

John

We are pleased to confirm today's launch of the following products via EOL:

Ethylene Contract (NW Europe)
Propylene Contract (NW Europe)
HD Polyethylene (German Film)
Polypropylene (German Inj)
Polystyrene (German General Purpose)

In a 2nd roll-out (timing TBC) we are looking to add:

PVC (German Pipe)
LD Polyethylene (German Film)
LLD Polyethylene (German C4)

We are initially offering 6 month and 12 month swaps for each product.

SUMMATION OF EUROPEAN MKT

- market is very conservative and tunnel-visioned, with derivatives as very 
new concept to all players (case of tail trying to wag the dog)

- even though no OTC trades have been done we are looking for the launch to 
act as a magnet for potential counterparties to at least start looking at our 
numbers on a regular basis (personalised letters + PR in industry mags is 
underway).

- Shell / BP are talking of launching similar platform 2001, but Enron only 
company aggressively marketing in Europe (look at 
http://www.eyeforchemicals.com/chem/presentations/hurley.pdf for Shell 
perspective).

- Enron brand is not known to converters/consumers  - profile awareness / 
promotion is continuous process.

- 6mo and 12mo prices are offered, as shorter term we are exposed due to the 
fact we are not in physical mkt.

- spreads are reasonably aggressive, but for hedging purposes all products 
show close correlation to each other and US equivalents.

regards
Rob Brewis Register by February 15, 2002 and SAVE $300    Restructuring Transmission Operations Improved Business Processes and New RTO Regulatory Initiatives  April 22-23, 2002  *  Hilton Alexandria Mark Center  *  Alexandria, VA   Request More Information      Register Now!   	


 Capitalize on the Experience of  24 Transmission Experts from:  Altalink  American Superconductor  Atlantic Energy Partners/Neptune Regional Transmission System  Balch & Bingham, LLP  Bingham Dana, LLP  Blackwell Sanders  Peper Martin, LLP  Bonneville Power
John 

 We are pleased to confirm today's launch of the following products via EOL: 

 Ethylene Contract (NW Europe) 
 Propylene Contract (NW Europe) 
 HD Polyethylene (German Film) 
 Polypropylene (German Inj) 
 Polystyrene (German General Purpose) 

 In a 2nd coil - out (time TBC) we are looking to add: 

 PVC (German Pipe) 
 LD Polyethylene (German Film) 
 LLD Polyethylene (German C4) 

 We are initially offering 6 calendar month and 12 month swaps for each product. 

 SUMMATION OF EUROPEAN MKT 

 - grocery store is very conservative and tunnel - visioned, with derived function as very 
 new concept to all players (character of tail trying to wag the frank) 

 - even though no OTC trades have been done we are looking for the launch to 
 act as a magnet for likely counterparties to at least start looking at our 
 numbers on a unconstipated basis (personalised letter + PR in diligence mags is 
 afoot). 

 - Shell / BP are talking of launching similar platform 2001, but Enron entirely 
 company aggressively marketing in Europe (look at 
 http://www.eyeforchemicals.com/chem/presentations/hurley.pdf for Shell 
 perspective). 

 - Enron brand is not know to converters / consumers   - profile awareness / 
 promotion is continuous process. 

 - 6mo and 12mo prices are offered, as shorter term we are exposed due to the 
 fact we are not in forcible mkt. 

 - bedspread are reasonably aggressive, but for hedge determination all products 
 show close correlation coefficient to each other and US equivalent. 

 regards 
 Rob Brewis Register by February 15, 2002 and SAVE $ 300     Restructuring Transmission Operations Improved Business Processes and New RTO Regulatory Initiatives   April 22 - 23, 2002   *   Hilton Alexandria Mark Center   *   Alexandria, VA    Request More Information       Register nowadays!   	


