Spreadsheet: sally_beck__35387__Memo for Distribution 10 2001
Sheet: Memo

To: | [NAME] |  |  |  | [NAME] | [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: | 2001-10-25 00:00:00
Below is a summary of the Discounting Analysis as of  October 25, 2001
 |  |  |  |  |  | IMPACT OF CHANGE IN DISCOUNTING METHODS |  |  |  |  |  | Cumulative Change Detail |  |  |  | CUMULATIVE CHANGE ANALYSIS
 |  |  |  |  |  | As   of |  |  |  | Cumulative |  | Hedge |  | Rho/ |  | Period (To / From)
 |  |  |  |  |  | 2001-10-25 00:00:00 |  | 2001-09-26 00:00:00 |  | Change Total |  | Management |  | Drift |  | 02/27 - 01/26 |  | 00:00:00 |  | 00:00:00 |  | 00:00:00 |  | 00:00:00
 |  |  |  | GAS |  | -4490440.119181794 |  | -4948821.534951053 |  | 458381.4157692585 |  | #REF! |  | #REF! |  | -4749183.768160909 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | [NAME] (in US$) | -4492701.900081797 |  | -4949697.850151053 |  | 456995.9500692561 |  | #REF! |  | #REF! |  | -4535872.234160908 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Short Term | 2261.7809000001 |  | 876.3151999999536 |  | 1385.465700000146 |  | #REF! |  | #REF! |  | -213311.5339999998 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | [NAME] (CD$) | -3768977.913600117 |  | -3609188.227900099 |  | -159789.685700018 |  | #REF! |  | #REF! |  | -173750.7724999543 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Long Term (CD$) is converted at 0.6569 and included in Long Term (in US$)
 |  |  |  | POWER |  | 1755.013000000061 |  | -2076.867399990395 |  | 3831.880399990456 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  | EMERGING BUSINESSES |  | -567996.2386000141 |  | -735575.873299983 |  | 167579.6346999689 |  | #REF! |  | #REF! |  | 78612.70880000007 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Lumber | -128.4551000000029 |  | -199.2351999999955 |  | 70.78009999999267 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Coal | -444113.4365000087 |  | -467003.7804999965 |  | 22890.34399998776 |  | 0 |  | 0 |  | 75127.38329999887 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Paper | -97523.48650000051 |  | -102196.8865999884 |  | 4673.400099987921 |  | 0 |  | 0 |  | 3485.3255000012 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Weather | -441.279399999883 |  | -633.2780999999959 |  | 191.9987000001129 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Freight | -400.911799999976 |  | -699.5934999999943 |  | 298.6817000000183
 |  |  |  |  | Steel | -25388.66930000502 |  | -164843.099399998 |  | 139454.430099993
 |  |  |  | LIQUIDS |  | -935069.9173000851 |  | -578416.063900025 |  | -356653.8534000601 |  | #REF! |  | #REF! |  | 2988143.965299959 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Crude Oil | -182427.3987000018 |  | -111288.130099997 |  | -71139.2686000048 |  | #REF! |  | #REF! |  | 3138745.979699991 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Refined Products | -5359509.383000011 |  | -5261486.891600053 |  | -98022.4913999578 |  | #REF! |  | #REF! |  | -155538.1326000308 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | NGL | 3529860.12549994 |  | 3593227.626000041 |  | -63367.50050010113 |  | #REF! |  | #REF! |  | 13574.80979999821 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Petrochemicals | 1417010.384999983 |  | 1554252.792199986 |  | -137242.4072000033 |  | #REF! |  | #REF! |  | -8324.383099999637 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Plastics | -5747.678499999794 |  | -6458.450999999937 |  | 710.7725000001428
 |  |  |  |  | London/Singapore | -338796.6250999942 |  | -346663.0094000018 |  | 7866.384300007601
 |  |  |  | PREPAYS |  | 14749513.71249996 |  | 14972413.77049997 |  | -222900.0580000076 |  | #REF! |  | #REF! |  | -2252135.995699988 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Gas Prepay | 8339316.302500028 |  | 8245725.239699947 |  | 93591.06280008145
 |  |  |  |  | Liquids Prepay | 6410197.409999937 |  | 6726688.530800026 |  | -316491.1208000891
 |  |  |  |  | TOTAL CALCULATED BALANCES | 8757762.450418072 |  | 8707523.43094892 |  | 50239.01946915127 |  | #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 |  | 14749513.71249996 |  | 14972413.77049997 |  | -222900.0580000076
 |  |  |  | ADD:  ORIGINATION GRANTED |  | 5575118 |  | 5575118 |  | 0
 |  |  |  | TOTAL RESERVE |  | -416633.2620818932 |  | -689772.3395510521 |  | 273139.0774691589