Gerald,

Jim Coffey and I met with Brian Redmond Thursday, March 1st to discuss 
20/20.  He has asked us to not spend any more time on this transaction and to 
concentrate on the sale of Houston Pipe Line until instructed otherwise or 
given further guidance related to 20/20.  During that meeting he left a 
message with Mark Witt and spoke with Brian Bierbach to discuss that the 
accounting support for the 20/20 transaction would soon not be as available.  
I am attaching a file where I have detailed out the issues as they related to 
Karry's spreadsheet for the detail of revenue and cost of sales 
transactions.  Below are the issues at a high level:

- The reversal of the June estimate.  ENA wrote off the receivable related to 
this.  Northern Border should include this amount in the calculation.  
Approximate value is $417,000.

- The O&M invoices with a date prior to July, 2000.  These are mostly Hanover 
invoices which Northern Border believes should be excluded.  The Hanover    
invoices were in the contract as included.  Approximate value is $527,000.

- The capital expenditure invoices with a date prior to July, 2000.  
Approximate value is $1,500,000.

Thanks,
Karen