| SEMPRA ENERGY | ||||||
| Table D (Continued) | ||||||
| TRADING | ||||||
| Three Months Ended | ||||||
| March 31 | ||||||
| Trading Margin | 2002 | 2001 | ||||
| Geographical | ||||||
| North America | $ 90 | $ 217 | ||||
| Europe/Asia | 47 | 32 | ||||
| Total | $ 137 | $ 249 | ||||
| Product Line | ||||||
| Gas | $ 67 | $ 59 | ||||
| Power | 23 | 148 | ||||
| Oil/Crude & Products | 39 | 43 | ||||
| Other (includes Metals) | 8 | (1) | ||||
| Total | $ 137 | $ 249 | ||||
| Physical Statistics | ||||||
| Natural Gas (Physical, BCF/Day) | 9.5 | 12.2 | ||||
| Electric (Physical, Billions of Kwhs) | 22.8 | 18.0 | ||||
| Oil & Liquid Products (Physical, Millions Bbls/Day) | 2.4 | 2.4 | ||||
| Fair | ||||||
| Market Value | ||||||
| March 31 | Expected Realization (in months) | |||||
| Liquidity of Unrealized Revenue (in millions) | 2002 | 0 - 12 | 13 - 24 | 25 - 36 | > 36 | |
| Source of Fair Value: | ||||||
| Exchange prices | $ (112) | $ (85) | $ (27) | $ - | $ - | |
| Prices actively quoted | 744 | 541 | 212 | (9) | - | |
| Prices provided by other external sources | (11) | (15) | (8) | (6) | 18 | |
| Prices based on models and other valuation methods | (4) | (30) | 5 | 20 | 1 | |
| Total | $ 617 | $ 411 | $ 182 | $ 5 | $ 19 | |
| 100.0% | 66.6% | 29.5% | 0.8% | 3.1% | ||
| March 31 | December 31 | |||||
| Credit Quality of Trading Assets - net of margin | 2002 | 2001 | ||||
| Commodity Exchanges | 12% | 8% | ||||
| Investment Grade | 64% | 72% | ||||
| Below Investment Grade | 24% | 20% | ||||
| Three Months Ended | ||||||
| March 31 | ||||||
| Risk Adjusted Performance Indicators | 2002 | 2001 | ||||
| VaR at 95% (in millions) (1) | $ 6.5 | $ 7.4 | ||||
| VaR at 99% (in millions) (2) | $ 9.1 | $ 10.3 | ||||
| Risk Adjusted Return on Capital (RAROC) (3) | 34% | 55% | ||||
| (1) Average Daily Value-at-Risk for the period using a 95% confidence level | ||||||
| (2) Average Daily Value-at-Risk for the period using a 99% confidence level | ||||||
| (3) Average Daily Trading Margin/Average Daily VaR at 95% confidence level | ||||||
