QUESTION: Please review the following regulatory outline for the ratings package (attached file). If you have any comments, suggestions or recommended changes please call or e:mail myself or Teb Lokey. Thank you,
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ANS: Ratings Package Outline and tables

QUESTION: Please note that the Enron Cash Balance Plan has retained Smith Graham, Gerald Smith's firm, to manage $15 million of pension assets. This fixed-income portfolio will be funded during July. I am available for further discussion at your convenience.
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ANS: Smith Graham

QUESTION: I believe Jeff Bartlet will be seeking your approval to the standstill provision in the above agreement. I just wanted to make sure that you are aware that Enron Corp. as an affiliate of ENA would be bound by the provision, since (i) it will have access to the confidential information or (ii) if it takes any of the actions prohibited by paragraph 5 of that letter at the direction of ENA. Please let me know if you have any questions about this.
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ANS:
Covanta Confidentiality Agreement