Subject: trading v origination analysis
From: [email-masked]
To: [email-masked], [email-masked], [email-masked], [email-masked], [email-masked]
Cc: [email-masked], [email-masked]
Date: Wed, 7 Nov 2001 10:14:37 -0800 (PST)

As requested the enclosed spreadsheet analyses the trading v origination for Enron Europe for 2000 and 2001, quarter by quarter by commodity.

The numbers up until 30/9/01 agree to those submitted by financial control in SAP and from 30/11 to 2/11 the numbers are per the DPR. The origination analysis is for trades greater than $5m except in the structures books where a threshold of $10m has been taken.

Those items under the 'significant non-recurring items' line can also be thought of as origination and have been separated on the basis that they are typically monetisations or related to the sale of Sutton Bridge.

The bulk financial books are theta, rho and drift as well the cost of capital book and  FX differences on the revaluation of the non $ currency P&L.

Any questions please let me know.

James