We have received and executed Master Agreement:


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

Effective Date:   May 11, 2000

Enron Entity:   Enron North America Corp. 


Counterparty:   Small Ventures USA, LLC

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

Confirming Entity:  Enron North America Corp.