Janine:

First Union National Bank ("FUNB") entered into a credit derivative trade 
with ENA effective 20 April 2001 (our trader was a London trader).  Although 
ENA has a Master ISDA Agreement  with FUNB (the "ISDA"), this does not appear 
to be the impetus for the booking since the confirm didn't reference the ISDA.

Is ENA alright confirming trades in this manner?

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com