RE: COT Nymex Analysis ,
 Per yesterday's curves, Phil is showing that Tallahassee has a MTM value of $9,798,771.  Earlier, my cash requests showed a value of $1,500,000 as of 3/26/02.  

Phil's analysis below shows that the value of the Tallahassee deal was $3,388,467 using the curves on 3/26/02.  While the curve prices for 5/2002 through 10/2003 have increased, curve prices beyond 10/2003 have decreased.

I will attach Phil's worksheet showing current deal values to my cash request in the future.

-----Original Message-----
From: Polsky, Phil 
Sent: Tuesday, April 23, 2002 2:38 PM
To: Germany, Chris
Subject: COT Nymex Analysis
phil.polsky@enron.com, ed.mcmichael@enron.com