EOL tax reps

Susan:

The internal EOL FX products will be opened up to third parties shortly. I'm
reviewing the GTC's. With respect to the tax reps which are incorporated
into the GTC's, I think we need a "universal" rep since the products could be
traded by parties residing anywhere in the world. I believe that the first
week in March is the target EOL date.

Can you prepare the tax rep section for the GTC's? I am not aware of any
other EOL product having this type of rep but I am not familiar with the
totality of EOL products.

Please call me if you have any questions. Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com