---------------------- Forwarded by Elizabeth Sager/HOU/ECT on 03/15/2000 
11:17 AM ---------------------------


Ray Hoppe@ENRON
03/14/2000 05:05 PM
To: Kellie Metcalf/Corp/Enron@ENRON, Doug Gilbert-Smith/Corp/Enron@ENRON, 
Elizabeth Sager/HOU/ECT@ECT, Mike Curry/HOU/ECT@ECT
cc: Berney C Aucoin/HOU/ECT@ECT, Rodney Malcolm/HOU/ECT@ECT 
Subject: Revised Formosa Term Sheet

Here is the Formosa Term Sheet that spells out a straight-forward tolling 
arrangement.  After further discussion, I have eliminated sharing options.  
We will use this as a starting point and if Formosa insists on a sharing 
alternative, we will address that at that point.