Global Custody Agreement (ENA)

Paul:

I need to speak with you about the foregoing.

(1) Re: the Chase Global Custody Agreemnet

Are you OK with Chase's ability to setoff amounts in any ENA Chase accounts
against amount which ENA may owe under the Global Custody Agreement? Does
ENA have many accounts with Chase?

(2) Re: Enron Credit Inc. repo agreement with Goldman Sachs & Co. ("GSC")

By way of background, ECT executed a repo with GSC on 4/25/97.
FYI, Enron Corp. issued a guaranty in the amount of $10 million.

Do you have any concerns with respect to a repo agreement between GSC and
Enron Credit Inc.?

If possible, could we speak today? Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas 77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com