TFS, Inc.

Alan/Geoffrey -

Below you will find a BETA and Fee Agreement for TFS, Inc. in relation to certain European products. These agreements reflect that TFS, Inc. be the Broker and thus, need to be signed by the appropriate officer of TFS, Inc. Once they have been signed (and the accurate address for TFS, Inc. completed in the BETA), they should be returned to my attention for countersignature by Enron.

Please let me know if either of you should have any questions or need anything further with regard to this matter.

Mark