Deutsche Bank AG to Pay $25 Million and Subordinate $416 Million of Claims

Redesigned Website Launched To Keep Creditors Updated

December 18, 2007

Enron Creditors Recovery Corp. announced today that it has reached an agreement with Deutsche Bank AG to settle MegaClaims litigation in the Enron bankruptcy case.  Pursuant to the terms of the settlement, Deutsche Bank AG will pay Enron $25 million and Deutsche Bank further agreed that $416 million in claims against the Enron Estate held by Deutsche Bank AG will be subordinated and receive no distribution from the Enron Estate.  Additionally, certain Deutsche Bank entities will receive approximately $35 million for their remaining interests in 3 complex transactions, allowing Enron Creditors Recovery Corp. to dissolve said structures and distribute the proceeds, anticipated to be in excess of $100 million, to Enron’s creditors.  The settlement reflects that Deutsche Bank AG was involved in fewer transactions with Enron than certain of the other MegaClaim defendants.  Deutsche Bank AG did not admit liability or wrongdoing, and both parties agreed to settle the litigation to avoid the costs and uncertainties of further proceedings.

“I am pleased Enron Creditors Recovery Corp. has reached an agreement with Deutsche Bank AG that will enable us to return additional funds to the innocent creditors of the Enron Estate,” said John Ray III, Enron Creditors Recovery Corp. President and Chairman of the Board.  “Our attention is now squarely focused on the multi-billion dollar suit against Citigroup, to which we have dedicated the necessary resources to ensure the causes of the Enron collapse are brought to light.”

Ten of the eleven MegaClaims defendants have now settled their claims with Enron Creditors Recovery Corp.  The MegaClaims trial with Citigroup, the sole remaining defendant, is set to begin in April 2008.

For more information on the Deutsche Bank AG settlement, the MegaClaims litigation, or the pending case against Citigroup, please visit the newly-updated Enron Creditors Recovery Corp. website (www.enron.com).

The settlement remains subject to the execution of definitive agreements and the approval of the United States Bankruptcy Court for the Southern District of New York.

Enron Creditors Recovery Corp. is represented in this matter by Klee, Tuchin, Bogdanoff & Stern LLP and Crowell & Moring.

Enron’s website address is www.enron.com.

###

CAUTIONARY STATEMENT: Certain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and other statements that are other than statements of historical facts.  Forward-looking statements are based on the opinions and estimates of management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements.  Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include, but are not limited to, political developments affecting federal and state regulatory agencies, and developments with respect to the bankruptcy of Enron.  Except as required by law, Enron does not undertake any obligation to update any forward-looking statements.