----- Forwarded by Stanley K Horton/HOU/Dynegy on 05/06/02 03:14 PM -----




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The risk of loss in trading commodities can be substantial.  You should
therefore carefully consider whether such trading is suitable for you in
light of your financial condition.  Information contained in this report is
not to be considered as an offer to sell or a solicitation to buy
commodities, nor do we make guarantees.  Kase will not be responsible for
any typographical errors.  Expressions of opinion are subject to change
without notice.

Hypothetical performance results have many inherent limitations, some of
which are described below. No representation is being made that any account
will or is likely to achieve profits or losses similar to those shown.  In
fact, there are frequently sharp differences between hypothetical
performance results and the actual results subsequently achieved by any
particular trading program. One of the limitations of hypothetical
performance results is that they are generally prepared with the benefit of
hindsight.

In addition, hypothetical trading does not involve financial risk, and no
hypothetical trading  record can completely account for the impact of
financial risk in actual trading.  For example, the abilities to withstand
losses or to adhere to a particular trading program in spite of trading
losses are material points that can also adversely affect actual trading
results.  There are numerous other factors related to the markets in
general or to the implementation of any specific trading program that
cannot be fully accounted for in the preparation of hypothetical
performance results and all of which can adversely affect actual trading
results.
(See attached file: Gas0503.pdf)