Opinion - Consortium Agreement

fyi
---------------------- Forwarded by David W Delainey/HOU/ECT on 12/14/2000
05:23 PM ---------------------------

Brett R Wiggs@ENRON
12/14/2000 05:00 PM
To: David W Delainey@ECT, Joe Kishkill/SA/Enron@Enron
cc:
Subject: Opinion - Consortium Agreement

Attached is the legal opinion on the US$ enforcibility.

Brett
---------------------- Forwarded by Brett R Wiggs/SA/Enron on 12/14/2000
08:01 PM ---------------------------

John Novak
12/14/2000 07:41 PM
To: Brett R Wiggs/SA/Enron@Enron
cc:
Subject: Opinion - Consortium Agreement

just got a chance to check email and here it is. don't know if Mark has had
a chance to look at it. I havn't but will try on the plane and chekc in t
omorrow. Running to the plane now. rgds, john
---------------------- Forwarded by John Novak/SA/Enron on 12/14/2000 07:38
PM ---------------------------

"CVV - Cintia Vannucci Vaz Guimar?es" <CVV@tozzini.com.br< on 12/14/2000
05:22:35 PM
To: <john.novak@enron.com<, <lisa.alfaro@enron.com<,
<mark.e.haedicke@enron.com<, <ricardo.mucci@enron.com<, <bbradsha@skadden.com<
cc: "JE - Jose Emilio Pinto" <jenp@tozzini.com.br<

Subject: Opinion - Consortium Agreement

Dear All:

Attached please find the eletronic version of our legal opinion on the
indexation of payments under the Consortium Agreement. A copy of the
original signed version of the opinion is following by fax.

Regards,

C?ntia Vaz Guimar?es
Tozzini, Freire, Teixeira e Silva Advogados
Rua L?bero Badar?, 293, 21o. andar
01095-900 - S?o Paulo - SP
Phone # (55-11) 232-2100
Fax # (55-11) 232-3100
cvv@tozzini.com.br

- MERCHOP2.DOC