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Enron North America Project Motown March 2000

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Enron North America Project Motown March 2000. Current MCN Ownership Structure. MCN Holding Company. 100%. MCN Energy Enterprises. 100%. 100%. 100%. 100%. CDC Ada Inc. MCN Ada GP Inc. Ludington Cogeneration Co. Ludington Cogeneration Holdings Ltd. 49.5% LP. Ada Cogeneration

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slide2

Current MCN Ownership Structure

MCN Holding

Company

100%

MCN Energy

Enterprises

100%

100%

100%

100%

CDC Ada Inc.

MCN Ada

GP Inc.

Ludington

Cogeneration

Co.

Ludington

Cogeneration

Holdings Ltd.

49.5% LP

Ada

Cogeneration

LP

0.5% GP

49.0% LP

Michigan

Power

LP

1.0% GP

slide3

Current Michigan Power Project Structure

MCN Energy

Company

100.0%

1

MCN Energy

Enterprises

Dynegy

Fuel Supply Payment

Is Subordinate to Debt

Service By Agreement

100.0%

Ludington Cogen Co.

(LP)

Ludington Cogen

Holdings, Ltd. (GP)

Michigan Cogen, Inc.

(LP)

Michigan Power, Inc.

(GP)

MichCon Gas

Company*

49.0%

1.0%

49.0%

1.0%

MCN Power

Company (CDC)*

Gas Transportation

Agreement

Michigan

Power LP

O&M Agreement

Term Loan

($130.2 MM)

Dynegy Operating

Company

Gas Sales

Agreement

1

LIBOR + 112.5 - 200.0 bp

($50.0 MM SWAP @ 5.4975%)

Agent

(Barclays’)

WC Line

($3.0 MM)

Power Purchase Agreement

Consumers

Power Company

LIBOR + 112.5 - 200.0 bp

DSR Line

($7.1 MM)

Steam Sales Agreement

Dow Chemical

Company

*MCN AFFILIATES

LIBOR + 112.5 - 200.0 bp

slide4

Current Ada Project Structure

MCN Energy

Company

Delta Power

Company

ConEd

Development, Inc.

100.0%

MCN Energy

Enterprises

Delaware

LLC

(LP)

Delaware

LLC

(GP)

100.0%

CDC Ada, Inc.

(LP)

MCNIC Ada GP, Inc.

(GP)

49.5%

0.5%

49.5%

0.5%

Gas Sales

Agreement

MichCon Gas Co.

(MCN Affiliate)

Gas Transportation

Agreement

Ada

Cogen LP

O&M Agreement

GE Energy Plant

Operations, Inc.

Term Loan

($30.0 MM)

Agent

(ABN Amro)

Power Purchase Agreement

LIBOR + 87.5 to 100 bp

Consumers

Power Co.

WC Revolver

($1.0 MM)

Steam Sales Agreement

Amway

Corporation

LIBOR + 87.5 to 100 bp

slide5

Acquisition Structure

Enron

Amount Equal

to Floating $

Fixed $

(Yield on Debt)

Delta Power

Company LLC

Bank

$1,735,000

(3% of PP as Equity

Funding Plus $10,000

C-Corp Funding)

100% Interest

$55,775,000

(97% of PP as Debt Funding)

$10,000

White Pine

Energy LLC (**)

White Pine

Preferred Holdings

(C-Corp)

P&I* @ Prime + 300 bp (“Floating $”)

w/Equity Call Option

100% Interest

100% Interest

Purchase Price (PP) = $57,500,000

MPPA LLC (**)

CDC Ada Inc.

MCNIC Ada

GP Inc.

Ludington

Cogeneration

Co.

Ludington

Cogeneration

Holdings Ltd.

Purchases 0.01% Preferred LP Interests

NOTES:

Newly Formed Entities

(*) Funds in excess of the amount

required to pay operating costs

and Delta Power’s dividend

are used to pay accrued interest

and then out-standing principle

on Bank loan.

(**) Disregarded for Tax Purposes

Ada

Cogeneration

LP

Michigan

Power

LP

49.49% LP

Interest

0.50% GP

Interest

48.99% LP

Interest

1.00% GP

Interest

$5,000

$5,000

slide6

Operating Structure

NOTES:

Revenue Sources

Costs:

1. Operating - Salary/Expenses

CEO &CFO are employees of Delta Power pre-exercise

2. Operating - Corporate Services Agreement (CSA)

Covers the provision of as accounting, tax, legal

and other services (including benefits post-exercise)

at “fair market value”

3. Dividend

4. Debt Service (I&P per “Waterfall”)

Delta Power

Company LLC

Bank

4

3

1

2

Enron

or

Designee

White Pine Energy

2-3 Employees

(DPC CEO, President & VP/Treasurer)

2 Member Board of Directors

White Pine

Preferred Holdings

GP/LP

Distributions

(Variable)

Consulting

Service Fees

(Retainer + Cost)

MGP Fees

($206,000/yr)

CDC Ada Inc.

MCNIC Ada

GP Inc.

Ludington

Cogeneration

Co.

Ludington

Cogeneration

Holdings Ltd.

Preferred LP Distributions

(Variable)

MPPA LLC

Ada

Cogeneration

LP

Michigan

Power

LP

49.49% LP

Interest

0.50% GP

Interest

48.99% LP

Interest

1.00% GP

Interest

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