Re: Morgan Stanley Capital Services Inc. ("MSCS")

My first question is...why do we want a master with MSCS and ENA when we
already have one with MSCG? Do we have any masters between Corp and any MSDW
entity? With respect to the Corp document, what types of deals are we going
to do under it? If it is Enron stock stuff, I think we should go for $50MM.
Let me know your thoughts. Thanks

From: Sara Shackleton on 12/11/2000 05:36 PM
To: Tanya Rohauer/HOU/ECT@ECT
cc: Rod Nelson/LON/ECT@ECT
Subject: Morgan Stanley Capital Services Inc. ("MSCS")

Tanya:

Both ENA (rate) and Enron Corp.(equity forwards) are seekig master
agreements with MSCS. Rod prepared a credit worksheet for the ENA agreement
in June, 2000 and I will fax a copy to you separately.

(1) With respect to the ENA master, is the ENA credit worksheet still
current or does it need to be changed?

(2) With respect to the Enron Corp. master (which will not have a CSA or an
Enron Corp. guaranty), what cap should we request from Morgan Stanley Dean
Witter & Co.? Should it be $25MM as requested in the ENA document?

Please let me know.