IN: This is an email
Attached is the first report identifying financial master trading agreements generated by ECT's derivatives legal group. This report will be updated and distributed weekly. It only reflects documentation originated by Houston's legal department and the status of negotiations. If you have any questions, please call me at 713/853-5620 or e-mail. Thanks. Sara

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OUT: Southern Cone Financial Master Agreements
QUESTION: Our group has been selling NOV to hedge our short basis position. Our phys fixed priced liquidity this morning put us in a longer nov nymex position. We have sold 872 since 11:00 am. Grigsby
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ANS: nov nymex
I just wanted to let you know that I know that we are in a hot spot now, but I have all the confidence in you and Enron. I trust in God, but I have a lot of confidence in you too. You have kept Enron an ethical and decent company to deal with and to work for over the years. I was gone from the company (laid off 5 years ago) but returned 13 months ago and I just celebrated my tenth anniversary with the company and I would like to say that I am so proud to be back working for Enron. Those five years I was gone, I never lost my allegiance to thecompany even though I was no longer an employee, I felt as though I was still a member of the Enron family. I have always felt that Enron cared about its employees and in talking with some of my co-workers, those who have been here for a while, feel the same as I do. I want to let you know that I am praying for you and the company and I know you will bring us through this time of trouble with God's help. Keep your spitits up. God bless you. Georgia Matula EES Data Management
Q: What is a potential subject line for this email?
answer: Confidence
Attached is a redline based upon the document generated by you. I'm sure there will be many items for discussion and I look forward to hearing from you. Regards. Sara
Answer: Loan and Security Agreement
Here is an email: Well, I didn't get this out to you before I left the office last night. I was still pouring over bonus info until 9:30, and decided to call it quits at that point. Here are some of the things that I would like to do next week: review your action plan to move the close and officialization of London books to same day, to replicate, if appropriate, an Operational Risk information session for London counterparts (you and I can review early in the week what we are doing here in Houston today and modify the info for Europe) discuss the Doorstep process with you and, if you deem appropriate, your business controllers in the London office who will participate in Doorstep reviews this year (clear up and questions and get your input on how to continually improve the process), discuss with Mark Pickering the technology dependencies of the London office related to speeding up London's information for the corporate DPR do some planning with you for the February 12 & 13 ASE discuss the feasibility of utilizing our operational pricing model in London discuss your ideas and thoughts on CommodityLogic and other ideas around potential commercialization of mid and back office services In addition, I would like to meet with anyone in the London office that you think would be beneficial. Through Nicki Scott, I understand that Michael Brown would like to meet with me so we are setting that up. I will also spend some time with Beth Apollo and Ted Murphy while I am there. And I plan to meet with Fernley as well. Any other suggestions on topics or people to see? I think that we have lunch already on the calendar for Wednesday.
What is a potential subject line for this email?
A: Topics for next week
QUESTION: This link should get you access to our Financial Trading, or "Master Swap Agreement" database. This database lists all the master swap agreements we have in place or have drafted in the US, London, Singapore, Japan, South America, etc.. It is a very good resource to use when preparing confirmations. This database is available to all Enron employees, so feel free to send this link to any London employees you think might find it helpful. There are certain comments concerning the status of masters under negotiation that are only available to Legal and Credit employees because of legal-client confidentiality concerns. Any member of your legal team should be able to look at those comments to determine if there is active/close negotiation on a master, or if a master is being amended, what the amendments might address (sometimes helpful when Houston isn't at work yet!). Frequently there may be more than one master in place for an Enron company, so look at each entry to determine whether the master is limited to a specific finance project or product (unusual, but sometimes). Also, as I mentioned, not all the US based masters are ISDA Multi-Currency Masters, so look to confirm what type of master we entered into. If they are not ISDA Multi-Currency Masters, it may not be possible to put a cross-border trade under the master without some modification to the master or confirmation. Please note: there is a listing for "Restrictions" which will reflect any trading limitations such as "crude oil trades only", "no trades over 2 years", contain special confirmation issues or list other types of trading limitations. Restrictions should ALWAYS be looked at because they contain critical trading guidance. Another note to watch out for is that many US based master may have Texas law instead of NY. Certainly not UK law. We hope to have that information available in the database in the future. If for some reason you can't access this database, let me know and we'll get our respective computer people to figure out why. As I mentioned, I am a paralegal in the Houston swap group and am happy to answer any questions about particular masters, so please do not hesitate to call me at x33399. Link -->
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ANS:
Financial Trading Agreement Database Link