Procter & Gamble

Bob: I'm only sending this message so that you can see all correspondence.
This doc will be useful to you.
----- Forwarded by Sara Shackleton/HOU/ECT on 11/15/2000 01:20 PM -----

Ed Quinn
10/16/2000 11:39 AM

To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Procter & Gamble

Sara,

P&G (largest buyer of pulp and linerboard in orth America) has received Board
approval to financially hedge pulp using OTCs instruments. They want to put
an ISDA in place with Enron. I will be the contact for the business group.

P&G's lawyer, Libby Rutherford, has requested that we start where we left
off. I told their business representatives that we preferred starting from
scratch but that you would contact her directly to discuss. Her number is
513-983-2513 and e-mail is rutherford.em@pg.com.

Susan Bailey compared the 1999 negotiated document to our latest schedule for
our review - see below. Please give me a call to discuss when you get a
chance ext 30418. Thanks.

Ed Quinn

Ed,

Attached is blacklined version comparing ENA's latest version (dated
8/9/2000), which was sent to Roger Larsh @ P&G and the version dated
5/25/99. The biggest difference between the two versions is that the
8/9/2000 version includes (a) ENA's newest changes, and (b) the inclusion of
a credit support annex.

Hope this helps.