MG Brokerage Business

Mark

Welcome back!!

I was in New York last week reviewing the current contractual situation on
our metals contracts and in discussions with Craig Young he mentioned that
they had some Canadian customers as well as some in Mexico and I believe
Peru, Chile and Brazil. In respect of the Canadian clients it was his
understanding that the fact that the MG entity carrying out the business did
not have an office in Canada was material. I am not sure of the regulatory
implications of having customers outside of the US, or inside for that
matter, but thought it would be something that you might need to investigate
further with Craig.

In addition, as part of the Rudolf Wolf acquisition, we have a trader based
in New York, who is employed by Enron Trading Services Inc, executing deals
in London for and on behalf of Turkish clients. I am not sure whether this
needs to be investigated further, but it sounds like it might require it.
Again Craig Young has all the relevant details.

Marcus