Justin and Edmund:

I understand that the two of you are the key legal contacts in London on 
EnronOnline, and I thought that I should contact you regarding 
Clickpaper.com, Enron Net Works' new e-commerce initiative.

Enron is planning to launch next week (with a formal launch in connection 
with Enron Corp.'s analyst meeting on July 25) of a website for Enron's 
trading of pulp and paper products.  The business model is similar to that of 
EnronOnline, but since this website will have a more targeted audience, we 
can expect a broader product offering and greater volumes than is currently 
traded on EnronOnline.  It is anticipated that the site will ultimately have 
global counterparties and will trade physical products at several "hubs" 
around the world, although operations will initially be more or less limited 
to the U.S. and Canada.

I understand that the London office has done substantially all of the legal 
work associated with enabling global counterparties to trade on EnronOnline 
(such as adopting appropriate password applications and electronic trading 
agreements and addressing legal issues associated with electronic trading of 
financial and physical products).  While much of that work will be 
transferable to Clickpaper, there may be some unique issues.

I'm not sure if anyone has discussed how to handle the legal work for 
Clickpaper as it expands into European markets, but I thought that I should 
raise the issue.  I don't expect a huge volume of work immediately -- it will 
probably trickle in as the traders expand their operations -- but at some 
point it could become a substantial effort.

I would appreciate any thoughts that you have.       

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490