Champion

Here is another fax from Darcy on this deal.
---------------------- Forwarded by Brent Hendry/ENRON_DEVELOPMENT on
24/08/99 03:45 PM ---------------------------

Andrea Bertone
24/08/99 07:28 PM

To: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Champion

---------------------- Forwarded by Andrea Bertone/ENRON_DEVELOPMENT on
08/24/99 03:39 PM ---------------------------

D'Arcy Carroll
08/24/99 04:03 PM

To: Claudia Brun, Don Black, Remi
Collonges/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Bob Crane, Andrea Bertone, lotavio@elektro.com.br,
Baccaro@elektro.com.br

Subject: Champion

This is a draft of proposal to be forwarded to Champion for Sep-Nov deal.
Contract to be forwarded (following internal agreement with legal on how to
articulate structure to include the paper pricing index). Bob, Remi, Don -
we need to choose (1) a strike price and (2) a volume for acceptable risk;
I've enclosed a spreadsheet with details the UK-based uncoated free sheet
sales which Mauro indicated is a larger percentage of Champion's exports.
(Hurrying to get the spreadsheet out, so will check the numbers.)

(See attached file: Power Transactions - Champion, Paper Drvts.xls)

(See attached file: FAX Sheet - Champion, Sep -Nov proposal 3MW, Aug 24
'99.doc)

- Power Transactions - Champion, Paper Drvts.xls - FAX Sheet - Champion, Sep
-Nov proposal 3MW, Aug 24 '99.doc