---------------------- Forwarded by Susan M Scott/HOU/ECT on 12/07/2000 01:50 
PM ---------------------------


Zimin Lu
12/07/2000 01:25 PM
To: Susan M Scott/HOU/ECT@ECT
cc: Stinson Gibner/HOU/ECT@ECT 
Subject: Option on collar - explaination



Susan,

I tried to explain the pricing formula in non-technical format. 
Take a look the doc attached below, to see if this is good
enough for the lawyers.

Zimin





Resent: