Master Netting: A few items to READ

1. Should any of your counterparties possibly be a transmitting utility as defined in UCC 9 102, please add a representation in the MNA to determine the issue. It matters only in respect of where the UCC filing should be made. The rep will help Cadwalader in its filing processes. X [is] [is not] a "transmitting
utility" within the meaning of Section 9-102(a) of the Uniform Commercial Code.

2. If you are involved in any master netting agreement wherein the parties include both US and English counterparties, advise Tanya Rohauer, as well as Jay Williams, so that Tanya can coordinate (Paul Simons in London should also be advised).

3. London: Please advise Tanya of all master netting agreements that have been executed and that are currently under negotiation. In the future, at the commencement of consideration of any new master netting arrangements, please advise Tanya.

Thank you.

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas 77002-7361
(713) 345-7732
(713) 646-3393 (fax)
mary.cook@enron.com