Ms. Lemont:

It is our understanding that in connection with the opening of the referenced account, Bear Stearns has agreed to allow ECT Europe to sign the same form of Institutional Account Agreement that Enron Credit Inc. signed in April, 2001.  Please forward execution copies of such agreement to us and we will obtain execution on behalf of ECT Europe.  Additionally, we are in the process of adopting resolutions on behalf of ECT Europe allowing for the opening of brokerage accounts.  Will Bear Stearns be able to open the ECT Europe account prior to receiving the corporate documentation?