Our trader just noticed one difference between this Confirm and the one we 
have with Chase.? The conversion to Canadian dollars in the Chase confirm is 
done on each Friday in the Calculation Period and then at the end of the 
Calculation Period, the prices are averaged.? In your Confirm, the amounts 
are only converted on the Pricing Date.? The 2 have to be consistent, 
therefore, can we change the language so it reads as follows:

"Currency Conversion:? For the purposes of this Transaction, the Floating 
Price [for each Friday in the Calculation Period] shall be converted to a 
Canadian Dollar equivalent at the Canadian Dollar/U.S. Dollar spot exchange 
rate equal to the rate set forth on Reuters Page BOFC, under the headings 
'Bank of Canada'; 'Canadian Dollar Exchange Rates'; 'NOON' opposite the 
caption 'USD' as of 12:00 p.m. noon, Toronto time, (the 'FX Rate') [on each 
Friday in the Calculation Period] (the 'FX Rate Calculation Date'), provided, 
however, that if [such] FX Rate Calculation Date is not a Toronto Business 
Day, the FX Rate will be determined on the Toronto Business Day immediately 
preceding such FX Rate Calculation Date."

I put square brackets around the parts that I changed. 

Thanks 

Tracy Ross, Counsel, Royal Bank of Canada 
Phone: 416-974-5503; Fax: 416-974-2217 
File - 

This email may be privileged and confidential.? 
Any dissemination or use of this information by a person other than the 
intended recipient(s) is unauthorized.? If you receive this in error, 
please advise me immediately. 

-----Original Message----- 
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com] 
Sent: September 28, 2000 7:14 PM 
To: TRACY.ROSS@ROYALBANK.COM; bordenr@macleoddixon.com 
Subject: Confirm 

Sara asked me to send you the attached. 

Kaye 

(See attached file: ECCRBCnymexR1.doc)