Tana, Kelly, Karen:

The product long description below will fall under the new product type:

	US Benzene Fin Opt
Credit (Tom Moran/Wendi Lebrocq) have approved copying the profiles for the new product type from the following:

	US Unl Gasoline Fin Opt

Please respond no later than 10 AM, Wednesday, October 10.

Thank you.


 -----Original Message-----
From: 	Moran, Tom  
Sent:	Monday, October 08, 2001 1:54 PM
To:	Sever, Stephanie
Cc:	Lebrocq, Wendi
Subject:	RE: US Benzene Fin Options - Please review and reply

Stephanie,

Let's copy the existing profiles for US Unl Gasoline Fin Opt Call and use it for this new product.
Let me know if there are any questions.

Regards,
tm


 -----Original Message-----
From: 	Sever, Stephanie  
Sent:	Monday, October 08, 2001 1:47 PM
To:	Moran, Tom; Lebrocq, Wendi
Subject:	FW: US Benzene Fin Options - Please review and reply

What do you think about coping profiles from US Benzene Fin Swap?

Thanks,
Stephanie
 -----Original Message-----
From: 	Lozano, Melba  
Sent:	Friday, October 05, 2001 3:28 PM
To:	Hagelmann, Bjorn; Adams, Matthew
Cc:	Lees, Lisa; Sever, Stephanie; Sweitzer, Tara; Blumenthal, Jeff; Musch, Susan; Meredith, Kevin
Subject:	FW: US Benzene Fin Options - Please review and reply

 << File: ENA Financial GTC (credit).doc >>     << File: ENA Financial GTC.doc >> 
Please provide a sigma factor for the following Product Type:

US Benzene Option  :
Puts
calls
straddles

The products are Asian Financial Options quoted in lots:  1lot = 1,000 barrels = 42,000 gallons.  

Thanks,

Melba


CALL
US Benz Fin Opt  CMAI Spot AsC4.5        Oct01           USD/GL-L

A financial Option Transaction with Enron North America Corp., under which the Seller receives the Premium and the Buyer receives the Cash Settlement Amount. Each calendar month during the Term of the Transaction will be a Determination Period, provided that if the Term of the Transaction is less than one calendar month the Determination Period shall be the Term of the Transaction. The Notional Quantity per Determination Period shall be calculated from the volume submitted by Counterparty on the website in accordance with the unit of measure. The Premium shall equal the product of (i) the price submitted by Counterparty via the Website, multiplied by (ii) the Notional Quantity per Determination Period, multiplied by (iii) the number of Determination Periods during the Term of the Transaction. The Payment Date for the Premium shall be 2 business days after the Trade Date of the Transaction. The Payment Date(s) for the Cash Settlement Amount shall be 5 business days after the Cash Settlement Amount is determinable. Where this Transaction is a Call Option, the Cash Settlement Amount shall be the product of (a) the Notional Quantity per Determination Period, multiplied by (b) the greater of (i) zero, or (ii) the Index minus the Strike Price. Where this Transaction is a Put Option, the Cash Settlement Amount shall be the product of (a) the Notional Quantity per Determination Period, multiplied by (b) the greater of (i) zero, or (ii) the Strike Price minus the Index. Where this Transaction is a Straddle Option, the Cash Settlement Amount shall be the product of (a) the Notional Quantity per Determination Period, multiplied by (b) the absolute difference between the Strike Price and the Index.
The Term of the Transaction shall be from the Effective Date of 01 Oct 2001 to the Termination Date of 31 Oct 2001.
The Exercise Period(s) shall be the last Trading Day of the Determination Period. The Index for a month shall be the average of the means of the high and low price in Cents/Gallon of Benzene published under the headings "Prices for Period Ending [DATE]: United States: Benzene)" under the caption "SPOT: Cents/Lb." in each issue of Chemical Market Associates, Inc.'s Aromatics Market Report (Weekly) that reports prices effective for such month.
The price is quoted in US Dollars per unit of volume, which will be the Contractual Currency.
The unit of measure against which the volume is shown shall be 42,000 gallons per month.
The Option style and type shall be an Asian Call, ("AsC").
Automatic Exercise is Applicable.
The strike price for the transaction is 4.5 United States Dollar/Gallon Lots.

PUT
US Benz Fin Opt  CMAI Spot AsP4.5        Oct01           USD/GL-L

A financial Option Transaction with Enron North America Corp., under which the Seller receives the Premium and the Buyer receives the Cash Settlement Amount. Each calendar month during the Term of the Transaction will be a Determination Period, provided that if the Term of the Transaction is less than one calendar month the Determination Period shall be the Term of the Transaction. The Notional Quantity per Determination Period shall be calculated from the volume submitted by Counterparty on the website in accordance with the unit of measure. The Premium shall equal the product of (i) the price submitted by Counterparty via the Website, multiplied by (ii) the Notional Quantity per Determination Period, multiplied by (iii) the number of Determination Periods during the Term of the Transaction. The Payment Date for the Premium shall be 2 business days after the Trade Date of the Transaction. The Payment Date(s) for the Cash Settlement Amount shall be 5 business days after the Cash Settlement Amount is determinable. Where this Transaction is a Call Option, the Cash Settlement Amount shall be the product of (a) the Notional Quantity per Determination Period, multiplied by (b) the greater of (i) zero, or (ii) the Index minus the Strike Price. Where this Transaction is a Put Option, the Cash Settlement Amount shall be the product of (a) the Notional Quantity per Determination Period, multiplied by (b) the greater of (i) zero, or (ii) the Strike Price minus the Index. Where this Transaction is a Straddle Option, the Cash Settlement Amount shall be the product of (a) the Notional Quantity per Determination Period, multiplied by (b) the absolute difference between the Strike Price and the Index.

The Term of the Transaction shall be from the Effective Date of 01 Oct 2001 to the Termination Date of 31 Oct 2001.

The Exercise Period(s) shall be the last Trading Day of the Determination Period.  The Index for a month shall be the mean of the average of the high and low price in Cents/Gallon of Benzene published under the headings "Prices for Period Ending [DATE]: United States: Benzene)" under the caption "SPOT: Cents/Lb." in each issue of Chemical Market Associates, Inc.'s Aromatics Market Report (Weekly) that reports prices effective for such month.
The price is quoted in US Dollars per unit of volume, which will be the Contractual Currency.
The unit of measure against which the volume is shown shall be 42,000 gallons per month.
The Option style and type shall be an Asian Put, ("AsP").
Automatic Exercise is Applicable.
The strike price for the transaction is 4.5 United States Dollar/Gallon Lots.