Spreadsheet: stacey_white__38769__0709  Alcoa Model
Sheet: Curves

Valuation Date: | 2001-07-09 00:00:00
Forward Start Date: | 2001-07-01 00:00:00 | Change at end of Month |  |  |  | Southeast Pool | Competitive
 | Spot R$ Conversion |  | Reference Period | BRZ I/R | Discount Factor | Restricted Power Curve | Volatility Curve
Use: |  |  | 2001-07-01 00:00:00 | 1 |  | 281.1 | 2.021941643720613
2001-07-09 00:00:00 | 2.305 |  |  | 0.1932620689655291 |  | 281.1 | 1.843059649484731
 |  |  |  | 0.2005800000000164 |  | 281.1 | 1.6807677675891
 |  |  |  | 0.2087375000000034 |  | 281.1 | 1.559727765066851
 |  |  |  | 0.2172464285714595 |  | 281.1 | 1.467127039334554
 |  |  |  | 0.2224333333333179 |  | 281.1 | 1.410034621461353
 |  |  |  | 0.2262800000000111
 |  |  |  | 0.2295870967741838
 |  |  |  | 0.2318758620689998
 |  |  |  | 0.2340400000000114
 |  |  |  | 0.2361750000000149
 |  |  |  | 0.2381928571428467
 |  |  |  | 0.240489999999983
 |  |  |  | 0.2429533333333511
 |  |  |  | 0.2460838709677224
 |  |  |  | 0.2486068965517529
 |  |  |  | 0.250866666666639
 |  |  |  | 0.2527937500000041
 |  |  |  | 0.2545500000000509
 |  |  |  | 0.2560599999999957
 |  |  |  | 0.2573333333333498
 |  |  |  | 0.2586125000000115
 |  |  |  | 0.2596892857143086
 |  |  |  | 0.2608419354838889
 |  |  |  | 0.2621424581005534
 |  |  |  | 0.263389385474857
 |  |  |  | 0.2646363128491607
 |  |  |  | 0.2658430167597772
 |  |  |  | 0.2670899441340808
 |  |  |  | 0.2682966480446973
 |  |  |  | 0.2693419889502789
 |  |  |  | 0.2701983425414382
 |  |  |  | 0.2709994475138128
 |  |  |  | 0.2718558011049718
 |  |  |  | 0.2726845303867388
 |  |  |  | 0.2735408839778978
 |  |  |  | 0.2741320334261801
 |  |  |  | 0.2745551532033396
 |  |  |  | 0.274978272980499
 |  |  |  | 0.2753877437325889
 |  |  |  | 0.2758108635097484
 |  |  |  | 0.2762203342618382
 |  |  |  | 0.2766434540389977
 |  |  |  | 0.2770665738161572
 |  |  |  | 0.2774487465181077
 |  |  |  | 0.2778718662952672
 |  |  |  | 0.2782813370473569
 |  |  |  | 0.2787044568245165
 |  |  |  | 0.2790223756905991
 |  |  |  | 0.2793220994475069
 |  |  |  | 0.2796218232044146
 |  |  |  | 0.2799118784530351
 |  |  |  | 0.2802116022099428
 |  |  |  | 0.2805016574585632
 |  |  |  | 0.280801381215471
 |  |  |  | 0.2811011049723787
 |  |  |  | 0.2813718232044244
 |  |  |  | 0.2816715469613322
 |  |  |  | 0.2819616022099526
 |  |  |  | 0.2685454734241288
 |  |  |  | 0.2684150692974911
 |  |  |  | 0.2682392477801736
 |  |  |  | 0.2680692171382792
 |  |  |  | 0.2679525472504143
 |  |  |  | 0.2677924240488367
 |  |  |  | 0.2676835621374793
 |  |  |  | 0.2675324696699797
 |  |  |  | 0.2673859796823232
 |  |  |  | 0.2673759503055206
 |  |  |  | 0.2672358973492919
 |  |  |  | 0.2671426184659624
 |  |  |  | 0.2670098835055366
 |  |  |  | 0.2669223066791999
 |  |  |  | 0.2667963049570907
 |  |  |  | 0.266673779603307
 |  |  |  | 0.2665941628979676
 |  |  |  | 0.2664775887977917
 |  |  |  | 0.2664025626985314
 |  |  |  | 0.2662914956125484
 |  |  |  | 0.2661533189309573
 |  |  |  | 0.2660924108615101
 |  |  |  | 0.2659601146345787
 |  |  |  | 0.2658670034775692
 |  |  |  | 0.2657406835613427
 |  |  |  | 0.2656523796680996
 |  |  |  | 0.2655316240128944
 |  |  |  | 0.2654137359597022
 |  |  |  | 0.2653322176450745
 |  |  |  | 0.265219333351437
 |  |  |  | 0.2651418109543389
 |  |  |  | 0.2650336050615878
 |  |  |  | 0.2649148094299225
 |  |  |  | 0.2648934564173258
 |  |  |  | 0.264778680940619
 |  |  |  | 0.2646972786931969
 |  |  |  | 0.2645870408551094
 |  |  |  | 0.2645093147713045
 |  |  |  | 0.2644033400777168
 |  |  |  | 0.2642995744031098
 |  |  |  | 0.2642270952553956
 |  |  |  | 0.2641272138649859
 |  |  |  | 0.2640578614905804
 |  |  |  | 0.2639616412203192
 |  |  |  | 0.2638558238843702
 |  |  |  | 0.263834903510773
 |  |  |  | 0.2637322771139201
 |  |  |  | 0.2636586734169917
 |  |  |  | 0.2635596579576975
