Mark and Jordan,

I have attached an Annex intended to become part of the master agreement for 
prepaid transactions and other embedded financings (e.g, tilted swaps) in 
commodity transactions.  This Annex, which is a variant of an Annex developed 
for Enron's CommodityLogic B2B site, is intended to be a requirement for 
using an expedited E-DASH process for these sorts of transactions.  This 
annex is intended to afford Enron the same sorts of protections as a holder 
of the counterparty's public debt, but be less onerous to the counterparty 
than a typical bank or private placement agreement, presumably making it 
relatively easy to accept for the counterparty while facilitating syndication 
of these exposures by EGF.  I would appreciate your reviewing this Annex and 
providing me with any general or specific comments you may have.

Thanks.

Dave