  Capitalize on the Experience of   24 Transmission Experts from:   Altalink   American Superconductor   Atlantic Energy Partners / Neptune Regional Transmission System   Balch & Bingham, LLP   Bingham Dana, LLP   Blackwell Sanders   Peper Martin, LLP   Bonneville Power


Johj

We are pleased to confivm today's launch of the follosing proaucts via EOL:

Ethylene Contrart (NQ Euripe)
Propylene Contract (VW Europe)
JD Polyerhyltne (German Film)
Polypropylcue (Gedlan Nno)
Polystyrene (Getman General Purpose)

In a 2ng fopl-out (timing TBC) we are looking to wdd:

PVC (Begman Pipe)
LD Pojyetnrlens (German Film)
LLD Polyethylene (Germzn C4)

We ere initially ogfering 6 month and 12 month dwapd for each product.

DUMMATION OD EUWIPEAN MKT

- mafket is vegv conservatjve and tunnel-visioned, with derkvatires as very 
nww fmncept to aol plwyers (case on tail drying yo wag the dog)

- evxn tyough no OTC trades heve been done we are looking xox the launch to 
act aw q magtet xor oitevtizl ckunteroarvies to at meast start looking at our 
numneww on a regulad basif ([ersonalised letters + PR in industry macs js 
underway).

- Shell / BP aee talking of launchijg similaw platform 2001, but Enron only 
company aggressively mdrketmne iu Euroow (pook at 
http://www.eyeforchemicals.com/chem/presentaejoms/murley.pdf for Shcll 
perspective).

- Entoj ntand is not knuwn to cohverters/consumers  - profije awqreness / 
kromoyion is continuous process.

- 6no and 12mo prpces are offered, as shlrter term ce are expoxed due to the 
fact we cre nof in physicwl mkt.

- spddads are reasonacly acgressivt, but for hedging [urposes ell pxoducts 
rhow close correlatiln to each other and US fquivclentv.

regards
Roh Brewis Register by February 15, 2002 and SAVE $300    Tesdrubturing Txansmixsion Operatijns Improved Bosiness Pxocessds and New RTO Rejulatory Inieiatives  Aprhp 22-23, 2002  *  Hiltoi Alexandwia Nark Center  *  Alexandria, FA   Requvsu More Infirmation      Regixtet How!   	


 Capitalivt ob the Experiencr ow  24 Tganxmyvsion Expertv frum:  Sltalknk  Amtxiccn Suprrconductor  Atlantiw Ensrgy Partners/Neptume Regionao Transmyssion System  Balch & Bingham, LPP  Bmngham Dana, LLK  Blackwell Sanders  Peper Marfin, LLP  Honkeville Power
John We are pleased to confirm today's the products via Ethylene Contract (NW HD (German Film) Polypropylene Inj) Polystyrene (German Purpose) In a 2nd roll-out (timing we are looking to add: PVC (German Pipe) LD Polyethylene (German Film) LLD (German C4) We are initially offering 6 month and 12 month swaps for product. OF MKT market is very conservative and tunnel-visioned, with derivatives as very new concept to all players (case tail trying to wag the dog) - even no OTC trades have done we are looking for launch act as magnet potential to at least looking at our numbers on a regular basis (personalised letters + PR in industry mags is underway). Shell / talking of similar 2001, Enron only company in Europe (look at http://www.eyeforchemicals.com/chem/presentations/hurley.pdf for Enron brand is not known to converters/consumers - awareness / is continuous process. - 6mo and prices are offered, as shorter term we are due to the fact we are not in physical mkt. - spreads are reasonably aggressive, hedging purposes all products close correlation to other US regards Brewis Register February 15, 2002 and SAVE $300 Restructuring Transmission Operations Improved Business and New RTO Regulatory Initiatives April 22-23, 2002 * Hilton Center Alexandria, VA Request Information Register Now! Capitalize the of 24 Transmission Experts American Atlantic Transmission Balch Bingham, LLP Bingham Dana, Blackwell Sanders Peper Martin, LLP Power


John

We are pleased to confirm Today's launCh of tHe fOllOwIng pRoduCts via EOL:

