Dear John,

Jeff Skilling is out of the country until March 5, 2001, and will likely be 
able to review before his return.  Is this something that can wait?  Please 
advise.  Thanks, SRS




"John A. Blaisdell" <JAB@wincrest.com> on 02/23/2001 10:23:54 AM
To: "Jennifer Binder (E-mail)" <jennifer@photofete.com>, "Jeffrey K. Skilling 
(E-mail)" <jeff.skilling@enron.com>
cc:  

Subject: Photofete


Jennifer/Jeff:

Enclosed is a proposed term sheet and capitalization table for the proposed
financing.  Jennifer, before it is circulated further we should give Jeff a
brief opportunity to review.

If you have any questions please call at 713-690-4848.

Regards,

John Blaisdell

 <<Series A Term Sheet.doc>>  <<Cap Table by Round .xls>>

 - Series A Term Sheet.doc
 - Cap Table by Round .xls