Re: GTC's for weather

It has been a legal decision whether or not to use ISDA's. Global's
instruction from the North American legal department has been to populate the
matrix with existing ISDA's for ALL online weather financial products and
then Legal X's out weather, if appropriate. Other geographic locations are
also following specific legal instruction in populating the matrix.

From: Sheri Thomas
09/05/2000 08:49 AM

To: Lisa Lees/HOU/ECT@ECT
cc: Dale Neuner/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT
Subject: GTC's for weather

I don't think Frank looked at this on Friday...

Dale - can you help Lisa out here?
Karen - are you aware of this?

Thanks
Sheri
---------------------- Forwarded by Sheri Thomas/HOU/ECT on 09/05/2000 08:44
AM ---------------------------
From: David Forster@ENRON on 09/01/2000 02:21 PM
To: Frank L Davis/HOU/ECT@ECT
cc: Mark Dilworth/LON/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Amita
Gosalia/LON/ECT@ECT
Subject: GTC's for weather

It has come to my attention that when we have a Financial Master Agreement in
place, we have identified that a Master exists for the Weather Products.

This is not correct as the ISDA Masters do not properly cover weather. For
Weather transactions, we need to use either the GTC or a weather-specific
Master Agreement.

Frank: Could you please arrange to identify which companies have already
transacted on weather and have done so ostensibly under an ISDA? Could you
please also coordinate with Mark as necessary to update Customer Profiles so
that customers with ISDA's will need to accept GTC's?

If we have customers who have ostensibly transacted already under their
ISDA's, let's identify who they are and then decide on a course of action for
their profiles.

Thanks,

Dave