Revised Transaction Approval Process ,
 Attached is a copy of the revised Transaction Approval Process approved by 
the Board of Directors on May 1, 2001.  Other than granting approval 
authority to certain business unit Chief Operating Officers and having 
approval authority reside with specified positions, rather than specified 
individuals, all other changes to the previous Transaction Approval Process 
are non-substantive.

Please let me know if you have any questions or comments.

Regards,

Dave
raymond.bowen@enron.com, michael.brown@enron.com, david.delainey@enron.com, 