Spreadsheet: vkaminski__40914__LJM Simulation1
Sheet: Raptor 1

Asset(s) Contributed | Type | Units |  | Contributed Share Price | Mkt. Price |  | [NAME] | Market Value | Drift | [NAME] | Volatility | P/L | Terminal Value
ENE | Stock | 3739175 | (a) | 70.5
ENE (Waterfall) | Forward | 3876755 | (b) | 70.5
Promissory Note
Cash
Total
Hedged Exposures
 |  | Revised as per
 |  | [NAME]
Public |  | Spreadsheet |  | Strike
3TEC Warrants | Swap |  | Long | 1.17868389193476 | 16.25
Active Power | Swap |  | Long | 53.00000019586597 | 22.875
Avici Systems | Swap |  | Long | 162.5 | 32.9375
Carrizo Warrants | Swap | 156250 | Long | 4.19540251455472 | 10
Catalytica After 12/14 | Swap | 1339286 | Long | 0 | 14.75
Paradigm | Swap | 59891 | Long | 5.875 | 5.125
Place Resources | Swap | 0 | Long | 1.68395 | 2.75
DevX Energy Common | Swap |  | Long | 14.03976555562134 | 7.25
DevX Energy Pref | Swap | 0 | Long | 4.065882352941176
Quicksilver | Swap | 0 | Long | 7.625 | 9.6
Total Public Exposure |  |  |  |  |  |  |  |  |  |  |  |  | Publics
 |  |  |  |  | Swap Price |  | Effective Fix Price | Market Price |  |  |  |  | Public+Private
Private |  |  |  |  |  |  |  |  |  |  |  |  | From 29Jan Summary
Amerada Hess Exposure | Swap |  | Long |  | 1250000 | e |  | 1250000 |  |  |  |  | 0
Ameritex | Swap |  | Long |  | 4563600 | e |  | 4375178.69 |  |  |  |  | -188421.31
Basic Energy Preferred | Swap |  | Long |  | 2136334 | p |  | 1247943.5 |  |  |  |  | -888390.5
Black Bay | Swap |  | Long | settled | 429975 | e | 0 | 0 |  |  |  |  | 0
[NAME] | Swap |  | Long | settled | 12500000 | d | 0 | 0 |  |  |  |  | 0
Catalytica Before 12/14 | Swap |  | Long |  | 0 |  |  | 0 |  |  |  |  | 0
City Forest IPC | Swap |  | Long |  | 1663000 | d |  | 1663000 |  |  |  |  | 0
Ecogas Loan & Equity | Swap |  | Long |  | 12878050 | d |  | 0 |  |  |  |  | -12878050
Geo. Pursuit (EBGB) | Swap |  | Long | settled | 1012500 | e | 0 | 0 |  |  |  |  | 0
Heartland Common | Swap | 172031 | Long | 136.649295766461 | 23507915 | e |  | 2.831220626831055e-07 |  |  |  |  | -23507914.99999972
Heartland Common (Condor) | Swap |  | Long |  | 10372212 | e |  | 0 |  |  |  |  | -10372212
Heartland Loan | Swap |  | Long |  | 1302980 | d |  | 137317.57 |  |  |  |  | -1165662.43
Heartland Warrants | Swap |  | Long |  | 3486752 | w |  | 0 |  |  |  |  | -3486752
Hughes Rawls Loan | Swap |  | Long |  | 429210 | d |  | 1000000 |  |  |  |  | 570790
Hughes Rawls Note | Swap |  | Long |  | 470790 | d |  | 0 |  |  |  |  | -470790
HV Marine Warrants | Swap |  | Long |  | 27082500 | w |  | 23513434.5 |  |  |  |  | -3569065.5
Industrial Holdings | Swap |  | Long |  | 7121810 | d |  | 7121810 |  |  |  |  | 0
Invasion Energy | Swap |  | Long |  | 5644007 | e |  | 5644007 |  |  |  |  | 0
Juniper | Swap |  | Long |  | 20916875 | e |  | 20999559.86 |  |  |  |  | 82684.8599999994
Juniper Committed Exposurer | Swap |  | Long |  | 2560525 | e |  | 2560525 |  |  |  |  | 0
[NAME] | Swap |  | Long | settled | 4774950 | e | 0 | 0 |  |  |  |  | 0
LSI Preferred | Swap |  | Long |  | 1822363 | p |  | 2013591.65998389 |  |  |  |  | 191228.6599838899
LSI Warrants | Swap |  | Long |  | 1374750 | w |  | 1374750 |  |  |  |  | 0
Oconto Falls Common | Swap |  | Long |  | 1803840 | e |  | 1803840 |  |  |  |  | 0
Oconto Falls IPC | Swap |  | Long |  | 2300803 | d |  | 2300803 |  |  |  |  | 0
Texland | Swap |  | Long |  | 7483750 | e |  | 8551988.34 |  |  |  |  | 1068238.34
Texland Committed Exposurer | Swap |  | Long |  | 2343750 | e |  | 2343750 |  |  |  |  | 0
Vastar | Swap |  | Long |  | 16316247 | e |  | 16316247 |  |  |  |  | 0
Vastar Exposure | Swap |  | Long |  | 1050000 | e |  | 1050000 |  |  |  |  | 0
Venoco Convertible | Swap | 375000 | Long | 217.28 | 81480000 | pc |  | 80202486.48 |  |  |  |  | -1277513.52
WB Oil & Gas | Swap | 1000 | Long | 1360 | 1360000 | e |  | 1360000 |  |  |  |  | 0
 |  |  |  |  |  |  |  |  |  |  |  |  | -1.323522001504898
Chewco SLP Exposure (Public exposures here are functions of public exposures above)
3TEC Warrants | Swap |  | Long
Place Resources | Swap |  | Long
 | Swap |  | Long
 | Swap |  | Long
Quicksilver | Swap |  | Long
Ameritex | Swap |  | Long |  | 2747287.2
Hughes Rawls Note | Swap |  | Long |  | 283415.58
Total Private Exposure
 |  |  | Prob. Of |  | Event | Total
[NAME] Derivative | Principal | Credit Spread | Def | Shock | Def = 0 | Recovery
American Coal Company | 35000000 | 0.08
Beau Canada | 12265128 | 0.08
Bonus Resources | 15000000 | 0.08
Can Fibre | 15000000 | 0.08
Can Fibre (Waste) | 25000000 | 0.08
Cityforest (Junior) | 10000000 | 0.08
Cityforest (Senior) | 19610000 | 0.08
Cline Dakota | 7146416 | 0.08
Cline Panther | 15908269 | 0.08
East Coast Power | 30000000 | 0.08
Heartland | 15000000 | 0.08
HV marine | 23542484 | 0.08
Kafus | 23740282 | 0.08
Segundo Navarro (Lewis) | 2216667 | 0.08
LSI | 5200000 | 0.08
Oconto | 5000000 | 0.08
Sierra (senior) | 24410000 | 0.08
Sierra (subordinated) | 28142234 | 0.08
Transcoastal | 20000000 | 0.08
Total
 |  |  |  |  | Shortfall=