Problem: BODY: The NYMEX Board of Directors met yesterday and approved the Brent contract based on the recommendations from the Advisory Committee. Attached is a summary of the Board action, and a request for additional input on the launch date. <<COAC Report.doc>> (See attached file: COAC Report.doc) - COAC Report.doc
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A: SUBJECT: Update on Brent Contract

Problem: BODY: Just got off the phone with outside counsel for Credit Agricole. We're very close. Tanya: Can you tell me what products we trade? Are there many outstanding transactions? Also, I'd like to make sure that the "credit worksheet" is current. It looks like we're working off of something dated 1/31/96 (Terry Donovan!!!!!). This must be wrong.
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A: SUBJECT: Credit Agricole

Problem: BODY: Adele and Maria: Here are my final comments: 1. In the ISDA Schedule, Part 4, Section (f)(iii), we cannot accept a 30 day waiting period. Why can't the Guaranty be furnished when the Reorg becomes effective? 2. In each Guaranty, there is an extra zero in the "cap" amount. 3. In the PSE&G Guaranty, the Counterparty notice section should be just like what is in the Master for primary notices and copies. 4. In the LC, in the new language on the second page, change Uniform Customs to UCP. That's all I have. Subject to resolving point #1, please e-mail to me the Enron Guaranty and please coordinate with Susan Flynn on getting final versions executed and obtaining other closing items. I will review your opinion shortly.
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A:
SUBJECT: FINAL Comments