Liquids VaR Violation Aug. 31

I'm tired of signing Var Violation memos. Keep your var under limits for a
while and we will talk about more var. Also we need to fininsh up reports.
You need to be running the business at 7.5 million or so to give yourself
some room.
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 09/05/2000
08:38 AM ---------------------------

From: Christian LeBroc @ ENRON 09/01/2000 03:44 PM

To: Jeffrey A Shankman/HOU/ECT@ECT, John L Nowlan/HOU/ECT@ECT, Chris
Abel/HOU/ECT@ECT, Michael E Moscoso/HOU/ECT@ECT, Homan Amiry/LON/ECT@ECT
cc:
Subject: Liquids VaR Violation Aug. 31

Global Liquids VaR for Aug.31st is $8.15MM, exceeded its limit by $150K due
to the following:
Increased unleaded crack spread by 639K barrels (Jim Goughary)
A spread on financial and physical gasoil 2% increased by 1MM barrels (Niamh
Clarke)
Financial crude portfolio up 500K barrels (John Wilson)