Sacramento Municipal Utility District

We have received an executed financial Master Agreement:

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

Effective Date: September 15, 2000

Enron Entity: Enron North America Corp.

Counterparty: Sacramento Municipal Utility District

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

Confirming Entity: Enron North America Corp.

Governing Law: New York

Copies will be distributed.

Stephanie Panus