Announcement of EnronCredit.com

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