Confidential Memo For Thursday Meeting

----- Forwarded by Richard B Sanders/HOU/ECT on 12/01/2000 07:56 AM -----

Steve C Hall
10/30/2000 05:38 PM

To: Elizabeth Sager/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT
cc: Christian Yoder/HOU/ECT@ECT
Subject: Confidential Memo For Thursday Meeting

Richard and Elizabeth,

At Christian's suggestion, I am sending a memo I prepared summarizing some of
the more exotic strategies used by our traders. Christian has reviewed the
memorandum and believes that it will assist you both in preparing for our
Thursday meeting. Between now and Thursday, Christian and I are going to
analyze the ISO tariff to determine if the tariff prohibits any of these
strategies.

Steve