Spreadsheet: sally_beck__35339__Memo for Distribution 09 2001
Sheet: Memo

To: | [NAME] |  |  |  | [NAME] | [NAME]
 | [NAME] |  |  |  | [NAME] | [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: | 2001-09-26 00:00:00
Below is a summary of the Discounting Analysis as of  September 26, 2001
 |  |  |  |  |  | IMPACT OF CHANGE IN DISCOUNTING METHODS |  |  |  |  |  | Cumulative Change Detail |  |  |  | CUMULATIVE CHANGE ANALYSIS
 |  |  |  |  |  | As   of |  |  |  | Cumulative |  | Hedge |  | Rho/ |  | Period (To / From)
 |  |  |  |  |  | 2001-09-26 00:00:00 |  | 2001-08-26 00:00:00 |  | Change Total |  | Management |  | Drift |  | 02/27 - 01/26 |  | 00:00:00 |  | 00:00:00 |  | 00:00:00 |  | 00:00:00
 |  |  |  | GAS |  | -6100792.183829555 |  | -6529081.999983671 |  | 428289.8161541158 |  | #REF! |  | #REF! |  | -4749183.768160909 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | [NAME] (in US$) | -6097264.416529553 |  | -6531558.656483669 |  | 434294.2399541158 |  | #REF! |  | #REF! |  | -4535872.234160908 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Short Term | 876.3151999999536 |  | 2738.005899999873 |  | -1861.690699999919 |  | #REF! |  | #REF! |  | -213311.5339999998 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | [NAME] (CD$) | -3609188.227900099 |  | -3699946.135799907 |  | 90757.90789980814 |  | #REF! |  | #REF! |  | -173750.7724999543 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Long Term (CD$) is converted at 0.6569 and included in Long Term (in US$)
 |  |  |  | POWER |  | -3257.96469999036 |  | 0 |  | -3257.96469999036 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  | EMERGING BUSINESSES |  | -735575.873299983 |  | -581397.9055000092 |  | -154177.9677999738 |  | #REF! |  | #REF! |  | 78612.70880000007 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Lumber | -199.2351999999955 |  | 0 |  | -199.2351999999955 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Coal | -467003.7804999965 |  | -287915.9262000017 |  | -179087.8542999948 |  | 0 |  | 0 |  | 75127.38329999887 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Paper | -102196.8865999884 |  | -124198.7838000057 |  | 22001.89720001727 |  | 0 |  | 0 |  | 3485.3255000012 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Weather | -633.2780999999959 |  | 0 |  | -633.2780999999959 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Freight | -699.5934999999943 |  | 0 |  | -699.5934999999943
 |  |  |  |  | Steel | -164843.099399998 |  | -185756.406500002 |  | 20913.30710000393
 |  |  |  | LIQUIDS |  | -578416.063900024 |  | -2122725.68859992 |  | 1544309.624699896 |  | #REF! |  | #REF! |  | 2988143.965299959 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Crude Oil | -111288.130099997 |  | -85152.95009999792 |  | -26135.17999999905 |  | #REF! |  | #REF! |  | 3138745.979699991 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Refined Products | -5261486.891600053 |  | -4984926.569399945 |  | -276560.3222001083 |  | #REF! |  | #REF! |  | -155538.1326000308 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | NGL | 3593227.626000041 |  | 2309410.111500034 |  | 1283817.514500007 |  | #REF! |  | #REF! |  | 13574.80979999821 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Petrochemicals | 1554252.792199986 |  | 1036033.008499985 |  | 518219.7837000006 |  | #REF! |  | #REF! |  | -8324.383099999637 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Plastics | -6458.450999999937 |  | -38.79680000001099 |  | -6419.654199999926
 |  |  |  |  | London/Singapore | -346663.0094000018 |  | -398197.9791999954 |  | 51534.96979999362
 |  |  |  | PREPAYS |  | 14972413.77049997 |  | 14005095.2218 |  | 967318.548699975 |  | #REF! |  | #REF! |  | -2252135.995699988 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Gas Prepay | 8245725.239699947 |  | 10113828.9665 |  | -1868103.726800054
 |  |  |  |  | Liquids Prepay | 6726688.530800026 |  | 3891266.255299997 |  | 2835422.275500029
 |  |  |  |  | TOTAL CALCULATED BALANCES | 7543853.781670425 |  | 5381901.602316416 |  | 2161952.179354009 |  | #REF! |  | #REF! |  | -3730780.115860968 |  | 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 |  | 14972413.77049997 |  | 14005095.2218 |  | 967318.548699975
 |  |  |  | ADD:  ORIGINATION GRANTED |  | 5575118 |  | 5575118 |  | 0
 |  |  |  | TOTAL RESERVE |  | -1853441.988829548 |  | -3048075.619483583 |  | 1194633.630654035