April 2, 2001

Via Email

Tana Jones
Tana.jones@enron.com
Enron

Dear Tana Jones:

The New York Mercantile Exchange is excited and we want to tell you why.
NYMEX is about to launch enymexsm  and its prospects are invigorating.

Over-the-counter (OTC) participants will now be able to execute transactions
on the same platform as NYMEX futures.  The Exchange plans to use its proven
clearing infrastructure to introduce complete counter-party risk management,
and create net margining with Exchange futures markets by calculating a
consolidated clearing position.  Subsequent enymexsm functionality will also
provide an internet-based interface to the established Exchange futures
market by routing futures orders to the trading floor and the NYMEX ACCESSc
electronic trading system, depending on the session.

Attached please find information announcing the first slate of products to
be offered for listing on enymexsm .

Since we value your business as a forerunner in this industry, we are
enclosing for your review the sale registration form, which consists of the
enymexsm System User Agreement.  Please review, sign and return to Robert A.
Dagistino, Director of Customer Service, New York Mercantile Exchange, One
North End Avenue, New York, N.Y. 10282.  Any questions can be answered via
email at rdagistino@nymex.com or via telephone at 212-299-2429.

The signatory must be an executive officer or partner of the firm.  We are
also attaching two "click-on screens" that users will view when they first
log on to the system.

Please note that since the enymexsm products will be cleared you will also
need to obtain authorization from a clearing member for your account.

A NYMEX team, consisting of members of our Board, local traders and staff,
will be visiting each one of you in person.  They will discuss with you how
to utilize the benefits of NYMEX to achieve precision in many of your
customized transactions.

We look forward to receiving your registration and participation in what is
intended to be the premier, global exchange for forward trading and clearing
contracts focusing on energy and metals products.

Sincerely,

 <<...OLE_Obj...>>
Neal Wolkoff,
Executive Vice President

 <<enymex information.doc>>  <<enymex system user agreement.doc>>
<<clickonscreensfinal3282001.doc>> 
 - enymex information.doc
 - enymex system user agreement.doc
 - clickonscreensfinal3282001.doc