Calpine - PGT Capacity

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