ISDA Master Agreement between Enron Corp. ("Enron") and Lehman ,
 Russ and Richard:

The referenced agreement was sent  to you for execution on December 7, 2000.  
We have never received an executed original of the agreement or the guaranty 
from Lehman Bros. Holdings Inc.  We have called on several occasions to 
locate these instruments.

Please let us know if there is a problem.  

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
rhackman@lehman.com, rweiss@lehman.com