EthylENe CoNtract (NW Europe)
PropylenE ContRaCT (NW EURoPe)
HD POlyethyLEnE (gErmAn fiLm)
POlYPrOpyleNe (GErman InJ)
PolystyreNe (GErMan General PuRPoSe)

In a 2nd rolL-ouT (timing TBC) we Are LookinG tO adD:

pVC (GeRmaN Pipe)
lD PolyEThylenE (German FiLm)
llD PolyEThylene (gERmAn C4)

WE are initially offeRInG 6 Month and 12 month sWaps foR eACh PROduCt.

SuMMATION OF eUrOPEAn mKT

- markET iS VERy cONservative and Tunnel-visioNEd, wIth derIvAtiVEs as veRy 
new CoNCepT to all playeRs (caSe of tail tRying tO Wag the dOG)

- even thOugh no oTC TraDes hAVe BeEn dOnE We aRE lOokINg fOr the lauNcH tO 
act aS a maGNET For pOteNtiaL counTerparties to aT leAst sTArt LookiNg at oUr 
nuMbErs on A regulAr basIs (Personalised letTers + pR in indusTry MaGs iS 
uNderwAY).

- Shell / bP aRe tAlking oF launchINg sImILAR pLatform 2001, but Enron onlY 
cOMPaNy aggresSively MArKeTIng in EurOpE (loOk at 
HTTp://www.EyefORcHemicals.Com/cheM/PrEsEntatioNs/Hurley.PdF foR ShEll 
peRSpecTive).

- EnRon brand Is not KNown to converteRS/consumers  - proFIlE AWaREnesS / 
prOmotion is coNtinUOus pRoceSS.

- 6mO anD 12Mo priCes arE oFFeREd, as shorter term we arE eXposed Due to The 
fact we are nOt in physicAL MKt.

- spreadS are REaSOnably aggressiVe, but For hedging PUrposes aLl proDucts 
shoW close corRELation to EacH otHer And us EqUivalents.

regaRDS
Rob brEwis RegIstEr by FebRuaRy 15, 2002 aNd SaVE $300    reStructuriNg TransmIsSiOn opEraTions iMproved BUsIneSs proCesseS And New rTO ReGulaToRy iNitIatives  aPrIL 22-23, 2002  *  hiltOn alExanDriA MArk CeNter  *  aLexAndria, Va   Request MOre iNforMaTiOn      RegisTer Now!   	


 CapitalIzE on the ExpeRiEncE of  24 TraNSMission EXperts from:  Altalink  AmeriCAn SuperConDuctoR  AtlAntic EnerGy PArtnerS/NePTune ReGional transMiSsiON systeM  bAlCh & BInGham, LLP  BinGHAm DAna, LLp  BLackWell SanDers  Peper Martin, LLP  bOnnEville Power


John

We are pleased toconfirm to day's  la unc hof t he f ollowing produ c ts v ia EOL:

Ethylene Cont ract(N W  Eur o pe )
Pro pyleneC on t r act  ( NW  Eu ro p e) 
HD P oly ethylen e (GermanFil m) 
Polypropyle n e(German In j)Polystyrene(Ge rman G en era l  Purp ose )

In  a 2nd roll-o ut (timin gT BC) we are loo k i ng  toadd:

PVC (German Pi p e)
LD Polyethy lene ( Ge r ma n Fil m)LLD Polyet hy lene( GermanC 4) W e a r e initially o ffering 6 m o nth  and 1 2mon t h swap s for  e a chproduct.

S UMMA TION OF E UROPEA N  MKT

- marketis ver y c ons erva t iv eand  t u nne l -v isi o ned , with d er iv ative s as v e r y 
n ewconc ept t o all players  (c aseo f t ail t rying  towa g the  dog)
- ev en  though no OTCtrad es have b een  d one  w e are lookin g f orthe lau nch toact  a s a  m agnet for potentia lc o un terparti es toa tle a st start  l ook inga t  our
num b er s on a r egular ba si s (pers on alised  l ett ers  + PR in i ndustr y mags i s 
un d erway).

