The attached swaps will be delivered by hard copy batch, together with the 
revised proposal sheets and a copy of the legal worksheets, to Gordon 
McKillop, in Julia Chin's absence, today.  Upon receipt, Gordon will attach 
the valuation data that has been previously provided to Julia Chin by Hope 
Vargas and coordinate execution.  

First, additional publics representing the incremental interests of Chewco, 
then followed by numerous privates.  As of now, we still are working 
Catalytica and Merlin.









Enron North America Corp.
Mary Cook
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com