Re: Clickpaper Master Agreement

Correct. The Services Agreement in place between ENA & ECC is what allows us
to transact between the two companies without adverse tax consequences. We
have no such agreement in place with ECTRIC, and the UK tax regime is
different. We cannot transact between ENA & ECTRIC under each others masters.

Anthony Campos
02/07/2001 08:31 AM

To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Re: Clickpaper Master Agreement

Per my voicemail,

My first thought would be that the Credit Suisse (ENA) Master Agreement would
not cover London Pulp & Paper transactions because they are not included in
the Services Agreement like ECC. Please advise.

Thank You,
Anthony
Global Financial Contracts
3-7911

---------------------- Forwarded by Anthony Campos/HOU/ECT on 02/07/2001
08:07 AM ---------------------------

Enron Capital & Trade Resources Corp. - Europe

From: Stephen Furter 02/07/2001 06:27 AM

To: Anna Gardiner/LON/ECT@ECT
cc: Enron London - Clickpaper Product Control Group/LON/ECT@ECT, European
Contract Management, Anthony Campos/HOU/ECT@ECT
Subject: Re: Clickpaper Master Agreement

There is an ISDA Financial agreement in Global Contracts with ENA and Credit
Suisse First Boston International (95000405-0), dated 21/4/1993, but it's in
the Houston Maintenance group, and therefore Antony Campos should confirm
whether it's ok. I will be speaking to him as soon as he gets in.

Regards
Stephen

PS: Please in future, could you mail our group, instead of just myself or
Andrew Wells....... European Contract Management

Anna Gardiner
07/02/2001 11:52
To: Stephen Furter/LON/ECT@ECT
cc: Andrew Wells/LON/ECT@ECT, Enron London - Clickpaper Product Control
Group/LON/ECT@ECT

Subject: Clickpaper Master Agreement

Stephen

Please could you confirm whether Credit Suisse First Boston International
have a Master Agreement in place for Pulp and Paper products with ECTRIC or
ENA? They have just been approved for trading on Clickpaper without
collateral and I wanted to make sure that they did not have a master in place
before I went ahead and set them up on the system.

thanks

Anna