Spreadsheet: phillip_allen__29914__Valuation Summary Recallable
Sheet: 9-7-01

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 |  |  | 09-07-01 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 | 298957530.3597813 |  | -0.1774194702684488 | 0.2674261025469126 | 0.4448455728153613 | -0.4708465213791324 | -0.02600094856377111 |  | -7773179.369636713 | -12089826.10409242 | -7773179.369636713
2001-11-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 12054976.35227956 |  | -0.1979651052398086 | 0.2716567113122907 | 0.4696218165520994 | -0.4928115567988026 | -0.02318974024670323 |  | -279551.770289513 | -1850143.649363525 | -279551.770289513
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 70659010.288699 |  | -0.2172274875040198 | 0.179550196892014 | 0.3967776843960338 | -0.4977884799328929 | -0.1010107955368592 |  | -7137322.841108602 | -9192822.325504845 | -7416874.611398116
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 67605829.35708156 |  | -0.1860981191660301 | 0.3064677679505662 | 0.4925658871165963 | -0.5018157549188981 | -0.009249867802301803 |  | -625344.9842179788 | -1077448.548768322 | -8042219.595616095
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 64232107.64973191 |  | -0.1642712574267491 | 0.2925392874260528 | 0.4568105448528018 | -0.4403202742956748 | 0.01649027055712704 |  | 1059204.833598589 | 36094.10821456963 | -6983014.762017506
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 60430749.65084484 |  | -0.147662758319103 | 0.29 | 0.437662758319103 | -0.4427005136690014 | -0.005037755349898476 |  | -304435.3323519191 | 35855.82770766615 | -7287450.094369425
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 23974857.06114426 |  | -0.1355369435751653 | 0.29 | 0.4255369435751652 | -0.4457974659738764 | -0.02026052239871123 |  | -485743.1284932134 | -41375.36960384756 | -7773193.222862639