Proposed Topics for Offsite

(1) Market quotation v. Loss -- At one of the workshops at the ISDA
conference in March, I picked up some tips from the Goldman Sachs speaker
that I have found useful in arguing on behalf of Loss. I think we should
also put before the group a uniform acceptable carve-out for MQ (in terms of
duration and commodity), with the understanding that we should only offer the
carve-out after every effort has been made for Loss applied uniformly.

(2) Legal opinions from international counterparties -- I think we could use
clearer guidelines on when to require these. My own thought is that we
should try to get comfortable with going without to the extent possible with
respect to Western European counterparties (absent any red flags particular
to a counterparty). Paul Simons' input would be very useful here.

Robert E. Bruce
Senior Counsel
Enron Wholesale Services
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com