Aries Resources, L.L.C.

We have received the following executed Master Agreement:

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

Effective Date: June 2, 1999

Enron Entity: Enron North America Corp.

Counterparty: Aries Resources, L.L.C.

Transactions Covered: Approved for all products except: pulp and paper and
foreign exchange

Susan D. Flynn
Enron North America Corp.
1400 Smith Street, EB3806
Houston, Texas 77002
Phone: 713-853-0975
Fax: 713-646-3490