Limitation of Liability

Hi, Mark:

ECT Investments, Inc. is trying to finalize a "Terms of Business Letter" with Goldman Sachs International ("GSI") in London (for trading foreign listed equity options). GSI is resisting the inclusion of any limitation of liability language in the agreement. Our agreement is governed by English law. I have requested the following simple statement:

"Neither party shall have any liability arising from this Letter or from any obligations which relate to this Letter for any indirect, special, punitive, exemplary, incidental or consequential loss of damage."

Do you even use such a provision in your documents goverened under English law? What language (if any) would you propose for use with an English party?

I'd appreciate your insight.

Regards,
Sara

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX 77002
Ph: (713) 853-5620
Fax: (713) 646-3490