We have received an executed Master Agreement:

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

Effective Date:   April 4, 2001

Enron Entity:   Risk Management & Trading Corp.

Counterparty:   Compagnie de Papiers Stadacona Ltee

Transactions Covered:  Approved for FX Transactions only     

Confirming Entity:  Risk Management & Trading Corp.

Governing Law:   Texas


Copies will be distributed  


Cordially,
Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3806A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
E:mail:  Susan.Bailey@enron.com