Recently we signed Letters of Interest (LOI's) with three brokers.  The 
letters contemplate our interest in providing these brokers with the ability 
to execute on behalf of their customers on EnronOnline.  Below are the terms 
of these transactions as outlined in the LOI's.  I have contacted many of the 
desk heads prior to entering into the LOI's and outlined the general terms of 
these transactions (J Arnold, J Nowlan, K McGowan, U Ek, S Hastings, K 
Presto,J Hawthorn).  We are also in discussions with the following brokers E 
D & F Man (US Gas and US Power), GFI (global gas, power, coal and emissions), 
PVM (European Crude and Products), and Prebon (world-wide gas & power).  We 
would appreciate if you could give us the names of additional brokers we 
could talk to that are active in your products.

Please pay particular attention to the Amerex terms which include the ability 
to initiate executions telephonically using website prices.  Enrons 
obligation to transact telephonically on website prices are good faith only.  
This term allows Amerex to get around a exclusivity clause with Altra which 
they are trying to negotiate out of.

Please review the terms and contact me at (ext 3-0397) concerning any 
comments or concerns that need to be addressed prior to the execution of 
definitive agreements. 

Amerex Natural Gas I, Ltd./Amerex Power, Ltd.

 Products:   Worldwide Gas, Power, Crude, Crude Products and Bandwidth
 Broker Fee:   No fee for transactions executed on EnronOnline (or initiated 
with a website price)
 Other:    Ability to initiate execution telephonically using a website price 
with good faith effort by Enron.
 License Fee:   $250,000
 Term:    One year
 Liquidated Damages:  Payable on broken transactions up to dollar amount of 
collateral deposit and accounts payable due to broker.  No limit on      
Broker fraud or misrepresentation.

Natsource LLC

 Products:   US Gas and US Power
 Broker Fee:   No fee for transactions executed on EnronOnline 
 License Fee:   $250,000
 Term:    One year
 Liquidated Damages:  Payable on broken transactions up to dollar amount of 
collateral deposit and accounts payable due to broker.  No limit on      
Broker fraud or misrepresentation.

Power Merchant Group

 Products:   Nymex Natural Gas
 Broker Fee:   No fee for transactions executed on EnronOnline
 License Fee:   $100,000
 Term:    One year
 Liquidated Damages:  Payable on broken transactions up to dollar amount of 
collateral deposit and accounts payable due to broker.  No limit on      
Broker fraud or misrepresentation.