Equities

The entity which will enter into the instinet agreement for equities trading
will be ECT Investments Inc. Let me know if you need further information -
regards Janine
---------------------- Forwarded by Janine Juggins/LON/ECT on 19/09/2000
18:50 ---------------------------

From: Sheila Glover 19/09/2000 18:43

To: Mahesh Lakhani/LON/ECT@ECT, Janine Juggins/LON/ECT@ECT, John
Greene/LON/ECT@ECT
cc: Gary Hickerson/HOU/ECT@ECT, Jeff Kinneman/HOU/ECT@ECT

Subject: Equities

Mahesh,
This confirms our discussion that the the UK entity will have two separate
service agreements. One with ENA for Prop Debt Trading and one with ECT
Investments Inc for Equities Trading.
In London, we can book directly into the underlying entity, e.g.
Energy-London Book, At the end of the month, we will record income based
upon activity to the Arranger, New UK entity, and record the offsetting
expense to the Serviced book (Energy London).
Many thanks.
Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 09/19/2000 12:36
PM ---------------------------
From: Mahesh Lakhani on 09/19/2000 02:24 PM GDT
To: John Greene/LON/ECT@ECT, Sheila Glover/HOU/ECT@ECT
cc:
Subject: Equities

I have a quick question - Would the pricipal for the bonds/Equities business
done from London be ENA or ECT Investments Inc. I recall from our meeting
that it was ECT due to the regulatory environment - can you please confirm

Thanks
Mahesh