Attached is a marked draft of my fairly quick attempt to revise John's draft 
cover letter to help mitigate Japanese law/regulatory risks and separate EJ 
from Enron Online, an offshore business initiative at this point.

Paul: Please review and add your comments.

Susan: Please review from a tax perspective, and provide your comments.

Alan




To: Nicholas O'Day/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, 
Paul.TYO.Davis@BakerNet.com
cc: Joseph P Hirl/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Alan Aronowitz@ECT 
Subject: EnronOnline Letter  

Per our discussion earlier today,  attached is a draft of the letter we 
propose to send out from Joe Hirl on Enron Japan letterhead during the week 
of May 8.