RE: Financially Settled Transactions (Derivatives)

Dear Sara,

I was out of the office last week and although I was checking my mail, for
some reason I could not receive yours. I will review my memos and let you
know of any update, unless you tell me that it is not necessary anymore.

Kind regards,

Marcelo

-----Mensaje original-----
De: Sara.Shackleton@enron.com <Sara.Shackleton@enron.com<
Para: marmas@philippi.cl <marmas@philippi.cl<
Fecha: Lunes, 04 de Diciembre de 2000 08:56 p.m.
Asunto: Financially Settled Transactions (Derivatives)

<Marcello:
<
<By way of introduction, I am a lawyer with Enron North America Corp.("ENA")
<in the derivatives area. I have read your memorandum of March 17, 1997
<which was prepared for us and which addressed both physical and financial
<trading issues.
<
<I am also aware of the recent memo which you prepared for Brent Hendry re:
<internet trading.
<
<I have two (2) followup questions for you limited specifically to financial
<trading (NOT VIA INTERNET):
<
< (1) Do you have any changes to add to your memo of March 17, 1997
<with respect to financial trading?
<
< (2) Would you modify ENA's Schedule to the ISDA Master Agreement
<(which I believe Brent Hendry recently forwarded to your attention)?
<
<I look forward to hearing from you. ENA is about to execute a trade with a
<Chilean corporate and I will most likely see the trade confirmation in the
<next day or so. You can reach me via email or by phone at (713) 853-5620.
<Thank you very much.
<
<Sara
<
<
<