To: Mark Taylor,  Legal counsel for Market Risk Management

Mark - would you please clarify this issue for us?

Thank you,
Cassandra Schultz.
---------------------- Forwarded by Cassandra Schultz/NA/Enron on 11/08/2000 
08:26 AM ---------------------------


David Redmond@ECT
11/08/2000 03:05 AM
To: Cassandra Schultz/NA/Enron@ENRON
cc: Araceli Romero/NA/Enron@Enron, Richard Lewis/LON/ECT@ECT, Peter 
Crilly/LON/ECT@ECT 

Subject: Re: 3rd Request - RESPONSE NEEDED ASAP - Risk Mgmt. Compliance 
Certificate  

Cassandra,

Richard asked me to review this document before the traders on the UK Gas 
Desk would sign it.

The UK gas desk adheres to all the risk management requirements of this 
document. However, in Section VII , Miscellaneous, Employee Trading, the 
document would appear to prevent any of us trading equities (amongst other 
commodities) on our personal account as Equity Trading is a Commodity Group. 
We are unsure if this is the aim of this agreement.

We have asked our compliance officer, Paul Simons to clarify the impact of 
this clause for us.

We are not ignoring the document, we are waiting for clarification.

Thank you,

David Redmond