weekly operating report

Hoep all is well with you. We are still working away. The biggest item that should be happening this week (today) is that Chris's wife is giving birth to their second child (another boy).

Regards

Accomplishments:

Operational risk/Risk Analytics
- put daily benchmark review process in place
- have agreed upon structure of new hierarchy with all groups except liquids and CAD gas - only other thing missing is structuring EES - rollout hopefully by EOM
- working with IT to determine how to get our projects completed when IT contractors are laid off

Risk Controls
- started daily reporting of Expected Tail Loss and monitoring it for limit violiations
- worked with EGM accounting and FX/IR desk on Rho & Drift process
- Chris is out starting today for a week because his wife is giving birth.

Merchant Assets
- cleared restated SEC VaR for 1999 and 2000 with AA
- verified Hanover cash flow stream with commercial and correct presentation