"financial options" (derivatives) and the Trade Option Exemption

Please see the attachment for a specific definition of ELIGIBLE SWAP
PARTICIPANT and the TRADE OPTION EXEMPTION.

From a legal perspective and to avoid scrutiny and regulation by the
Commodity Futures Trading Commission, ENA must always comply with the Trade
Option Exemption when entering into options (as buyer or seller) with a third
party. Some of ENA's trading parties cannot satisfy this exemption from
regulation because they are not a producer/merchant handling the underlying
commodity (such as banks, hedge funds, etc) even though they may be entering
into the transaction for business purposes. If that situation occurs, ENA
MUST ALWAYS BE THE OFFEREE OF THE OPTION (as buyer or seller) and ENA cannot
solicit the party to enter into the transaction.

If ENA's trading partner fails to satisfy the Trade Option Exemption, our
confirmation will EXPLICITLY state that ENA was offered the option to buy or
sell by the counterparty.

Please call me if you have any questions. Thanks. Sara [ENA legal]