The only policy that I've seen is the "Interim Southern Cone Electricity 
Trading Policy" dated July 29th, 1999 and which does authorize financial 
electricity trading in Brazil.  I'm not aware of  policy (maybe there is 
none) or resolution (maybe each will be deal specific) which addresses the 
opening of brokerage accounts and equity trading (even for hedging 
purposes).   I think we should monitor the activity and see if it's going to 
be sporadic.  I'll be in the office today until 4 pm.  Sara 




Andrea Bertone@ENRON_DEVELOPMENT
09/30/99 05:22 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: Don Black/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT 
Subject: Re: Enron Power Holdings XII Ltd. ("EPHXII")  

We have a policy. I don't have it in electronic version. Maybe Don Black has 
it . He applied for it. If you want I can send you a hard copy.



Sara Shackleton@ECT
09/29/99 01:08 PM
To: Robert H George/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Andrea 
Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bruce 
Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marie Heard/HOU/ECT@ECT
cc:  

Subject: Enron Power Holdings XII Ltd. ("EPHXII")

We are presently contacting Morgan Stanley Dean Witter to facilitate opening 
of an account for EPHXII to trade ADRs.  You will need to provide a 
resolution authorizing opening of the account as well as an authorized trader 
list and other contacts.  We will provide you with drafts.  I am certain that 
the broker will accept fax signatures and then follow up with originals.  

For future reference, will this be an isolated instance (i.e., deal specific) 
or will these accounts become more routine?  Just wondering if S. Cone has a 
formal trading policy or if trading is still deal specific.  SS