Option on collar - explaination

---------------------- Forwarded by Susan M Scott/HOU/ECT on 12/07/2000 01:50
PM ---------------------------

Zimin Lu
12/07/2000 01:25 PM
To: Susan M Scott/HOU/ECT@ECT
cc: Stinson Gibner/HOU/ECT@ECT
Subject: Option on collar - explaination

Susan,

I tried to explain the pricing formula in non-technical format.
Take a look the doc attached below, to see if this is good
enough for the lawyers.

Zimin

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