Significant Changes Traders will input spot deals into CPR.

1. Significant Changes • Traders will input spot deals into CPR. • One person is responsible for the scheduling role, both scheduling to the pipelines and updating CPR with noms and actuals. Process Breaks • Houston needs to see bank account reconciliations of the trading accounts for controls purposes. • Houston needs to see reconciliations of the trading tax accounts for controls purposes. • Houston needs to consistently be faxed copies of checks both paid and received. • Timely reporting of spot and term deals

2. Highly Structured Transaction? Terms Acceptable to Customer? Customer has Credit? Deal Initiation No Exchange Letter Agreements with Counterparty Communicate Deal Terms with Legal & Credit Discuss Needs with Customer Present Deal Terms to Customer No Yes A Traders Traders Traders Traders (Also Confirmation) Yes Obtain Origination/ Structuring Approval Yes JK Note: A confirmation is not generated because the exchange of letter agreements verifies contract terms. No Credit Approval Process Credit Houston Buenos Aires Houston and Buenos Aires Control Process EI Argentina Physical Gas Revised 01/00 LJ: Luis Juarros; BH: Brent Hendry; JK: Jeff Kabel; MP: Marisa Pardellas; VL: Veronica Leppez, Traders-- All Buenos Aires CG: Christine Garcia; JM: Jana Morse; Credit; ECT Risk Controls -- All Houston

3. New Customer? Spot or Term Deal? CPR TAGG New Facility? Do Terms Match Letter Agreements? Deal Entry and Confirmation Enter Deal into CPR * Spot A Traders Term Complete Deal Ticket Fax Deal Ticket & Letter Agreements to J. Morse* Complete Form and Fax or E-mail to Houston Verify Customer Info Enter Customer Info into Global Counterparty Enter Contract Info into Global Contracts Yes Traders JM VL VL VL JM JM No Forward Copies to Risk, File Update Global Facilities Yes JM JM JM No Input Deal into CPR/TAGG * Deal Ticket or CPR entry of deal information is required the day of execution. Compare Deal Ticket to CPR and TAGG CG JM Compare CPR Spot Deals to Weekly Deal Report JM Yes B JM No Houston Buenos Aires Houston and Buenos Aires Control Process Trader and Documentation Correct Terms C EI Argentina Physical Gas Revised 01/00 Traders, JM LJ: Luis Juarros; BH: Brent Hendry; JK: Jeff Kabel; MP: Marisa Pardellas; VL: Veronica Leppez, Traders-- All Buenos Aires CG: Christine Garcia; JM: Jana Morse; Credit; ECT Risk Controls -- All Houston

4. Rate and Daily Volume Management Rate Management Daily BA Office Faxes Tariff Updates to J. Morse Copy to Risk, File Update Existing Deals for Rate Changes C VL JM CG Logistics & Volume Control Friday Fax Pipeline Statements and Weekly Reports to to J. Morse Update Volume Spreadsheet with Actuals or Noms as Available Verify Actuals Per Pipeline Statements with CPR Deal Tickets Setup and Update Fuel, Transport & Imbalance Tickets for Volume and Price* C JM VL JM CG Friday Print CPR Deal Report Obtain Trader Sign-off for Each Deal Fax to Houston C VL VL VL * Term Deals Only. All information on spot deals is updated by BA; BA office updates volume only on term deals. EI Argentina Physical Gas Revised 01/00 LJ: Luis Juarros; BH: Brent Hendry; JK: Jeff Kabel; MP: Marisa Pardellas; VL: Veronica Leppez, Traders-- All Buenos Aires CG: Christine Garcia; JM: Jana Morse; Credit; ECT Risk Controls -- All Houston

5. DPR CPR Risk Management Afternoon Morning - Afternoon Term Deal Trade Capture/Deal Analysis Download Curves to Oracle Verify New Deals Calculate Portfolio for Current Month Forward Run Various Analytical Reports Update P&L Format & Analyze Distribute P&L to Traders & Mgr Trading Ops Forward CPR Deal Numbers to BA Daily C CG CG CG CG CG CG CG CG Obtain Trading Approval of P&L Forward P&L to ECT Risk Controls Group Incorporate into DPR CG CG ECT Risk Controls Operational Analysis (“OA”) Operational Analysis of Discrepancies between Flash and Actuals Copies to Trader, Settlements, Reporting, Dir Trading Ops, BA Controller Review Operational Analysis with Traders Prepare P&L (Last day P&L is Monthly Flash) CG CG, JM CG CG Houston Buenos Aires Houston and Buenos Aires Control Process EI Argentina Physical Gas Revised 01/00 LJ: Luis Juarros; BH: Brent Hendry; JK: Jeff Kabel; MP: Marisa Pardellas; VL: Veronica Leppez, Traders-- All Buenos Aires CG: Christine Garcia; JM: Jana Morse; Credit; ECT Risk Controls -- All Houston

6. Purchase Notification Nomination Revised Volumes? Sales Confirmation Scheduling Weekly or as needed Weekly or as needed Fax to Supplier CW CW Daily or as received Weekly or as needed Weekly or as needed Weekly or as needed Weekly or as needed Weekly or as needed Daily Weekly or as needed Receive Volume Requests from Market Fax to Pipeline Compare Supply to Market Verify Supply Request with Customer Update nominated volumes in CPR Receive Scheduled / Confirmed Volumes Update System with Actuals, Scheduled, Confirmed Volumes by 10AM Houston Time Yes B D CW CW CW CW CW CW CW CW No Weekly or as needed Weekly or as needed Fax to Customer CW CW Houston Buenos Aires Houston and Buenos Aires Control Process EI Argentina Physical Gas Revised 01/00 LJ: Luis Juarros; BH: Brent Hendry; JK: Jeff Kabel; MP: Marisa Pardellas; VL: Veronica Leppez, Traders-- All Buenos Aires CG: Christine Garcia; JM: Jana Morse; Credit; ECT Risk Controls -- All Houston

