Storage Book

Mike,

The Research Group is looking at some counterintuitive results we could
observe
recently in the Value-at-Risk for the aggregate storage book.

I think that the results the system is producing are incorrect and
that we should use instead the number produced by
straightforward addition of Value-at-Risk numbers for the storage book
subportfolios.

We are actively working with the IT to review the code and locate the source
of the problem. We should also review the interactions between the
spreadsheet
that contains the storage book and the Value-at-Risk system database.

Vince Kaminski