Kellogg

David: Attached is an example of the "tainted swaption". I'd really like to
focus on the dates (Trade, Effective, Exercise). Looking forward to call in
the morning. Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 04/12/2000
07:46 PM ---------------------------

Enron North America Corp.

From: Jarrod Cyprow 04/11/2000 01:23 PM

To: Sara Shackleton/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT
cc:
Subject: Kellogg

I have attached the Confirmation for Kellogg. Please check the language in
the additional provisions section to make sure it says what it needs to.

Sara, the expiration date is May 15, 2000 and the effective date is April 1,
2000. Is that going to present a problem?

Thank you,

Jarrod