Spreadsheet: phillip_allen__29914__Valuation Summary Recallable
Sheet: 9-6-01

60% SJ/40% Perm |  |  | 6-5-01 Curves
Start | End | Year | PV Volume |  | PV Rec Price | PV Del Price | PV Spread | [NAME] | Value Over Tolls |  | Yearly Value |  | Cumulative Value
2001-07-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 41105262.77830882 |  |  |  | 1.862370704581388 | 0.5292416779920284 | 1.33312902658936 |  | 54798618.95534668 |  | 54798618.95534668
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 78921002.98984492 |  |  |  | 1.13741991662453 | 0.5275331820234525 | 0.6098867346010777 |  | 48132872.80491841 |  | 102931491.7602651
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 74842910.30793871 |  |  |  | 0.4222058982863064 | 0.5251746284956142 | -0.1029687302093078 |  | -7706479.43957756 |  | 95225012.32068752
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 70697079.95636024 |  |  |  | 0.4113299560333242 | 0.4641719436640607 | -0.05284198763073661 |  | -3735774.224583185 |  | 91489238.09610434
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 66249684.3681384 |  |  |  | 0.4283602121923456 | 0.4654190812708699 | -0.0370588690785242 |  | -2455138.379492392 |  | 89034099.71661195
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 26193321.54645195 |  |  |  | 0.4149721338914635 | 0.4671202671044102 | -0.05214813321294673 |  | -1365932.821293924 |  | 87668166.89531803
 |  |  |  |  |  |  |  |  |  |  | 87668166.89531803
50% SJ/50% Perm |  |  | 6-5-01 Curves
Start | End | Year | PV Volume |  | PV Rec Price | PV Del Price | PV Spread | [NAME] | Value Over Tolls |  | Yearly Value |  | Cumulative Value
2001-07-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 41105262.77830882 |  |  |  | 1.812343928636992 | 0.5327164025305678 | 1.279627526106424 |  | 52599425.71896178 |  | 52599425.71896178 |  | -1
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 78921002.98984492 |  |  |  | 1.108158165483514 | 0.5302614584518941 | 0.5778967070316198 |  | 45608187.743464 |  | 98207613.46242577
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 74842910.30793871 |  |  |  | 0.4044053605361577 | 0.5274909044012516 | -0.1230855438650939 |  | -9212080.319699077 |  | 88995533.14272669
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 70697079.95636022 |  |  |  | 0.4004807400160842 | 0.466238337808451 | -0.06575759779236662 |  | -4648870.14886512 |  | 84346662.99386157
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 66249684.36813841 |  |  |  | 0.4183590020447076 | 0.4674549918312184 | -0.0490959897865109 |  | -3252593.827097694 |  | 81094069.16676387
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 26193321.54645195 |  |  |  | 0.4049709237438255 | 0.469156177664759 | -0.06418525392093345 |  | -1681224.994491676 |  | 79412844.17227219
ENRON EL PASO RECALLABLE PG&E CAPACITY VALUATION SCENARIOS: CAPACITY PER DAY = 200,000 |  |  |  |  |  |  |  |  |  |  |  | CONFIDENTIAL
50% Perm/50% SJ |  |  | 09-06-01 Mid Curves
 |  |  |  |  | Swap Prices |  |  |  |  |  | Value
Start | End | Year | PV Volume |  | Rec B & I | Del B & I | Spread | Tolls | Value Over Tolls |  | Yearly | Delta | Cumulative
2001-11-01 00:00:00 | 2006-05-31 00:00:00 | 2001 - 2006 | 298540115.1657465 |  | -0.1760461686676804 | 0.2695075534651523 | 0.4455537221328327 | -0.4705999038002642 | -0.0250461816674315 |  | -7477289.959457208 | -11793936.69391292 | -7477289.959457208
2001-11-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 12052383.88276842 |  | -0.1954656962468761 | 0.2716492623852825 | 0.4671149586321587 | -0.4915542496493807 | -0.02443929101722198 |  | -294551.7171622531 | -1865143.596236265 | -294551.7171622531
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 70609318.19107643 |  | -0.2153723620536299 | 0.1866358989710664 | 0.4020082610246963 | -0.4972100476351912 | -0.09520178661049483 |  | -6722133.243139389 | -8777632.727535632 | -7016684.960301642
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 67519045.90825368 |  | -0.1823425879772824 | 0.3083499204249576 | 0.49069250840224 | -0.5017349467729333 | -0.01104243837069324 |  | -745574.903289899 | -1197678.467840243 | -7762259.863591542
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 64125553.70184378 |  | -0.1642712370830745 | 0.2925395861060547 | 0.4568108231891292 | -0.4402124494825185 | 0.01659837370661071 |  | 1064379.904486537 | 41269.17910251825 | -6697879.959105005
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 60313132.7555812 |  | -0.1476627482837734 | 0.29 | 0.4376627482837733 | -0.4425925953990716 | -0.004929847115298258 |  | -297334.5235297029 | 42956.63652988238 | -6995214.482634707
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 23920680.72622291 |  | -0.1355369319358466 | 0.29 | 0.4255369319358466 | -0.4456900154680386 | -0.02015308353219203 |  | -482075.4768224662 | -37707.71793310036 | -7477289.959457174