Grupo IMSA, S.A. de C.V.

We have received an executed Master Agreement:

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

Effective Date: February 22, 2001

Enron Entity: Enron North America Corp.

Counterparty: Grupo IMSA, S.A. de C.V.

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

Confirming Entity: Enron North America Corp.

Governing Law: Texas

Copies will be distributed.

Stephanie Panus