Re: FX Product

Janine:

Thanks for the update. Any word on the Japanese FX desk principal? Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 12/14/2000 01:23 PM -----

Janine Juggins
12/13/2000 04:04 PM

To: Sara Shackleton/HOU/ECT@ECT
cc: Jeff Blumenthal/HOU/ECT@ECT, Rhett Jackson/HOU/ECT@ECT, Melba
Lozano/HOU/ECT@ECT, Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: FX Product

Your summary is correct based on information to date (in this regard the
agreement between ENA and EEFT still requires amendment in respect of RMT and
I undertake to get this done).

However, please note that there have been some last minute changes in the
Japanese tax advice, received I understand only as of last night. Susan Musch
will be following up on these changes at a meeting today with Sheila Glover
and Darren Delage, and has undertaken to keep you appraised of the position.
The effect of the change would be to permit RMT to be the principal for the
Japanese FX desk, with a Japanese entity acting as agent to arrange the
transactions.

Best regards
Janine

From: Sara Shackleton on 13/12/2000 13:52 CST
To: Janine Juggins/LON/ECT@ECT
cc: Jeff Blumenthal/HOU/ECT@ECT, Rhett Jackson/HOU/ECT@ECT, Melba
Lozano/HOU/ECT@ECT

Subject: FX Product

Janine:

With respect to the attached (internal) FX product for EOL, I just wanted to
verify with you that internal counterparties should transact on EOL with:

(1) RMT (as principal for Houston FX desk)

(2) EEFT as agent for RMT (as principal for London FX desk). In this
regard, was the services agreement between ENA and EEFT ever extended to
include RMT for internal trades?

(3) Enron Japan Corp. (as principal for Tokyo FX desk)

There appears to be some confusion since our meeting of November 3. Thanks.
Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 12/13/2000 11:22 AM -----

Melba Lozano
12/11/2000 05:59 PM

To: Sara Shackleton/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
cc: Robert B Cass/HOU/ECT@ECT, Steve Jacobellis/NA/Enron@Enron, Kevin
Meredith/Corp/Enron@ENRON, Steve Jacobellis/NA/Enron@Enron
Subject: FX Product

Sara / Mark,

I need an approval as soon as possible from you for the FX Description
attached. Steve Jacobellis is requesting that this gets out on the web as
soon as possible.

Thank you,

Melba
58986
---------------------- Forwarded by Melba Lozano/HOU/ECT on 12/11/2000 05:53
PM ---------------------------

From: Melba Lozano
11/30/2000 06:41 PM

To: Sara Shackleton/HOU/ECT@ECT, William Stuart/HOU/ECT@ECT
cc: Robert B Cass/HOU/ECT@ECT
Subject: FX Product

Sara: Please approve on the attached language for the FX Product.

William: There is a gap between hour ending 3:00 and 4:00 . Do you want to
go ahead and set up Central time to trade until Hour Ending 4:00? Please let
me know.

Thank you,

Melba