Subject: "Rho/Drift/Benchmark & Hedge Management Fee".

Body: All: To whom should Risk Management & Trading Corp. ("RMT") direct the swap confirmation related to RMT's hedge management fee with Enron Nordic Energy (Norwegian branch of Enron Capital & Trade Resources International Corp.)? The previous transaction was dated February 24, 1999 and requires amendment. Please let me know. Sara

Subject: "Credit Derivatives".

Body: Paul: Enjoyed your talk in San Antonio. Now for the real issues: could you send to me the confirmation templates that you have devised for credit derivatives in the UK? Also, are there any other materials which might be helpful in the credit derivatives area? Shari has passed this on to me and I'm reviewing a couple of Deutsche Bank transactions executed last month. Thanks. Sara

Subject: "DAILY POS. REPORT".

Body: POSREP HOEGH GALLEON 10TH. APRIL 1200LT (1400UTC) A) Position at noon : N 29 08 W 055 43 B) Dist. from last noon : 413 n. miles (25 HRS.) C) Dist. to go to next port: 2206 n.miles D) Eta next port :April 16th. 0001lt. E) 1:Average sea/weather :Wind: NW 5, Sea: NW 4 2:Average speed :16,52 knots / average RPM 88,88 3:B.O.G. consumed :319,125M3 4:F.O. consumed :58 mt. 5:G.O. consumed :nil 6:Average vapor press. Tk. 1:0,121 bar. Average liq. temp:-158,6 Tk. 2:0,120 :-158,6 Tk. 3:0,120 :-158,4 Tk. 4:0,118 :-158,6 Tk. 5:0,121 :-158,5 Brgds Oe. Hansen Master E-mail: master.gall@hoegh.no Teleph: Inmarsat tel.no. 330853910 Fax : Inmarsat fax no. 330853913 Telex : Inmarsat B telex no.330853915 Telex : Inmarsat C telex no.430853910 (24hrs.watch)

Subject: "Korea".

Body:
David, I shall be in the office tomorrow (Fri) afternoon. I am working with Maureen here to get some ammunition regarding the Korean economic conditions and prospects. Vince