Policies and Procedures

Mark

We'll be finalising these this week over here with a view to implementing
them among the credit trading group in London.

As discussed, it makes sense to have the same (or virtually the same)
procedures in Houston to ensure that confidential information is handled
uniformly for this purpose.

Please let me have your comments on the procedures (if any) by the end of the
week, if possible.

Many thanks

Paul

PS I assume you're comfortable with S&C's work on the US GTCs whichare now
almost finalised - I'll send through final versions
---------------------- Forwarded by Paul Simons/LON/ECT on 09/02/2000 13:23
---------------------------

Enron Capital & Trade Resources Corp.

From: GILBERGD@sullcrom.com 08/02/2000 22:21

To: psimons@enron.co.uk, tolek.petch@slaughterandmay.com
cc: Mark Taylor/HOU/ECT@ECT, RAISLERK@sullcrom.com (bcc: Paul Simons/LON/ECT)

Subject: Policies and Procedures

Attached are blacklines of the Credit Derivatives Policies and Procedures and
letter to Reference Entities, which have been revised to reflect Tolek's
comments (with the exception of the English law points, which we have not
addressed). Please call or e-mail with any questions. Best regards.

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