Subject: FCEL Hedge
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked]
Date: Thu, 24 May 2001 08:20:22 -0700 (PDT)

Gentlemen:

FYI.  We are at the present time fully hedged on the 80,290 share long position with an offsetting short position at an average price of approximately $86 per share.  By my calculations, the mark for the quarter from March will be approximately $3MM to the positive.

Charlie