Mark,

Here is the entire long description as would be modified per Larry May.  Also, in regards to your concerns about the short description the reason we  have such a constraint on these particular options is the length of the Index name. Let me know your thoughts on this as well. If Larry is okay with it we may be able to shorten the index name slightly.

Thanks,
Lindsay

US Gas Daily Opt GD/D HHub - IF HHub ES

A financial Option Transaction with Enron North America Corp., under which the Seller receives the Premium and the Buyer receives the Cash Settlement Amount. Each calendar month during the Term of the Transaction will be a Determination Period, provided that if the Term of the Transaction is less than one calendar month the Determination Period shall be the Term of the Transaction. The Notional Quantity per Determination Period shall be calculated from the volume submitted by Counterparty on the website in accordance with the unit of measure. The Premium shall equal the product of (i) the price submitted by Counterparty via the website, multiplied by (ii) the number of calendar days during the Term of the Transaction, multiplied by (iii) the volume submitted by Counterparty on the website. The Payment Date for the Premium shall be 2 business days after the Trade Date of the Transaction. The Payment Date(s) for the Cash Settlement Amount shall be 5 business days after the Cash Settlement Amount is determinable. Where this Transaction is a Call Option, the Cash Settlement Amount shall be the sum of the product of (a) the Notional Quantity per day during the Determination Period, multiplied by (b) the greater of (i) zero, or (ii) the Index minus the Strike Price. Where this Transaction is a Put Option, the Cash Settlement Amount shall be the sum of the product of (a) the Notional Quantity per day during the Determination Period, multiplied by (b) the greater of (i) zero, or (ii) the Strike Price minus the Index. Where this Transaction is a Straddle Option, the Cash Settlement Amount for each Determination Period shall be the sum of the product of (a) the Notional Quantity per day during the Determination Period, multiplied by (b) the absolute difference between the Strike Price and the Index. The term of the Transaction shall correspond to the date(s) set forth in the Product description on the Website. The Index shall be the Daily Midpoint price published on each calendar day during such Determination Period under the heading "Daily Price Survey" in the Louisiana -Onshore South - Henry Hub section of Gas Daily, or if a calendar day is not a Business Day then the price used shall be the Daily Midpoint price published on the next succeeding Business Day. The Strike Price for a Determination Period shall be the South Louisiana - Henry Hub Index price in the "Market Center Spot-Gas Prices" section located in the first issue of Inside Ferc's Gas Market Report published during such Determination Period.
The price is quoted in US Dollars per unit of volume, which will be the Contractual Currency.
The unit of measure against which the price is quoted shall be millions of British thermal units and the quantity shown shall be in millions of BTUs per day.
The Option Style is European, and the Option Type is a Straddle (the simultaneous buy or sale of Calls and Puts at the specified Strike Price).
Automatic Exercise is Applicable.



Lindsay Renaud
EnronOnline
(713) 345-3703