0. Enron Global Markets
November 2000

1. Enron Global Markets
New business unit focusing on global markets and commodities outside Enron’s traditional gas and power markets
Global Crude, Products, Petchems, and LPGs
Coal and Emissions
Transportation
Shipping
LNG, Middle East, Puerto Rico, and Venezuela
Currency, Equities and Interest Rate Trading
Agricultural Trading
Insurance
Weather
EGM provides a true network for market making opportunities related to commodities that are highly liquid in physical or financial terms and are enormous in market size
EGM leverages the value of Enron’s existing trading network and international asset positions
EGM’s operations will coordinate and leverage with our North American, European, Australian, and Japanese businesses

2. EGM’s Wholesale Business
Natural Gas
Power
Financial
Trading
Transportation
& Shipping
Agriculture
Global Crude &
Products
Weather
Coal &
Emissions
Insurance
LNG
Pulp &
Paper
Merchant
Investments
Metals

3. EGM’s Wholesale Business
Crude &
Products
Coal
LNG
Emissions
Weather
Transportation
EGM
Insurance
Shipping
FX/Rates/
Equities
Agribusiness

4. Creating New Markets in Global Commodities
Enron Global Markets
Creating New Markets in Global Commodities
Offices
Coal Activities
Crude and Product Activities
Weather
LNG
LNG Ships
Houston
London
Oslo
Singapore
Seoul
Puerto Rico
Tokyo
Sydney
Panama
Dubai
Johannesburg
Frankfurt
Europe
China
Australia
USA
Korea
South Africa
Japan
India
Colombia
Venezuela
Indonesia
Poland
Russia
USA
UK (Europe)
Singapore
Australia
Panama
Korea
Japan
Argentina
USA Europe
Japan
Australia
India
Puerto Rico
Venezuela
Georgia
Louisiana
LNG Under
Development

5. Developing High Growth Wholesale Business
Coal $60 Billion
Crude & Products $3 Trillion
Largest domestic coal trader
Largest importer of coal into U.K.
Expanding into Asia
Coal, emissions, and dry-bulk freight trading online
Leader in risk management products
Growing presence in global freight trading
Crude and products (gasoline, heating oil, jet, gasoil, residue) MTBE, petrochemicals, plastics and LPGs
Actively trading online
Geographic product expansion
Largest petrochemical trader on the world
Enron
Global
Markets
Weather $1+ Trillion
LNG $18 Billion
Leading market maker
Products offered in every state and 10 countries on 4 continents
Successful trading on EnronOnline
Product offering covers entire developed world
Flexible Global Network
Developing online trading network
Growing shipping business
Leverage EnronOnline, North American, and European Networks

6. Enron Global Markets Office of the Chairman
Mike McConnell - President & Chief Executive Officer
Jeff Shankman - Chief Operating Officer
Financial Trading
Gary Hickerson MD
Coal, Emissions &
Freight
George McClellan MD
Global Risk Markets
Jere Overdyke MD
LNG & Middle East
Rick Bergsieker MD
LNG
Eric Gonzales VP
Global Crude &
Products
John Nowlan VP
Transportation
Dan Reck VP
Weather
Mark Tawney
Director
Fundamentals
Jen Frasier
Director
Finance & Structure
Larry Lawyer VP
Accounting
Brent Price
VP & CAO
Human Resources
Cindy Skinner
Sr. Director
Legal
Mark Haedicke
MD & GC

7. Coal Largest domestic coal trader
Key Active
Areas
Coal Offices
Largest domestic coal trader
Leader in risk management products and services, producer finance, eCommerce and OTC markets
Combines producer finance, marketing, trading, transportation, emissions technology & trading to provide services to its customers
Lead and growing business via electronic trading on EnronOnline. Currently trading emissions, coal and freight online
Conduit into transportation trading
Expanding into Asian markets

8. LNG
Key Active
Areas &
Contracts
Under
Development
Creating an Enron network of LNG supplies, transportation, terminals and markets to maximize optionality
Gaining access to a broader network of terminals
Market and optimize the use of Dabhol, Hoegh Galleon and Exmar LNG vessels
Developing online trading network and creating an Asian hub

9. Crude and Products
Key Trading
Areas
Business includes crude and products (gasoline, heating oil, jet, gasoil, residue) MTBE, petrochemicals, plastics and LPGs
Actively trading products on EnronOnline - Currently only platform with global coverage
Largest petrochemical trader in the world
Continued growth expected due to focus on online trading, financial markets, geographic product expansion, and product origination and marketing activity

10. Weather Largest weather trader in the world
Key Weather
Transaction
Areas
Offices
Largest weather trader in the world
Transacted in all lower 48 states and 10 countries on 4 continents
Product offerings cover entire developed world
Extensive growth expected by new product and new market development
EnronOnline’s success will continue to be an important platform for growth
Enron is the largest aggregator of positions naturally exposed to cold winters and hot summers via our retail organization

11. Shipping Leading market maker of vessal freight
Providing transparency, liquidity and long dated market making to the international freight market
Actively trading products through EnronOnline
Creating markets in long dated shipping capacity up to 5 years
Currently quoting online bid/offer pricing for 3 liquid markets (1) Columbia to Europe (2) South Africa to Europe (3) US Gulf to Japan

12. Transportation
Developing intermodel and truck-load risk management products to create value for railroad and trucking companies
Technology allows for dramatic increases in efficiency and cost reduction for emerging trading markets with high transaction volume and large numbers of trading partners
Developing new credit and financing alternatives for thinly capitalized trucking companies

13. Risk Markets - Insurance
Identify, transform & transfer risks from Enron’s core markets into more efficient insurance market
Create products that both extend Enron’s trading model and creates new markets
Leverage financial capital, core competencies and industry knowledge to create contingent capital distribution/trading channels and solutions
Opportunities for highly structured transactions that require specialized skill sets that can be managed effectively by Enron

14. Financial Trading
Key Offices
Financial Trading group includes Enron’s currencies; rates, equities trading and risk management activities
Manages $4.2 billion (NPV) global portfolio of commodity cash flow
Structured over 1,500 financial transactions in 50 countries this year
Provides global financial risk management products, financial engineering services and 24 hour execution availability
Operates state-of-the-art web-based equity trading system with real-time position management and straight through processing
Exploring origination, eCommerce and trading opportunities in agriculture
Enron’s Softs brokerage group in London is 3rd largest on LIFFE exchange

15. Fundamentals Research
Provide industry and commodity research for EGM trading units
Build commodity expertise of analysts and associates in order to move them into origination/trading roles
Centralize information and communication across commodity groups around the world
Provide unique content to EOL (Research reports and market outlooks)
Analyze cross-market and cross-commodity arbitage opportunities (LNG vs. NG, Distallates/Fuel Oil vs. NG)