This is the content of an email: POSREP HOEGH GALLEON, DATE: 10-May 12:00 9:00 (UTC) A) Position at noon: N 12 25 E 044 29 B) Dist. From last noon: 443 nm C) Dist. To go to next port: 1199 nm D) ETA next port: Qalhat 13 0900 LT E) 1: Average sea/wind Sea: SW 4 Wind: SW 3 2: Average speed 18.46 kn 3: BOG consumed 0 m3 4: BOG Total 0 m3 5: F.O Consumed 164 m3 6: G.O. Consumed 0 m3 Brgds Knut Bentzr?d Master LNG/C "Hoegh Galleon" E-mail: master.gall@hoegh.no Teleph: Inmarsat tel.no.+873 330853910 Fax : Inmarsat fax no.+873 330853913 Telex : Inmarsat B telex no.+583 330853915 Telex : Inmarsat C telex no.+583 430853910 (24hrs.watch)

Subject: POSREP 10 MAY

This is the content of an email: Per several conversations with Mirant (our upstream) and Pinwest (our downstream) the following situation occurred on July 19th between 2:30 p.m. and 4:00 p.m. Deal #694398 $41.00 our purchase from Mirant Deal #693496 $40.75 our sale to Pinwest Mirant(G)sp15-Ciso(t)sp15/pv5#scem_sp15_pv-Mirant-Epmi-Pinwest-aps(t)pv/ww#gf-Pinwest Mirant was cut by the CISO per Dan at the Mirant Real-time group. He was unable to re-supply an upstream. Pinwest would not allow the schedule to flow on a real-time basis per Carla on the scheduling desk. Enron agreed to bookout out with Pinwest and bill LD's to Mirant. I spoke with Glen Ryan at Pinwest at about 3:30 to agree on a price at which Enron would buy back the power in order to bookout. He said it would have to be the purchase price which was $345.00. In a later conversation about 3:45, I told Pinwest that we would not agree to the purchase price of $345.00 and that the current market price was around $45.00 - $50.00 per mw hour. They would not agree to the current market price and will bill us L.D. 's.

Subject: Liquidated Damages that need to be passed on to Mirant

This is the content of an email: All, We will be offering monitors for sale again in the Portland Office. We have a variety of monitors for you to choose from. Older 17' units - $10 Newer Compaq 17' units - $20 Older 21' units - $25 Newer Compaq 19' units - $35 Please respond to this email with the type of monitor you would like to purchase. Will have a lottery type drawing on Friday Morning. By Friday afternoon, you will be notified that you can come by and pick out your monitor. We need to have all monitors picked up and removed my Friday the 2nd. After that, all remaining monitors will be donated to charity. Regards,

Subject: Monitor Sale

This is the content of an email: Bill: I am resending my earlier message which identifies the correct legal entities with which Enron Corp. would like to execute ISDA Master Agreements (for the purpose of entering into equity trades). In addition to the entities listed below, we need to include "Merrill Lynch International" ("MLI"). ENA just negotiated an agreement with MLI, so the Enron Corp. master should be fairly simple. Also, Clint and Jeff are interested in transacting with Toronto Dominion Bank. In that regard I note that Enron has an Interest Rate and Currency Agreement with Toronto Dominion Bank, New York Branch. I'll review this agreement to see if it requires amendment. Jeff/Clint: Do want to deal with a specific Toronto Dominion branch? All: I will expect that Bill will provide credit worksheets and I'll either begin the ISDA process or change "ENA" to Enron Corp. on those agreements which have previously been sent. Thanks. Let me know if you have any questions. Sara
Subject: Enron Corp. ISDA Master Agreements