Sara;

I think I am getting old ... Did you ever forward to me an updated copy of 
the "swap matrix" for Brazil ?  Would you mind re-sending it to me ?!

Hope all is well !!

Thanks and Regards,

Sami





Sara Shackleton@ECT
05/04/2000 04:29 PM
To: Sami Arap/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Andrea Calo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT 

Subject: Re: Financial Trading in Brazil

Hi, Sami!  Sorry we missed the call yesterday.  I just wanted to update you 
on some of the financial trading issues in Brazil (and I have added you to 
the working group list).  I am going to finalize our "swap matrix" for 
Brazil.  On the physical trading side, I had asked a physical trading lawyer 
to call you and am wondering if Elizabeth Sager ever called or emailed.  
Please let me know.  Thanks.  Sara 
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 05/04/2000 
02:55 PM ---------------------------


"MBTOS - Marcelo Rodrigues" <Mbtos@tozzini.com.br> on 05/04/2000 01:21:59 PM
To: Sara.Shackleton@enron.com
cc: Andrea.Bertone@enron.com, Brent.Hendry@enron.com, Lynn.Aven@enron.com, 
Rick.Hopkinson@enron.com, afac@tozzini.com.br, Krishna@tozzini.com.br 
Subject: Re: Financial Trading in Brazil


Dear Sara:

Thank you for your message below. Please find attached hereto free 
translation into English of new foreign investor's regulations in Brazil. We 
are preparing a memo to you in connection with such new regulations and are 
finalizing the matrix prepared last year. We will send them to you shortly.

Kind regards,

Marcelo Rodrigues

>>> "Sara Shackleton" <Sara.Shackleton@enron.com> 05/04 12:08 pm >>>


AFAC and Marcelo:  I hope this message finds you both well.  I would like to
finalize the matrix which was prepared last year so that we can create a
"baseline" for future updates.  Please feel free to date the matrix as of
December, 1999, if you wish.  Please forward any recent changes to me for
comment  and I will respond immediately.  Then we can move on to other things!
Thanks for your help and attention to this mattter.  Regards.  Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 05/04/2000 
10:34
AM ---------------------------


"MBTOS - Marcelo Rodrigues" <Mbtos@tozzini.com.br> on 03/13/2000 06:27:26 PM

To:   Sara.Shackleton@enron.com
cc:   Brent.Hendry@enron.com, Lynn.Aven@enron.com, afac@tozzini.com.br
Subject:  Re: Financial Trading in Brazil


Dear Sara:

Thank you for your E-mail below. We will be reflecting the new changes in the
regulations in the chart and will be sending it to your review as soon as
possible.

Kind regards,

Marcelo Rodrigues

>>> "Sara Shackleton" <Sara.Shackleton@enron.com> 03/13 2:29 pm >>>


Greetings to you both!  It has been awhile since we last spoke.  I would like 
to
finalize the matrix which we have been discussing since the latter part of 
1999.
Although we were awaiting new Central Bank regulations, I am beginning to 
think
that the Central Bank revisions will not impact the matrix except with respect
to transactions which may be entered into by entities that are the subject of
the Central Bank regulations.  Please let me know whether or not you agree or
can offer any suggestions.  Thanks and regards.  Sara







 - Res2689a.doc
 - Ins325a.doc