---------------------- Forwarded by Sara Shackleton/HOU/ECT on 09/28/99 11:53 
AM ---------------------------


"GAYOL, Pablo J." <PG@marval.com.ar> on 09/27/99 03:02:17 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:  
Subject: Legal opinion



Dear Sara,

Attached please find a form of legal opinion to be used in derivative
transactions with Argentine counterparties.

Sincerely,


 <<ISDALEG.doc>>




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 - ISDALEG.doc