Re: US entity for booking NDF's in Southern Cone

Sounds like the NDF's will be booked to Enron South America LLC beginning
Novmeber 15, 1999.

Lynn
---------------------- Forwarded by Lynn Aven/ENRON_DEVELOPMENT on 11/10/99
07:32 AM ---------------------------

Carolyn Barrett
11/09/99 07:23 PM
To: Lynn Aven/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Allen W Ueckert/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Re: US entity for booking NDF's in Southern Cone

Lynn,

From a cash perspective, we are going to start having wires, invoices etc.
paid on behalf of the LLC beginning on November 15 so that we can minimize
the activity on Enron International Inc. (1U9).

Carolyn Barrett

Lynn Aven
11/09/99 03:56 PM
To: Allen W Ueckert/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Carolyn
Barrett/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: US entity for booking NDF's in Southern Cone

I am getting calls again from people asking me whetehr to book the NDF's in
Enron International or ESA. As I had mentioned, I am indifferent from a tax
perspective but did not know whether you were ready from an accounting
perspective to switch these transactions to ESA. Where do we stand on this
issue?

Lynn