MCV broker's quote and valuation

Hi,

Here is the broker's quote from Amerex as of 03/15/2002. Based on the broker's quote, the valuation summary for the deal starting from June 2002 forward is also attached. Please let us know if you need any details for the valuation - we would greatly appreciate your advice, as soon as possible, regarding the "form of settlement offer" we should use to approach MCV.

Thank you very much for your help.

Best Regards,

Yuan Tian
Associate/Enron
Ext. 53579