ETA and SHELL

David

I have since our call yesterday spoken to SHELL about clause 4 (particularly
(b)) - we are still struggling to reach agreement. SHELL are very unwilling
to accept this sub-clause (b).

However, there is a possibility that they will accept a narrower version of
it, modified in such a way as to specify the limited circumstances where the
indemnity would apply (you and I briefly discussed yesterday those
circumstances). SHELL will only contemplate giving the indemnity where these
circumstances are clearly defined. Please would you therefore re-draft 4(b)
accordingly.

Incidentally, this is the one remaining issue.

Thanks.
Justin

---------------------- Forwarded by Justin Boyd/LON/ECT on 18/10/2000 11:16
---------------------------

Justin Boyd
17/10/2000 16:21
To: gilbergd@sullcrom.com
cc:

Subject: ETA

David

Please could you let me know what losses, liabilities, etc are contemplated
by clause 4(b) of the ETA, as attached.

I am in negotiations with a large trading counterparty who are unwilling to
accept it - and I would like to given them examples of the losses
contemplated. I am struggling myself!

Many Thanks.
Justin