Press Release and Credit Launch

Bryan,

I have just received a copy of a press release draft for credit derivatives
which indicates a launch date of February 23rd.

As discussed at our previous meeting, we require 2 weeks from receipt of all
necessary international due diligence and approvals to complete the update of
the user profiles which will be affected by credit derivatives.

As we have not yet received these approvals, the date of February 23rd is not
possible to achieve for inclusion of credit derivatives on EnronOnline.

Also, as previously discussed, EnronOnline is a registered trademark and we
need to approve any references which go to customers. I presume that the
website includes such references, but I have not yet seen it. Can you forward
the internal address and/or confirm that the website is now in its final form?

It is critical that all international due diligence be completed prior to any
new product being introduced on EnronOnline. Mistakes are far too visible -
we need to see documentation to show that everything is in place before any
new products are added and before we start making changes which affect our
customers.

As agreed, we will ensure that EnronOnline is ready for credit derivatives
within two weeks of receiving all the necessary information and approvals.
Please forward this information as soon as possible.

Thanks,

Dave