2001 Special Stock Option Grant Awards

We are pleased to present you with a 2001 Special Stock Option Grant Award.
As a participant in this grant you have the opportunity to share in the
ownership of Enron and the potential profit from increases in the value of
Enron's common stock.

The 2001 Special Stock Option Grant was made to let you know how valuable
you are and to recognize your contributions in making Enron the great
company it is today. Although there are no guarantees as to Enron's
future stock performance, we believe that an Enron stock option has
tremendous future growth potential. The value you ultimately receive from
your options will depend on the price of Enron stock at the time you
exercise your options.

You can access your 2001 Special Stock Option Grant Agreement and the Stock
Plan document governing the grant via your eHRonline account on the
intranet website at http://ehronline.enron.com. Unlike stock options
granted in the past a copy of your grant agreement will not be mailed to
your home address.

Additionally, the following information regarding the 2001 Special Stock
Option Grant can be found on the HR website http://hrweb.enron.com.

? 2001 Special Stock Option Grant Highlights
? 2001 Special Stock Option Grant Frequently Asked Questions (FAQs)
? A "How to Exercise Options" document that contains contact information
and PaineWebber forms applicable to your stock options

Please take time to review this material. It is important to us and to
you. If you have any questions, please contact your Human Resources
representative.

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