Term Sheet with detail

Attached is the term sheet for the eSpeed transaction. We anticipate
receiving drafts of the equity documents Friday or Monday.

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone: (713) 853-1575
Fax: (713) 646-3490
----- Forwarded by Travis McCullough/HOU/ECT on 07/26/2000 03:20 PM -----

Andy Zipper@ENRON
07/21/2000 05:07 PM

To: Travis McCullough/HOU/ECT@ECT, Louise Kitchen/HOU/ECT@ECT
cc:
Subject: Term Sheet with detail

FYI, the most recent proposal...
---------------------- Forwarded by Andy Zipper/Corp/Enron on 07/21/2000
05:00 PM ---------------------------

"Uman, Jonathan" <JUman@cantor.com< on 07/21/2000 01:13:12 PM
To: "Andrew Zipper (E-mail)" <Andy.Zipper@enron.com<
cc:

Subject: Term Sheet with detail

Andy
The attached outlines much of what we covered on Thursday morning. If you
want more clarification on the NewCo warrant concept, lets talk.
Have a great weekend.
Jonathan
<<eSpeedTS.doc<<
Regards,

Jonathan Uman
Managing Director, Head of Corporate Development
eSpeed, Inc.
juman@espeed.com
212-938-7495

- eSpeedTS.doc