Jeff,

In light of the puny VAR allotments attributed to the simulated trading participants, we have decided to graduate Matt Smith from the exercise. Please advise Kimat Singla it will no longer be necessary to calculate a simulated book for Matt Smith. Please use his COB 9/25/01 P&L as his official score for this exercise and post his total on the High Score table under the initials MDS.

Thank you,

Phillip