Master Netting Agreement Status ,
 Dynegy - Very preliminary; Dynegy is reviewing our paper.
Calpine - We have been through several rounds of drafts.  The next draft will go to Calpine tomorrow.  We could finalize this in the next 1 or 2 weeks.

Harlan E. Murphy
Enron Wholesale Services - Legal
1400 Smith Street, EB 3811
Houston, Texas 77002
Tel: 713.345.2679
Fax: 713.646.3490
E-mail: Harlan.Murphy@Enron.com
s..bradford@enron.com, louise.kitchen@enron.com, tanya.rohauer@enron.com