Mr. Goldsmith -

I have attached below a copy of the updated BETA reflecting the changes you 
proposed earlier. I have added some language to your proposals, but have kept 
the intention intact.  

The only additional comments that I will make are that Enron will require (a) 
a confirmatory letter from Natsource LLC that the LC posted by Natsource will 
be applicable to Natsource-Tullet (in essence a guarantee letter) and (b)  if 
an LC has already been posted, it will need to be modified so that it will 
reflect the ability of Enron to realize under it for Natsource-Tullet.  If no 
LC has been issued, this latter point will need to be handled in any LC 
issued.

Please take a look at the attached and let me know if anything further.  I 
will be checking with our personnel to confirm that Natsource LLC does not 
have to be a signatory to this BETA.



Mark
Senior Counsel, EWS
Phone:     713-345-8897
Facsimile: 713-646-3490
E-Mail:      Mark.Greenberg@enron.com