Here is a draft position report we talked about previously. We had delayed 
distribution because we were waiting for some important input on the Sithe 
contract.

The report attempts to view various assets and positions entirely on an 
economic basis, regardless of accounting treatment. Currently this is not 
exhaustive since the universe of economic exposure is significant but if 
useful we will spread the net. 

Here are the highlights:

Enron stock option plans: 

ENE is low and volatility is around 45 - 50%. We are working with Global 
Finance and Accounting on a hedging proposal.

J Block CRTA:

We have not factored in the impact of yesterday's House of Lords ruling on 
this contract.

Korea:

USD/KRW has gone from 1205 to 1368. Economic outlook is bleak. Enron's 
currency translation account (CTA) has gone from $19m Dr to $40m Dr since 
January.

Brazil:

Argentina's woes are not helping. USD/BRL is currently 2.17 from 1.95 in 
January. CTA has suffered $173m in losses and now stands at $663m Dr.




Thoughts and comments welcome.

Rgds
DP