Steve:

I just spoke with Bill Bradford and I understand that Bill and Mark 
Tarkington discussed the use of "Specified Entity" and agreed, subject to DB 
committee approval, to eliminate the use of Specified Entity in the ENA and 
affiliated masters with DB (i.e., "Specified Entity:  none").   Once you have 
confirmed this with Mark, please prepare a final blacklined draft for our 
review and then execution copies of the ISDA Master Agreement.   In 
connection with the final draft, Tana Jones will fax to you minor format 
comments.  [She will also fax to you the electronic trading agreements and 
password applications for London and U.S. based trading.]

The following ENA affiliates will also need to execute ISDA Master Agreements 
with DB:

(1)  ECT Investments, Inc. (Delaware corporation)

(2)  Enron Capital & Trade Resources International Corp. (Delaware 
corporation)

(3)  EnronCredit.com Limited (U.K. corporation)