Lissa:

I must be having problems with my e-mail as I tried to reply to yours and was told it couldn't be delivered, so that's why I'm sending you a new one rather than a reply.

Attached is the proposed form of guaranty that Enron Corp. will provide.  ECT Investments would only collateralize above the threshold, since you would have a guaranty for the rest.

We look forward to receiving your schedule.

Marie

Marie Heard
Senior Legal Specialist
Enron North America Corp.
Phone:  (713) 853-3907
Fax:  (713) 646-3490
marie.heard@enron.com