Westpac

It is still the case that we are having real problems in finalizing the ISDA
Master Agreement with Westpac (despite nearly 3 - 4 years of negotiations).
Until the ISDA is agreed, as I have discussed with both Shane and William,
could we please refrain from dealing with them? We need to send a firm
unified message to Westpac that they need to step up to the plate as far as
the ISDA is concerned.

I will let everyone know as soon as ISDA negotiations are finalized or are
brought to a halt.

Many thanks,

Shari

---------------------- Forwarded by Gary Hickerson/HOU/ECT on 03/29/2000
12:45 PM ---------------------------

"Shane Dallmann" <Shane.Dallmann@enron.com< on 03/28/2000 04:04:52 PM
To: Gary.hickerson@enron.com
cc:
Subject: Various Issues

---------------------- Forwarded by Shane Dallmann/ENRON_DEVELOPMENT on
03/29/2000 09:01 AM ---------------------------

Shane Dallmann
03/23/2000 02:53 PM

To: ghicker@ect.enron.com
cc:

Subject: Various Issues

Gary,

I haven't been able to get a hold of you the last couple of days and there
are a
few things I wanted to discuss.

1. If you don't have a problem I am proposing to put in place an execution
agreement with ABN Amro Futures who will give up to Commonwealth Bank on
behalf
of Carr. I have already put the steps in motion for this to occur through
Shari
Stack.

2. I would like to put in place an ISDA between ENA and Commonwealth Bank as I
have been talking to their FX desk and would like to be in the position of
being
able to trade with them. I will talk to Credit about it if you don't have a
problem.

3. The laywer here told me the other day that we have not signed an ISDA with
Westpac because of a disagreement over guarantees. Apparently Westpac have
been
hard to deal with through the whole process although all other issues have
been
signed off. When the FX contact came here for a meeting yesterday I told him
that I wouldn't be dealing with them until the ISDA was sorted out and he said
that Houston is dealing without an ISDA so I should. My concern is that while
we
are dealing with them there is no pressure on them to sort out the ISDA.

I sent a book to Clara about Australian financial markets and included in the
package a surf lifesaving cap because I had heard you wanted one. It is the
competition cap of Memaid Beach Surf Lifesaving Club.

Everything else is going fine

Regards,

Shane