Credit Markets Group Organisational Announcement.

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/17/99
03:58 PM ---------------------------

Anjam Ahmad
12/07/99 09:33 AM
To: Vince J Kaminski/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Vasant
Shanbhogue/HOU/ECT@ECT
cc:
Subject: Credit Markets Group Organisational Announcement.

---------------------- Forwarded by Anjam Ahmad/LON/ECT on 07/12/99 03:32 PM
---------------------------

Enron Europe

From: John Sherriff 07/12/99 03:10 PM

Sent by: Enron Europe General Announcement
To: ECT Europe, Enron Executive Committee, Jay Fitzgerald/Corp/Enron@ENRON,
William S Bradford/HOU/ECT@ECT, David Gorte/HOU/ECT@ECT, Monte L
Gleason/HOU/ECT@ECT, Mark Ruane/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Rick L
Carson/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Randy Petersen/HOU/ECT@ECT,
William S Bradford/HOU/ECT@ECT, Grant Masson/HOU/ECT@ECT
cc:

Subject: Credit Markets Group Organisational Announcement.

We are pleased to announce the formation of the Credit Markets Group which is
responsible for developing innovative products to better manage the risk of
our internal credit portfolio as well as, looking for opportunities to
provide third party credit protection. Initially, we will be making markets
in bankruptcy protection on reference credits which are currently in our
portfolio but we expect to add additional credit products and reference
credits very quickly.

The team will utilise EnronOnline as its primary trade execution tool,
looking to quickly build market share by capturing the eyes of our current
counterparts. Simultaneously, we will launch an external web site focused
on credit protection where potential customers will have access to real time
prices and filter on specific reference credits as well as, access to credit
models and research papers on effective credit risk management. Utilising
e-commerce business principles, we expect to aggressively claim the space for
corporate credit protection. We expect to make a public announcement about
these new products in late January.

In order to effectively access the global market for credit protection, the
group will be based in London with an initial local desk set up in Houston as
well. Bryan Seyfried will be transitioning out of RAC, where he was
responsible for the Trading Controls and Research teams in Europe, to lead
the group and he will report to me.