We have received an executed financial master agreement:

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

Effective Date:			January 1, 2001

Enron Entity:			Enron North America Corp.

Counterparty:			Marcal Paper Mills, Inc.

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

Confirming Entity:		Enron North America Corp.

Governing Law:			New York

Special Handling Requirements:	No special handling requirements

Copies will be distributed.