Subject: Calpine - PGT Capacity
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked]
Date: Fri, 5 Jan 2001 09:41:00 -0800 (PST)

Jean,

Here is the deal broken down into its parts:

 Annuity to PGT ($.17308*57,500/day)   $  21,909,493

 Index Sale at Malin vs. West Offer (+$.03)  ($    2,522,854)

 Transportation Value in Books
  Intrinsic (basis spreads)   ($ 22,704,220)  
  Extrinsic    ($   3,156,142)
  Demand Costs in transport book    $ 15,212,370  ($10,647,992)

 Origination - Upstream Stephanie Miller  ($    8,238,646)
 Origination - Canada Eric LeDain  ($       500,000)

     NET                0

Please call or email with any questions or concerns.  Thanks and have a great 
weekend.

John Griffith