Re: Canada p&l

Kathy -

What p&l reports did you receive in the past? We have never changed a p&l
down here 3 months after the fact, so I am surprised that would take place
at all. I would think that if there were any entry so far in the past that
it would need to be done by accounting. I'm not sure what you want done
about this. FYI...We have tied out to the dollar with the DPR.

Kathy Reeves
01/11/2001 03:40 PM
To: Jeffrey C Gossett/HOU/ECT@ECT
cc:
Subject: Re: Canada p&l

Jeff,
I just wanted to let you know that I do not think that the p&l reported for
Canada in the management reports was correct for 2000. The correct p&L for
Canada by trader is as attached.

I believe that problem stems from Q1 origination adjustment which never made
it to Executive reports.
I will forward the Email I sent originally regarding this issue. I believe
it was dealt with correctly at the time based on the p&l summaries I used to
receive but it is no longer correct based on what Robin has sent me.

Kathy
---------------------- Forwarded by Kathy Reeves/CAL/ECT on 01/11/2001 02:33
PM ---------------------------

Robin Rodrigue
01/11/2001 01:29 PM
To: Kathy Reeves/CAL/ECT@ECT
cc:
Subject: Re: Canada p&l

Kathy,

The 2000 DPR is closed. Therefore no more changes can be made. As I stated
in my earlier email, either the 4.1 million adjustment was never actually
made to the DPR or it is included in our number because the trading and
origination p&l that I am reporting ties with what the DPR is reporting.

Robin

Kathy Reeves
01/10/2001 04:57 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: Re: Canada p&l

Robin,
$4.1 M was to have been reduced from our Q1 trading income to break out the
origination correctly. It looks like this was never done in your report. I
thought it had been based on previous Emails. I don't think the p&l in your
report is correct as it is $4.1M too high. This is what our trading income
at Dec 31 should be. Note: the DPR was never adjusted because the LTD and
YTD numbers do not exclude orgination income. It also looks like the break
out by trader is not quite right

Kathy

Robin Rodrigue
12/08/2000 10:58 AM
To: Kathy Reeves/CAL/ECT@ECT
cc:
Subject: Re: Canada p&l

Kathy,

I am attaching a copy of the NGPL that was reported as of this morning. If
you look at the by Trader P&L, we are off from your spreadsheet by
approximately $3.6 million USD for December and approximately $7.6million
year to date. The $7.6 consists of the December variance and the $4 million
variance that we discussed earlier (originations). However, I spoke with the
Chris Able from the Controls group, what we are reporting for originations
and for Canadian p&l ties to the DPR. This leads me to believe that either
our number already includes the origination adjustment or the origination
adjustment was never made to the DPR. To help resolve the December variance,
I have added a tab to your file to show what we have reported each day for
December.

Remember the p&l we are reporting by trader excludes originations. Give me a
call when you have time and we can try to resolve these variances.

Thanks,
Robin

Kathy Reeves
12/07/2000 06:46 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: Canada p&l

Robin
I would like to make sure before year end that the p&l being reporting for
Canada ( trading profits only) equals what I think it is as per attached:

Would you let me know what you are currently reporting for Canada.

Thanks
Kathy