 
Ethics policy:  
 &Employees of the Company are charged with conducting their business affairs 
in accordance with the highest ethical standards.  An employee shall not 
conduct himself or herself in a manner, which directly or indirectly would be 
detrimental to the best interests of the Company or in a manner, which would 
bring to the employee financial gain separately derived as a direct 
consequence of his or her employment with the Company.8
 Please realize &conducting our business affairs in accordance with the 
highest ethical standards8 should be reflected in all communications.  This 
applies to communication via person to person, telephone, correspondence, fax 
and e-mail.  We particularly want to address the importance of absolute 
integrity in your communications via e-mail and any attached documents or 
graphics.  If further clarification is needed, please contact your 
Advisor/Director for any questions or concerns.  We are available to discuss 
these issues as well.
 The Code of Ethics was revised in July of this year and every employee was 
asked to sign a new Certificate of Compliance statement.  This signed 
statement serves as your personal agreement to comply with the policies set 
forth during the term of your employment with the Company.  The Code of 
Ethics booklet, and the Certificate of Compliance are avaliable to all 
employees on the Enron Home Page at http://home.enron.com/.  You may access 
them by clicking on Code of Ethics.
 We are proud of Enron and we want it to continue to enjoy a reputation for 
fairness and honesty that is respected.  Let,s keep that reputation high.