Subject: margin only 11-05.xls
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked], [email-masked], [email-masked]
Date: Tue, 6 Nov 2001 08:21:20 -0800 (PST)

FUTURES MARGIN REQUIREMENTS 									 	 				
Wire Date 11/6/01	 				 	 	
Stmt Date 11/5/01	 					 	 	
					 	 	
	 US $$$ 			 	  CANADIAN $$$ 			
Broker	  OTE 	 Credit Facility Covering OTE 	 OTE Less CreditCoverage 	 Net Option Value 	 Initial Margin 	Line of Credit
Covering Initial Margin (except EDF Mann see calc below)	 Initial Margin
Less Line of Credit Covering Initial Margin	 	Line of Credit
Covering Realized/Unrealized Gains & Losses	  	  OTE 	 Initial Margin 		
					 	 	
ABN-Amro Inc	 503,712.00 		503,712.00 	0.00 	388,300.00 		388,300.00 		0.00 	 	 			
ADM INVESTOR	 316,250.00 		316,250.00 	0.00 	0.00 		0.00 		 	 		
BANK ONE	 0.00 		0.00 	0.00 	0.00 		0.00 		 	 		
CARR FUTURES (NG)	 0.00 		0.00 	0.00 	0.00 		0.00 		 	 		
CARR FUTURES INC.	 (1,460,680.58)	 	(1,460,680.58)	 0.00 	2,511,837.81 		2,511,837.81 		 	 		
CREDIT SUISSE FIRST BOSTON	 (1,160,915.45)	 	(1,160,915.45)	 0.00 	1,142,964.00 		1,142,964.00 		 	 		
EDF MAN   (see note below)	 (18,655,272.50)	 9,936,510.00 	(28,591,782.50)	 (34,511,776.60)	 15,063,490.00 	15,063,490.00 	0.00 		0.00 	 	 		
FIMAT *	 42,199,731.06 		42,199,731.06 	0.00 	10,646,516.00 		10,646,516.00 	1 	0.00 	 	 			
HSBC - US$	 (3,323,112.50)	 	(3,323,112.50)	 0.00 	375,311.00 		375,311.00 		 	 		
HSBC - Canadian	 	0.00 	0.00 		0.00 		 	 31,670.00 	417,220.00 		
JP Morgan	 873,969.37 		873,969.37 	0.00 	512,020.00 		512,020.00 		 	 		
Mann Financial	 0.00 		0.00 	0.00 	0.00 		0.00 		 	 		
PARIBAS	 83,022,463.80 		83,022,463.80 	0.00 	25,608,872.00 	25,608,872.00 	0.00 		0.00 	 	 		
PRUDENTIAL SI	 555,085.40 		555,085.40 	0.00 	492,800.00 		492,800.00 		 	 		
REFCO, INC	 0.00 		0.00 	0.00 	0.00 		0.00 		 	 		
R J O'BRIEN	 (1,870.00)	 	(1,870.00)	 0.00 	70,000.00 		70,000.00 		 	 		
SAUL STONE & COMPANY	 77,154.00 		77,154.00 	0.00 	147,000.00 		147,000.00 		 	 		
SMITH BARNEY, INC **	 9,569,912.00 		9,569,912.00 	0.00 	5,570,731.00 	5,570,731.00 	0.00 		0.00 	 	 		
SMITH BARNEY, INC ** (Financial)	 (148,500.48)	 	(148,500.48)	 0.00 	86,400.00 		86,400.00 		 	 		
						 	 		
TOTAL EXCLUDING MID-DAY CALLS	 112,367,926.12 	9,936,510.00 	102,431,416.12 	(34,511,776.60)	 62,616,241.81 	46,243,093.00 	16,373,148.81 	 	 0.00 	 	 31,670.00 	417,220.00 		
MID-DAY CALLS: (based solely on Market Movement)	 	 	 		
EDF Mann	 0.00 						 	 		
 	  	  	  	  	  	  	  	  	  	  	  	  	 	
TOTAL INCLUDING MID-DAY CALLS	 112,367,926.12 	 	  	  	  	  	  	  	  	  	  	  	 	
							
** Smith Barney Initial Margin does not include Delivery Margin of 	 	  	 $0.00 	 	  	 	
		 Used Line 						
Credit Lines:	  Line 	 OTE 	 Initial Margin 	 Total Line Used 	 Total Line Unused 					
Smith Barney	                   50,000,000.00 	                       -   	          5,570,731.00 	          5,570,731.00 	 $         44,429,269.00 					
Paribas	                   75,000,000.00 	                       -   	         25,608,872.00 	        25,608,872.00 	 $         49,391,128.00 					
EDF	                   25,000,000.00 	        9,936,510.00 	         15,063,490.00 	        25,000,000.00 	 $                           -   					
Fimat	                   20,000,000.00 	 	  	                           -   	 $         20,000,000.00 					
	                170,000,000.00 	        9,936,510.00 	         46,243,093.00 	        56,179,603.00 	          113,820,397.00 					
						
Note:  EDF Man - Positive Net Option value is collateral for futures requirement.	  	  	  	  	 	
Initial Margin	  	 $15,063,490.00 	 	  	  	 		
Option value used to cover Margin	  	 $0.00 	 	  	  	 	
Initial Margin less positive option value	  	 $15,063,490.00 	 	  	  	 	
 	  	  	  	  	  	 	
EDF Man Line of Credit Analysis:	  	  	  	  	 	
Initial Margin 	 	 $15,063,490.00 	 	  	  	 	
OTE	  	 $18,655,272.50 	 (limit 20,000,000) 	 	  	 	
Net Option Value	  	             34,511,776.60 	 	  	  	 	
Line of Credit Balance	  	  $         25,000,000.00 	 (limit 50,000,000) 	 	  	 	
						
Paribas Line of Credit Limit is $75,000,000	  	  	  	  	 	
						
1 Includes amounts withheld from payments due Enron.  Fimat's customer agreement states that excess margin including OTE due to Enron must first be used to pay down advances on the facility.