? As per our conference call earlier this week we have attached a draft of 
the Subscription Agreement between eSpeed and Enron along with two 
Certificates of Designations reflecting the preferred stock (convertible into 
warrants) to be issued to Enron pursuant to the Subscription Agreement.

??????? Please call me if there are any problems with this e-mail. 

Yoel Goldfeder 
Swidler Berlin Shereff Friedman, LLP 
The Chrysler Building 
405 Lexington Ave. 
New York, New York 10174 
(212) 891-9422 

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??? 

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