Project Crane - Pulp & Paper Acquisition

Mark -

Attached is a risk memo for your review in relation to the pending Project
Crane pulp and paper acquisition. The memo contains an executive summary of
the transaction, as well as a more detailed discussion and outline of
identified risks.

Julia and I are on your schedule for tomorrow afternoon to review this
document and the transaction. In the meantime, if you should have any
comments or questions, please do not hesitate to call me.

Mark
Senior Counsel, ENA
Phone: 713-345-8897
Facsimile: 713-646-3940
E-Mail: Mark.Greenberg@enron.com