Integrated Business ModelLimited Risk from Marketing and Risk Management

• Tightly controlled Value at Risk (VaR)

  • Holding period limit of $75 million
  • Daily earnings at risk peaked at $32 million in spring 2001

• Earnings substantially realized as cash

  • $54 million of unrealized MTM income in 2001
  • 70+% of total unrealized MTM income realized by 2003

($MM)

Over 90 percent of profitability attributable to physical assets

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