Fred, as a follow-up to our telephone conversation, we would like to launch
some new products on EnronOnline -- swaps on coffee, sugar and cocoa (the
agricultural "softs"). We would like to know if Canadian law presents any
sort of restrictions or other issues with respect to financially settled
derivatives on these commodities. We would like an analysis with respect to
both swaps and options (however, if timing becomes an issue, we should
concentrate on swaps, as our offering of swaps is more imminent).

We are looking at rolling out with nine products -- for each of the three
commodities, there will be a calendar-month swap tied to (i) the New York
Board of Trade price, (ii) the LIFFE price, and (iii) the spread between the
two exchange prices.

We would like the results of your analysis by April 27. Please feel free to
call me with any comments or questions you may have. Thank you for your
assistance with this -- Bob Bruce

Robert E. Bruce
Senior Counsel
Enron Wholesale Services
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com