DESTIN DIFFERENTIAL

John,

Lets discuss. When are you and Mark ready to meet again?
---------------------- Forwarded by Phil DeMoes/Corp/Enron on 12/12/2000
08:50 AM ---------------------------

Les Webber @ ENRON_DEVELOPMENT

12/11/2000 02:09 PM
To: Phil DeMoes/Corp/Enron@ENRON
cc:

Subject: DESTIN DIFFERENTIAL

Phil:

Just wanted to check on this differential:

Destin versus Henry Hub - $0.04 per MMBtu

You indicated that this is a 10 year differential, 2004 +.

Is this to buy or to sell? Is there any difference or is it very liquid?

Regards.
Les