Williams relationship:


Williams Energy Marketing & Trading Company
	Financial trading with ENA (ISDA)
	Physical liquids trading with EGLI (GTCs)
	Physical liquids trading with ELFI (GTCs)
	Physical crude trading with ERAC (GTCs)
	Physical natural gas trading with ENA (???)
	Physical natural gas trading with ECC (Master Physical - gas)
	Physical power trading with EPMI (Master Physical - power)


Williams Refining & Marketing, LLC
	Physical crude trading with ERAC (GTCs)
	



Guaranties:	Incoming
		$15 MM from The Williams Companies, Inc.
			Covers physical and financial transactions of all commodities
			Beneficiaries: ENA, ECC, EPMI          Covers:  Williams Energy Marketing & Trading Company, Williams Energy (Canada), Inc.
		$15 MM from The Williams Companies, Inc.
			Covers physical and financial trading of natural gas, crude, and numerous refined products
			 Beneficiaries:   ECC, EGLI, ELFI, ENA, ERAC     Covers:  Williams Energy Marketing & Trading Company, Williams Refining & Marketing, LLC
		$75 MM from The Williams Companies, Inc.
			Covers physical power trading
			 Beneficiaries:  EPMI     Covers:  Williams Energy Marketing & Trading Company


		Outgoing
		$100 MM from Enron Corp.
			Covers financial transactions of all commodities
			Beneficiaries: Williams Energy Marketing & Trading Company, Williams Energy (Canada), Inc.     Covers:  ENA, ECC
		$15 MM from Enron Corp.
			Covers physical power trading
			Beneficiaries:  Williams Energy Marketing & Trading Company     Covers:  EPMI