Subject: Letters of Credit
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked]
Date: Thu, 7 Jun 2001 01:53:00 -0700 (PDT)

In connection with the proposed ISDA Master Agreement between Valentis 
Investors, LLC and Enron North America Corp., attached are the Letter of 
Credit Provisions and a form of Letter of Credit.

Stephanie Panus
Sr. Legal Specialist
Enron North America Corp.
1400 Smith Street, EB3806
Houston, Texas  77002
ph:  713.345.3249
fax:  713.646.3490