Stacy or Jeff:
Could you please verify that Frank's answers to the physical questions are 
correct?  Thanks.
acrol
---------------------- Forwarded by Carol St Clair/HOU/ECT on 05/08/2000 
06:12 PM ---------------------------
   


From:  Frank L Davis                                                          
   05/08/2000 06:09 PM	
	
	
	                           
	

To: Carol St Clair/HOU/ECT@ECT
cc:  
Subject: Re: Enron-online  

Let me know what you think.

Thanks for your help!!!!

Frank
x37235



Alastair_Riach@cargill.com on 05/08/2000 08:54:36 AM
To: fdavis@enron.com
cc:  
Subject: Enron-online


     Frank,

     Appreciate if you can add yur commnets as discussed last week so we
     can then proceed as soon as possible

     Thanks



______________________________ Forward Header 
__________________________________
Subject: Enron-online
Author:  Alastair Riach at hdqt
Date:    5/3/00 9:46 AM


     Frank,

     To follow up on our conversation earlier this week I'd like to confirm
     my understanding of how the terms on Enron-online will work.

     1.Enron-online is a medium for executing a transaction with Enron...an
     electronic method just as phone is a verbal method

  Yes    

 2.Financial trades in North American will be traded with Enron North
      America.
      Physical trades in US will be with Enron NA other than in Texas where
      is will be Houston Pipeline Company(please can you clarify this aspect
      for gas moving out of Texas on interstate pipelines)
      Physical trades in Canada will be with Enron Canada

 The first sentence is correct.  Physical NATURAL GAS trades in US will be 
with Enron North America for locations  outside of Texas and Houston Pipeline 
Company for locations within Texas.  Physical NATURAL GAS trades in Canada  
can be with either Enron North America or Enron Canada Corp, depending on the 
location.

     3.All financial deals will be governed by the cargill/Enron ISDA
     agreement presently being negotiated


 Once executed, the ISDA signed be Cargill and Enron will govern any 
financial trades entered into by the   entities that signed this agreement.



     4.Physical deals will be governed by the executed GISB agreement in
     place
 
 Physical NATURAL GAS deals, entered into by the entities that executed a 
GISB agreement, will be governed by  said agreement. 


     5.Cargill will need to have two accounts to differentiate Cargill Inc
     from Cargill Canada

 Yes
 

     Given the above summary, Cargill will look to set up two accounts as
     per (5) above, to commence trading with Enron-online.

     If you have any comments on above or can speed the setting up of our
     accounts, please feel free to e.mail me back today

     Regards

     Alastair Riach - Trading manager Natural Gas

     (tel 612 984 3021)

 - C.DTF
 - C.DTF