Here is the detail we have on Bow River Trust
---------------------- Forwarded by Catherine Clark/HOU/ECT on 09/19/2000 
11:21 AM ---------------------------


"McArthur, Ian " <IAN.MCARTHUR@ROYALBANK.COM> on 09/18/2000 05:44:02 PM
To: "'cris.sherman@enron.com'" <cris.sherman@enron.com>, 
"'soma.ghosh@enron.com'" <soma.ghosh@enron.com>, "'bordenr@macleoddixon.com'" 
<bordenr@macleoddixon.com>, "'catherine.clark@enron.com'" 
<catherine.clark@enron.com>
cc: "McArthur, Ian " <IAN.MCARTHUR@ROYALBANK.COM>, "Fleming, Blair " 
<BLAIR.FLEMING@ROYALBANK.COM> 
Subject: FW: Letter of Confirmation re: BF Capital Funding LP




FYI, confirmation that the wording is OK for BF Capital.? Await comments from 
Enron or confirmation that you are also OK.

Thanks, Mike 

-----Original Message----- 
From:?? Tomlinson, Ross? 
Sent:?? 2000, September, 18 5:30 PM 
To:???? McArthur, Ian 
Subject:??????? RE: Letter of Confirmation re: BF Capital Funding LP 
Sensitivity:??? Private 

Ian, wording is fine. I have confirmed that the signatories would be Bruce 
Barker and David Smith (in Calgary). 

Ross 

-----Original Message----- 
From:?? McArthur, Ian? 
Sent:?? Monday, September 18, 2000 4:19 PM 
To:???? 'cris.Sherman@Enron.com' 
Cc:???? Tomlinson, Ross ; McArthur, Ian ; Fleming, Blair ; 
'soma.ghosh@enron.com'; 'catherine.clark@enron.com'; 
'rick.borden@macleoddixon.com'

Subject:??????? Letter of Confirmation re: BF Capital Funding LP 
Importance:???? High 
Sensitivity:??? Private 

Cris, as discussed, BF Equity Capital would be prepared to issue the letter 
for audit purposes and we would propose the following text.? Please advise 
comments asap.

Quote: 

To Whom it May Concern 

Re:? BF Capital Funding LP 

We confirm that BF Capital Funding LP is an active investment vehicle owned 
0.1% by the General Partner, IFS (Alberta) Ltd., which is in turn owned by 
IFS Inc., an Ontario corporation owned by a number of legal professionals.

BF Funding LP has previously undertaken, and will continue to make, a number 
of equity investments and in the proposed transaction will be purchasing 100% 
of the equity interest in Bow River Trust, a trust existing under the laws of 
Alberta.

For Canadian GAAP purposes, the General Partner of BF Capital Funding LP will 
be required to consolidate Bow River Trust back into its accounts for 
financial reporting purposes.

A 99.9% Limited Partner interest in BF Capital Funding is held by Royal Bank 
of Canada under Section 468 of the Bank Act.? As Limited Partner, Royal Bank 
of Canada has no control over BF Capital Funding LP and is not required to 
consolidate the partnership into its accounts for financial reporting 
purposes.

Yours faithfully, 



Bruce Barker??? ??????? ??????? ??????? S.W. Bowen 

Unquote: 

Please advise comments asap. Please respond to Ian McArthur email address. 

Regards 
Mike Elllison 
RBC Dominion Securities