Shari / Sara,

See below for Deemed ISDA Confirm produced in London for the first financial 
paper OTC Derivative carried out by EEFT for ECTRIC.

You will be receiving from Jeff Harbert a form of ISDA Confirm (produced by 
Dale Neuner) to back-off this trade from ECTRIC to Risk Management & Trading 
Corp but as you will see there are substantial architectural differences 
between the two confirms.

Accordingly, Edmund Cooper and I would like to discuss this issue with either 
of you when you are available.

My extension in London is x6552.

Kind regards

Mark     
---------------------- Forwarded by Mark Elliott/LON/ECT on 06/24/99 03:21 PM 
---------------------------


Edmund Cooper
06/23/99 05:30 PM
To: Jeff Harbert/HOU/ECT@ECT
cc: Mark Elliott/LON/ECT@ECT, Martin Holmes/LON/ECT@ECT, Tom 
Bruce-Jones/LON/ECT@ECT, Dale Neuner/HOU/ECT@ECT 
Subject: John Roberts Holdings Limited

Jeff,

Following the earlier telephone conversation with Mark Elliott, please find 
attached the deemed ISDA Confirmation for the transaction with the above 
counterparty.  We look forward to viewing Dale's version for the back-to-back 
with ECT.

Regards, Edmund.