We have received the following executed Master Agreement:


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

Effective Date:   October 15, 1998

Enron Entity:   Enron North America Corp.

Counterparty:   Swiss Re Financial Products Corporation

Transactions Covered:  Approved for:   commodity products
        weather

    Not approved for: pulp & paper
       foreign exchange  


SPECIAL NOTE: Unless the relevant Confirmation specifically references Part 
5(m) of the Schedule to the Master Agreement and     expressly states its 
intention to override such clause, then the Transactions covered by the 
Master Agreement will be    commodity products and weather.