Kevin,

Thanks for the information. For avoidance of doubt, please confirm:

That the  relationship means that to hedge ten thousand barrels of JCC in 
September '00, I would have to enter into a financial transaction for 6706 
barrels of Prompt (August) Brent, and;

That this email constitutes your groups (Vince Kaminski's) sign-off on using 
this hedge ratio to hedge JCC and JCC-based products?

Thanks in advance,

Marc de La Roche
  




Kevin Kindall@ENRON
06/06/2000 02:18 PM
To: Marc De La Roche/HOU/ECT@ECT
cc: Grant Masson/HOU/ECT@ECT 
Subject: Re: JCC & Brent  

 Good afternoon.  I have performed a review of the JCC data that you sent 
some time ago.  The study was done using several different Excel workbooks, 
and are available upon request.  Relevant charts are embedded in the 
Powerpoint attachment.  Questions/comments welcome.

-Kevin Kindall