EnronOnline

Mark,

Further to our brief telephone call of last week, attached please find a
draft memo discussing certain CFTC and FERC regulatory issues relating to the
three proposals being considered by EnronOnline.? Please feel free to call me
at 212-530-5414 with any questions you may have about the attached memo.

Regards,
Eric Sanford

<<#7253482 v3 - EnronOnline - CFTC exemption memo.doc<<

This e-mail message may contain legally privileged and/or confidential
information. If you are not the intended recipient(s), or the employee
or agent responsible for delivery of this message to the intended
recipient(s), you are hereby notified that any dissemination,
distribution or copying of this e-mail message is strictly prohibited.
If you have received this message in error, please immediately notify
the sender and delete this e-mail message from your computer.

- #7253482 v3 - EnronOnline - CFTC exemption memo.doc