FYI
---------------------- Forwarded by Marcus Nettelton/NA/Enron on 08/11/2000 
08:26 AM ---------------------------


Paul.TYO.Davis@BakerNet.com on 08/11/2000 05:45:16 AM
To: Marcus.Nettelton@enron.com
cc: Justin.Boyd@enron.com, john.viverito@enron.com 

Subject: Aluminium Trading



Dear Marcus

Please find our advice attached.  Unfortunately we have found it not very
practicable to send a compare version but you may wish to run a compare 
yourself
as against the draft previously sent.  The main changes are in relation to the
Commodities Exchange Law.

In short, there should be no CEL problems with respect to trading of physical
aluminium, offshore or through a subsidiary in Japan, but there is a risk that
trading of aluminium futures will be deemed to be "facility" in breach of the
CEL, which danger is increased if the activities are conducted by a subsidiary
in Japan.

We have not of course at this stage reviewed any derivatives documentation.

Let me know if we can help further.

Best regards

Paul Davis
 <<EnronMemo27-b.doc>>
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 - EnronMemo27-b.doc