Summary of Last 6 Months Projects

Dear Dale, Stinson & Vince,

I would like to take this opportunity to communicate some information to
summarise the projects of the past six months. Firstly, by all accounts it
has been an amazing few months for me - I believe that I have kept a large
number of commercial group heads very happy. However, not all are aware of
my activities, so, many people (e.g. John Sherriff, Richard Lewis, Steve
Young etc.) will not know of everything I have done. For example the amount
of work that I put into the inflation models and the extent to which I was
critical for the successful building of those curves and the consequent
impact (o7+ million for Q1) and similar large P&L swings for Eastern contract
optionality (short virtual power station) based upon my UK Power Vol Curve
Generator.

For your benefit, I have compiled a shortlist of the main projects worked on
over the past five/six months:

1) Inflation curve modelling (February and March + April internal audit +
June external audit)
2) UK Power Monthly Vol Curve generator & ideas for half-hourly vol curve
3) Nordic Power Monthly Vol Curve generator
4) Energydesk.com models & support
5) Real Options: options to build/extend power stations (e.g. Wessex deal,
Anti-Freeze project)
6) Continental power non-generic options (using arbitrary trader-specified
distributions)
7) Global products: non-generic options modelling and new commodity forward
curve construction (benzene fwd curve from naphtha)
8) Exotic options library upgrade/model test/bug fixes (e.g. testing new/old
Asian models)
9) Continental gas volatility curve construction
10) Communication objective I: two presentations to Enron Europe staff, one
to Oslo office
11) Communication objective II: meetings to gather information and present
results
12) FAS 133: working with internal and external auditors on matching
financial and physical (accrual) hedges - hedge effectiveness
13) Oslo trip: bringing Oslo up to speed on EXOTICA and option valuation
14) Houston Research staff: co-ordinating communication/meetings to maximise
productivity
15) Valuation/Marketing of Power put options for banks that hold senior and
sub debt in merchant power plant

Meeting breakdown:

Initiated by me & booked into meeting rooms Attended (initiated by others)
Jan 4 5
Feb 6 5
Mar 23 8
Apr 25 4
May 34 5
Jun 12 (so far) 3

I believe I have kept as many commercial groups happy as is possible; it is
clear that I have been critical to large P&L sensitive projects and hope that
I can continue to help enhance earnings going forward.

Regards,

Anjam
x35383