=20 BUSINESS HIGHLIGHTS Enron Japan Enron Japan Closes Its First Yen Based Dubai Crude Oil Swap (11 Oct) This groundbreaking deal involved Enron Japan purchasing 12,500 barrels of = Yen-priced March Dubai swaps from Japanese trading house, Kobayashi Yoko. E= nron Japan purchased the Dubai swaps (Dubai being the marker crude oil in t= he Asian region) in US$ from Enron Singapore and hedged out the FX risk int= ernally, offering the customer a yen-based product which best suited its re= quirements. This deal highlights the large and (as yet) untapped demand amongst Japanes= e trading houses and end users for oil risk management products. During the= 5 months since Enron Japan started its crude and product marketing activit= ies, it has developed relationships with numerous customers that are lookin= g to hedge on the basis of both international and domestic indicies (such a= s the "Japan Crude Cocktail"). Enron Japan is moving very quickly to develo= p the kind of products that customers need by utilizing the whole suite of = Enron Global Markets capabilities.=20 IN THE NEWS In these challenging times, Enron deserves our thanks=20 Houston Chronicle, October 28, 2001 By BILL WHITE=20 Enron and its employees have blessed Houston, and many Houstonians should n= ow take the time to say "thanks" when the company has experienced some high=

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