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9y e,
O

Kenneth L Lay
Chairman of the Board

  Enron Corp.
P.O. Box 1188
  Houston, TX 77251-1188
713-853-6773
Fax 713-853-5313
June 29, 2001 kenneth.lay@enron.com

Rocky Emery
Paine Webber, Inc.
Private Client Group
109 N. Post Oak Lane, Suite 150
Houston, TX 77024

RE: Sale of 82,747 shares of Enron Corp. to Company for Repayment of
$4,000,000 LOC plus accrued interest through June 28, 2001

Dear Rocky:

  This letter is your authority t ransfer 41,728 shares of Enron Corp. stock
from the stock option award, Gran #3781, with an exercise date of 5/04/99 in
Paine Webber Acct. HM-E01 33-ES to the Enron Corp. Omnibus Paine Webber
Acct. HS-54630-EN by or before Friday, July 3, 2001. The remaining 41,019
shares will be delivered in certificate form directly to Enron Corp.

  Please call Sherrie Gibson at 713/630-0103 should you have any
questions.

  01

CC: Elaine Overturf
Pam Butler
Joanne Cortez
Sherrie Gibson

Sincerely,

EC38648B0050191


Sa,7~~~48.3y

XH063-00317

Endless possibilities."

GOVERNMENT
EXHIBIT
  4099
  Crim. No. H-04-25 (S-2)