Marcello:

By way of introduction, I am a lawyer with Enron North America Corp.("ENA") 
in the derivatives area.  I have read your memorandum of March 17, 1997 which 
was prepared for us and which addressed both physical and financial trading 
issues.

I am also aware of the recent memo which you prepared for Brent Hendry re:  
internet trading.

I have two (2) followup questions for you limited specifically to financial 
trading (NOT VIA INTERNET):

 (1)  Do you have any changes to add to your memo of March 17, 1997 with 
respect to financial trading?

 (2)  Would you modify ENA's Schedule to the ISDA Master Agreement (which I 
believe Brent Hendry recently forwarded to your attention)?

I look forward to hearing from you.  ENA is about to execute a trade with a 
Chilean corporate and I will most likely see the trade confirmation in the 
next day or so.  You can reach me via email or by phone at (713) 853-5620.  
Thank you very much.  

Sara