We have received an executed Master Agreement:

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

Effective Date:   March 31, 1997

Enron Entity:   Risk Management & Trading Corp.

Counterparty:   Enron Engineering & Construction Company

Transactions Covered:  Approved for all products
          
Confirming Entity:  Risk Management & Trading Corp.

Governing Law:   Texas 


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