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<h2 align="center"><b><font color="#FF0000"><font face="Arial, Helvetica, sans-serif">Kase's
Derivatives For Energy Professionals<br>
April 9-10, 2002<br>
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<p align="center"><img border="0" src="http://www.kaseco.com/images/flying_bird.gif" width="600" height="128"></p>
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        <p align="center"><font face="Arial, Helvetica, sans-serif"><b>Register
        for more than one person or register for both classes<br>
        and receive the <font color="#000000">&quot;two for
        one discount&quot;</font></b></font></p>
        <p align="center"><font face="Arial, Helvetica, sans-serif" color="000000"><b>Learn Technical Analysis is scheduled for June</b></font></td>
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                            <p align="center"><b><font color="#FFFFFF" face="Arial, Helvetica, sans-serif"><font size="4">Derivatives
                            For Energy </font><font size="4">Professionals</font><br>
                            April 9-10, 2002</font></b></p>
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                      <p align="left"><font size="3" face="Arial"><span style="font-size:12.0pt;font-family:Arial">The
                      energy markets have experienced tremendous price
                      fluctuations over the past few years as well as upheaval
                      in the over-the-counter markets.<span style="mso-spacerun: yes">
                      </span>The need for energy professionals to understand
                      derivatives, and to measure and mitigate risk is even
                      greater than ever.<span style="mso-spacerun: yes">&nbsp;</span></span></font></p>
                      <ul type="disc">
                        <li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
     mso-list:l0 level1 lfo1;tab-stops:list .5in"><font size="3" face="Arial"><span style="mso-bidi-font-size: 10.0pt; font-size: 12.0pt; font-family: Arial">Valuing
                          Market Risk</span></font></li>
                        <li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
     mso-list:l0 level1 lfo1;tab-stops:list .5in"><font size="3" face="Arial"><span style="mso-bidi-font-size: 10.0pt; font-size: 12.0pt; font-family: Arial">Buying
                          and Selling Forward</span></font></li>
                        <li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
     mso-list:l0 level1 lfo1;tab-stops:list .5in"><font size="3" face="Arial"><span style="mso-bidi-font-size: 10.0pt; font-size: 12.0pt; font-family: Arial">Hedging
                          Long and Short Positions</span></font></li>
                        <li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
     mso-list:l0 level1 lfo1;tab-stops:list .5in"><font size="3" face="Arial"><span style="mso-bidi-font-size: 10.0pt; font-size: 12.0pt; font-family: Arial">Hedging
                          Spreads and Basis</span></font></li>
                        <li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
     mso-list:l0 level1 lfo1;tab-stops:list .5in"><font size="3" face="Arial"><span style="mso-bidi-font-size: 10.0pt; font-size: 12.0pt; font-family: Arial">Volatility
                          and Options</span></font></li>
                        <li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
     mso-list:l0 level1 lfo1;tab-stops:list .5in"><font size="3" face="Arial"><span style="mso-bidi-font-size: 10.0pt; font-size: 12.0pt; font-family: Arial">Hedging
                          with Options</span></font></li>
                        <li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
     mso-list:l0 level1 lfo1;tab-stops:list .5in"><font size="3" face="Arial"><span style="mso-bidi-font-size: 10.0pt; font-size: 12.0pt; font-family: Arial">Hedging
                          with &quot;Exotics<font color="black"><span style="color:black">&quot;</span></font></span></font></li>
                        <li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;
     mso-list:l0 level1 lfo1;tab-stops:list .5in"><font size="3" face="Arial"><span style="mso-bidi-font-size: 10.0pt; font-size: 12.0pt; font-family: Arial">Dealing
                          with Credit Risk</span></font></li>
                      </ul>
                      <p align="center"><font color="#FF0000" face="Arial, Helvetica, sans-serif"><b>April
                      9-10, 2002</b></font><font face="Arial, Helvetica, sans-serif"><b><font color="#FF0000"><br>
                      Early
                      Bird Discount until March 11<br>
                      </font></b><font face="Arial, Helvetica, sans-serif" color="000000"><b>Houston, Texas<O:P>
                      </b>
                </O:P>
                </font></font></p>
                <p align="center"><a href="http://www.kaseco.com/classes/derivatives.htm">
                <font face="Arial, Helvetica, sans-serif">
                Click Here for More Information<br>
                </font>
                </a><font face="Arial, Helvetica, sans-serif">
                <a href="http://www.kaseco.com/classes/register/register_choice.htm">
                Click Here to Register</a>
                </font>
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                            <p align="center"><b><font color="#FFFFFF" face="Arial, Helvetica, sans-serif" size="4">Learn
                            Technical Analysis<br>
                            </font></b>
                            <font face="Arial, Helvetica, sans-serif" color="#FFFFFF"><b>June
                            11-12, 2002</b></font>
                            </p>
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                      <p align="left">
                      <font face="Arial, Helvetica, sans-serif">In today's volatile energy markets, those who are able to
                      make objective buy and sell decisions can make significant
                      profits and greatly improve cash flow for themselves or their companies.</font>
                      </p>
                      <ul>
                        <li><font face="Arial, Helvetica, sans-serif">Charting
                          Basics, Types of Charts, Support and Resistance</font></li>
                        <li><font face="Arial, Helvetica, sans-serif">When to
                          Buy or Sell</font></li>
                        <li><font face="Arial, Helvetica, sans-serif">When to
                          Exit Based on</font> <font face="Arial, Helvetica, sans-serif">Signals&nbsp;</font></li>
                        <li><font face="Arial, Helvetica, sans-serif">How to
                          Exit Based on Stops&nbsp;</font></li>
                        <li><font face="Arial, Helvetica, sans-serif">Chart
                          Patterns and Forecasting Basics&nbsp;</font></li>
                        <li><font face="Arial, Helvetica, sans-serif">Statistical
                          Hedging</font></li>
                      </ul>
                      <p>&nbsp;</p>
                      <p align="center">
                      <font face="Arial, Helvetica, sans-serif">
                      <b>
                      <font color="#FF0000">
                      June 11-12, 2002<br>
                      Early Bird Discount until May 13</font></b>
                      <font color="#FF0000">
                      <br>
                      </font>
                      <font color="000000">
                <b>Houston, Texas </b><O:P>
                <br>
                <a href="http://www.kaseco.com/classes/tech_analysis.htm">
                <b>
                <br>
                </b>
                Click Here for More Information</a><br>
                <a href="http://www.kaseco.com/classes/register/register_choice.htm">
                  Click Here to Register</a>
                </font>
                      </font>
                      </p>
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