RE:

Jeff,
By specific policy he can't even do this.

I'll bring the policy to you at 4.

Gary

-----Original Message-----
From: Shankman, Jeffrey A.
Sent: Monday, October 22, 2001 1:42 PM
To: Hickerson, Gary
Subject: FW:

fyi

-----Original Message-----
From: Zufferli, John
Sent: Monday, October 22, 2001 1:41 PM
To: Shankman, Jeffrey A.
Subject: RE:

I never wrote nor implied that I was intending to hedge currency exposure with a third party. I implied that I will hedge with you guys when and where I deem appropriate in the term structure.

-----Original Message-----
From: Shankman, Jeffrey A.
Sent: Monday, October 22, 2001 12:31 PM
To: Zufferli, John
Subject:

John,

I don't have all the facts around this transaction, but I don't think you are authorized to hedge currency exposure with outside counterparties as you've outlined in your email to Hickerson, etc. I'd appreciate some information.

Jeff