Gary/Michael

I am pleased to attach for your review the opinion of Linklaters you 
requested addressing the question of whether EnronOnline's activities 
constitute "arranging" under the FSA 1986.  Kindly acknowledge receipt.

I trust this meets your requirements and look forward to receiving your 
confirmation of this at your earliest convenience.  Many thanks.

With best regards

Paul  (tel -  7783 6566)
---------------------- Forwarded by Paul Simons/LON/ECT on 27/07/2000 09:54 
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