SAP and Seller Rules!!!! Please read

Fyi...
---------------------- Forwarded by Sheila Glover/HOU/ECT on 06/30/2000 04:42
PM ---------------------------

Laurel Adams
06/30/2000 10:48 AM
To: Jan-Erland Bekeng/OSL/ECT@ECT, Patryk Wlodarski/LON/ECT@ECT, Peter
Griffiths/LON/ECT@ECT, Raymond Dollman/LON/ECT@ECT, William
Quinn/LON/ECT@ECT, Maya Beyhum/LON/ECT@ECT
cc: Esther Demetz/LON/ECT@ECT, Denisa Jozana/LON/ECT@ECT, Kelly
Lane/LON/ECT@ECT, Ian Sloman/LON/ECT@ECT, Ana Rizvi/HOU/ECT@ECT, Sheila
Glover/HOU/ECT@ECT, Jeffrey McClellan/HOU/ECT@ECT, Trena
McFarland/LON/ECT@ECT, Jurgen Hess/LON/ECT@ECT
Subject: SAP and Seller Rules!!!! Please read

All,

July 1, SAP goes into effect for us here in Houston. Also, the seller rules
principle comes into play. This means that if we (the IR/FX desk) owe you a
payment in USD, GBP or EUR, you MUST book the payable in SAP to company 0967
(we are no longer company 1Y3). We then go into SAP and remove the block and
that allows the payment to be sent.

Per Corp., all intercompany trades are to be handled in this manner. This
means that when you are paying us any of the 3 above currencies, we will go
into SAP and book a payable to your company. Going forward, when confirming
settlements with Ana, you must be prepared to provide her with your company
number. You are then responsible for going into SAP and removing the block
to allow payments to be released.

Is SIFT UK interfacing directly to SAP, or will you manually be booking these
entries? If you are interfacing, the payable entry should automatically be
created. If you are manually booking into SAP, you will need to coordinate
with your accounting/reporting contacts to make sure that all of this goes
smoothly. If you are not the person who will be manually booking the entries
into SAP, please forward this message to the appropriate person.