Re: Financial Trading in Brazil

Dear Sara:

Thank you for your E-mail below. We will be reflecting the new changes in the
regulations in the chart and will be sending it to your review as soon as
possible.

Kind regards,

Marcelo Rodrigues

<<< "Sara Shackleton" <Sara.Shackleton@enron.com< 03/13 2:29 pm <<<

Greetings to you both! It has been awhile since we last spoke. I would like
to
finalize the matrix which we have been discussing since the latter part of
1999.
Although we were awaiting new Central Bank regulations, I am beginning to
think
that the Central Bank revisions will not impact the matrix except with respect
to transactions which may be entered into by entities that are the subject of
the Central Bank regulations. Please let me know whether or not you agree or
can offer any suggestions. Thanks and regards. Sara