ENA as a NYMEX clearing member

Mark,

I recently moved back to ENA as director of trading accounting which includes
accounting for all of our futures activity. We are getting a lot of
inquiries as to how Enron can save money regarding this activity. One area
that was mentioned was Enron becoming a clearing member. I was told this
route had been pursued in the past and dropped. Your name was provided as
the Enron legal rep who worked this. If possible, could you please provide
me with the reasons this avenue was not considered a good fit for Enron. I
would like to have the correct facts to present when this comes up again in
my discussions.

Thanks for the assisstance.

Greg x35399