Mark further our discussion today on Deemed ISDAs in Australia. 6 Deemed ISDA 
Agreements were signed over the period late 1998 through to mid 1999. This 
was due to I believe an unwillingness on the part of Enron to enter into a 
ISDA Master Agreement that did not meet the then corporate requirements. I 
have commenced a program of replacing these Deemed ISDAs with full ISDAs. 
Apart from the obvious documentary issues, the status of a Deemed ISDA re EOL 
is somewhat uncertain.

To date we have 22 settled ISDAs including 5 Deemed ISDAs.(see attached 
list). The Deemed ISDA with RMB was replaced last month.