We have received an executed financial Master Agreement:

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

Effective Date:   February 1, 2001

Enron Entity:   Enron North America Corp.

Counterparty:   Axia Energy, LP

Transactions Covered:  Approved for all products with the exception of: 
Foreign Exchange

Confirming Entity:  Enron North America Corp.

Choice of Law:   Texas


Stephanie Panus