We have received an executed Master Agreement:

Type of Contract:  ISDA Master Agreement (Local Currency-Single Jurisdiction)

Effective Date:   January 19, 2001

Enron Entity:   Enron Canada Corp.

Counterparty:   IPSCO Saskatchewan Inc.

Transactions Covered:  Approved for all products with the exception of :  
Foreign Exchange 
          
Confirming Entity:  Enron Canada Corp.

Governing Law:   Province of Alberta 

SPECIAL NOTE:   THIS ISDA MASTER AGREEMENT CAN BE USED BY COUNTERPARTY FOR 
ONE TRADE ONLY, BEING THAT    CERTAIN TRADE DATED JANUARY 19, 2001.

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