Here is an email: HOEGH GALLEON, DATE: 05-06-01 12:00 15:00 (UTC) A) Position at noon: N 23 24 W 069 20 B) Dist. From last noon: 438 nm C) Dist. To go to next port: 1476 nm D) ETA next port: LAKE CHARLES 9th 04hrs LT E) 1: Average sea/wind Sea: E 3 Wind: 3 2: Average speed 18.25 kn RPM: 88.38 3: BOG 194.6 m3 5: F.O Consumed 34 m3 6: G.O. Consumed 0 m3 7: Average vapor press Average liq. Temp: Tk1: 0.122 bar -158.17 ?C
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A: POSREP 5 JUNE
Q: Please start working on a top ten legal risks list. I want to include that list for each of your companies (EGM, EIM and ENW) in the monthly report. This list should be in bullet format. If you have any questions, please give me a call. Mark
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A: TOP TEN Risks
IN: Per our discussion when I was in London, we ordered you a box of blue files and sent them to you (for your original deal files since you said you couldn't get those types of files in England). One of our assistants got a call from what I guess must be Meagan and she (Meagan) said she was sending the files back because it wasn't what she wanted. So if you do want the blue files you might want to intervene with Meagan before the files cross the Atlantic again. We would, of course, be able to use the files here, so no big deal.

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OUT: Blue Files
IN: This is an email
NGI's Daily Gas Price Index published : October 29, 2001 ALJ Clears Transwestern of Market Power Charges A FERC administrative law judge has found no improprieties, nor evidence of the exercise of market power in negotiated rate contracts between Transwestern Pipeline and two shippers on its system, which resulted in the shippers being charged as much as $27/MMBtu last February, far in excess of the pipeline's allowed transportation rate of 38 cents/MMBtu (RP97-288-009). ALJ Jacob Leventhal had only one fault to find, and that was with Transwestern's method of posting capacity. The judge said, and Transwestern agreed, to modify its tariff "so that all posting, bidding and award procedures are set forth in a separate provision with an appropriate caption" on its Internet bulletin board. Shippers had said that reviewing capacity on the Transwestern web site was "a tortuous process." Indicated Shippers claimed Transwestern's inadequate capacity posting and award procedures did not provide all interested parties with an opportunity to bid for the capacity that was available. While "both Indicated Shippers and (FERC) Staff find it curious that SET (Sempra Energy Trading) and Richardson (Products Co.) were the sole bidders on the contracts awarded to each of them...curiosity does not translate into proof," the judge said. Witnesses in the expedited hearing testified no bids were considered in advance of the capacity posting. The judge subsequently found the capacity was awarded in a manner consistent with Transwestern's tariff. Similarly, Levanthal could find no evidence that Transwestern exercised market power in negotiating the rates with shippers or withholding or threatening to withhold capacity. The capacity was available at recourse rates, and the shippers knew those rates were available. "Staff's arguments really are criticisms of the posting and award procedures, but do not demonstrate the exercise of market power." The two shippers said they made a business decision to propose the "index-to-index" formula that produced the higher rates, rather than take the recourse rate "to minimize any risk on transportation options." The index-to-index formula refers to taking the difference between the daily published commodity prices at two different points and subtracting to get the transportation rate between them. In this case the two points were the San Juan Basin and the SoCal Needles delivery point. The case was set for expedited hearing last summer by the commissioners acting on staff recommendations.

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OUT: NGI Article on TW Ruling
QUESTION: Karen- Wanted to say thanks for the gifts you gave me the other day for xmas. I know I often appear ungrateful but that's what happens when you have 2 thousand things on your mind. The pen and leather "thing" for notes are great- I'll use both in my annual attempt to get organised. Rick
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ANS: Thank You Note
IN: I am seeing more and more credit derivatives. The trades originating in Houston are coming from Jeff Kinneman's bond/debt traders but are booked in the name of ECT Investments, Inc. or ENA. I can't be certain if these are backed to EnronCredit.com Limited. In particular, there is a proposed total return bond trade with DLJ International Capital requiring ECT Investments to post collateral. We have no master with this party. Who in Houston credit is looking at credit derivatives? FYI, other credit deals seem to be transacted wtih Deutsche Bank and UBS AG.

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OUT:
Credit Derivatives