Re: Trading Contracts and Arrangements

Lin

As you know Enron Power Marketing, Inc ("EPMI") had executed an EEI Master
Agreement with Commonwealth Edison Company and with the assignment and
assumption of this Agreement, amongst others, and with no EEI Master
Agreement in place with PECO, unless otherwise agreed by the parties we will
assume that this EEI Master Agreement will govern future transactions between
EPMI and Exelon Generating Company, LLC ("Exelon"). There may be some credit
issues going forward, however while we have the Exelon Corp. guaranty in
place in its current form, we do not have any credit issues insofar as they
relate to physical power trading.

However, in the interim, we will need to clearly identify, at an operational
level, with whom we are trading. To that end we will be terminating access to
EnronOnline to all users who are still trading under either PECO or ComEd
identifications. While we realise that they are trading for and on behalf of
Exelon, this is an operational matter and we will need to carry out this task
to reflect the legal position.

This is not to be taken as, and is not a consent by EPMI to any such
assignment or assumption, but solely a suggested way forward in the short
term to ensure clarity in any dealings between the new legal entity that is
Exelon and EPMI

Kind regards,

Marcus