Sara -

Per our earlier conversation, could you please prepare a revised guaranty for 
Merrill Lynch?  There are two significant changes to the guaranty currently 
in place:

1)  Beneficiary of the new guaranty should be Merrill Lynch International 
Bank, Ltd.   The current guaranty is to Merrill Lynch International Bank.

2)  The guaranty amount should be increased from $30 million to $150 million.


Please send revised guaranty to:

  Todd Gibson, Vice President
  Merrill Lynch & Co., Inc.
  4 World Financial Center, 16th Floor
  New York, NY 10080


Thanks for all your help and please let me know if you have any questions.


Jay