Voest-Alpine Intertrading U.S.A., Inc.

We have received an executed Master Agreement:

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

Effective Date: June 9, 2000

Enron Entity: Enron North America Corp.

Counterparty: Voest-Alpine Intertrading U.S.A., Inc.

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

Confirming Entity: Enron North America Corp.

Copies will be distributed.

Stephanie