Spreadsheet: phillip_allen__29914__Valuation Summary Recallable
Sheet: 9-10-01

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 |  |  | 09-10-01 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 | 299323209.1190079 |  | -0.1795400238050542 | 0.2639487159464965 | 0.4434887397515507 | -0.46900433940745 | -0.02551559965589922 |  | -7637411.171599611 | -11954057.90605532 | -7637411.171599611
2001-11-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 12062191.98181371 |  | -0.2130031317559335 | 0.2716499085350546 | 0.4846530402909881 | -0.4885511126305891 | -0.003898072339601044 |  | -47019.29691926552 | -1617611.175993277 | -47019.29691926552
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 70727527.79888068 |  | -0.2224367259103947 | 0.1666079442995723 | 0.389044670209967 | -0.4949171542931318 | -0.1058724840831648 |  | -7488099.06112859 | -9543598.545524832 | -7535118.358047856
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 67703754.69338936 |  | -0.1873558378361967 | 0.3045848393424866 | 0.4919406771786834 | -0.5000698276035671 | -0.008129150424883713 |  | -550374.0062319888 | -1002477.570782332 | -8085492.364279845
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 64329204.77523021 |  | -0.1642719242369144 | 0.2925393605713942 | 0.4568112848083086 | -0.4390200023325264 | 0.01779128247578221 |  | 1144499.053598559 | 121388.3282145396 | -6940993.310681286
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 60507601.90588892 |  | -0.1476629602163194 | 0.29 | 0.4376629602163193 | -0.4415798941411027 | -0.003916933924783372 |  | -237004.2786124633 | 103286.8814471219 | -7177997.58929375
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 23992927.96380503 |  | -0.1355359446309558 | 0.29 | 0.4255359446309558 | -0.4446838194963698 | -0.01914787486541403 |  | -459413.5823058317 | -15045.82341646589 | -7637411.171599582