Financial Trading in Brazil

AFAC and Marcelo: We are in the process of reviewing the Comparative Chart
and attached memorandum and will soon provide a list of remaining issues
which Enron North America and South America would like to have addressed. We
are also attempting to identify specific types of transactions which may be
required to hedge Enron risk in Brazil before 12/31/99. For planning
purposes, the "group" would like to meet with you in Sao Paulo during the
week of November 28. We are hoping that you may be able to accomodate us
on November 30 (Tuesday), December 1 (Wednesday) or December 2 (Thursday).
Please let us hear from you. Regards. Sara