January 25, 2002

Enron North America Corp.
Vince Kaminski
1400 Smith Street
30th Floor, Rm. 3036B
Houston, TX 77002-7361
1 713-853-3848

Dear Vince Kaminski,

This is to inform you of the release of @GLOBAL v5.0.3. FTP download
instructions are available immediately. The download instructions are
included at the end of this email. If you wish to receive a CD, please send
an email to info@fea.com. Please see below for more information regarding
this new release.

Here's an overview of the new and changed features since version 5.0.2.

Bug Fixes

A bug was fixed for window barrier options (@GLOBAL Barrier & Digitals). The
bug affected results when the window period starts at time zero, or has
already started, and different yields are specified over and outside the
window period.

Here's an overview of the new and changed features in version 5.0.2 since
5.0.1.

Bug Fixes

MCEQUITY_ASIAN and MCEQUITY_ASIAN_CLIQUET can now be evaluated on expiration
date. A bug was fixed in MCEQUITY_ASIAN_CLIQUET that affected valuation when
value_date was equal to the last averaging date of any reset period.

If you have any questions please feel free to contact us. We appreciate this
opportunity to be of continuing service to Enron North America Corp..

Regards,
Michelle Mendoza
Email to: Support@fea.com
               or
          michelle@fea.com
Direct Tel: +1-510-549-8702 *111
Financial Engineering Associates, Inc.

P.S. We apologize in advanced if you have received this email multiple
times.

*************************************************************************

@GLOBAL and supporting documents are now available directly from the new FEA
web site.

Go to the Products Downloads page of the web site:
http://www.fea.com/web/support/product_downloads/

Log in to the @GLOBAL support area:
Login: global
Password: vhj6eier
and press the <Submit> button.

N.B.:  The password is only valid until the first Friday of next month.
New passwords are issued on a regular basis. Contact support@fea.com if
your password is out of date.

At the top of the download page you will find a list of the files on the
site together with descriptions of what they contain. Below this is the
actual download area. Decide which file you want and click on the
highlighted file name in the download area. Follow your browser's
instruictions for downloading the file.


If you prefer to use the old-style direct FTP access, the following
instructions apply:

NOTE: Using EXPLORER leads to unpredictable results, so we suggest using
      NETSCAPE or a DOS shell.


USING NETSCAPE:

In the Location box type: ftp://global@ftp.fea.com
Password: vhj6eier

global-5.0.3-win32.exe is for Excel 7 or 97SR1, 2000 or XP, download and
run on a local drive.

global-4.0-unix.tar.Z is for Applix, download, unzip, and untar and then
follow the instructions in Readme_Install.