UK Inflation Presentation

Deal all,

Please find attached a copy from a presentation on UK inflation we gave this
morning to John Sherriff, President & COO Enron Europe. It summarizes the
results of our work on inflation so far. As you know the long term models
still remain to be approved. As today is quarter end and there is a
significant P&L effect on a MTM basis John Sherriff would like to proceed as
soon as possible with the new curves.

Thank you all for all your help!

Best regards,

Martina
x34327