Online Confirmation Meeting

Bob Shults called this meeting to see what the status was for the different
product groups' confirmation and GTC forms. The two issues out of the
meeting I was asked to bring to your attention were:

1. Attaching the Online GTC's to the outgoing confirmations. Per our
discussion, it was my understanding that the GTC's would be attached to all
outgoing confirmations. That does not seem to be the general consensus.
There seems to be feedback from London that is not the case, and Janice Moore
was also saying she didn't know if that's what the liquids people were going
to do. Bob Shults asked for your direction with these holdouts.
2. The issue of the credit in the masters being overriden. First, after our
discussions yesterday, we couldn't figure out a way they could change the
approval status within Credit from approved with a master to a "B" approved
GTC with credit. Second, Bob Shults thought that had been agreed to have the
credit overridefor all the product areas and I told him that financial was
still discussing this issue with Credit, so we would have to get back to
him. I guess the physical people are OK with that. I don't know what
discussions you have had with Jeff and Alan, but Bob Shults appears to want
to have this confirmed for him.

Also, along with the credit override of the master, there is supposed to be
some letter that will be sent out to the counterparties. Who will be
drafting that letter and will it be the same for all product groups?