ETS

Hi Mark,

I was hoping that you might have some time to have a discussion on the
feasibility of layering an order routing system onto Enron Online.

More specifically, Enron Trading Services Inc. (the FCM) would like to do an
assessment re: whether there are any material regulatory or other
consequences resulting from linking a possible ETS trading website to Enron
Online. The idea would be that many of Enron's existing customers that are
not also customers of ETS but who require brokerage services in futures and
options on futures may be interested in obtaining ETS services.
Conceptually, this business would be run and administered through ETS and
what would be involved is a link from the EOL website directing customers who
choose to use ETS to the ETS website.

To that end, we have done some very preliminary work, and believe that the
main issue is structuring such a relationship between ETS and EOL such that
EOL will not be considered an Introducing Broker. Of course, however, we
cannot form any meaningful opinion without a broader internal discussion with
you and any other person that is familiar with our regulatory position on
matters relating to this.

Please let me know when you would be available to have a preliminary
discussion.

Thanks a lot,

Limor

Enron Metals & Commodity Corp.
520 Madison Avenue
New York, NY 10022
Tel: 212-715-5283
Fax: 212-715-5608
Email: Limor.Nissan@Enron.com