Spreadsheet: sally_beck__36255__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: | 2001-04-26 00:00:00
Below is a summary of the Discounting Analysis as of  April 26, 2001
 |  |  |  |  |  | IMPACT OF CHANGE IN DISCOUNTING METHODS |  |  |  |  |  | Cumulative Change Detail |  |  |  | CUMULATIVE CHANGE ANALYSIS
 |  |  |  |  |  | As   of |  |  |  | Cumulative |  | Hedge |  | Rho/ |  | Period (To / From)
 |  |  |  |  |  | 2001-04-26 00:00:00 |  | 2001-03-28 00:00:00 |  | Change Total |  | Management |  | Drift |  | 04/26 - 03/28 |  | 00:00:00 |  | 00:00:00 |  | 00:00:00 |  | 00:00:00
 |  |  |  | GAS |  | -9510851.300021723 |  | -11972150.69720006 |  | 2461299.397178339 |  | #REF! |  | #REF! |  | 2461299.397178339 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | [NAME] (in US$) | -9506407.14122172 |  | -11972150.69840006 |  | 2465743.557178339 |  | #REF! |  | #REF! |  | 2465743.557178339 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | [NAME] CD (in US$)
 |  |  |  |  | Short Term | -4444.158799999976 |  | 0.001200000000000007 |  | -4444.159999999976 |  | #REF! |  | #REF! |  | -4444.159999999976 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | [NAME] (CD$) | -1109521.789700028 |  | 0 |  | -1109521.789700028 |  | #REF! |  | #REF! |  | -1109521.789700028 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Long Term (CD$) is converted at 0.6414 and included in Long Term (in US$)
 |  |  |  | POWER |  | 0 |  | 0 |  | 0 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  | EMERGING BUSINESSES |  | -224857.5159999961 |  | -314785.5865000008 |  | 89928.07050000472 |  | #REF! |  | #REF! |  | 89928.07050000472 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Lumber | 0 |  | 0 |  | 0 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Coal | -224857.5159999961 |  | -227021.6635999929 |  | 2164.147599996795 |  | 0 |  | 0 |  | 2164.147599996795 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Paper | 0 |  | -87763.92290000792 |  | 87763.92290000792 |  | 0 |  | 0 |  | 87763.92290000792 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Weather | 0 |  | 0 |  | 0 |  | #REF! |  | #REF! |  | 0 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  | LIQUIDS |  | -2004257.326799978 |  | -2889762.572699999 |  | 885505.2459000216 |  | #REF! |  | #REF! |  | 885505.2459000216 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Crude Oil | -2122235.665299993 |  | -2894162.524300003 |  | 771926.8590000102 |  | #REF! |  | #REF! |  | 771926.8590000102 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Refined Products | 509639.8398000066 |  | 415389.7104000032 |  | 94250.12940000337 |  | #REF! |  | #REF! |  | 94250.12940000337 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | NGL | -444069.2964999905 |  | -468180.2421000006 |  | 24110.94560001003 |  | #REF! |  | #REF! |  | 24110.94560001003 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Petrochemicals | 52465.87799999917 |  | 57252.727800001 |  | -4786.849800001821 |  | #REF! |  | #REF! |  | -4786.849800001821 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  | PREPAYS |  | 23096524.41160021 |  | 24437894.49490011 |  | -1341370.083299904 |  | #REF! |  | #REF! |  | -1341370.083299904 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | Gas Prepay | 18638001.3071002 |  | 19731470.84930007 |  | -1093469.542199875
 |  |  |  |  | Liquids Prepay | 4458523.104500014 |  | 4706423.645600043 |  | -247900.5411000289
 |  |  |  | LONDON |  | -467720.489699992 |  | -592852.4041000034 |  | 125131.9144000115 |  | #REF! |  | #REF! |  | 125131.9144000115 |  | 0 |  | 0 |  | 0 |  | 0
 |  |  |  |  | TOTAL CALCULATED BALANCES | 10891722.88657853 |  | 8500776.126300056 |  | 2390946.760278468 |  | #REF! |  | #REF! |  | 2390946.760278468 |  | 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 |  | 23096524.41160021 |  | 24437894.49490011 |  | -1341370.083299901
 |  |  |  | ADD:  ORIGINATION GRANTED |  | 5575118 |  | 5575118 |  | 0
 |  |  |  | TOTAL RESERVE |  | -6629683.52502168 |  | -10362000.36860006 |  | 3732316.84357838
 |  |  |  |  | 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