IN: Michael - I have attached below a revised version of the Channel Marketing Agreement with Deloitte. This document is the most current form of agreement that needs to be used for these deals and also reflects my comments. These comments are based upon the comments submitted by Deloitte. I have incorporated those that we discussed and made some additional comments. You will note that in the "Fee Payment" section, I have included the present value concept that you requested. I have not, however, defined this concept, but would assert that it should be defined in the agreement. Accordingly, please let me know how you want to define it. As I indicated above, this is a bit of a different form than the one you submitted to Deloitte for review. So that we can ensure that accurate documents are distributed, please allow us to prepare the drafts for distribution to potential channel marketing partners. Like the preparation of NDA's, this will enable the Legal Dept. to keep track of the agreement and ensure the right version is used. Please let me know if you should need anything further. Mark

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OUT: Deloitte Agreement

IN: Please do what you can to find out what is going on. I know you forwarded these to Carolyn, but I would still appreciate it if you could investigate, or ask Carolyn to do so. Kay

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OUT: invoices

IN: POSREP HOEGH GALLEON, DATE:08 MAY 01 A) Position at noon : N 24,7? E 36,2? B) Dist. from last noon : 371 nm C) Dist. to go to next port: 2101 D) Eta next port : 13 0900 LT E) 1:Average sea/weather : Wind: W5 Sea: W4 2:Average speed : 19.03 knots / average RPM 92.55 3:B.O.G. consumed : Nil B.O.G. Total : 4:F.O. consumed : 143 mt Brgds Knut Bentzr?d Master LNG/C "Hoegh Galleon" E-mail: master.gall@hoegh.no Teleph: Inmarsat tel.no.+873 330853910 Fax : Inmarsat fax no.+873 330853913 Telex : Inmarsat B telex no.+583 330853915 Telex : Inmarsat C telex no.+583 430853910 (24hrs.watch)

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OUT: POSREP

IN: Hey there Mr. Real Time. Looks like you did a deal with Pacificorp on 11/28 - EPMI STCA buys 8 MW @ $60 for hour 2. These eight silly little megawatts have unbalanced our book and driven the schedulers to near insanity. No, just kidding. But I think there should be a sale of 8 MW from Nevada to Mead on hour 2 somewhere in there. I don't know - I'm not the expert, which is why I'm asking you. Will you please let Lisa Gang or me know how to fix this. I'm more than happy to do it, just wanted to double check with the man who created the mess in the first place. (Kidding again.) Kate

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OUT:
STCA Net Position Discrepancy 11/28