Michael:

Attached for your immediate review is the form of Enron Corp. ("Enron") 
guaranty which would be utilized to guaranty all financial trading 
obligations pursuant to an ISDA Master Agreement and transactions thereunder 
which would be entered into between Enron North America Corp. and ANZ Bank.  
Jason Williams (in Enron's risk control group) asked that you receive a copy 
of Enron's form of guaranty if you had not already received one.  We are in 
the process of preparing a draft ISDA Master Agreement  and will forward it 
to you next week.  Please let us know if you have any questions.


Samantha M. Boyd
Sr. Legal Specialist
Enron North America Corp.
1400 Smith, EB3802A
Houston, TX  77002
Phone:  (713) 853-9188
Fax:  (713) 646-3490
email:  samantha.boyd@enron.com