Three-Way Trade - Analysis

----- Forwarded by Elizabeth Sager/HOU/ECT on 12/20/2000 02:25 PM -----

"Rick Antonoff" <Rick.Antonoff@cwt.com<
12/19/2000 04:30 PM

To: elizabeth.sager@enron.com, mary.cook@enron.com
cc: "David Mitchell" <David.Mitchell@cwt.com<
Subject: Three-Way Trade - Analysis

Attached below is our memorandum setting forth an analysis of our
conclusions with respect to the three-way exposure reducing trade we
discussed with you last week.

(See attached file: Three-Way Trade -- Analysis.doc)
==============================================================================
NOTE: The information in this email is confidential and may be legally
privileged. If you are not the intended recipient, you must not read, use or
disseminate the information. Although this email and any attachments are
believed to be free of any virus or other defect
that might affect any computer system into which it is received and opened,
it is the responsibility of the recipient to ensure that it is virus free and
no responsibility is accepted by Cadwalader, Wickersham
& Taft for any loss or damage arising in any way from its use.

==============================================================================

- Three-Way Trade -- Analysis.doc