We have received an executed Master Agreement:

Type of Contract:  Master Agreement [Industrial]

Effective Date:   April 1, 2001

Enron Entity:   Enron Canada Corp.

Counterparty:   Calgary Winter Club

Transactions Covered:  Approved for :  commodity products such as natural gas 
or crude oil
    Not approved for: Newer Products, such as pulp & paper, steel, weather or 
FX or forward rate 

Confirming Entity:  Enron Canada Corp.

Governing Law:   Province of Alberta


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