US Purity Ethane

A US Purity Ethane financial Swap Transaction with Enron North America Corp.,
under which the Seller pays a Floating Price and the Buyer pays the price
submitted by Counterparty on the website (the Fixed Price) in each case in
respect of the Notional Quantity per Determination Period. Each calendar
month during the term of the Transaction will be a Determination Period. The
Notional Quantity per Determination Period is the volume submitted by
Counterparty via EnronOnline. The Payment Date(s) will be 5 business days
after the Floating Price is determinable. The Floating Price shall be the
Index for the relevant Determination Period.
The term of the Transaction shall be from the Effective Date to the
Termination Date. The Effective Date is 01 Jan 2001. The Termination Date is
31 Jan 2001.
The Index for a month shall be the difference between
(i) the arithmetic average of the high and low Cents/Pound prices of Linear
Low Density Polyethylene - Butene film grade published under the headings
"North America Product Prices for (DATE): LLDPE Domestic" in the month-end
issue of Chemical Market Associates, Inc.'s Monomers Market Report effective
for such month, and
(ii) the average of the prices for each day in the Determination Period,
where the price for each day shall be the 'Avg' price for Purity Ethane
published in the table entitled 'Mont Belvieu Spot Gas Liquids Prices' under
the heading 'Purity Ethane: Any Current Month' in the issue of Oil Price
Information Service ('OPIS') that reports prices effective for such
Determination Period.
The price is quoted in cents (US) per unit of volume which will be the
Contractual Currency.
The unit of measure against which the price is quoted shall be pounds.