We have received an executed First Amendment to the ISDA Master Agreement 
dated effective May 9, 2001 between ARM and ENA, which provides for an 
amendment to ARM's collateral threshold.   

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