Sara/Cheryl,
 ECT Investments Inc has received a faxed document from Goldman Sachs 
International  regarding terms of business for executing equity transactions 
through the London office.  This document is not intended for the purposes of 
opening up a new executing broker accouunt with Goldman Sachs International.  
ECT Investments Inc currently has an existing executing broker agreement with 
Goldman Sachs & Co which should cover trades done in Houston and London since 
we are trading under the same legal entity.  The Terms of Business Letter 
sets forths terms and conditions that would apply to transactions executed by 
ECT Investments in London which is governed under the SFA rules and 
regulations.
 I will forward a copy of the document to Cheryl.  Goldman Sachs 
International is waiting for us to review and sign.  If you have additional 
questions and concerns, I can be reached at extension 31439.


Thanks,
Theresa