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-XH008-00532

PAINEMEBBER INCORPORATED
109 NORTH POST OAK LANE
SUITE 150
HOUSTON, TX 77024
D04t 006545

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We confirm the following transaction
Trade activity

PaineWebber Confirmation

  PAGE 1 OF 1
Account Number HM 01206
Your Financial Advisor
EMERY FINANCIAL GROUP 713-957-7000
  HM 01206 0 0002E

JEFFREY K SKILLING
1912 NORTH BLVD
HOUSTON TX 77098-5418



  Payment date Date Processed ayment date/
  Settlement date
1/24/2001 01/24/2001 01/29/2001

40914 5,000 ENRON CORP 79.562500 $397,812.50 $300.00 $13.27 $397,499.23
UNSOLICITED
  RULE 144

  Commission/Markup charge 06.00 cents per share
Order taken by EMERY FINANCIAL GROUP

  SYMBOL ENE JCUSIP NO. 293561106
Location of ecution: 01 Ca acit : Agent

  It is important that you retain this trade confirmation for your tax end financial records. When remittances/securities are due, they must be received by us at the address above on or before the
payment/settlement date. Payments not recely d by the settlement date may be subject to a late settlement fee. Please Indicate your account number on your check or correspondence.
  Make checks payable to PalneWebber incorporated. Please see the back of this confirmation for additional terms and definitions applicable to this transaction.

GOVERNMENT
EXHIBIT
  1946
  Crim. No. H-04-25S-2