Brazilian Derivatives Issues

Under separate cover, I am faxing to you a copy of a "Table of Contents" for
a collection of memoranda on various Brazilian issues (physical trading,
derivatives, tax, etc. which I have copies of. I have also received from you
this morning the response of Antonio Felix et al to the inquiry of Gustavo
Junqueira. It will become increasingly difficult to monitor our progress
with the Tozzini firm if the business people have direct contact with Tozzini
and bypass the Enron lawyers. We will not be able to compile a comprehensive
review and the requests will become disorganized. Requests for legal
research by Tozzini should originate with the Enron lawyers and be addressed
to the Enron lawyers. We can then discuss conclusions with our business
people (and even meet together with Tozzini). I hope that you concur with
this procedure. If you do, I think that it would be more appropriate for you
to contact the Tozzini firm to convey the message (and also to our business
people).

Please call me when you are back in the Sao Paulo office if you have any
questions.

P.S. I will prepare for you the "mini-book" containing the memoranda
referenced above.