Paperboard Industries International

I spoke with Louise Paul and she confirmed that they would like to use
Paperboard Industries Corporation (PIC) as the contracting entity and would
be willing to provide a corporate guaranty from Paperboard Industries
International (PII).

I am confused as to how many trades actually exist. Per TAGG, there are two
(NH9975.1 done on May 12 and Q25809.1 done on October 4); however, in the
legal database Susan references a September 13 template sent out which Louise
Paul also mentioned. Is this a real deal or was it just a draft?

As the May confirm was never signed, I do not know if we will need to
actually assign it to the new entity. We need to make sure that all of the
confirms reference PIC as the contracting entity with PII as guarantor. All
of the credit terms apply; however they will apply to the guarantor now
instead of the counterparty. I have also changed the MAC trigger to B+ as
PII has been downgraded from BB- to B+. I have attached a new credit
worksheet for your reference. If there are any other inconsistencies to the
previous documents other than what I have referenced, please let me know.

Also, the database mentions the Enron Corp gty that was delivered in
conjunction with the May trade. Can you confirm the amount at $15MM as well
as send me a copy for my file?

Louise has asked that all correspondence be directed to her attention. Please
let me know if you have questions.

Thanks,
Tanya