Re: AEC Guaranty

Gerald,

This is the format, although we have not received an executed copy yet.

Russell

---------------------- Forwarded by Russell Diamond/HOU/ECT on 02/14/2001
11:35 AM ---------------------------

From: Russell Diamond
01/05/2001 02:48 PM

To: "McGeachie, Ryan" <RyanMcGeachie@aec.ca< @ ENRON
cc:
Subject: Re: AEC Guaranty - $25MM

Ryan,

One addition, please make sure you enter the Counterparty as "Enron North
America Corp."

Thanks
Russell

---------------------- Forwarded by Russell Diamond/HOU/ECT on 01/05/2001
02:43 PM ---------------------------

From: Russell Diamond
01/05/2001 02:45 PM

To: "McGeachie, Ryan" <RyanMcGeachie@aec.ca< @ ENRON
cc:
Subject: Re: AEC Guaranty - $25MM

Ryan,

I can confirm that this guaranty is acceptable and you can have it signed
off. I received the Enron Corp guaranty amendments today and will be mailing
it to you today.

Thanks
Russell

"McGeachie, Ryan" <RyanMcGeachie@aec.ca< on 01/04/2001 11:51:55 AM
To: "'russell.diamond@enron.com'" <russell.diamond@enron.com<
cc:
Subject: AEC Guaranty - $25MM

I have confirmed that we are acceptable to your requested changes. Please
confirm that the attached is acceptable and I will have it signed off.
<<Guarante AMUS by AEC.doc<<

Ryan McGeachie
Alberta Energy Company Ltd.
Credit Analyst
(403) 691-5794
(403) 290-8530 (Fax)
Email: ryanmcgeachie@aec.ca

- Guarante AMUS by AEC.doc