Spreadsheet: sally_beck__34275__memo for distribution
Sheet: Sheet1

To: | [NAME]
 | [NAME]
 | [NAME]
To: | [NAME] |  |  |  | [NAME]
 | [NAME] |  |  |  | [NAME]
 | [NAME] |  |  |  | [NAME]
 | [NAME] |  |  |  | [NAME]
 | [NAME] |  |  |  | [NAME]
 | [NAME] (*)
 | [NAME] (*)
From: | [NAME] and [NAME] |  |  |  |  |  |  |  |  | Department: |  |  |  |  |  |  |  |  |  |  |  |  |  | Department: | Risk Management
Subject: | Change in Discounting Methods -Impact Analysis |  |  |  |  |  |  |  |  | Date: |  |  |  |  |  |  |  |  |  |  |  |  |  | Date: | 2001-01-26 00:00:00
Below is a summary of the Discounting Analysis as of  January 26, 2001
 |  |  |  |  |  | IMPACT OF CHANGE IN DISCOUNTING METHODS |  |  |  |  |  | Cumulative Change Detail |  |  |  | CUMULATIVE CHANGE ANALYSIS
 |  |  |  |  |  | As   of |  |  |  | Cumulative |  | Hedge |  | Rho/ |  | Period (To / From)
 |  |  |  |  |  | 2001-01-26 00:00:00 |  | 2000-12-27 00:00:00 |  | Change Total |  | Management |  | Drift |  | 01/26 - 12/27 |  | 00:00:00 |  | 00:00:00 |  | 00:00:00 |  | 00:00:00
 |  |  |  | GAS |  | -5574513.314798353 |  | -6018501.382000029 |  | 443988.0672016751 |  | #REF! |  | #REF! |  | 443988.0672016751 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | [NAME] (in US$) | -5848404.619198354 |  | -6536122.520100029 |  | 687717.9009016748 |  | #REF! |  | #REF! |  | 687717.9009016748 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | [NAME] CD (in US$)
 |  |  |  |  | Short Term | 273891.3044000003 |  | 517621.1381000001 |  | -243729.8336999998 |  | #REF! |  | #REF! |  | -243729.8336999998 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | [NAME] (CD$) | -187828.2491000034 |  | 0 |  | -187828.2491000034 |  | #REF! |  | #REF! |  | -187828.2491000034 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Long Term (CD$) is converted at 0.6651 and included in Long Term (in US$)
 |  |  |  | POWER |  | 0 |  | 0 |  | 0 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  | EMERGING BUSINESSES |  | -400743.4201999913 |  | -412293.9768999873 |  | 11550.556699996 |  | #REF! |  | #REF! |  | 11550.556699996 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Lumber | 0 |  | 0 |  | 0 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Coal | -320064.2251999975 |  | -338028.805699994 |  | 17964.58049999654 |  | 0 |  | 0 |  | 17964.58049999654 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Paper | -80679.19499999378 |  | -74265.17119999323 |  | -6414.023800000548 |  | 0 |  | 0 |  | -6414.023800000548 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Weather | 0 |  | 0 |  | 0 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  | LIQUIDS |  | -6378207.657199994 |  | -6681775.469300015 |  | 303567.8121000231 |  | #REF! |  | #REF! |  | 303567.8121000231 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Crude Oil | -6726308.938000006 |  | -6851390.400400016 |  | 125081.4624000116 |  | #REF! |  | #REF! |  | 125081.4624000116 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Refined Products | 733966.4692000131 |  | 635473.134000005 |  | 98493.3352000081 |  | #REF! |  | #REF! |  | 98493.3352000081 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | NGL | -455060.0352000002 |  | -534217.4745000042 |  | 79157.43930000406 |  | #REF! |  | #REF! |  | 79157.43930000406 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Petrochemicals | 68944.75639999987 |  | 67144.90610000047 |  | 1799.850299999391 |  | #REF! |  | #REF! |  | 1799.850299999391 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  | PREPAYS |  | 27672248.74219999 |  | 25188629.04730007 |  | 2483619.694899923 |  | #REF! |  | #REF! |  | 2483619.694899923 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Gas Prepay | 22463154.85910004 |  | 20371691.49210007 |  | 2091463.366999964
 |  |  |  |  | Liquids Prepay | 5209093.883099955 |  | 4816937.555199996 |  | 392156.3278999589
 |  |  |  | LONDON |  | -582589.3571000029 |  | -529288.7665000025 |  | -53300.59059999999 |  | #REF! |  | #REF! |  | -53300.59059999999 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | TOTAL CALCULATED BALANCES | 14551653.87120166 |  | 12662441.94420004 |  | 1889211.927001614 |  | #REF! |  | #REF! |  | 1889211.927001614 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  |  |  |  |  |  | Positive change indicates a reduction in the Current Deficit
 |  |  |  |  |  |  |  |  |  | Negative change indicates an increase in the Current Deficit
 |  |  |  | LESS:  PREPAY RESERVE BALANCE |  | 27672248.74219999 |  | 25188629.04730007 |  | 2483619.69489992
 |  |  |  | ADD:  ORIGINATION GRANTED |  | 5575118 |  | 5575118 |  | 0
 |  |  |  | TOTAL RESERVE |  | -7545476.870998334 |  | -6951069.103100032 |  | -594407.7678983025
 |  |  |  |  | Current Deficit (As of 01/26/01) | 2174211.927001614
 |  |  |  |  | Less -Current Book Adjustment | -12494129
DO NOT PRINT |  |  |  |  | Chase V Impact | -4301.383999999956
 |  |  |  |  | Current Month | 2169910.543001614