We have received an executed Master Agreement:

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

Effective Date:   October 25, 2000

Executed Date:   March 28, 2001

Enron Entity:   Enron Canada Corp.

Counterparty:   IMC Canada Ltd.

Transactions Covered:  Approved for all products, except fx 
          
Confirming Entity:  Enron Canada Corp.

Governing Law:   New York