Ned, Ken

Thanks very much for your responses to my recent questions.

In the meantime, I attach draft text below that we intend to publish. Please
note that this relates not only to LME registered contracts but also to OTC
physical metals (straightforward sales/purchases) products. The expression
"Enron Metals" is the generic name used to describe the metals business -
the underlying contracting entities would be Enron Metals Limited (for LME
Registered Contracts and for OTC metal swaps and other cash-settled metal
derivatives) and Enron Metals & Commodity Limited (for physically-settled OTC
sales and purchases of metal).

My changes are as shown.

Please would you let me know whether you approve or whether you have any
comments in terms of presentation, content and format.

In view of printing deadlines, I'd be very grateful if you could respond
today.

Many Thanks.
Justin