IN: Tracy: Attached is the revised 4th Qtr Forecast Summary. Also, attached is the expense analysis I did. Please note, I did not include UAF. I have compared our actual numbers with James' spreadsheet and Steve Kleb's earnings model. Once I made that adjustment for the $244 reserve in August on James' spreadsheet, we are all in agreement that the YTD actuals for TW commercial is $162.7. I have also verified that number with Robert Miller and he agrees that is the number reflected on the Income Statement. The $244 reserve reversal was made in September and reflected in the transport margins revenues. Jan X53858

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OUT: 4th Qtr Forecast, Expense Analysis, $224 Reserve

IN: Rather than hold a meeting to discuss the Finance Comm. meeting scheduled for Monday, Feb. 11, I have asked Laura Valencia to schedule a conference call with Pug Winokur and the three of us to discuss the agenda and the presentation materials. Please watch for this meeting on your calendar, or let me know if you have already been in contact with Pug such that no meeting is necessary. Also, pls. note that the Board and Committee meetings will be held in NYC. If you do not have other reasons to travel to NYC, I suggest you connect via teleconference. Thanks. Paula

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OUT: Finance Comm. Mtg. on 2/11

IN: Rita and Lisa, Why don't ya'll get together and determine a range of days/times that would work for your groups to have a training session. (Over lunch or early afternoon) If you are interested, I would like to discuss how we operate the HPL system and the processes we go through during the trading day. To help with the discussion, I have maps which highlight the main points and areas where we transact. (There will be a few for you to keep at the desks.) I did this with the Logistics group. I think it went pretty well. If you want to do this, we need to allow 1.5 to 2 hours to talk about everything. Let me know. D

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OUT: HPL System Training

IN: I just received this message from Mark. Let's talk and I can see what I can do. I'm not aware of any written broker agreements used by ECT for trading other than those for futures and equities. I can check on the physical side. SS

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OUT:
Broker Agreement