John,

Looks like my back-of-the-envelope was off a bit.  

Bob

---------------------- Forwarded by Bob Crane/HOU/ECT on 06/19/2000 03:10 PM 
---------------------------


Matthew Adams@ENRON
06/19/2000 01:47 PM
To: Bob Crane/HOU/ECT@ECT
cc: Rudi Zipter/HOU/ECT@ECT 
Subject: Value-at-Risk for NBSK/Newsprint

Bob -

I ran the stand-alone value-at-risk for the proposed deals:

 Combined:   $28,190,257

 NBSK Only:   $24,078,578

 NEWSPRINT-RISI Only: $12,968,235

Hope this helps.

Thanks,
Matthew
ext. 33298