EnronOnline U.S. Physical Gas Review

I have reviewed the MasterProductData Spreadsheet (MPS - the version held by
Mark Taylor) against the Enron North America Corp. Spot GTC for natural gas.

Many of the defined terms on the GTC are not referenced or (in some cases)
not quantified by the MPS.

This could obvously give rise to confusion and possibly disputes with
customers, revolving around central commercial terms.

I have prepared two emails - one for Andy/Elena/Mark, who are responsible for
the MPS and one for Stacy, who I understand is responsible for the legal
review of the MPS and the GTC. Each email contains more detailed comments and
will be sent to you shortly.

I would appreciate it if responses could be incorporated into the MPS by
Wednesday, Sept. 1 at the latest.

Note that wherever possible, I have suggested amendments which preserve the
logical structure of the MPS, so as to minimize any delay to the project
which these changes could cause.

For the next week, I will be available in Houston at 31861, or international
cell at 011 44 7867 550 598.

Thanks,

Dave