As many of you already know, we have officially embarked on building a 
commercial credit trading business based in Europe but globally focused with 
trading operations in London and Houston.  We are focused on externally 
launching the business by making two way prices on approximately 200 energy 
credits in the US, Canada, UK and Nordic markets by 24 Jan. 2000 but we 
expect to scale up the number of reference credits that we quote on very 
quickly.  The initial names have been selected and provided to the credit 
department in both locations for initial review and will be subsequently 
distributed to the appropriate trading and origination groups for review 
prior to going live.  The intent is to capture as much of the corporate 
credit market as possible, as quickly as possible, by leveraging our internal 
resources (people, processes and systems especially EnronOnline) and the new 
mediums for communication.    To this extent, any ideas that you might have 
for getting the eyeballs of potential counterparties please let us know.  

This email marks the first of regular updates on our credit trading 
initiatives.  We will use this as a mechanism to keep all of you in the loop 
as to where we are in the implementation process and solicit your input on 
ways to integrate credit products into your existing business models and 
customer base.