Gentlemen, 

I met with Craig Young (MG US) last week, who is keen to progress metals 
business with large US corporates (e.g. Anheuser Busch), on the following 
basis:

o Assume ENA and US Corporate are existing parties to ISDA/Credit Support 
Documents (the "Master").

o ENA and US Corporate would agree to expand range of OTC products to include 
OTC metal derivatives under the Master.  The principals to the metals trades 
would therefore be the US Corporate and ENA.  These trades would however be 
"arranged" by MG London Inc. (an FCM) as "arranger" in the US for ENA.

o Enron Metals Limited (EML) from London would agree to provide metals prices 
to ENA and/or MG London Inc. in the US, and in return receive a commission 
from MG London Inc.

o ENA would back-to-back OTC metals derivatives with EML via an intra-group 
ISDA Master.

Look forward to your views.

Thanks.
Justin