All trades were originally confirmed in the name of Dow Hydrocarbons and 
Resources Inc.  The Dow trader (Mike Blillings) subsequently contacted the 
desk and requested that all trades be booked in the name of "The Dow Chemical 
Company".  Mary Gosnell contacted Cathy Tudon in credit and Cathy approved 
the changes.  Let me know if you have any comment for the desk.  SS  
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 07/21/99 09:17 
AM ---------------------------


Dale Neuner on 07/21/99 08:01:54 AM
To: Mary G Gosnell/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT, Larry Joe Hunter/HOU/ECT@ECT 
Subject: Re: Outstanding financial trades with "The Dow Chemical Company"  

Mary, please see my initial findings below, and can you follow-up with Sara - 
as I am sure there is some history here.

Dale
3-9746





Sara Shackleton
07/20/99 02:07 PM
To: Dale Neuner/HOU/ECT@ECT
cc:  
Subject: Outstanding financial trades with "The Dow Chemical Company"

RE:  Deal Nos.  
EY 6926 OMNIBUS  PROPANE 6/30 Credit Rpt says Dow Hydrocarbons...
EY 8108 OMNIBUS  PROPANE 7/02 Credit Rpt says Dow Hydrocarbons...
EY 8531 OMNIBUS  PROPANE 7/06 Credit Rpt says Dow Hydrocarbons...
EY 9343 Status=GENERATED PROPANE 7/07 Credit Rpt says Dow Hydrocarbons...
EQ 6930.1, .2 OMNIBUS  ETHELYNE/ 11/2/98
     ETHANE  I don't have a C/R back this far

ECT does NOT have a master with The Dow Chemical Company.  Are these trades 
booked on an omnibus?  I am not certain that credit approved these trades.  
Are they all propane?  We need to discuss.  SS