There should be no question of duplication of ISDA Master Agreement or any 
other master swap agreements between Houston and London, because Houston's 
contracting party is usually Enron North America Corp. and London's 
contracting party is usually Enron Capital & Trade Resources International 
Corp.  We cannot do business under each others' financial master agreements 
for legal and tax reasons.

ENA and Enron Canada Corp. can do business under each other's masters because 
the tax reasons that used to require us to separate out the business went 
away.  Further, Houston and Canada subsequently entered into a Services 
Agreement which sets forth the conditions upon which they can act on each 
other's behalf (necessary for tax and legal reasons).