President and Fellows of Harvard College

We have received an executed financial Master Agreement:

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

Effective Date: October 10, 2000

Enron Entity: Enron North America Corp.

Counterparty: President and Fellows of Harvard College

Transactions Covered: Approved for all products

Cofirming Entity: Enron North America Corp.

Governing Law: New York

Copies will be distributed.

Stephanie Panus