Trading analysis

As per the voice mail.----cgy
---------------------- Forwarded by Christian Yoder/HOU/ECT on 12/07/2000
01:23 PM ---------------------------

Enron Capital & Trade Resources Corp.

From: "Stephen Hall" <schall@stoel.com< 12/06/2000
05:08 PM

To: gfergus@brobeck.com
cc: cyoder@enron.com, esager@enron.com, rsanders@enron.com
Subject: Trading analysis

Gary,

As you requested, I am sending my summary and analysis of Enron's trading
practices. When you meet with your co-counsel to discuss this memorandum,
Christian and I would like to participate by phone, if possible.

Steve

NOTICE: This communication may contain privileged or other confidential
information. If you are not the intended recipient, or believe that you have
received this communication in error, please do not print, copy, retransmit,
disseminate, or otherwise use the information. Also, please indicate to the
sender that you have received this email in error, and delete the copy you
received. Thank you.

Stephen C. Hall
Stoel Rives LLP
schall@stoel.com
tel: (503) 294-9897
fax: (503) 220-2480

- CALTRA~1.DOC