Two New Continental Swap Deal Concluded

Susan:

This is not urgent, but when you have a minute, please check and see what
research we have done with local counsel in the Czech Republic. I'm
wondering in particular if they were part of our survey regarding European
derivatives law.
---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
12/18/98 10:56 AM ---------------------------

Enron Capital & Trade Resources Corp.

From: Justin Boyd 12/18/98 05:23 AM

To: ECT London European Trading
cc:
Subject: Two New Continental Swap Deal Concluded

Yesterday we concluded two new short term swap deals with two separate
Continental counterparties. The details are:

Light Fuel Oil (Rheinscheine) swap with M.V.V, a large German municipality.
Enron pays floating.
Brent Oil swap with MND, a Czech oil & gas producer. Enron pays fixed. (This
trade was done under an ISDA Master we have with MND)

Although the volumes in each case are not large, these trades are with
significant counterparties.

Justin