Michael:

Attached is a revised blackline of the Enron Corp. guaranty for your review.  
Please let us have your comments.




Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com