Sara,

P&G (largest buyer of pulp and linerboard in orth America) has received Board 
approval to financially hedge pulp using OTCs instruments.  They want to put 
an ISDA in place with Enron.  I will be the contact for the business group.  

P&G's lawyer, Libby Rutherford, has requested that we start where we left 
off.  I told their business representatives that we preferred starting from 
scratch but that you would contact her directly to discuss.  Her number is 
513-983-2513 and e-mail is rutherford.em@pg.com.    

Susan Bailey compared the 1999 negotiated document to our latest schedule for 
our review - see below.  Please give me a call to discuss when you get a 
chance ext 30418.  Thanks.

Ed Quinn

Ed,

Attached is blacklined version comparing ENA's latest version (dated 
8/9/2000), which was sent to Roger Larsh @ P&G and the version dated 
5/25/99.  The biggest difference between the two versions is that the 
8/9/2000 version includes (a) ENA's newest changes, and (b) the inclusion of 
a credit support annex.

Hope this helps.