Spreadsheet: phillip_allen__29914__Valuation Summary Recallable
Sheet: 9-17-01

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 |  |  | 09-14-01 Mid Curves
 |  |  |  |  | Swap Prices |  |  |  |  |  | Value
Start | End | Year | PV Volume |  | Rec B & I | Del B & I | Spread | Tolls | Value Over Tolls |  | Yearly | Delta | Cumulative
2001-10-01 00:00:00 | 2006-05-31 00:00:00 | 2001 - 2006 | 308524877.366162 |  | -0.1856758120313071 | 0.2270509947960999 | 0.4127268068274069 | -0.4804198896457793 | -0.06769308281837239 |  | -20885000.07507579 | -25201646.80953149 | -20885000.07507579
2001-10-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 18232451.63304362 |  | -0.2584465812180279 | 0.08062147563024107 | 0.339068056848269 | -0.4914010877704702 | -0.1523330309222012 |  | -2777404.618403972 | -4347996.497477983 | -2777404.618403972
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 71019801.41349152 |  | -0.2291956595031475 | 0.1048677100848474 | 0.3340633695879949 | -0.5069438717438259 | -0.1728805021558311 |  | -12277938.93137181 | -14333438.41576806 | -15055343.54977578
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 68296851.47462633 |  | -0.1879861194494206 | 0.2700057734678368 | 0.4579918929172573 | -0.5114602669324321 | -0.05346837401517474 |  | -3651721.598704159 | -4103825.163254503 | -18707065.14847994
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 65123034.44884381 |  | -0.1667773804018675 | 0.2732586255125187 | 0.4400360059143863 | -0.4506316942096471 | -0.01059568829526081 |  | -690023.3738614807 | -1713134.0992455 | -19397088.52234142
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 61440234.75726012 |  | -0.1501657301130652 | 0.29 | 0.4401657301130651 | -0.4531925130137472 | -0.0130267829006821 |  | -800368.5995497701 | -460077.4394901849 | -20197457.12189119
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 24412503.63889662 |  | -0.1380413616304406 | 0.29 | 0.4280413616304406 | -0.4562049192628124 | -0.02816355763237177 |  | -687542.9531845506 | -243175.1942951848 | -20885000.07507575