Fax of Espeed/Emetra offer on its way to you

---------------------- Forwarded by Louise Kitchen/HOU/ECT on 03/14/2001 10:28 AM ---------------------------

Louise Kitchen
03/14/2001 09:56 AM
To: Justin Boyd/LON/ECT@ECT, Travis McCullough, Tom McKeever/EU/Enron@Enron
cc:

Subject: Fax of Espeed/Emetra offer on its way to you

This is my intended response to them - can I email or does it have to be an official letter. For discussion at 10:30am.

Jonathan

Thank you for your fax dated March 13, 2001 which incorporated the letter from Fred Varacchi. I have read the letter and had several discussions with my colleagues in London and we conclude that we have no further wish to pursue any discussions with eSpeed. The letter does not seem to correspond to any of the discussions we have had to date and I simply do not see any upside in pursuing discussions further bearing in mind that you have received a draft proposal from us which you had previously indicated was satisfactory and we receive this letter which does not relate at all to the proposal. Enron does not wish to pursue discussions on eMetra with eSpeed further.

Thank you again for your interest.

Regards

Louise Kitchen
COO
Enron Americas

cc: Fred Varacchi, eSpeed
Tom McKeever, Enron Metals
Justin Boyd, Enron Legal - Europe
Travis McCullough, Enron Legal - Americas
Andy Zipper - EnronOnline
Greg Whalley - Enron Wholesale