---------------------- Forwarded by Rob G Gay/NA/Enron on 11/29/2000 10:26 AM 
---------------------------


william.evans@citicorp.com on 11/29/2000 09:29:58 AM
To: Rob.G.Gay@enron.com
cc:  

Subject: Cuiaba Interest Rates



     Rob

     Attached is a spreadsheet containing indicative pricing for both a
     capital markets and an on-books loan with a swap.  You will note that
     as before we have converted the capital markets rate to a monthly pay
     actual/360 basis for comparison purposes.

     Capital markets spreads have narrowed since our last discussion and
     are now 125-130 over the ten-year.

     Thanks again for the project update and pls call me with any questions
     about the numbers.


     Regards
     Bill

 - cuiaba4.xls