Spreadsheet: sally_beck__36210__Memo for distribution
Sheet: Memo

To: | [NAME]
 | [NAME]
 | [NAME]
To: | [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: | 2001-05-25 00:00:00
Below is a summary of the Discounting Analysis as of  May 25, 2001
 |  |  |  |  |  | IMPACT OF CHANGE IN DISCOUNTING METHODS |  |  |  |  |  | Cumulative Change Detail |  |  |  | CUMULATIVE CHANGE ANALYSIS
 |  |  |  |  |  | As   of |  |  |  | Cumulative |  | Hedge |  | Rho/ |  | Period (To / From)
 |  |  |  |  |  | 2001-05-25 00:00:00 |  | 2001-04-26 00:00:00 |  | Change Total |  | Management |  | Drift |  | 05/25 - 04/26 |  | 00:00:00 |  | 00:00:00 |  | 00:00:00 |  | 00:00:00
 |  |  |  | GAS |  | -9593365.038188204 |  | -9519228.424131615 |  | -74136.614056588 |  | #REF! |  | #REF! |  | -74136.614056588 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | [NAME] (in US$) | -9556106.744688202 |  | -9514784.265331613 |  | -41322.47935658845 |  | #REF! |  | #REF! |  | -41322.47935658845 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | [NAME] CD (in US$)
 |  |  |  |  | Short Term | -35402.87479999999 |  | -4444.158799999976 |  | -30958.71600000001 |  | #REF! |  | #REF! |  | -30958.71600000001 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | [NAME] (CD$) | -1178676.373600014 |  | -1109521.789700028 |  | -69154.583899986 |  | #REF! |  | #REF! |  | -69154.583899986 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Long Term (CD$) is converted at 0.6490 and included in Long Term (in US$)
 |  |  |  | POWER |  | 0 |  | 0 |  | 0 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  | EMERGING BUSINESSES |  | -269946.7413999863 |  | -224857.5159999961 |  | -45089.22539999014 |  | #REF! |  | #REF! |  | -45089.22539999014 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Lumber | 0 |  | 0 |  | 0 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Coal | -178861.2381999967 |  | -224857.5159999961 |  | 45996.27779999946 |  | 0 |  | 0 |  | 45996.27779999946 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Paper | -91085.5031999896 |  | 0 |  | -91085.5031999896 |  | 0 |  | 0 |  | -91085.5031999896 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Weather | 0 |  | 0 |  | 0 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  | LIQUIDS |  | -765841.539599997 |  | -2004175.624499978 |  | 1238334.084899981 |  | #REF! |  | #REF! |  | 1238334.084899981 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Crude Oil | -852654.7791999928 |  | -2122235.665299993 |  | 1269580.8861 |  | #REF! |  | #REF! |  | 1269580.8861 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Refined Products | 468186.2230999953 |  | 509639.8398000066 |  | -41453.61670001134 |  | #REF! |  | #REF! |  | -41453.61670001134 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | NGL | -431095.0097999992 |  | -444069.2964999905 |  | 12974.28669999128 |  | #REF! |  | #REF! |  | 12974.28669999128 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Petrochemicals | 48316.34619999991 |  | 52547.58029999917 |  | -4231.234099999252 |  | #REF! |  | #REF! |  | -4231.234099999252 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  | PREPAYS |  | 22023372.00990007 |  | 23096524.41160021 |  | -1073152.401700141 |  | #REF! |  | #REF! |  | -1073152.401700141 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Gas Prepay | 17562362.7327999 |  | 18638001.3071002 |  | -1075638.574300295
 |  |  |  |  | Liquids Prepay | 4461009.277100168 |  | 4458523.104500014 |  | 2486.172600153834
 |  |  |  | LONDON |  | -525471.2123999948 |  | -467720.489699992 |  | -57750.72270000316 |  | #REF! |  | #REF! |  | -57750.72270000316 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | TOTAL CALCULATED BALANCES | 10647389.74271188 |  | 10883427.46476864 |  | -236037.7220567379 |  | #REF! |  | #REF! |  | -236037.7220567379 |  | 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 |  | 22023372.00990007 |  | 23096524.41160021 |  | -1073152.401700146
 |  |  |  | ADD:  ORIGINATION GRANTED |  | 5575118 |  | 5575118 |  | 0
 |  |  |  | TOTAL RESERVE |  | -5800864.26718819 |  | -6637978.946831577 |  | 837114.679643387
 |  |  |  |  | Current Deficit (As of 04/26/01) | 2660946.760278468
 |  |  |  |  | Less -Current Book Adjustment | -13409129
DO NOT PRINT |  |  |  |  | Chase V Impact | 19749.4091999963
 |  |  |  |  | Current Month | 2680696.169478464