Mark, 

Further to our brief telephone call of last week, attached please find a 
draft memo discussing certain CFTC and FERC regulatory issues relating to the 
three proposals being considered by EnronOnline.? Please feel free to call me 
at 212-530-5414 with any questions you may have about the attached memo. 

Regards, 
Eric Sanford 

 <<#7253482 v3 - EnronOnline - CFTC exemption memo.doc>> 

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 - #7253482 v3 - EnronOnline - CFTC exemption memo.doc