LEGAL AND PRIVACY INFORMATION

1.	All information and material including images, text and audio on this website is the property of Enron Corp. and/or its subsidiaries (and/or its or its subsidiaries’ licensors) (collectively “Enron”) and is subject to copyright.  EnronOnline, EnronOnline.com, Trading Innovation, Endless possibilities, Enron.com, Enron, Enron & design, Enron Corp., Enron Corp. & design, Enron with fanciful E, Enron with fanciful E (color), Natural gas, Electricity, Endless possibilities, Socket and flame logo are all trademarks owned by Enron Corp.  All other trade marks on this website are the property of their respective owners.  You are entitled to view, copy and print any documents from this website but only for your own internal business purposes.  Any sale, transmission or redistribution of this website or its content, and any copying, modification or other use of this website or its content for any purposes other than your own internal business purposes, are strictly prohibited.
2.	This website is provided solely for information purposes and, with the exception of this “Legal and Privacy” statement, is not intended to, and shall not, constitute any offer or acceptance with the respect to any transactions or other matters.  This website shall not create any legal relationship between you and Enron, unless you have signed a Password Application, in which case the Password Application and Electronic Trading Agreement, and all terms and conditions referred to therein, shall govern your access and utilization of this website.  Copies of the Electronic Trading Agreement may be obtained through the “Contact Us” Section of this website.
3.	This website is intended only for commercial enterprises in certain specified jurisdictions.  For European Union residents:  please note that Enron Europe Finance & Trading Limited is regulated to carry on investment business in the United Kingdom by the Securities and Futures Authority and has reviewed and approved the contents of this website for relevant regulatory purposes.  For Belgian residents:  please note that, pursuant to the Belgian law of 14 July 1991 on Commercial Practices, this website is to be considered as being advertising (reclame/publicité).
1 4.	This website and the information and material which it contains are subject to change at any time by Enron without notice and Enron reserves the right to suspend, terminate or restrict your access to or use of this website.  All warranties, whether express or implied, as to the accuracy or completeness of the information contained on this website or in respect of any materials or products referred to on this website are hereby excluded to the extent permitted by law.
2 5.	Enron and its directors, officers, employees and agents shall, to the extent permitted by law, have no liability, contingent or otherwise, to you or to third parties for the accuracy, timeliness, completeness, reliability, performance or continued availability of this website or for delays or omissions therein.  Enron shall have responsibility to maintain the information or services made available on this website or to supply any corrections or updates in connection with such information or services.  In no event will Enron be liable3 for any special, direct, indirect, incidental, punitive or consequential damages (including, without limitation, loss of business, loss of profit, loss or corruption of data, loss of goodwill or reputation or wasted management time) which may be incurred or experienced on account of your using or relying on this website or any information on it, even if Enron has been advised of the possibility of such damages.  Any limitations or restrictions on liability in this Legal and Privacy statement shall only apply to the extent permitted by applicable law.
6.	Nothing set forth in this website should be construed as a recommendation to purchase or sell any product or instrument or to enter into any transaction, or as a representation that any particular product or instrument is suitable or appropriate for you.  Many of the products described in this website involve significant risks and you should not enter into any transactions unless you fully understand all of these risks and have independently determined that the risks are acceptable to you and that the transactions are appropriate for you.  [For example, swaps present counterparty credit risks, the fact that there may be no liquid market for swaps and the risk of potentially unlimited payment obligations if prices move in an unfavorable direction.  Options, caps or floors also involve counterparty credit risks as well as the potential loss of the premium paid with no corresponding benefits.]  Any discussion of risks contained in this website, however, should not be considered to be a disclosure of the risks of particular transactions, or a complete discussion of the risks which are mentioned.
7.	You should not construe any of the material contained in this website as business, financial, investment, hedging, trading, legal, regulatory, tax or accounting advice and you should not make this website the primary basis for any trading decisions. In providing this website and entering into any transactions in the products described in this website, Enron is acting solely in the capacity of an arm's length contractual counterparty and not as a financial advisor or a fiduciary.  Under no circumstances should Enron be considered your advisor or fiduciary and, if you require advice with respect to the products identified in this website or any contemplated transactions, you should consult your own business, financial, accounting or legal advisors. 
8 4.	This website may provide links to certain websites sponsored and maintained by third parties.  Such websites are publicly available and Enron is providing access to such websites through this website solely as a convenience to you.  Enron makes no representations or warranties concerning the content of such websites and the fact that access to such websites is provided does not constitute any endorsement, authorization or sponsorship of such websites or their sponsors by Enron nor is there any affiliation between Enron and such sponsors and such sponsors do not endorse, authorize or sponsor this website.  You understand and agree that you will use or rely on such websites solely at your own risk and that Enron does not grant to you any rights in respect of such websites.
5 9.	In the course of your use of this website, you may provide, or Enron may otherwise obtain, information about you or your business activities.  By using this website, you expressly consent to Enron (1) using this information to assess the function and performance of this website, to assess the needs of its customers, to market Enron’s products and services and for the other purposes set out in this paragraph 6, and (2) transferring this data to Enron subsidiaries throughout the world for the purposes specified in (1) above.  Any information which you provide or which Enron otherwise obtains will be used solely by Enron and will not be sold or made available to third parties, with the exception of the third parties providing data processing or similar services to Enron, or in connection with Enron’s provision or marketing of products and services to you.
6 10.	You agree that you will maintain the confidentiality of this website and that you will not disclose or provide access to this website or its contents to any person (other than your employees in connection with the performance of their duties to you), except as may be required by applicable law or regulation or by order of a court or regulatory or self-regulatory authority with jurisdiction over you.
7 11.	If you are accessing this website from the U.S., the terms of this Legal and Privacy statement shall be governed by the laws of the State of New York; if you are accessing this website from outside the U.S., its terms shall be governed by English law.

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Draft of July 2, 2000

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-FOOTER 1-
NY12532: 281436
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-FOOTER 2-
NY12532: 281436

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1. 3

2. 4

3. ,

4. 5

5. 6

6. 7

7. 8

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The bracketed numbers refer to the Page and Paragraph for the start of the paragraph in both the old and the new documents.

[1:3 1:3] Changed	"case the Electronic  ...  Agreement and" to "case the Password  ...  Agreement, and"
[1:3 1:3] Changed	"therein shall" to "therein, shall"
[1:3 1:4] Changed	"website. This" to "3. This"
[1:4 1:5] Changed	"3" to "4"
[1:5 1:6] Changed	"4" to "5"
[1:5 1:6] Changed	"therein. In" to "therein. Enron  ...  services. In"
[1:5 1:6] Changed	"liable, for" to "liable for"
[2:1 2:1] Add Paras	"6. Nothing set  ...  legal advisors. "
[2:1 2:3] Changed	"5" to "8"
[2:2 3:1] Changed	"6." to "9."
[2:3 3:2] Changed	"7" to "10"
[2:4 3:3] Changed	"8" to "11"

---------- NOTE CHANGES ----------

[1 1] Add Foot	"Draft of July 2, 2000"

This redlined draft, generated by CompareRite (TM) - The Instant Redliner, shows the differences between - 
original document   : G:\DOCS\NY12532\GILBERGD\615_01!.DOC
and revised document: G:\DOCS\NY12532\GILBERGD\615_02!.DOC

CompareRite found   12 change(s) in the text
CompareRite found    1 change(s) in the notes

Deletions appear as Overstrike endnotes 
Additions appear as Bold-Underline text