It has come to my attention that questions have been raised in reviewing the 
Raptor I Derivative Proposal Sheets regarding the type of information that 
should be set forth in the category entitled "ASSET DESCRIPTION".  The Master 
Derivatives Agreement ("MDA") requires that the Proposal Sheets describe the 
"Assets" with respect to which the derivative transaction is to be executed.  
For purposes of the MDA, "Assets" is defined as "assets, including without 
limitation common stock, partnership interests, member interests. other 
ownership interests, and other financial and physical assets."  Therefore, 
the description should include both the nature of the "Asset" (i.e. whether 
it is an equity interest, a loan, working interest, etc.) and a little bit 
about the company (the entity in which ENA holds the interest or has the loan 
or working interest).

Any comments to the Proposal Sheets should be delivered ASAP to the "Enron 
person completing this form" (This is the 3rd line under the heading 
"GENERAL" on each of the Proposal Sheets) along with a request that a revised 
Proposal Sheet be returned to the lawyer providing comments with copies to 
both Mary Cook and Lisa Mellencamp.   

The pressure to complete these Raptor hedges remains high and therefore your 
immediate attention is greatly appreciated.  Many thanks.

Stuart