Spreadsheet: jeffrey_a_shankman__13799__so2_pos
Sheet: Sheet1

SO2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | [NAME] |  |  |  |  |  |  |  |  |  | [NAME]
 | ANNUAL POSITIONS |  |  |  |  |  |  | MONTHLY POSITIONS |  |  |  |  |  |  |  |  | P/L |  |  | 41899 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2000-10-12 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2000 | 151 |  |  |  |  |  |  |  |  | 151.25 |  | 2000
 | INVENTORY | FORWARDS | Total |  |  |  |  |  |  |  |  |  | Current |  | % of | % of | New | Dollar | Spread Matrix |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2000-08-16 00:00:00 |  |  |  |  | 2001 |  | 0.9983606557377049 |  |  |  |  |  |  |  |  | 0.9983471074380166 | 2001
Total |  |  |  |  |  |  |  |  |  | PV |  |  | Curve | Year | Prompt | Previous | Curve | Change | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 |  |  |  |  |  |  |  |  |  |  | 2002 |  | 0.9983579638752053 |  |  |  |  |  |  |  |  | 0.9983443708609272 | 2002
 |  |  |  |  |  |  |  | Today's | Today's | Adjusted |  |  |  | 2000 |  |  | 153.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 150.5 |  |  |  |  | 2003 |  | 0.9868421052631579 |  |  |  |  |  |  |  |  | 0.9917081260364843 | 2003
 |  |  |  |  |  |  |  | Inventory | Forward | Forward |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 150.1138610839844 |  |  |  |  | 2004 |  | 0.99 |  |  |  |  |  |  |  |  | 0.9849498327759197 | 2004
 |  |  |  |  |  |  |  | Position | Position | Position |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 149.3018646240234 |  |  |  |  | 2005 |  | 0.936026936026936 |  |  |  |  |  |  |  |  | 0.9473684210526315 | 2005
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 146.8365020751953 |  |  |  |  | 2006 |  | 0.9460431654676259 |  |  |  |  |  |  |  |  | 0.9336917562724014 | 2006
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 143.8958129882812 |  |  |  |  | 2007 |  | 0.7984790874524715 |  |  |  |  |  |  |  |  | 0.7984644913627639 | 2007
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 136.5838928222656 |  |  |  |  | 2008 |  | 0.9047619047619048 |  |  |  |  |  |  |  |  | 0.90625 | 2008
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 127.9745483398438 |  |  |  |  | 2009 |  | 0.8842105263157894 |  |  |  |  |  |  |  |  | 0.8806366047745358 | 2009
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 94.0625 |  |  |  |  | 2010 |  | 0.7857142857142857 |  |  |  |  |  |  |  |  | 0.7951807228915663 | 2010
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 82.18091583251953 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.8484848484848485 | 2011
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 61.3881721496582 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 | 2012
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 54.45722961425781
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  | 2011 |  | 0.6249814920438971 |  |  |  | Implied Annual Lending Rate
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  | 2012 |  | 1 |  |  |  | Start Date | 2000-09-01 00:00:00 | 155.75 | [NAME]
 | ANNUAL POSITIONS ([NAME]) |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | End Date | 2006-12-15 00:00:00 |  | 0.060221319171482
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2000-12-15 00:00:00
 | INVENTORY | FORWARDS | Total |  | 1 |  |  |  |  |  |  |  | 2000-12-01 00:00:00
Total |  |  |  |  | 1 |  |  |  |  |  |  |  | Ceiling | 250 |  | Historical High | 223.16
 |  |  |  |  | 1 |  |  |  |  |  |  |  | Mid |  |  | Mid |  |  |  | 20000000
 |  |  |  |  | 1 |  |  |  |  |  |  |  | Floor | 65 |  | Historical Low | 68
 |  |  |  |  | 1 |  |  |  |  |  |  |  | Opinion |  |  | Rich/Cheap |  |  | NYMEX
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Oct
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 0.005 |  |  |  |  |  | Nov | 27.43
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Dec | 27.42
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2000 | 80000 |  |  | We Receive |  | Q4
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2002 |  |  |  |  |  |  |  |  | Spreads
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2003 |  |  |  |  |  | Q1-01 | 27.35
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2004 |  |  |  |  |  | Q2-01 | 26.67
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  | We Give |  | Q3-01 | 26.64
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Q4-01 | 26.65
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Q1-02 | 26.63 | 25.63
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 0.005 |  |  |  |  |  | Q2-02 | 26.42 | 25.63
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Q3-02 | 26.43 | 25.63
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2000 | 80000 |  |  | We Receive |  | Q4-02 | 26.45 | 25.63
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2003
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2004
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2005
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2006 |  |  |  |  |  | 8400
