One change:

Couterparty's name is:

Barep Alize-Euro Fund




To: Susan Bailey/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samantha 
Boyd/NA/Enron@Enron
cc: Diane Anderson/NA/Enron@Enron 

Subject: Baret Alize-Euro Fund

Please prepare a deemed ISDA for this transaction.  No credit language wil be 
required as ENA sold an option with the premium paid upfront.  Please let me 
know if you have any questions.

Thanks,
Tanya