Financial Trading Agreement Database Link

This link should get you access to our Financial Trading, or "Master Swap
Agreement" database. This database lists all the master swap agreements we
have in place or have drafted in the US, London, Singapore, Japan, South
America, etc.. It is a very good resource to use when preparing
confirmations. This database is available to all Enron employees, so feel
free to send this link to any London employees you think might find it
helpful. There are certain comments concerning the status of masters under
negotiation that are only available to Legal and Credit employees because of
legal-client confidentiality concerns. Any member of your legal team should
be able to look at those comments to determine if there is active/close
negotiation on a master, or if a master is being amended, what the amendments
might address (sometimes helpful when Houston isn't at work yet!).
Frequently there may be more than one master in place for an Enron company,
so look at each entry to determine whether the master is limited to a
specific finance project or product (unusual, but sometimes). Also, as I
mentioned, not all the US based masters are ISDA Multi-Currency Masters, so
look to confirm what type of master we entered into. If they are not ISDA
Multi-Currency Masters, it may not be possible to put a cross-border trade
under the master without some modification to the master or confirmation.

Please note: there is a listing for "Restrictions" which will reflect any
trading limitations such as "crude oil trades only", "no trades over 2
years", contain special confirmation issues or list other types of trading
limitations. Restrictions should ALWAYS be looked at because they contain
critical trading guidance. Another note to watch out for is that many US
based master may have Texas law instead of NY. Certainly not UK law. We
hope to have that information available in the database in the future.

If for some reason you can't access this database, let me know and we'll get
our respective computer people to figure out why.

As I mentioned, I am a paralegal in the Houston swap group and am happy to
answer any questions about particular masters, so please do not hesitate to
call me at x33399.

Link --<