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Project Jewel
Estimated Closing Valuation Statement
Calculated as of Sept 24, 2014
in USD millions
Item Amount 1 August 2014 Reference Valuation Statement 1,398.0
Changes to NAV4 New Trade NAV in September 2014 (2.3)
Removal of Transaction #57 (Trianel) NAV (68.0) 5 Gas and NSS storage NAV adjustment (24.0)
Removal of Transaction #38 (StPP) NAV (141.0) 6 Adjustment to Oil Inventory Values (113.0)
Other Items8 South East portfolio associated hedges 5.0 9 Forward value of exchange options 6.9
10 Exchange contracts pricing true up 4.5
Transferred Companies Related Items11 Cash in Legal Entities 435.2
Reduction in TTMI Sarl payables 9.9
Reduction in JPMCCC receivables (2.4)
GST balance adjustments for JPMCCC 0.6
Estimated Closing Value 1,509.4
Discounts2 Discount (537.0) 3 Discount / premium on incremental trades 4.5
Discount (532.5)
Estimated Seller Discount Adjustment7
Purchaser Financial Assurances Costs Adjustment 50.0
Employee Expense (20.4)
Risk Reducing Transaction Adjustment 0
Confirmatory Due Diligence Adjustment 0
Estimated Seller Discount Adjustment 29.6
Estimated Purchase Price 1,006.5
Notes:1 Per Reference Valuation Statement sent to Mercuria on September 12, 20142 Per Discount Table sent to Mercuria on Sept 12, 20143 As of July 31, 2014 data4 For trades done in September with an Oct Forward NAV as of Sept 22, 20145 Change in Gas and NSS storage to include Intrinsic value only6 Reduction of Oil inventory from August Reference Valuation Statement, as of Sept 12, 20147 Requisite documentation pursuant to 6.1(g) of the PSA not provided to JPM as of Sept 24, 20148 Losses on exchange hedges related to the SE book where pricing was fixed on November 29, 2013 as of August 20149 Value of exchange options that are transferred at zero price through the exchange
10 Pricing difference between exchange price vs. JPM price11 Cash Breakdown (in millions)
Henry Bath 130.0
TTMI 13.5
JPM SRO 4.7
JPMCCC 277.0
JPM Energy Europe 10.0
Total 435.2