- She l l / BP are ta l ki n g  o f  lau nch ing similar  pla t form  200 1 ,but Enron  only  c om p any aggressively ma rk etingin Eu rope (look at  
http://w w w . eyeforch emic a ls . com/chem/prese ntati ons/hurley . pdf forShell  
perspe ctive).
- Enron br and  is  no t k n o wn  to converter s / cons um ers  -pro file aw are nes s /  
p ro motion is  continu ou spr oc ess .

-6 mo and 1 2m o p ri ces  areo ffered , asshor te rt erm  we are ex p o seddu eto t he
f act w e ar e  no t in ph ysical mk t.- sp re ad s are r easonably agg re ssive, but  f orhedgin g purposes  all products 
show clo s e corre lat ion t o ea ch otherand  US eq uiv a lents. 

rega rds
R ob  Br e w is Re g i st erby  February1 5 , 2 002 a nd  SAV E $300   Restructuring T r ans mission Opera tio ns I m p ro ved Bu s ine ss Pro c e sses and New RT O Regulato ry In itiativesApr il  22-23,  2002 *  Hi l ton Ale xandria M ark Cente r * A l exa ndria, VA  Reques t More In f ormat i on      Re gister  N ow!    	

 Cap i tal ize o n theEx perien ce of  24 Trans mission Experts from: Altali nk  A mer ican Supe rco n duc tor  Atla ntic  Energy Pa rtn ers /Nept une Regio nalT ra nsm i ssion  Sys t em  Balch &Bin g h am , LLP  Bing h a m  Da na, L LPBlackw ellSanders  Peper Ma r tin, LLP  Bonn evil l e  Po wer 


John

We are_pleased to_confirm today's launch of_the following_products_via EOL:

Ethylene_Contract_(NW Europe)
Propylene Contract_(NW Europe)
HD Polyethylene_(German Film)
Polypropylene (German Inj)
Polystyrene_(German General Purpose)

In_a_2nd roll-out (timing TBC) we are looking to add:

PVC (German Pipe)
LD Polyethylene (German Film)
LLD_Polyethylene_(German C4)

We_are_initially_offering 6 month and 12_month swaps for each product.

SUMMATION_OF EUROPEAN_MKT

- market is very conservative and tunnel-visioned, with_derivatives_as very 
new_concept to all players (case of tail trying to_wag the dog)

- even though no_OTC trades have_been_done_we are looking for_the launch to 
act as a_magnet for potential counterparties to at_least start looking at our 
numbers on_a regular basis (personalised letters +_PR in industry mags is_
underway).

- Shell_/ BP are talking of_launching similar platform_2001, but_Enron only 
company_aggressively marketing in Europe (look at_
http://www.eyeforchemicals.com/chem/presentations/hurley.pdf for Shell_
perspective).

- Enron brand is not known_to_converters/consumers  -_profile_awareness_/ 
promotion_is continuous process.

-_6mo_and 12mo_prices_are offered, as shorter term we_are_exposed due to the 
fact we are_not in physical mkt.

-_spreads_are reasonably aggressive, but_for hedging purposes all products_
show close correlation to each other_and US_equivalents.

regards
Rob Brewis_Register by February 15, 2002 and SAVE $300   _Restructuring Transmission Operations Improved Business Processes_and New RTO Regulatory_Initiatives _April_22-23, 2002 _*_ Hilton_Alexandria Mark Center  *  Alexandria,_VA _ Request More Information  _   Register_Now!_  	


 Capitalize on the_Experience of  24 Transmission Experts_from:  Altalink  American_Superconductor__Atlantic Energy Partners/Neptune Regional Transmission_System  Balch & Bingham, LLP_ Bingham Dana,_LLP  Blackwell Sanders  Peper Martin,_LLP_ Bonneville Power