Panther Interstate Pipeline Energy, L.L.C.

Original Volume No. 1

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Effective Date: 02/01/2004, Docket: CP03-338-001, Status: Effective

Original Sheet No. 43 Original Sheet No. 43 : Effective

of its pendency. Such posting shall identify the Release

Quantity, the rate to be paid, and any other information

describing the nature of the prearranged release. Should

Transporter within such posting period receive an offer from a

creditworthy third party bidder to pay a rate in excess of that

reflected in the prearranged release transaction for the capacity

in question, Transporter shall so notify the Releasing and

Replacement Shippers, and Replacement Shipper will be afforded a

period of one Business Day to advise Transporter of its

willingness to match the higher offer. In any event,

Transporter's acceptance of such pre-arranged release shall be

conditioned on the Replacement Shipper satisfying Transporter's

creditworthiness requirements and Releasing Shipper's continued

commitment to pay Transporter the difference between the rate

contained in the Releasing Shipper's FT agreement and, if lower,

the rate to be paid by the Replacement Shipper. Capacity that is

to be made available for release on other than a prearranged basis

shall be posted for bids in accordance with the instructions of

the Releasing Shipper.

11.3 Submission of Release Documents: Parties shall submit all

necessary information, release requests and bids to Transporter

for its information via facsimile or electronic means acceptable

to Transporter. In the case of prearranged releases, the Releasing

Shipper shall submit with its release request complete

documentation consistent with this Tariff and submit it with the

Replacement Shipper's signature to Transporter for review and

approval. In the case of releases subject to bidding, the

Releasing Shipper shall submit with its release adequate

documentation consistent with this Tariff that has been completed

except for the price and identity of the winning bidder, which

Transporter shall complete upon award of the release. E-mail

addresses and facsimile numbers shall be supplied to Transporter

by the Releasing Shipper, any prearranged Replacement Shipper and

all Bidders for released capacity.

11.4 Marketing of Released Capacity: Transporter shall have no

obligation to market any capacity available to be released by a

Releasing Shipper. Nevertheless, Transporter may agree to market

capacity for a Releasing Shipper and may negotiate a fee with the

Releasing Shipper for such service. Any marketing services

rendered by Transporter will be provided on a non-discriminatory

basis.