7. CPR Invoice A/R Aging Global C/P SAP Copy to BA Controller, Reporting Settlements : Invoicing Forward Final Volume Support to Houston D VL Validate VAT Tax Rate and Calculation Forward to J. Morse & Treasury Complete Cash Flow Forecast Forecast JM VL Agree Rates, Terms of Contracts Forward Invoice Templates to BA MP Process Invoices Review A/R Aging > 20 Days Make Journal Entry to SAP JM MP H JM Agree Volumes to Pipeline Support MP JM Obtain Trader Initials on Each Invoice** JM Reconcile G/L Monthly VL Courier Hand Delivers Invoice to Customers JM JM MP E *All invoices must be sequentially numbered due to local requirements ** Temporarily until solid process in place Houston Buenos Aires Houston and Buenos Aires Control Process EI Argentina Physical Gas Revised 01/00 LJ: Luis Juarros; BH: Brent Hendry; JK: Jeff Kabel; MP: Marisa Pardellas; VL: Veronica Leppez, Traders-- All Buenos Aires CG: Christine Garcia; JM: Jana Morse; Credit; ECT Risk Controls -- All Houston

8. Receipt SAP Settlements: Collections Receipt of Check via Customer Courier Remit Receipt Fax Check and Receipt to Houston Reconcile Invoice with Tax & Check Information Faxed from BA Deposit Check Code & Record Cash Receipt E VL MP MP JM MP MP Automatic Journal Entry Reconcile Bank Statement (Collections & Payments) to G/L Balance MP Fax Copy of Bank Stmt & Reconciliation to Houston MP Houston Buenos Aires Houston and Buenos Aires Control Process EI Argentina Physical Gas Revised 01/00 LJ: Luis Juarros; BH: Brent Hendry; JK: Jeff Kabel; MP: Marisa Pardellas; VL: Veronica Leppez, Traders-- All Buenos Aires CG: Christine Garcia; JM: Jana Morse; Credit; ECT Risk Controls -- All Houston

9. Settlements: Non-Receipt of Payment Notify Credit, J. Morse, M. Guerriero of Customers > 20 days H Note: +1 Business Day means 1 day following payment due date. +1 Business Day LJ, JS Update Credit, M. Guerriero, J. Morse, S. Frusco via e-mail Discuss with Counterparty via Telephone +4 Business Day LJ LJ Conference call between Trader, L. Juarros, Credit, J. Morse, S. Frusco to Discuss Action Trader &/or Credit telephone Counterparty Update Credit, M. Guerriero, L. Juarros, J. Morse, S. Frusco, B. Hendry via e-mail +7 Business Day Trader Trader JM Update Credit, M. Guerriero, L. Juarros, J. Morse, S. Frusco via e-mail Legal Forwards Letter to Counterparty Threatening Cut-off +10 Business Day BH BH / Trader Update Credit, M. Guerriero, L. Juarros, J. Morse, S. Frusco via e-mail Terminate Delivery +15 Business Day Trader Houston Buenos Aires Houston and Buenos Aires Control Process Revised 01/00 EI Argentina Physical Gas LJ: Luis Juarros; BH: Brent Hendry; JK: Jeff Kabel; MP: Marisa Pardellas; VL: Veronica Leppez, Traders-- All Buenos Aires CG: Christine Garcia; JM: Jana Morse; Credit; ECT Risk Controls -- All Houston

10. Volume Variances? Invoice CPR Price Variance or Unexpected Line Item ? Invoice SAP Settlements: Purchases / Transport Payments Estimated Purchase / Transport Expense Validate Rate, Volume, Tax (Receive P/L stmt on 10th w/d) Yes D Contact VL in BA Communicate Resolution to J. Morse in Houston JM JM JM, VL Resolve Volume Discrepancy and Discuss with Counterparty if Required F No JM VL / Trader VL Yes JM, VL No Fax Invoice and All Available Invoice Support to Houston Receive Invoice via Courier D F MP VL Fax Initialed Invoice to BA Initial Invoice to Authorize Release of Payment Code & Record Purchase/Expense (create payable) F JM JM MP Automatic Journal Entry (feeds to A/P) G Houston Buenos Aires Houston and Buenos Aires Control Process EI Argentina Physical Gas Revised 01/00 LJ: Luis Juarros; BH: Brent Hendry; JK: Jeff Kabel; MP: Marisa Pardellas; VL: Veronica Leppez, Traders-- All Buenos Aires CG: Christine Garcia; JM: Jana Morse; Credit; ECT Risk Controls -- All Houston

11. SAP SAP SAP Settlement FUTURE STATE Forward Paylink Information to BA Controller Controller Authorizes Payments Authorize and Execute Paylink Code & Record Purchase/Expense (remove payable) Reconcile Receipts, Bank Statement and G/L Reconcile Tax Withholding G/L Accounts G JM LJ JM MP MP MP Checks Printed at Citibank BA Forward copy of Bank Stmt & Reconciliation to Houston Forward copy of Tax Reconciliation to Houston MP MP Vendor Picks up Check Receipt Prepared & Given to EI by Customer’s Courier MP CURRENT STATE Controller Authorizes Payments Checks Printed in BA G LJ MP Houston Buenos Aires Houston and Buenos Aires Control Process Revised 01/00 EI Argentina Physical Gas LJ: Luis Juarros; BH: Brent Hendry; JK: Jeff Kabel; MP: Marisa Pardellas; VL: Veronica Leppez, Traders-- All Buenos Aires CG: Christine Garcia; JM: Jana Morse; Credit; ECT Risk Controls -- All Houston