Subject: Confidential & Proprietary - PanNat Valuation Update (7.24.01)
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked]
Date: Wed, 25 Jul 2001 07:59:21 -0700 (PDT)

Jeff,

As requested, below find the updated valuation, assuming the contract is amended beginning September 1, 2001, based on July 23, 2001 curves

Let me know if you have any questions.

Eric

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