John,

We are sending our bid and offer prices to Reuters for most US Gas & Power products, as well as European Gas and Power, Crude and Refined products, Bandwidth, Coal, Emissions, Weather and Sea Freight.

We will receive 75% of all revenue Reuters collects from subscriptions to EnronOnline quotes. It is an evergreen 1 yr contract with mutual termination rights upon 90 days prior notice. We are under no obligations to provide levels of service.

Revenue expectations:

Reuters will charge, initially, $150/month/desktop. They have 5,000 Energy desktops worldwide.

thus with 100% penetration we would get 5,000 x 150 x 12 x .75= $6,750,000;

With a more realistic assumption of 50% penetration the yield to Enron would be $3,375,000 p.a.

This revenue does not include the incremental benefits, in our view, of branding and standardization of our product and liquidity in the marketplace. In the future I could see us adding a transactable API to the product through Reuters, which would enhance the ease of transaction by Reuters users.

If you have any more questions give me a call or drop me a line.

AZ