Enron Investment Services Limited

The current status of the issues for EISL are:

1. Set up of the legal entity under ECT Investments Inc. This is being done
by Sue Kelly as we speak. Sue expects the entity to be incorporated by the
end of this week. Sue - Please ensure that Shane Dallman is one of the
directors of EISL.

2. Agency agreement - The revised agreement is attached below. I am waiting
for comments from Paul Simons in London Legal Any other comments then please
let me know as soon as possible.

I am aiming to execute the agreement this week as soon as the "new" EISL is
incorporated.

If there are any other outstanding issues then please let me know.

Please call me on 34982 if you have any questions.

Regards
Mahesh