Catherine, John,

I just received this from Panda regarding their project company structure.  
---------------------- Forwarded by Stephen Thome/HOU/ECT on 03/06/2001 11:31 
AM ---------------------------


"Lori Holt" <LoriH@pandaenergy.com> on 03/06/2001 11:04:12 AM
To: <Stephen.thome@enron.com>
cc: "Jimmy Teringo" <JimmyT.Dallas.Panda@pandaenergy.com> 
Subject: Turbines


Steve,
I was correct in my assumptions.  Each turbine should go into four different 
LP's.  Panda West Power I, L.P., Panda West Power II, L.P., Panda West 
PowerIII, L.P. and Panda West Power IV, L.P.  Please advise if you have any 
additional questions.
Regards,
Lori