Re: HDD Swap between ENA and Aquila Risk Management Corporation

Jarrod: Just in case you needed the online version of the confirm. I will
fax my markup to you. Sara
----- Forwarded by Sara Shackleton/HOU/ECT on 05/15/2000 06:29 PM -----

David Minns@ENRON_DEVELOPMENT
05/08/2000 04:29 PM

To: Sara Shackleton/HOU/ECT@ECT
cc: Raymond Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: HDD Swap between ENA and Aquila Risk Management Corporation

Sara, further to my email. Has the confirmation for the Melbourne HDD swap
with Aquila been signed yet. If it has we need to do the "back to back"
confirmation with EAF.

David Minns
04/27/2000 02:44 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: Raymond Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: HDD Swap between ENA and Aquila Risk Management Corporation

Sara I agree that the confirmation should be in a form that is acceptable to
ENA. We attempted to put use an ENA confirmation format. I have incorporated
your comments into our latest draft. I did this with some caution as there
appears to be slight differences between it and the draft you sent me. I
suggest if you find our section 2 satisfactory then you lift it and place it
in your standard confirmation. On the issues you raised.
1 October is correct as the termination date as time is measured from 9am
each day. Hence 30 September finishes at 8:59am on 1 October
The Payment Date should be at least 20 Business Days after the BoM readings
to determine the Floating Amount. An alternative wording could be "the
earlier of the [specified date] or 20 Business Days after...."
The "Strike Amount Differential" and "Payment Amount" could be worded
alternatively as in the pro forma ENA confirmation attached.

Would you forward your final wording.

David Minns
04/27/2000 09:23 AM
To: Sara Shackleton/HOU/ECT@ECT
cc: Raymond Yeow/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: HDD Swap between ENA and Aquila Risk Management Corporation

Thanks for that Shari. I have your fax. I will respond today

Sara Shackleton@ECT
04/27/2000 08:54 AM
To: David Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: HDD Swap between ENA and Aquila Risk Management Corporation

Hi, David! Hope all is well. Since the referenced swap has been documented
by ENA, I am now reviewing the Transaction. I have a number of questions,
many the result of my unfamiliarity with your Australian Reference/Fallback
weather stations and a few other comments. I thought I would mark this up
and fax it to you which I will do shortly. Sara