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Nov
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Dec | 3.55
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  | We Give |  | Q4
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  | L/S |  |  |  |  |  | Q1-01 | 3.71
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Q2-01 | 3.72
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Q3-01 | 3.73
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 0.08 |  |  | B/Even | 0.1232189203191094 |  | Q4-01 | 3.73
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2000 | 80000 |  |  | We Receive
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2003 |  |  |  |  |  | Q1-02 | 3.81
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2004 |  |  |  |  |  | Q2-02 | 3.82 |  |  |  | 30 | 25.8
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2005 |  |  |  |  |  | Q3-02 | 3.84 |  |  |  | 20 | 25.87
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2006 |  |  |  |  |  | Q4-02 | 3.85
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2007
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  | We Give
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | 8800
 |  |  |  |  | 1 |  |  |  |  |  |  |  | L/S |  |  |  |  |  | Nov
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Dec | 4.22
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Q4
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Q1-01 | 4.58
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Q2-01 | 4.58
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2001 | 15000 |  |  | We Receive |  | Q3-01 | 4.61
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2002 |  |  |  |  |  | Q4-01 | 4.61
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2007 | 20000 |  |  | We Give
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2008 |  |  |  |  |  | Q1-02 | 4.7
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Q2-02 | 4.7
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | P/L |  |  | Q3-02 | 4.73
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | Q4-02 | 4.73
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2000 | 5000 |  |  | We Get
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | 5000
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2008 |  |  |  | We Give |  | 7250
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  | 0.4 | P/L
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2000 | 20000 |  |  | We Give
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  | 160000000
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2003
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2004
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  | We Receive
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  | 0.05 | P/L
 |  |  |  |  | 1 |  |  |  |  |  |  |  | Short
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2000 | 27500 |  |  | We Receive
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2006 | 11500
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2007
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2008 |  |  |  | We Give
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  | P/L
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2000 | 5000 |  |  | We Receive
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2005 | 5100 |  |  | We Give
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2000 | 4400 |  |  | We Give
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2005 | 5000 |  |  | We Receive
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  | Underlying | Option Premium
 |  |  |  |  | 1 |  |  |  |  |  |  |  |  |  | Curve | Bid Price | P/L | 32% Vol. - 200 Strike
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2003 | 10000 |  |  |  | 28.94
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2004 | 10000 |  |  |  | 34.47
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2005 | 10000 |  |  |  | 37.33
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2006 | 10000 |  |  |  | 32.66
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2007 | 10000 |  |  |  | 25.99
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2008 | 10000 |  |  |  | 22.42
 |  |  |  |  | 1 |  |  |  |  |  |  |  | 2009 | 10000 |  |  |  | 15.85
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 110
 |  |  |  |  |  |  |  |  |  |  |  |  | 2000 | 10000 |  |  | We Receive
 |  |  |  |  |  |  |  |  |  |  |  |  | 2001
 |  |  |  |  |  |  |  |  |  |  |  |  | 2002
 |  |  |  |  |  |  |  |  |  |  |  |  | 2005 |  |  |  | We Give
 |  |  |  |  |  |  |  |  |  |  |  |  | 2006
 |  |  |  |  |  |  |  |  |  |  |  |  | 2007
 |  |  |  |  |  |  |  |  |  |  |  |  |  | 34595
 |  |  |  |  |  |  |  |  |  |  |  |  | 2000 | 10000 |  |  | We Receive
 |  |  |  |  |  |  |  |  |  |  |  |  | 2001
 |  |  |  |  |  |  |  |  |  |  |  |  | 2002
 |  |  |  |  |  |  |  |  |  |  |  |  | 2007 |  |  |  | We Give
 |  |  |  |  |  |  |  |  |  |  |  |  | 2008
 |  |  |  |  |  |  |  |  |  |  |  |  | 2009
 |  |  |  |  |  |  |  |  |  |  |  |  |  | 43000