Yen Outlook

Vince,

As a followup to our meeting with David Port and Rudi Zipter re Enron's
investment in SK-Enron, Maureen and I wrote the attached position paper on
the Japanese Yen. As we have discussed, the volatility of the won closely
tracks fluctuation in the yen, and this yen position paper is intended to
complement the won outlook piece for a broader perspective on currencies that
takes into account the yen's influence on asian currencies. .

We would like to distribute this outlook to David and Rudi, but wanted to
send it to you for initial reaction prior to internal distribution.

Thank you, and let me know if you have any questions or comments re the
attached.

Gwyn