Mark;

I saw your note replying to my earlier e-mail today re. ISDA (thanks).  Although it is Enron Brazil's goal to be able to enter into these type of energy commodities derivatives transactions in the future, it seems to me that there are several tax implications (still to be resolved and/or optimized) which prevent us from participating in this market.

Considering your and Brent's energy commodity derivatives experience in the US, do you think you could assist me to put together this "Wish List" for ISDA to discuss with the Brazilian authorities ?

Tks,

Sami

---------------------- Forwarded by Sami Arap/SA/Enron on 09/28/2001 07:42 PM ---------------------------


Pedro Martinez <PMARTINEZ@isda.org> on 09/28/2001 05:43:09 PM
To:	"'ravi.tennekoon@uk.abnamro.com'" <ravi.tennekoon@uk.abnamro.com>, "'herbert.perez@bankofamerica.com'" <herbert.perez@bankofamerica.com>, "'fmatti@bci.it'" <fmatti@bci.it>, "'marcio.bonfiglioli@bankofamerica.com'"	 <marcio.bonfiglioli@bankofamerica.com>, "'john.p.emert@bofasecurities.com'" <john.p.emert@bofasecurities.com>, "'amaury.f.junior@bankofamerica.com'" <amaury.f.junior@bankofamerica.com>, "'marta.alves@itau.com.br'" <marta.alves@itau.com.br>, "'lavinia.junqueira@itau.com.br'" <lavinia.junqueira@itau.com.br>, "'gabriela.romano@itau.com.br'" <gabriela.romano@itau.com.br>, "'anibal.fernandez@itau.com.br'" <anibal.fernandez@itau.com.br>, "'cbussab@bsinvest.com.br'" <cbussab@bsinvest.com.br>, "'giuseppe@bsinvest.com.br'" <giuseppe@bsinvest.com.br>, "'jfrias.ny@siny.com'" <jfrias.ny@siny.com>, "'tmalamud@santander.com.br'" <tmalamud@santander.com.br>, "'rlrubin@santander.com.br'" <rlrubin@santander.com.br>, "'aozago@santander.com.br'" <aozago@santander.com.br>, "'mfontes@bbvbrasil.com.br'" <mfontes@bbvbrasil.com.br>, "'fcjacob@bnpparibasl.com.br'" <fcjacob@bnpparibasl.com.br>, "'irene.rodriguez@americas.bnpparibas.com'"	 <irene.rodriguez@americas.bnpparibas.com>, "'santiago.gonzalezpini@citi.com'" <santiago.gonzalezpini@citi.com>, "'david.posen@db.com'" <david.posen@db.com>, "'rui.alves@db.com'"	 <rui.alves@db.com>, "'sami.arap@enron.com'" <sami.arap@enron.com>, Mark Haedicke <Mark.E.Haedicke@enron.com>, "'ricardo.salaman@gs.com'"	 <ricardo.salaman@gs.com>, "'samuel.ramos@gs.com'" <samuel.ramos@gs.com>, "'yuri.okumura@gs.com'" <yuri.okumura@gs.com>, "'leocha@us.ibm.com'"	 <leocha@us.ibm.com>, "'jimenez_emilio@jpmorgan.com'"	 <jimenez_emilio@jpmorgan.com>, "'oliveira_rogerio@jpmorgan.com'"	 <oliveira_rogerio@jpmorgan.com>, "'ggentile@lehman.com'"	 <ggentile@lehman.com>, "'cmordas@lehman.com'" <cmordas@lehman.com>, "'lbittar@exchange.ml.com'" <lbittar@exchange.ml.com>, "'mmizumot@exchange.mi.com'" <mmizumot@exchange.mi.com>, "'duane.hughes@msdw.com'" <duane.hughes@msdw.com>, "'lessa@pinheironeto.com.br'" <lessa@pinheironeto.com.br>, "'faprado@pinheironeto.com.br'" <faprado@pinheironeto.com.br>, "'ruth.laslo@ubsw.com'" <ruth.laslo@ubsw.com>
cc:	Ruth Ainslie <RAinslie@isda.org>, Diane Genova	 <genova_diane@jpmorgan.com>, Scott Marra <SMARRA@isda.org>, Lakeisha Johnson <LJohnson@isda.org>, Kimberly Summe <KSumme@isda.org> 

Subject:	Next Brazilian Subcommittee meeting


ISDA International Swaps and Derivatives Association, Inc.
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-1200
Facsimilie: (212) 332-1212
Website: www.isda.org <http://www.isda.org>


MEMO TO:		Latin American Committee

FROM:			Pedro D. Martinez

DATE:			September 28, 2001

RE:			Next Brazilian Subcommittee Meeting


Dear All,

ISDA would like to schedule a Brazilian Subcommittee Meeting next week. The
proposed dates are the following: October, 3rd, 4th or 5th at 11:00 am New
York time at ISDA. Please choose the date that is more convenient so that we
can make appropriate arrangements. As usual, we will provide a call in
number for people that are traveling or located abroad.

ISDA is considering a visit to Brazil of several days in order to hold
meetings with the Central Bank as well as other regulators - NMC, e.g.,
market players, netting legislation contacts, lawyers working on master
agreement development, and others in order to further the agenda of the
Brazilian Subcommittee and to be able to prepare for the conference planned
for Brazil next year.

In preparation for our subcommittee meeting ISDA would like to obtain from
your institution a list ("Wish List") of local OTC derivatives market issues
for ISDA to address as well as suggestions for meetings and organizations
with which ISDA might meet to address these issues. This "Wish List" will be
of enormous help to ISDA for purposes of having an adequate and focused
agenda for planning visits with a number of Brazilian institutions and
authorities.

Please reply R.S.V.P. by email to Scott Marra (smarra@isda.org) if you would
like to attend.

If you have additional suggestions in terms of the topics to be included in
our agenda please do not hesitate to contact me.

Best Regards,

Pedro Martinez - Delgado
International Swaps and Derivatives Association, Inc.
600 Fifth Avenue, 27th Floor
Rockefeller Center
New York, NY 10020-2302
Direct: (212) 332-1207
Fax: (212) 332-1212
Email: pmartinez@isda.org