Re: Credit Derivatives - DEUTSCHE BANK

Let's address this in the discussion tomorrow. I would recommend we see how
the Master negotiations before we proceed with the guaranty.

Bill

From: Sara Shackleton on 09/12/2000 03:48 PM
To: William S Bradford/HOU/ECT@ECT, Paul Radous/Corp/Enron@ENRON
cc:
Subject: Credit Derivatives - DEUTSCHE BANK

ECT Investments, Inc. ("ECTI") entered into a 5-YEAR credit derivative with
Deutsche Bank ("DB") effective 7/19/00 with a Scheduled Termination Date of
7/19/05 (Loews Corporation is the reference credit). DB is requiring an
Enron Corp. guaranty. There is no mention of guaranty terms. [NOTE THAT IN
A SIMILAR DEAL 3/13/00 BASED UPON THE REPUBLIC OF INDONESIA BETWEEN THE
PARTIES, NO GUARANTY WAS REQUESTED].

Should ECTI post the guaranty? Do we want a Master ISDA?

Please let me know. Thanks. Sara