Re: US Spread Product

Looks good except for settlement period. Industry standard and for ease to
Enron, a spread trade is treated as two separate trades. Therefore, there
will be two settlement periods for the respective legs of the transaction.
The file below states settlement period is 5 days after both legs have been
set. Please change to 2 settlement periods, 5 days after each respective leg
has been set.
John

Enron North America Corp.

From: Kevin Meredith @ ENRON 02/16/2001 10:24 AM

To: John Arnold/HOU/ECT@ECT, Dutch Quigley/HOU/ECT@ECT, Peter F
Keavey/HOU/ECT@ECT, Fletcher J Sturm/HOU/ECT@ECT, Sean Crandall/PDX/ECT@ECT
cc: Robert B Cass/HOU/ECT@ECT, Savita Puthigai/NA/Enron@Enron
Subject: US Spread Product

The attached spread product description has been created using a Nymex
financial gas spread as the example. Possible permutations to this product
have been listed below the description. Please review the product
description and provide any suggestions, improvements, and/or additional
permutations that have not been considered.

Thank you.
Kevin