IN: Jeff, Derek stopped by after he talked to his wife over the phone and it looks like he will probably take the job. He wants to talk to her again tonite, and he will let me know officially tommorrow. So he can let Joe Hunter know -- any

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OUT: Derek Bailey

IN: I have a favor to ask. Would you mind asking your team to email or phone me when they make a location change on a deal in sitara. We had a case yesterday where a deal was originally entered at one location for the deal and for the hedge. The point was incorrect and a person in logistics corrected it. The problem occurs in that sitara looks to verify the locations are the same on the deal and the hedge and if they are, it will then value the deal in the trader's book at mid. If the locations are different, it will value the deal at the customer price. This could potentially have a large impact on the trader's P&L. It does not seem pertinent to have your guys changing swap locations in addition to changing deal locations due to time constraints. We will be more than happy to make the changes, and we should also be able to catch these problems in the first place when we calc our books. I would greatly appreciate your groups help in cutting some of these issues off at the pass. If you have any questions or concerns, please feel free to give me a shout. Thanks. PL

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OUT: changing deal locations

IN: In a letter dtd 3/13/02 Ormet said they wired to ENA $14,645.03 (plus interest) to cure a contract default. I've been watching the cash inflow spreadsheet that gets published daily but haven't seen these funds on that report. Can you let me know whether you see any such payment from Ormet? Thanks

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OUT: Ormet Primary Aluminum Corp.

IN: 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: Energy-Letter12-04-01.pdf) - Energy-Letter12-04-01.pdf

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OUT:
Energy letter 12/4