Louise,

This draft is very preliminary.  We have not received any input from the Market Risk group or Regulatory.  I have passed for comments to David Port and Jim Steffes.  My initial view on Risk Adjusted Capital for Market Risk is that it will be zero based on the offsetting position currently in the book.  We will have more information in the morning.

We can discuss further tomorrow.

Thanks,
Bill


 -----Original Message-----
From: 	Ngo, Tracy  
Sent:	Tuesday, March 27, 2001 5:22 PM
To:	Kitchen, Louise
Cc:	Bradford, William S.
Subject:	Draft DASH of DWR

Louise,

Per the request of Bill Bradford, attached please find an initial draft of the DASH for the DWR put option.  Please note that we are waiting on a final, legal risk memorandum as well as comments from Jim Steffes for the regulatory risks.

Please let us know if you have any questions or initial comments.

Regards,
Tracy