Global Rates

Please find below the latest e-mail that I had sent to Mike, which outlines
my proposed trip to London. Upon your approval, I plan on going to London on
February 3rd, which would coincide with Joel Heneberg's trip. I am also
planning on sitting in on some of his Commodity Logic Meetings, since Global
Rates will be an integral part of some of these meetings.

If you have questions, please feel free to give me a call @ x36674

.
---------------------- Forwarded by Steve Venturatos/HOU/ECT on 01/22/2001
02:15 PM ---------------------------

Enron North America Corp.

From: Steve Venturatos 01/18/2001 11:14 AM

To: Mike Jordan/LON/ECT@ECT
cc: James Scribner/Corp/Enron@Enron
Subject: Global Rates

I thought I would share with you my ideas in regard to my upcoming trip to
London.

I would like to meet with you and James New for about an hour when I first
arrive to get a feel of your businesses and to give both of you an update on
the new and improved Global Rates Group, after the partial implementation of
MKM. I would also appreciate it, if I could unobtrusively sit with several
of your risk groups, in order to among other things, get an idea of the types
of commodities London trades and their respective Exchanges. This would
allow to familiarize myself with the current process that London uses to
capture commodity rates.

After a couple of days in your shop, I am confident that I could come back to
Houston with a much better idea of how Global Rates could be of the most
benefit to London.

This trip would of course be charged to the Global Rates CC and not allocated
back to London, since it is a "discovery" trip, which we have budgeted for
in our 2001 budget.

I wouldn't want this to interfere in anyway with your ongoing business,
therefore would you please let me know when you and James would be in London
during the next couple of weeks and I will schedule my trip accordingly.

Thanks again for your assistance, it is unfortunate that our teleconference
scheduled for today got cancelled.