IN: Jeff: Just a few comments: 1. In the definition of termination Event, I think that the words "due to" need to be put after the word "means" in the first line. 2. In Section 3.4(a), I noticed that the bracketed langugae "as it relates to the Assigned Interest" has now been deleted. Pursuant to my earlier comment on this, what this maens to me is that with respect to the Fixed Payment piece of this, we can never terminate the swap based on something that happens to Pelican . Is that the way it is supposed to work? If so, plaese explain why. 3. With respect to the lnagugae in Section 3.6(a), instead of saying in the first sentence of such Section "the amount determined..." shouldn't it say "the fair market value of Party A's remaining payment obligations under the Transaction". Section 2(x) of the confirm just refers to Disputed Matters and it is not claer to me what is in dispute when an Event of Default or Termination Event occurs and what amount Party A has to pay when these events occur. What is the priocedure for coming up with this amount? Does each party calculate it and then send it to the experts or do the experts just determine it?

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OUT: June 16th draft of swap assignment

IN: Gary, What is the market for IAH Jan-Mar HDD swaps (we are looking to BUY)? How does this compare to the 30 yr avg? Thanks for your help.

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OUT: JAN-MAR Degree Day Swaps

IN: At the request of Dan Diamond, I am attaching our proposed form of Non-Disclosure Agreement. If the enclosed meets with your approval, please execute the agreement and return it to me via fax no. (713) 646-3490. I will then have it executed by an officer of EnronOnline. If you have any comments or questions please do not hesitate to call me at (713) 853-3399, or Mark Greenberg, Senior Counsel, at (713) 345-8897. We look forward to hearing from you.

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OUT: NDA - Carr Futures, Inc.

IN: Hello Paul, My name is Joelene Whittaker and I am a recruiter with STM Associates. DTE Energy, www.dtecs.com/sitemap.html, has retained us to assist them in placing two Director of Sales for Eastern and Western Regions. The Eastern position will be located in Ann Arbor, Michigan and the Western position in Denver, Colorado. Both Director of Sales will report to the Vice President of Sales. Qualifications of this position include a minimum of 5 years of sales experience and an additional minimum of 2 years experience with a trading company is preferred. The successful candidate will have a strong understanding of U.S. Coal, Transportation and Electric Utility industries, including coal tolling, marketing and origination functions used in support of coal trading operations. Solid experience in finding ways to capitalize on opportunities in the coal and transportation business is a must. A background which includes Senior-level contract negotiations is required. We are asking for recommendations from coal trading executives within the energy industry. Would you take a moment to consider colleagues whose experience fits DTE's profile and who you would deem as a high caliber candidate for the position. I appreciate any help you may provide and look forward to hearing from you. I can be reached at (801)531-6500 or via e-mail jwhittaker@stmassociates.com. Regards,

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OUT:
STM - Sales Director Referrals