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
>
>
>