Jonathan,

Thank you for your fax dated March 13, 2001 which incorporated the letter from Fred Varacchi.  I have read the letter and had several discussions with my colleagues in London and we conclude that we have no further wish to pursue any discussions with eSpeed. The letter does not seem to correspond to any of the discussions we have had to date. I simply do not see any upside in pursuing discussions, bearing in mind that you received from us a draft proposal  which you previously indicated was satisfactory and then followed up with a letter that does not relate at all to the proposal.

Regards

Louise Kitchen
COO
Enron Americas

cc:	Fred Varacchi, eSpeed
	Tom McKeever, Enron Metals
	Justin Boyd, Enron Legal - Europe
	Travis McCullough, Enron Legal - Americas
	Andy Zipper - EnronOnline
	Greg Whalley - Enron Wholesale
	David Tregar - Enron Metals