Re: JCC & Brent

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