Q: I have a favor to ask. Would you mind asking your team to email or phone me when they make a location change on a deal in sitara. We had a case yesterday where a deal was originally entered at one location for the deal and for the hedge. The point was incorrect and a person in logistics corrected it. The problem occurs in that sitara looks to verify the locations are the same on the deal and the hedge and if they are, it will then value the deal in the trader's book at mid. If the locations are different, it will value the deal at the customer price. This could potentially have a large impact on the trader's P&L. It does not seem pertinent to have your guys changing swap locations in addition to changing deal locations due to time constraints. We will be more than happy to make the changes, and we should also be able to catch these problems in the first place when we calc our books. I would greatly appreciate your groups help in cutting some of these issues off at the pass. If you have any questions or concerns, please feel free to give me a shout. Thanks. PL
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A: changing deal locations
IN: Mary: Enclosed is the form of Enron Guaranty that we would propose using for multi-products. Again, like the counterparty form that I sent around earlier, this form will need to be modified depending upon the products that need to be covered and the parties involved. Please distribute as appropriate to the credit group.

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OUT: Enron Multi-Product Guaranty
IN: This is an email
Ken, After numerous efforts to secure an audience with President Fox, we have been successful in scheduling a lunch with him on the 27th of June. In addition to our usual reasons for taking this very important one-day trip, I have been advised by Presidencia (equivalent for our "West Wing") that during this face-to-face meeting, we would have the appropriate opportunity to invite President Fox to visit Houston. I have just received written confirmation of the 2:30 p.m. luncheon meeting. I will be going to appropriate GHP Boardmembers and major investors to determine who would be available to participate. I wanted to give my leadership heads up and request any thoughts or ideas that you may have on this subject matter as well as to determine your availability. Regards,

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OUT: Visit with President Fox
QUESTION: At the last RAC Departmental meeting concern was expressed that the vacant positions within RAC were not being filled as quickly as hoped. I would therefore like to keep you all updated as to where we stand with new joiners. Recent new recruits include: Rudi Zipter (Director - MRM) who has transferred from Houston, Shane Miller (Senior Specialist - MRM) and Ravi Tumuluri (Associate - U/W) and I would like to welcome them all to RAC. Looking forward we have several new people coming on board in the next few months and I have outlined their provisional start dates below: Credit John Collenette (Snr Director) - 5 November Mike Mumford (Director) - 3 September Blair Van Zant (Director) - 1 October Tracy Ngo (Director) - September Simon Hockenhull (Snr Specialist) - 2 September Adam Bauer (Specialist) - 27 August (Sydney office initially) Shane Forster (Sr.Specialist) - 24 September Market Risk Michel Gantois (Director) - December/January Erik Beekman (Specialist) - 17 September Underwriting Christian Pearce (Associate) - 10 September I realize that, in addition to increasing our capacity, new starters also require a fair amount of indoctrination/training. Many members of our team as well as RAC-Houston and much of EEL have put a large amount of time and effort in the selection of these people, all with the consideration of adding people that will fit in and provide some level of unique experience/insight. We believe that these new starters will provide an excellent complement to our existing skill sets. Please do your best to welcome these new people, take advantage of their capabilities as well as give them the benefit of your knowledge and experience. Hopefully these additions will allow us to effect an intellectual capital transfer that benefits us all and makes this a better place to work in all respects. Please let me know if you have any questions or concerns. Ted
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