Bob -

Thanks for your help on this - it is exactly what we were looking for.  I 
also wanted to let you know that I will be revising some of these numbers and 
asking you to rerun the probability table.  I hope that this is not a problem.

thanks again




	Bob Lee@ENRON
	08/31/00 11:00 AM
		
		 To: Michael Anderson/HOU/AZURIX@AZURIX
		 cc: Zimin Lu/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Stinson 
Gibner/HOU/ECT@ECT
		 Subject: Re: Joint Probabilities

The attached spreadsheet has been updated to include probabilities for 
exceeding stated stock prices in each year.  

These numbers represent the probability for all combinations of RAB ratio and 
exchange rate.  For example, 2003 shows a stock value of 7.38 for a RAB=1.1 
and Fx=1.5.  We previously showed the prob of exceeding a stock price of 
7.38, AND RAB > 1.1, Fx > 1.5 as 14%.  The probability of exceeding 7.38 for 
all possible values of RAB and Fx is 35% (interpolating between 40% and 27% 
in the price table).

Bob