Spreadsheet: phillip_allen__29914__Valuation Summary Recallable
Sheet: 9-12-01

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 |  |  | 09-12-01 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 | 300310632.9224749 |  | -0.1801962100884107 | 0.2497114718466025 | 0.4299076819350132 | -0.4726791213203719 | -0.04277143938535877 |  | -12844718.03282236 | -17161364.76727808 | -12844718.03282236
2001-11-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 12067525.29486488 |  | -0.2229247015146645 | 0.1689879316053496 | 0.3919126331200141 | -0.4941470338825684 | -0.1022344007625544 |  | -1233716.217207478 | -2804308.096281489 | -1233716.217207478
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 70847855.45200887 |  | -0.2236828536413065 | 0.1283510812083142 | 0.3520339348496206 | -0.4995843149312847 | -0.1475503800816641 |  | -10453627.99991471 | -12509127.48431095 | -11687344.21712219
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 67911031.44786753 |  | -0.1873569342052624 | 0.2995680526779488 | 0.4869249868832113 | -0.5034611495799055 | -0.01653616269669422 |  | -1122987.864922255 | -1575091.429472599 | -12810332.08204444
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 64581224.07301914 |  | -0.1642732817456485 | 0.2925385971797163 | 0.4568118789253648 | -0.4422554158146565 | 0.01455646311070824 |  | 940074.205863286 | -83036.51952073292 | -11870257.87618116
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 60788998.17987139 |  | -0.147663765101406 | 0.29 | 0.4376637651014059 | -0.4448153151226326 | -0.007151550021226749 |  | -434735.5612236121 | -94444.40116402681 | -12304993.43740477
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 24113998.47484323 |  | -0.1355367643671008 | 0.29 | 0.4255367643671008 | -0.4479189750975459 | -0.02238221073044516 |  | -539724.5954175745 | -95356.83652820869 | -12844718.03282234