This appears clear to me. We do not hold any risk with the CNV unless we
create it.

Mark do we need any further clarification from your perspective?

The worst would be we are warned, asked to make a change or shut down. I do
not have anything to loose in an emerging market with limited liquidity
already. It would be different if there was an existing business that would
be harmed. This is all incremental value from today.

MFG




Andrea Calo
09/11/2000 06:05 PM

To:   Michael Guerriero/SA/Enron@Enron, Mark.taylor@enron.com., Patrick
      Hansen/SA/Enron@Enron
cc:

Subject:  EOL - CNV

Please see Sebastian Iribarne's memo on the referenced issue in the
attachment below.

---------------------- Forwarded by Andrea Calo/SA/Enron on 09/11/2000
06:06 PM ---------------------------


IRIBARNE Sebasti?n M. <SMI@marval.com.ar> on 09/11/2000 05:16:31 PM

To:   "'andrea.calo@enron.com'" <andrea.calo@enron.com>
cc:
Subject:  memo




Andrea,

Te adjunto el memo con relacion al tema CNV.? Hemos tratado de ser breves y
no entrar en detalle en todos los requisitos de las normas de la CNV, ya
que hay mas de un interrogante debido a la falta de antecedentes.? De toda
maneras hemos tratado de resaltar lo complicado que seria establcer un
nuevo vmercado de futuuros y opciones en electricidad.

Cualquier cosa no dudes en llamar.

 <<o1088180.doc>>

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(See attached file: o1088180.doc)




 - o1088180.doc