Re: Financial Trading in Brazil

Per my voice mail.
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 05/05/2000
06:59 PM ---------------------------

Sami Arap@ENRON_DEVELOPMENT
05/05/2000 09:18 AM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Re: Financial Trading in Brazil

Sara;

Are you also involved in EnronOnLine ? I only got a copy of an EOL summary
but would like to receive a more detailed memo about such business. Can you
provide me with any additional materials ?!

Thanks,

Sami

Sara Shackleton@ECT
05/04/2000 04:29 PM
To: Sami Arap/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Andrea Calo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: Financial Trading in Brazil

Hi, Sami! Sorry we missed the call yesterday. I just wanted to update you
on some of the financial trading issues in Brazil (and I have added you to
the working group list). I am going to finalize our "swap matrix" for
Brazil. On the physical trading side, I had asked a physical trading lawyer
to call you and am wondering if Elizabeth Sager ever called or emailed.
Please let me know. Thanks. Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 05/04/2000
02:55 PM ---------------------------

"MBTOS - Marcelo Rodrigues" <Mbtos@tozzini.com.br< on 05/04/2000 01:21:59 PM
To: Sara.Shackleton@enron.com
cc: Andrea.Bertone@enron.com, Brent.Hendry@enron.com, Lynn.Aven@enron.com,
Rick.Hopkinson@enron.com, afac@tozzini.com.br, Krishna@tozzini.com.br
Subject: Re: Financial Trading in Brazil

Dear Sara:

Thank you for your message below. Please find attached hereto free
translation into English of new foreign investor's regulations in Brazil. We
are preparing a memo to you in connection with such new regulations and are
finalizing the matrix prepared last year. We will send them to you shortly.

Kind regards,

Marcelo Rodrigues

<<< "Sara Shackleton" <Sara.Shackleton@enron.com< 05/04 12:08 pm <<<

AFAC and Marcelo: I hope this message finds you both well. I would like to
finalize the matrix which was prepared last year so that we can create a
"baseline" for future updates. Please feel free to date the matrix as of
December, 1999, if you wish. Please forward any recent changes to me for
comment and I will respond immediately. Then we can move on to other things!
Thanks for your help and attention to this mattter. Regards. Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 05/04/2000
10:34
AM ---------------------------

"MBTOS - Marcelo Rodrigues" <Mbtos@tozzini.com.br< on 03/13/2000 06:27:26 PM

To: Sara.Shackleton@enron.com
cc: Brent.Hendry@enron.com, Lynn.Aven@enron.com, afac@tozzini.com.br
Subject: Re: Financial Trading in Brazil

Dear Sara:

Thank you for your E-mail below. We will be reflecting the new changes in the
regulations in the chart and will be sending it to your review as soon as
possible.

Kind regards,

Marcelo Rodrigues

<<< "Sara Shackleton" <Sara.Shackleton@enron.com< 03/13 2:29 pm <<<

Greetings to you both! It has been awhile since we last spoke. I would like
to
finalize the matrix which we have been discussing since the latter part of
1999.
Although we were awaiting new Central Bank regulations, I am beginning to
think
that the Central Bank revisions will not impact the matrix except with respect
to transactions which may be entered into by entities that are the subject of
the Central Bank regulations. Please let me know whether or not you agree or
can offer any suggestions. Thanks and regards. Sara

- Res2689a.doc
- Ins325a.doc