"Calculation of Floating Amount: The Floating Amount payable by [ENA] on a 
Payment Date will be calculated for that Payment Date as follows:
     
    Floating Amount = (Notional Quantity per Calculation Period X Floating 
Price) - USD[38,000?]

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com