Subject: "COT 1/5".

Body: The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now in the most recent version of Adobe Acrobat 4.0 and they should print clearly from Adobe Acrobat Reader 3.0 or higher. Adobe Acrobat Reader 4.0 may be downloaded for FREE from www.adobe.com. (See attached file: ng_rpt.pdf)(See attached file: ho_rpt.pdf)(See attached file: hu_rpt.pdf)(See attached file: cl_rpt.pdf) - ng_rpt.pdf - ho_rpt.pdf - hu_rpt.pdf - cl_rpt.pdf

Subject: "Tiger".

Body: Just got your voice mail. I have severe laryngitis and I cannot use my voice today or tomorrow. Sorry. We can e-mail or speak through Marie. Yes, we have a blackline. Marie has finished going through it and I need to review (the lawyers blacklined the latest version over the second blackline so we had to revert to a comparision to the first blackline!). Re: the credit support annex, I believe all is resolved. However, I believe there is still an L/C issue. If there is an L/C default (say the issuer is downgraded), Tiger is insisting that we post cash immediately without the right to post a substitute L/C within two days. I am not absolutely certain of this, but Carol has a 2 pm call with the lawyers and I will listen. I don't know if Tiger responded to our guaranty. I was out sick yesterday. Hope this brings you up to date. SS

Subject: "Transwestern FERC California Monthly Report - Dec 2001 (Preliminary)".

Body: Attached is the preliminary CA monthly report for December for your review. Please verify the following: TK - The rates under Item 1 (especially those highlighted in pink, which I updated manually by reviewing invoices/transactional reports) Darrell - The operational capacity and footnotes under Item 3 Terry - The scheduled and/or nominated volumes under Item 1 and 3 (I've done some cross-validations checks but another pair of eyes will help) Jeanette - Overall data and format for accuracy Please provide any comments to me no later than COB Monday, 1/21/02, for updates. Once finalized, I will email to the full distribution list. Thanks,

Subject: "Real Deals from Travelocity".

Body:
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