ENRON CREDIT DERIVATIVES

GENERAL TERMS AND CONDITIONS ("GTCs")

1. Transactions

2. EnronOnline Electronic Trading Agreement

3. Credit Default Swap Provisions

4. Bankruptcy Swap Provisions

5. Representations, Warranties and Covenants

6. ISDA Framework

7. Amendments

8. General Definitions

Schedule A - Form of Bankruptcy Swap Confirmation

Schedule B - Form of Credit Default Swap Confirmation

Schedule C - Form of Enron Corp. Guarantee

Annex A - (United Kingdom (excluding Northern Ireland))

Annex B - (United States of America)

Annex C - (Canada)

Annex D - (Sweden)

Annex E - (Norway)

Annex F - (Finland)

Annex G - (Germany)

Annex H - (France)

Annex I - (Italy)

Annex J - (Switzerland)