Credit Derivative Procedures

---------------------- Forwarded by Mark Taylor/HOU/ECT on 01/18/2000 02:44
PM ---------------------------

GILBERGD@sullcrom.com on 01/18/2000 12:26:27 PM
To: Mark Taylor/HOU/ECT@ECT, psimons@enron.co.uk
cc: PURVISM@sullcrom.com, RAISLERK@sullcrom.com
Subject: Credit Derivative Procedures

Attached is a draft of a memo summarizing the procedures we discussed at our
meeting on Thursday. We will also be assisting in preparing the procedures.
Please call or e-mail if you have any questions or comments. Best regards.

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- CreditDerivs.wpd