This is the content of an email: Guys, as a follow up to our meeting today, I thought I would put together a list of deliverables agreed to in the meeting. The goal would be to have a definitive strategy for HPL and storage assets by the end of July that could be acted upon. a) Elimination of the Entex contract - current value - John L.; b) Storage value algorithm incorporating spread values, increasing intra-day and monthly volatility and blowdown values - Jean M, John L, Jim S.; c) Storage acquisition targets and issues surrounding value/execution - top 5 to 10 for blowdown and tarantula strategy - Jean M, Julie G.; d) Structure, value, cost and issues surrounding Bammel "header" - Jean M.; e) Project Torque - definitive balance sheet, income statement and contribution margin statement for HPL - Wes C.; f) Establish viability of selling HPL assets - small private placement - working with Lehman to finalize value, exection risk, timing, structure et al - Patrick W. I would like this group to get back together in the fourth week of July to determine a final action plan. Regards

Subject: Project Triple Lutz/Tarantula

This is the content of an email: Michelle/Kimberly, I was looking at the economics for Park-N-Rides (on the TW Mainline Leg) thought you might be interested in this: According to Gary Choquette, it costs us in fuel 1420 Mscf/d for storage of 42,502 Mscf of gas. Assuming a BTU factor of 1.00 and at a gas cost of $3.00 per MMBTU--fuel costs amount to $4260/day. Adding O&M to this (assuming 1/3 fuel cost), the total cost of this storage to us is ~13 cents.

Subject: Park-N-Ride Economics

This is the content of an email: Ontario 0011 synthetic storage: QA1354.2 is offset by QA1354.4 - this apears to be missing from this line. QA1354.5 is offset by QA1354.6 - also missing from this line. What are the last two numbers for this line (2,032,081) & 166,921 - these are note in the notes. Thanks.

Subject: Ontario Synthetic Storage

This is the content of an email: In order to deal with the online trading program as well as other issues that repeatedly arise, we need to make some modifications to our Master Swap Agreement Database. Foremost, we would like to open the Master Swap Agreement Database to any ECT, ECT Canada or ECT International employee that would like access to the information. This would include employees in the London, Oslo, Singapore, Portland and Buenos Aires offices. The only information we need to continue to restrict is the Legal and Credit comment section (attorney-client privilege issues). Access to this information would continue to be limited to Legal and Credit In addition, it also very critical that only Legal and Credit have access to the Portland General masters. Second, we will need to add some drop downs to deal with online trading issues. Online trading will commence by the end of the month and we need to have this information and access available by that time. In addition, we have remaining "kinks" in the database we need to resolve. Can you let me know when you would be available to meet to discuss the changes. Thanks for your help!
Subject: Changes to our Master Swap Areement Database