Re: IBJ - Products

Sorry, a fairly basic question.

Background:

We have two legal entities here in Japan, Enron Japan Corp. ("EJC") and Enron
Japan Marketing Corp. ("EJMC"). EJMC is used just for physical trades for
reasons of US tax.

The draft ISDA schedule we are working on lists EJC as the Enron trading
entity. I am still checking how the lumber, oil and pulp trades will be
settled but even if they are all to be settled physically, at some stage we
may want to do financially settled trades with IBJ in which case EJC will be
the relevant entity.

Question:

If we will be using two Enron trading entities, do we need two ISDAs with the
counterparty?

Thanks.

Jane

----- Forwarded by Jane McBride/AP/Enron on 11/10/2000 10:14 AM -----

Susan Musch@ENRON_DEVELOPMENT
11/10/2000 06:31 AM

To: Jane McBride/AP/Enron@ENRON
cc: Alan Aronowitz/HOU/ECT@ECT@ENRON
Subject: Re: IBJ - Products

Jane,

All trades settled physically should go into Enron Japan Marketing Corp.
What kinds of pulp, oil or lumber trades are we looking at? Information on
this would be greatly appreciated.

Best regards,
Susan

P.S. Had dinner with Heidi Mason while I was in London this week. It
sounded like the opening was a success!

Jane McBride@ENRON
11/09/2000 03:19 AM
To: Susan Musch/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Alan Aronowitz/HOU/ECT@ECT

Subject: IBJ - Products

Dear Susan,

If we were to do any pulp or oil or lumber physical trading in Japan, should
this be done by Enron Japan Corp. or Enron Japan Marketing Corp. I am not
clear on whether it is only electricity or all physical trading which needs
to go through EJMC.

Thanks.

Jane

----- Forwarded by Jane McBride/AP/Enron on 11/09/2000 06:15 PM -----

Jane McBride
11/09/2000 06:16 PM

To: Paul.TYO.Davis@BakerNet.com
cc: Jeremy.Pitts@BAKERNET.com, Alan Aronowitz/HOU/ECT@ECT
Subject: IBJ - Products

Dear Paul,

I have just found out that we will be doing back to back trades for other
Enron companies with IBJ. IBJ has already been talking with UK and US Enron
entities re pulp, lumber and oil trading but wants to have its ISDA with a
Japanese Enron company so we are negotiating it.

What information do I need to give you so that you can check whether we are
authorized to do such trades?

Jane McBride
Senior Legal Counsel
Enron Japan Corp.

Otemachi 1st Square Bldg.
West 11th Floor
1-5-1 Otemachi, Chiyoda-ku
Tokyo 100-0004
Japan

URL: www.enron.co.jp

Tel.: 81-3-5219-4500 (Main)
81-3-5219-4553 (Direct)
Fax: 81-3-5219-4510

Assistant (Maggy Yamanishi)
Tel.: 81-3-5219-4554
Email: Yo.Yamanishi@enron.com