Frank,

Can you give me a call on this when you get a chance...

thanks
brant



 -----Original Message-----
From:  Reves, Brant  
Sent: Wednesday, March 21, 2001 3:30 PM
To: Shackleton, Sara
Subject: FW: New Glencore Gty - Opinion and Comments

Hey Sara,

I originally forwarded this request to Mary Cook, but apparently she is out.  
Could you please take a look at this?

brant



 -----Original Message-----
From:  Reves, Brant  
Sent: Monday, March 19, 2001 3:23 PM
To: Robison, Michael; Viverito, John; Flores, Nony; Cook, Mary; Bailey, 
Susan; Boyd, Samantha; Panus, Stephanie; Higgins, Diana; Nelson, Rod
Cc: 'david.porter@glencore-us.com'
Subject: RE: New Glencore Gty - Opinion and Comments

Here is that attachment that was previously not included.

brant




 -----Original Message-----
From:  Reves, Brant  
Sent: Monday, March 19, 2001 2:31 PM
To: Robison, Michael; Viverito, John; Flores, Nony; Cook, Mary; Bailey, 
Susan; Boyd, Samantha; Panus, Stephanie; Higgins, Diana; Nelson, Rod
Cc: 'david.porter@glencore-us.com'
Subject: New Glencore Gty - Opinion and Comments

Hello,

Glencore International AG (S&P: BBB) has agreed to provide a global guaranty 
for its subsidiary relationships with Enron.  

Breakdown:

Enron		Glencore		Product		Allocation
 Enron North America Corp. 		 Glencore Ltd./Glencore Ag. 		 Financial - ISDA 		 
$5MM 
 Enron Metals & Commodity Limited 		 Glencore UK Ltd. 		 Metals 		 $5MM 
 Enron Metals & Commodity Limited 		 Glencore Commodities Ltd. 		 European Crude 		 
$1MM 
 Enron Capital & Trade Resources International Corp. 		 Glencore Singapore Pte. 
Ltd. 		 Asia Crude 		 $500M 
 Enron Liquids Fuels, Inc. 		 Glencore Ltd./Glencore Ag. 		 US Crude 		 $1MM 
 Enron Capital & Trade Global Resources, Inc. 		 Glencore Ltd./Glencore Ag. 		 
South America Crude 		 $500M 
					     Gt Cap	 $13MM 

A new ISDA draft between Enron Capital & Trade Resources International Corp. 
and Glencore International AG will contain credit of $2MM.

Our credit appettite is full at $15MM.

Global Products Legal:
Please review the paragraph dealing with physical crude and ng.

Financial Legal (US):
Please review the paragraph dealing with the exectued ISDA.

Metals Legal (London):
Rod, please forward this along to a physical metals attorney.

Thanks for your help,

BRANT REVES, 713-853-9897