Subject: HDD Option GTC's
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked], [email-masked]
Date: Mon, 11 Sep 2000 04:37:00 -0700 (PDT)

Marie, Arfan, - 

Please find attached the first draft of the referenced GTC's together with a 
draft of the long form description.  As discussed once you have forwarded to 
the relevant trading desk - I would be grateful if you could set-up a call to 
discuss later this week.

Some of the Points I need feedback on are:

Standard Terms of an American And European option;
Premium Payment Date;
HDD Calculation Period;
Procedure for Exercise;
Exercise Time;
Option Settlement Date;
Will each short description either be a call option or a put option ?
HDD Swap provides for a one off adjustment to the amounts paid if a Reporting 
Servicee publishes a missing temperature within 95 dayus of the end of the 
Claculation Period - should such a provision also be included  ?

Thanks,

Denis