Re: Change to Index language for Financial Liquids

This looks fine to me. Is this the way our confirmations read for telephone
trades? If not, do we need to make this change there also?

Mark

Dale Neuner on 12/23/99 10:37:58 AM
To: Mark Taylor/HOU/ECT@ECT
cc: David Forster/LON/ECT@ECT
Subject: Change to Index language for Financial Liquids

Please aprove the folowing and I will make the required changes.

Dale

---------------------- Forwarded by Dale Neuner/HOU/ECT on 12/23/99 10:34 AM
---------------------------

David Forster
12/23/99 10:06 AM
To: Dale Neuner/HOU/ECT@ECT
cc: Niamh Clarke/LON/ECT@ECT, Duncan Needham/LON/ECT@ECT, Rudy
Dautel/HOU/ECT@ECT
Subject:

Dale,

I have discussed the wording with Rudy and agree that we could change the
wording in the Index long description for Gasoline, #2 and WTI as follows:

Old:

The Index for a month shall be the arithmetic average of the daily
settlement
prices for the prompt month NYMEX West Texas Intermediate Light, Sweet, Crude
Oil
futures contract for each NYMEX trading day of such month.

New:

The Index for a Determination Period shall be the arithmetic average of the
daily
settlement prices for the promptmonth NYMEX West Texas Intermediate Light,
Sweet,
Crude Oil futures contract for each NYMEX trading day of such Determination
Period.

Please run these changes past legal before proceeding. When your changes are
complete, please run the final version past Rudy as well. Please note that
all
Products which reference these Indexes will need the secret squirrel
treatment for
updating.

Niamh/Duncan: Please advise if you are happy for the above change to be
applied
to your products as well.

Thanks,

Dave