Subject: "ETS on the Move...".

Body: Congratulations on the move! Its great to see a reorg that actually seems to make so much sense! Thanks again to you and Terry for watching the three stooges on Saturday night. It was great seeing you guys again and getting the kids a chance to play for a while. We'd love to return the favor next time you come up to Omaha--the weather is getting real nice right about

Subject: "Large transactions and/or significant P&L swings".

Body: Let's send our a memo to deal makers, book admins, and business heads to remind everyone what the process should be regarding desk notification of big transactions/cash flows. Why don't you take a stab at writing a memo, send it back to me, and I'll review. Let's try to get it out this week. Thanks.

Subject: "Index to Index Capacity Charge".

Body: Kim, Thank you for your time on Wednesday. I enjoyed meeting you and appreciated the discussion regarding pipeline economics. I was thinking about the capacity you sold in 2003 on an Index to Index basis. On the attached diagram, the boxes colored black represent my understanding of your current position (you are locked-in to $1.00/MMBtu for the Calif. Border Index minus San Juan Index but exposed to San Juan Basin gas prices for the fuel required to deliver 20,000 MMBtu/d to the Calif. Border). You can easily lock-in your cost of fuel gas as shown by the swap colored in red. I believe that you did this capacity trade when gas prices were higher, therefore you could fix your fuel cost at today's lower prices and earn a higher margin on your capacity sale than originally expected.

Subject: "Howdy".

Body:
Hey Ken. How are things going for you? Is the market loving you? We have been really busy. We sold our house after 2 weeks on the market. I don't think I had it underpriced. I looked at the average $/sq ft for sales in our neighborhood for the last 6 months and I was pretty high above the average. Anyway, we got what we wanted and made a little money, so we were happy. Two days after we sold our house, Tonya found the one she wanted in Oaks of Devonshire. It's over at Louetta and I-45, just before The Thicket. It's a little bigger than we were looking for (3100 sq ft), but it's got a great game room/sunroom for the kids. It was built in 86, so it needs a little work. But that's ok with me. Anyway, we are closing on both houses on Monday and moving Tuesday and Wednesday. We will have you and Linda over for lunch or dinner one of these days. We also had tubes put into Jake's ears this month. We hated having to do that, but it has really made a difference. He had a constant ear infection since October. Now you can tell that he feels so much better. He's learning more and more each day. We have nothing that is "Jake proof". Even those plastic locks you put on cabinets don't hold him. He knows that if you keep yanking on the door over and over that it will eventually slip or break and then your in. I'm going to install pad locks on the cabinets at the new house. We'll see if that stops him. Anyway, everybody's doing well. I will be alot better after we finish this house business. I don't feel so good when I'm writing all those checks. Talk to you later. D