 |  |  |  | 0.263489003509576
 |  |  |  | 0.2633934043306727
 |  |  |  | 0.263299580955817
 |  |  |  | 0.2632331705045223
 |  |  |  | 0.2631424917563987
 |  |  |  | 0.2630786353421539
 |  |  |  | 0.262990939323585
 |  |  |  | 0.2628841751014315
 |  |  |  | 0.2628526689684427
 |  |  |  | 0.2627488869454171
 |  |  |  | 0.262670907411628
 |  |  |  | 0.2625704414537773
 |  |  |  | 0.2624952393872628
 |  |  |  | 0.2623979277697714
 |  |  |  | 0.2623022470723761
 |  |  |  | 0.2622310549566895
 |  |  |  | 0.2621383013539196
 |  |  |  | 0.2620695507977278
 |  |  |  | 0.2619795873303439
 |  |  |  | 0.2618910717701668
 |  |  |  | 0.2618477591927117
 |  |  |  | 0.2617616444223048
 |  |  |  | 0.2616984067133186
 |  |  |  | 0.2616147787135681
 |  |  |  | 0.2615536037024331
 |  |  |  | 0.2614723523458711
 |  |  |  | 0.2613923402007854
 |  |  |  | 0.2613341670335469
 |  |  |  | 0.2612563754074615
 |  |  |  | 0.2612000361263649
 |  |  |  | 0.2557773671022523
 |  |  |  | 0.2556946334068062
 |  |  |  | 0.2556722821900757
 |  |  |  | 0.2555914506219514
 |  |  |  | 0.2555312042240798
 |  |  |  | 0.2554525178823959
 |  |  |  | 0.2553940665414327
 |  |  |  | 0.2553174381533567
 |  |  |  | 0.2552418826969749
 |  |  |  | 0.2551860533448957
 |  |  |  | 0.2551124314261628
 |  |  |  | 0.2550582138989697
 |  |  |  | 0.2549864495426279
 |  |  |  | 0.254915656465907
 |  |  |  | 0.2548997921782405
 |  |  |  | 0.2548304769503964
 |  |  |  | 0.2547798207973824
 |  |  |  | 0.2547121957646361
 |  |  |  | 0.2546629418181872
 |  |  |  | 0.2545969435657787
 |  |  |  | 0.2545317990697766
 |  |  |  | 0.2544846054741687
 |  |  |  | 0.2544209967730968
 |  |  |  | 0.2543750723469518
 |  |  |  | 0.2543129436433027
 |  |  |  | 0.2542443483400429
 |  |  |  | 0.2542262104682325
 |  |  |  | 0.2541589605181527
 |  |  |  | 0.2541088555895661
 |  |  |  | 0.2540431339365843
 |  |  |  | 0.2539943103819802
 |  |  |  | 0.2539300636604771
 |  |  |  | 0.2538665895934895
 |  |  |  | 0.2538196524601606
 |  |  |  | 0.2537575764805722
 |  |  |  | 0.2537118076258789
 |  |  |  | 0.2483131326777959
 |  |  |  | 0.248246648871304
 |  |  |  | 0.2482113552207295
 |  |  |  | 0.2481462021418901
 |  |  |  | 0.2480968157088186
 |  |  |  | 0.2480330489517046
 |  |  |  | 0.2479848358610715
 |  |  |  | 0.2479224101607678
 |  |  |  | 0.2478606857797356
 |  |  |  | 0.247814202881002
 |  |  |  | 0.2477537541742869
 |  |  |  | 0.2477083478279605
 |  |  |  | 0.2476491342900153
 |  |  |  | 0.2475905680458823
 |  |  |  | 0.2475749940875003
 |  |  |  | 0.2475174310272317
 |  |  |  | 0.2474744436029341
 |  |  |  | 0.2474180247593114
 |  |  |  | 0.2473759993555642
 |  |  |  | 0.2473206897313112
 |  |  |  | 0.2472659629538128
 |  |  |  | 0.247225361876102
 |  |  |  | 0.2471716935496533
 |  |  |  | 0.2471319797418587
 |  |  |  | 0.2470793383305294
 |  |  |  | 0.247021325362579
 |  |  |  | 0.2470034236993655
 |  |  |  | 0.2469463579968458
 |  |  |  | 0.2469028992063511
 |  |  |  | 0.2468469053490838
 |  |  |  | 0.246804357139061
 |  |  |  | 0.2467494042060869
 |  |  |  | 0.246694996793736
 |  |  |  | 0.2466537976862637
 |  |  |  | 0.2466003862501787
 |  |  |  | 0.2465600310973535
 |  |  |  | 0.241177358677209
 |  |  |  | 0.2411200901612356
 |  |  |  | 0.2411002168688972
 |  |  |  | 0.2410438416220702
 |  |  |  | 0.2410001588073027
 |  |  |  | 0.2409447871997799
 |  |  |  | 0.2409019648976622
 |  |  |  | 0.240847569531998
 |  |  |  | 0.2407936845790366
 |  |  |  | 0.2407521380002398
 |  |  |  | 0.2406991893896551
 |  |  |  | 0.2406584438290489
 |  |  |  | 0.2406064065896618
 |  |  |  | 0.2405443231370965
 |  |  |  | 0.2405058694520836
 |  |  |  | 0.2404447895686834
 |  |  |  | 0.2403956766515627
 |  |  |  | 0.2403356353405359
 |  |  |  | 0.2402874299316189
 |  |  |  | 0.2402284002354371
 |  |  |  | 0.2401698958473553
 |  |  |  | 0.2401230340824958
 |  |  |  | 0.2400655020307889
 |  |  |  | 0.2400194884444982