As many of you are aware, we have been building capabilities to offer credit 
risk management products to our customers on a global basis with initial 
focus in Europe and North America.  We are now ready to move to the next 
level and begin offering bankruptcy swaps on specific energy and non energy 
names.  We anticipate officially launching the business on Wednesday, 23 
February with a Press Release and external website called EnronCredit.com. 

Prior to making the public announcement, we intend to send a letter to the 
respective CFO/Treasurer/Finance Director of the reference credits letting 
them know that we will begin making markets in bankruptcy swaps on their 
names.  We have worked with Enron's many origination groups to remove names 
of customers that are particularly sensitive or where we might have 
confidential information.  In anticipation of potential direct feedback to 
the account representatives of the referenced entities, please see the 
attached list of initial reference credits and have a look at the test 
version of the web site at test.enroncredit.com (at certain times during the 
test phase, the web site may not be available in all locations).  

If you have any questions or comments, please contact either me or  Bryan 
Seyfried who is leading the effort  at 44 020 7783 7907.

Thanks!

John