Enron Credit Company Fact Sheet

Company Overview: Enron Credit (www.enroncredit.com) allows businesses to evaluate, monitor and mitigate corporate credit exposure through a variety of tools. Enron Credit has developed a comprehensive set of risk management products designed specifically to help clients better manage their credit risk portfolios.

Market Focus: Enron Credit is creating a more efficient credit market by helping to increase liquidity through standardization, transparency and real-time credit information. They are committed to the following principles: credit has a price, credit exposures can be tracked in real time and credit exposures can be quickly hedged.

Key Management:

John Sherriff, President and Chief Executive Officer, Enron Europe

Jeff Kinneman, Vice President Enron Credit, North America

Bryan Seyfried, Vice President Enron Credit, Europe

Headquarters: Founded in London, UK

History: An evolutionary idea, Enron Credit was developed by Enron Corp. to help its own commercial traders manage the credit risk of business transactions in an accelerated online environment. Credit was a logical market for Enron to enter because of its unparalleled core competency in risk management and recent success with the development of EnronOnline™. EnronOnline is a commodities platform that completed more than 550,000 transactions with 1120 products in 13 currencies and surpassed $330 billion of notional value in 2000. The need for real time credit prices has accelerated because of the Internet and Enron Credit is now providing its advanced, proven credit tools and bankruptcy swap products to traders and companies at large. Enron Credit is perfectly poised to lead the way to a more efficient credit market.

Partnerships:

Reuters Credit acts as an aggregator of credit information pulling together Reuters Information's proprietary database of content and combining it with the credit data of its content partners including JP Morgan, Moody's, Riskmetrics and Enron Credit.

ERisk provides their clients with a unique combination of risk management expertise and analytics. The Enron Credit and ERisk partnership provides information and analytical tools that help corporate clients to utilize market-based pricing to objectively monitor credit risk, manage their risk, understand the credit exposures they have, including risk arising from long-term contracts, use cost of credit information to set credit limits and transfer credit risk seamlessly

Customers/Traffic: Enron Credit's customers are companies with concentrated credit exposures in specific sectors or to specific corporate clients, generally Fortune 1000 companies with greater than $250M in receivables. Enron Credit's free information services are accessed by thousands of users in the banking and corporate markets.

Services: Enron Credit provides credit risk management tools to enable companies to assess and hedge against inevitable risks associated with extending credit. Specific tools include:

Enron Cost of Credit (ECC): The ECC is a real-time "price" of credit for a given company. Unlike other qualitative credit ratings that are currently available, the ECC is quantitative and market-driven. Enron Credit provides a free measurement of credit risk for more than 10,000 companies via the Internet. The "Enron Cost of Credit™" is a sophisticated, real-time analysis of dozens of credit risk indicators that help companies estimate their expected loss on extending credit to a given counterparty.

Indices: The indices, which are based on ECC data, have been created to help corporate users track credit quality for specific industries. The indices are updated in real time and can be monitored to identify trends. Users also have the ability to receive daily or weekly data feeds that deliver customized Risk Sheets to the users desktop.

Digital Bankruptcy Swap (DBS): Enron Credit is creating a market in Digital Bankruptcy Swaps to allow companies to hedge against credit risk. A DBS gives companies the ability to make their credit portfolios more liquid and hedge exposure as needed. If risk is concentrated in a particular company, industry, or geographic region, a DBS allows a company to buy and sell protection, mitigating risk. Four hundred of the more than 10,000 companies listed on the ECC can be immediately traded at the prices available on the site. DBS protection can be bought and sold through Enron Credit and on EnronOnline, unlike many other risk mitigation products that cannot be sold or revised when business needs change. Corporates now have the ability to proactively and dynamically manage credit portfolios as to meet the business landscape of the day.

Fast Facts:

Companies listed on the ECC: 10,306

Firm Names: 400+

Indicative Names: 200+