FYI: Financial swaps and options with Dow Hydrocarbons and

Cc: mary.gosnell@enron.com, rod.nelson@enron.com
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The confirmation desk recently received a call from Mike Billings who I
believe is your Dow trader. Mike is trying to trade financially under the
name "The Dow Chemical Company". ECT SHOULD CONTINUE TO TRADE FINANCIALLY
WITH "DOW HYDROCARBONS AND RESOURCES INC" (the party that ECT has a Master
Agreement with). ECT will NOT agree to change the counterparty on any future
trades. When you speak with Mike Billings, you may alert him to this.
Thanks. Sara