Meeting Minutes: Continental and Enron, December 12th

Meeting Attendees from Continental Airlines:
Greg Hartford, Vice President, Fuel Management
Ron Howard, Vice President, Food Services
Larry Kellner, Chief Financial Officer

Meeting Attendees from Enron:
Craig Breslau, Vice President, Enron North America
Sarah-Joy Hunter, Manager, Global Strategic Sourcing
John Nowlan, Vice President, Enron Global Markets
Jeff Shankman, President and COO, Enron Global Markets
Mark Tawney, Director, Enron Global Markets
George Wasaff, Managing Director, Global Strategic Sourcing

MEETING MINUTES: The December 12th meeting addressed three initiatives in
order of economic value: (1) fuel management, (2) weather derivatives, and
(3) plastics hedging -- VaR analysis.

(1) Fuel management (Craig Breslau; John Nowlan)

-- exchanging call options on crude oil for airline tickets
-- crack spread product to address basis risk

(2) Weather derivatives (Mark Tawney; Gary Taylor)
-- rebate program
-- insurance product

(3) Outsourcing antifreeze and plastics risk (Alan Engberg)

Sarah-Joy Hunter
Enron Corporation
Global Strategic Sourcing
Business Development
#(713)-345-6541