Re: Citibank N.A./ENA Master Agreement and CSA

Shane: Here's the scoop

(1) ENA has an existing ISDA Master Agreement with Citibank N.A.. dated as
of November 17, 1992. The Master is not restricted to any particular type of
transaction but it clearly anticipates commodity and rate swaps. ENA is the
Calculation Agent. Also, only commodity transactions are netted.

(2) Citibank proposed an amendment to this Master in February, 2000. The
amendment was primarily to amend the collateral annex to INCREASE the
collateral threshold to USD 30 million for BBB (and above) rated entities.
It also states Citibank to be "multibranch" with NY and London offices acting
under the Master. Apparently, the proposed FX language to be added to the
Master was dropped (I think in the interest of time). Mollie Harris in
credit is trying to have Citibank sign the amendment.

(3) ABN Amro is in my office ready for signature. I will have it executed
and email you when done. Samantha Boyd (Ext.39188) will help me with the
followup.

Please let me know if you have any questions.

Shane Dallmann@ENRON_DEVELOPMENT
08/14/2000 10:15 PM

To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: Citibank N.A./ENA Master Agreement and CSA

Sara,

Does this mean we have an ISDA and it is just being revised, so I can
theoretically do a deal with them.

I also sent an email to Jason Peters ( don't know if he's still around)
regarding the ABN Amro futures agreement. Do you know anything about this one?

Regards,

Shane