Subject: "VOYAGE REPORT".

Body: Dear Sir's Pls. find attached voyage report from voyage 001 loaded. Brgds Oe. Hansen Master E-mail: master.gall@hoegh.no Teleph: Inmarsat tel.no.+874 330853910 Fax : Inmarsat fax no.+874 330853913 Telex : Inmarsat B telex no.+584 330853915 Telex : Inmarsat C telex no.+584 430853910 (24hrs.watch) - VOYREP 001L.xls

Subject: "GISB".

Body: Further to our conversation, please see attachment regarding warranty and netting. Disregard the section on "Non-Warranted Gas" as this does not apply to our negotiations. Netting. In the event that Buyer and Seller are each required to pay an amount in the same Month hereunder, then such amounts with respect to each Party may be aggregated and the Parties may discharge their obligations to pay through netting, in which case the Party, if any, owing the greater aggregate amount may pay to the other Party the difference between the amounts owed. Best regards,

Subject: "The Center -- board package addition".

Body: Past meeting minutes were inadvertently left out of the board packets. The attached board meeting and executive committee meeting minutes are for your review. Thank you. Marilou A. Schopper Senior Vice President Center for Houston's Future

Subject: "EOL Crude Transactions".

Body:
Tom has extracted the crude trades from Clayton's database. A spreadsheet is available in O:\Research\Common\From_BobLee\crudewti.eol.get. We are working on a cleaner version, but this should allow everyone to get a view of the data we have. The attachment below has a description of the data fields in the spreadsheet. If you have ideas on how we should analyze this, let Tom or I know. Bob Lee