Here is an email: Mark, you may recall my memo to you in April, 1999 which indicated that for netting purposes, the conditions included: 1. The transaction must be governed by a market standard master agreement or occur on a French regulated market 2. One of the parties must be (a) an "investment firm" within the meaning of the law of 2nd of July, 1996, (b) an instituion or firm benefitting from the provisions of article 25 of the Law or (c) a non-resident entity having a "comparable status" The term "investment firm" embodies financial type institutions which recieve and transmit order for financial instruments for third parties. There are 12 categories of article 25 firms (including Bank of France, insurance companies, broker types, etc.) .For example, one murky designation includes "persons who supply an investment service which is ancillary to their professional activity, provided the rules governing such activity do not prohibt the carrying on of investment services". Slaughter and May has advised that they could assist us in determining whether our French counterparty fit this category and it definitely needs to be discussed with the counterparty (and extract a rep from them as well). There are other categories as well. I have a copy of the law if you would like to review. The non-resident entity having "comparable status" is the category WE were trying for fit into without much success. Tana tells me that I have given you misinformation. Perhaps the law has changed and Justin has a recent update. ENA has a Soc Gen master, and we have recently sent a Deemed ISDA to a French corporate (one shot deal only).
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A: Derivatives trading in France
Q: Gerald- I am forwarding this Riceland Petroleum Company confirm to you per Ellen W. as it needs extra legal language in it. You should have Riceland's August confirms that Ellen has already sent you. This confirm is for the month of September. Let me know if you have any questions. Thanks
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A: Riceland
IN: (1) Commonwealth Bank (in Australia) (2) EPM ECHO Ltd. Also, I need to have your respose to Statoil which I left on your voice mail. And, further, are you looking into Deutsche Bank? I'll be checking voice mail while I'm in San Antonio. I gave the credit group in Houston Thursday and Friday off. Sara

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OUT: ISDA requests and assorted items
IN: This is an email
Please see the following note from Sheila Walton. She has asked that the forms be returned to her by November 25th. They can be sent interoffice mail or by e-mail. Thanks,

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OUT: Vice President Feedback Measurement Report
QUESTION: RE the message attached from Brian Swinford, Lynn advises that you are familiar with CIESA (I am not!). I don't know anything about a prior interest rate swap. By copy of this e-mail I am asking Pat Cini to suggest how we might proceed. If you have further information, please let us know. Thanks. Sara
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ANS: ISDA
IN: As promised, attached is the second update on our British Energy hedging program. We have been very successful in the last few weeks moving a number of deals forward. Other retail marketers are starting to come out of the woodwork to purchase power for retail intitiatives. The pending deals listed are those with >50% probability of closing. Obviously, none of these deals are binding, and as we execute some of these, we will re-evaluate the position. Cheers, Paul D

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OUT:
British Energy Update