Attached is the captioned swap.  Please note that the Premium Letter 
Agreement will be finalized and distributed as and when the final numbers are 
provided.  I have not received a proposal sheet for this swap.  The 
underlying swap referenced in the Merlin Raptor swap is also provided for 
your reference.  Mary


The Referenced Swap.





The Merlin Raptor Swap.






Enron North America Corp.
Mary Cook
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com