Re: Glencore AG

Regarding the voice mail I left for you this afternoon. How should we be
confirming the AG trades? Can we confirm them to the Glencore Ltd. Master
Agreement?

thanks
brant

---------------------- Forwarded by Brant Reves/HOU/ECT on 02/14/2001 04:11
PM ---------------------------

From: Tom Moran
02/13/2001 10:32 AM

To: Brant Reves/HOU/ECT@ECT
cc:
Subject: Re: Glencore AG

---------------------- Forwarded by Tom Moran/HOU/ECT on 02/13/2001 10:32 AM
---------------------------

From: Mary Tudon
06/12/2000 04:56 PM

To: Tanya Rohauer/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Tom
Moran/HOU/ECT@ECT
cc:
Subject: Re: Glencore AG

Tanya/Sara/Tom:

I spoke with David Porter, the credit person at Glencore Ltd., last Friday
and inquired about Glencore AG's relation to Glencore Ltd., with which we
have a master swap. He indicated to me quite emphatically that Glencore
Ltd., Glencore AG, and Glencore SA are one in the same. He explained that
when documents of incorporation were filed with the country of Switzerland,
this one corporation registered three names which it uses to do business on a
regional basis. He faxed over some documents to that effect. He indicated
that while Glencore Ltd., the branch arm doing business here in the states
has the master, the master should cover Glencore AG, since it is the same
company only the European branch. He has even offered to work on an
amendment to the master to cover the addition of the second name, Glencore
AG..

Sara, I will send you the documentation that David Porter faxed me. Please
let me know your opinion of the information contained.

Thanks, Cathy Tudon
x3-0699
---------------------- Forwarded by Mary Tudon/HOU/ECT on 06/12/2000 04:40 PM
---------------------------

From: Tom Moran
06/12/2000 02:13 PM

To: Tanya Rohauer/HOU/ECT@ECT, Mary Tudon/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT
cc:
Subject: Re: Glencore AG

We received some interesting information from Glencore on Friday. Cathy,
could you please summarize the documentation and conversation you had with
David Porter last Friday.

Thanks! tm

From: Tanya Rohauer
06/12/2000 02:09 PM

To: Tom Moran/HOU/ECT@ECT
cc:
Subject: Glencore AG

fyi..I do not know what the anticpated deal flow is (all liquids/products) or
why we cannot use Glencore Inc as the transacting entity where we have a
master.
---------------------- Forwarded by Tanya Rohauer/HOU/ECT on 06/12/2000 02:06
PM ---------------------------
From: Sara Shackleton on 06/12/2000 12:09 PM
To: Tanya Rohauer/HOU/ECT@ECT, Rod Nelson/HOU/ECT@ECT, Paul
Radous/Corp/Enron@ENRON
cc:
Subject: Glencore AG

We are continuing to send Deemed ISDA's to this entity (periodically) and
have transacted with other Glencore entities in the past. I would like to
generate a draft ISDA and send to these guys because it will make our life
easier (and we say as much in a Deemed ISDA). Thanks. Sara