Spreadsheet: sara_shackleton__36848__lnganx
Sheet: A2_000620

EQUITY SWAP - SUMMARY ANNEX II
Counterparty | ECT Investments Inc. | Equity Payer: | MGT | Date: | 2000-07-11 10:05:39.340000
[NAME]. #: | stklngs8.xls | Libor Payer: | ECT Investments Inc.
Prepared By | [NAME] |  |  | Next Refix Date: | 2000-07-17 00:00:00
Annex Version # | 1 |  |  | Next Payment Date: | 2000-07-20 00:00:00
Spread: | 0.005
1 Mo LIBOR Rate: | 6.58375
Initial Portfolio Details |  |  | Number of | Initial Share Price | Notional Amount
Trade Date | Effective Date | Underlying Security | Shares | (USD) | (USD)
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | Ashland Inc | 383200 | 35 | 13412000
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | Burlington Resources Inc. | 75000 | 45 | 3375000
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | Duke Energy | 17500 | 61.6875 | 1079531.25
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | Edison International | 19100 | 20.125 | 384387.5
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | FPL Group Inc | 20000 | 48.625 | 972500
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | Global Marine Inc | 56000 | 27.625 | 1547000
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | USX-Marathon Group | 575900 | 25.625 | 14757437.5
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | Peco Energy | 105400 | 44.8125 | 4723237.5
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | Santa Fe Snyder Corp | 92900 | 10.4375 | 969643.75
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | Sunoco Inc | 453500 | 32.5 | 14738750
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | Tosco Corp | 134800 | 32.75 | 4414700
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | [NAME] Shamrock CP | 200000 | 26.6875 | 5337500
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | Valero Energy Corp | 189000 | 31.875 | 6024375
2000-05-15 00:00:00 | 2000-05-18 00:00:00 | Williams Cos Inc | 226400 | 40.0625 | 9070150
 |  |  |  | Total Equity Notional Amount | 80806212.5
Additions / Unwinds |  |  | IPA Number |  | Initial Level
IPA Trade Date | IPA Effective Date | Underlying Security | of Shares | IPA Price | for Payment | Notional |  |  | Funding - Credit to DDA | Deposits - Debit
2000-05-19 00:00:00 | 2000-05-24 00:00:00 | FPL Group Inc | -10000 | 47.4938 | 48.625 | -474938
2000-05-26 00:00:00 | 2000-06-01 00:00:00 | Duke Energy | -17500 | 58.5 | 61.6875 | -1023750
2000-05-31 00:00:00 | 2000-06-05 00:00:00 | Sunoco Inc | -53000 | 33 | 32.5 | -1749000
2000-06-01 00:00:00 | 2000-06-06 00:00:00 | Sunoco Inc | -50000 | 32.3904 | 32.5 | -1619520
2000-06-05 00:00:00 | 2000-06-08 00:00:00 | Santa Fe Snyder Corp | -77900 | 12.375 | 10.4375 | -964012.5
2000-06-06 00:00:00 | 2000-06-09 00:00:00 | Santa Fe Snyder Corp | -15000 | 12.4375 | 10.4375 | -186562.5
2000-06-08 00:00:00 | 2000-06-13 00:00:00 | Tosco Corp | -12600 | 29.5625 | 32.75 | -372487.5
2000-06-08 00:00:00 | 2000-06-13 00:00:00 | Valero Energy Corp | -100000 | 28.75 | 31.875 | -2875000
2000-06-09 00:00:00 | 2000-06-14 00:00:00 | Global Marine Inc | -30000 | 26.875 | 27.625 | -806250
2000-06-12 00:00:00 | 2000-06-15 00:00:00 | Sunoco Inc | -16500 | 32.5902 | 32.5 | -537738.3
2000-06-12 00:00:00 | 2000-06-15 00:00:00 | Tosco Corp | -3500 | 31.9375 | 32.75 | -111781.25
2000-06-13 00:00:00 | 2000-06-16 00:00:00 | Tosco Corp | -50000 | 33.1625 | 32.75 | -1658125
2000-06-14 00:00:00 | 2000-06-19 00:00:00 | USX-Marathon Group | -100000 | 29 | 25.625 | -2900000
2000-06-23 00:00:00 | 2000-06-28 00:00:00 | Burlington Resources Inc. | -75000 | 40.062 | 45 | -3004650
2000-07-06 00:00:00 | 2000-07-11 00:00:00 | Tosco Corp | -10000 | 29.05 | 32.75 | -290500
2000-07-06 00:00:00 | 2000-07-11 00:00:00 | Williams Cos Inc | -14500 | 41.5022 | 40.0625 | -601781.9
2000-07-06 00:00:00 | 2000-07-11 00:00:00 | Global Marine Inc | -26000 | 27.851 | 27.625 | -724126
2000-07-05 00:00:00 | 2000-07-11 00:00:00 | Tosco Corp | -16000 | 27.8047 | 32.75 | -444875.2
2000-07-10 00:00:00 | 2000-07-13 00:00:00 | Tosco Corp | -2000 | 29.375 | 32.75 | -58750
2000-07-10 00:00:00 | 2000-07-13 00:00:00 | Williams Cos Inc | -11900 | 42 | 40.0625 | -499800
 |  |  |  |  | TOTAL: | -20903648.15
CURRENT PORTFOLIO |  | Number of |  |  | New
Effective Date | Underlying Security | Shares | IPA Modified Price |  | Notional
2000-05-18 00:00:00 | Ashland Inc | 383200 | 35 |  | 13412000
2000-05-18 00:00:00 | Edison International | 19100 | 20.125 |  | 384387.5
2000-05-24 00:00:00 | FPL Group Inc | 10000 | 48.625 |  | 486250
2000-06-19 00:00:00 | USX-Marathon Group | 475900 | 25.625 |  | 12194937.5
2000-05-18 00:00:00 | Peco Energy | 105400 | 44.8125 |  | 4723237.5
2000-06-15 00:00:00 | Sunoco Inc | 334000 | 32.5 |  | 10855000
2000-07-13 00:00:00 | Tosco Corp | 40700 | 32.75 |  | 1332925
2000-05-18 00:00:00 | [NAME] Shamrock CP | 200000 | 26.6875 |  | 5337500
2000-06-13 00:00:00 | Valero Energy Corp | 89000 | 31.875 |  | 2836875
2000-07-13 00:00:00 | Williams Cos Inc | 200000 | 40.0625 |  | 8012500
 |  |  |  | TOTAL: | 59575612.5
This Annex II sets forth the terms of the IPA as agreed to by Morgan the Counterparty on the applicable IPA Trade Date set forth herein, relating to our Transaction with
you originally done on May 15, 2000 (the "Transaction"), as set forth in a Confirmation for such Transaction referenced # 5411355, with these new terms to take effect from
and on the applicable IPA Effective Date as set forth herein.  This Annex II supersedes any previous Annex II relating to these terms delivered to you.  All other terms of the
Transaction remain in full force and effect.
Approved:_________________________ |  |  | Approved:_______________________________
Marketer |  |  | Trader
Date:_________________________ |  |  | Date:______________________________