We have received the following executed Master Agreement:

Type of Contract: ISDA Master Agreement ( Multicurrency-Cross Border)

Effective Date:  April 12, 2000

Enron Entity:  Enron North America Corp.

Counterparty:     Westpac Banking Corporation

Transactions Covered:   Approved for all products except:          pulp and 
paper and weather


PLEASE NOTE:   The Counterparty is the Calculation Agent.   The Counterpary 
has three (3) Local Business Days after the receipt of a Confirmation from 
ENA to accept or dispute the Confirmation.