New fax received (Likely sender: ).

Gary/Michael

I am pleased to attach for your review the opinion of Linklaters you
requested addressing the question of whether EnronOnline's activities
constitute "arranging" under the FSA 1986. Kindly acknowledge receipt.

I trust this meets your requirements and look forward to receiving your
confirmation of this at your earliest convenience. Many thanks.

With best regards

Paul (tel - 7783 6566)
---------------------- Forwarded by Paul Simons/LON/ECT on 27/07/2000 09:54
---------------------------

London Fax System
27/07/2000 09:47
To: Paul Simons/LON/ECT@ECT
cc:

Subject: New fax received (Likely sender: ).

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