Marcelo:

Thank you for your response.  Yes, I am still interested in having the two 
questions (mentioned in my email to you) answered.  We have several 
derivative transactions with Chilean parties and I would like to know of 
modifications to both the derivatives memorandum which you prepared for us in 
1997 AND changes to our form of Schedule.  Please let me hear from you at 
your earliest convenience.

Regards,

Sara



	"Marcelo Armas M." <marmas@philippi.cl>
	12/13/2000 06:39 PM
		 
		 To: <Sara.Shackleton@enron.com>
		 cc: 
		 Subject: RE: Financially Settled Transactions (Derivatives)


Dear Sara,

I was out of the office last week and although I was checking my mail, for
some reason I could not receive yours. I will review my memos and let you
know of any update, unless you tell me that it is not necessary anymore.

Kind regards,

Marcelo

-----Mensaje original-----
De: Sara.Shackleton@enron.com <Sara.Shackleton@enron.com>
Para: marmas@philippi.cl <marmas@philippi.cl>
Fecha: Lunes, 04 de Diciembre de 2000 08:56 p.m.
Asunto: Financially Settled Transactions (Derivatives)


>Marcello:
>
>By way of introduction, I am a lawyer with Enron North America Corp.("ENA")
>in the derivatives area.  I have read your memorandum of March 17, 1997
>which was prepared for us and which addressed both physical and financial
>trading issues.
>
>I am also aware of the recent memo which you prepared for Brent Hendry re:
>internet trading.
>
>I have two (2) followup questions for you limited specifically to financial
>trading (NOT VIA INTERNET):
>
>     (1)  Do you have any changes to add to your memo of March 17, 1997
>with respect to financial trading?
>
>     (2)  Would you modify ENA's Schedule to the ISDA Master Agreement
>(which I believe Brent Hendry recently forwarded to your attention)?
>
>I look forward to hearing from you.  ENA is about to execute a trade with a
>Chilean corporate and I will most likely see the trade confirmation in the
>next day or so.  You can reach me via email or by phone at (713) 853-5620.
>Thank you very much.
>
>Sara
>
>
>