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ENRON GLOBAL ASSETS Project Hurricane MAY 24, 2001

ENRON GLOBAL ASSETS Project Hurricane MAY 24, 2001. Portfolio Summary. Notes: Book Values as of March 31, 2001 Discount rates from CSFB and Enron RAC group. ERG OFFER. $500 Million Cash $300 Million Subordinated Note Interest only (4%) 10 year Bullet

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ENRON GLOBAL ASSETS Project Hurricane MAY 24, 2001

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  1. ENRON GLOBAL ASSETS Project Hurricane MAY 24, 2001 Confidential

  2. Portfolio Summary Notes: Book Values as of March 31, 2001 Discount rates from CSFB and Enron RAC group Confidential

  3. ERG OFFER • $500 Million Cash • $300 Million Subordinated Note • Interest only (4%) • 10 year Bullet • Warrants for 5% of the Company upon Strategic Exit of the business • Buyer must first achieve 30.0% return on initial equity investment • Enron exercise price is equal to 5% of the then-current basis of the purchased portfolio Confidential

  4. ERG OFFER EVALUATION *Based on preliminary analysis of buyer’s possible capital structure and exit scenario **Enron tax basis equals $776.4 MM at March 31, 2001 • Offer is below market value range; allows buyer to achieve significant return on invested capital • Offer would result in significant book loss to Enron • ERG has indicated willingness to structure deal to avoid transfer issues • ERG has completed financial due diligence Confidential

  5. PORTFOLIO SUMMARY1998-2010 Actuals Projections Confidential

  6. Asset Name: Transportadaora de Gas del Sur S.A. (TGS/CIESA) Description: 4,146 Mile Pipeline Contract: 35 year license agreement for exclusive transportation of natural gas in southern Argentina Primary Customer(s): LDCs Location: Argentina Ownership %: 35.5% Book Value (03/31/01): $446.5 MM Financial Information Amounts in US$ Millions Confidential

  7. Asset Name: Promigas S.A. E.S.P. Description: Gas transmission, local distribution and fuels Contract: Various Take or Pay contracts (returns regulated by Colombian government) Primary Customer(s): Various Power Plants and LDCs Location: Colombia Ownership %: 43% Book Value (03/31/01): $156.5 MM Financial Information Amounts in US$ Millions Confidential

  8. Asset Name: Vengas, S.A. (Vengas) Description: LPG Distribution Contract: None; retail business Primary Customer(s): 2.5 million customers with 46% of Venezuelan filling market (based on total sales) Location: Venezuela Ownership %: 97.2% Book Value (03/31/01): $145.1 MM Financial Information Amounts in US$ Millions Confidential

  9. Asset Name: Smith Enron Co-generation Limited Partnership (SECLP) Description: 185 MW Barge Mounted Generating Plant Contract: 19-year Build Own Operate and Power Purchase Agreement Primary Customer(s): Corporacion Dominicana de Electricidad Location: Dominican Republic Ownership %: 85% Book Value (03/31/01): $98.8 MM Financial Information Amounts in US$ Millions Confidential

  10. Asset Name: Batangas Description: 110 MW BOT Power Plant Contract: 10-year Build Own Transfer and Power Purchase Agreement Primary Customer(s): National Power Corporation Location: Philippines Ownership %: 100% Book Value (03/31/01): $54.5 MM Financial Information Amounts in US$ Millions Confidential

  11. Asset Name: Eclipse Description: 359 MW Power Plant Contract: 20-year Power Purchase Agreement, Industrial steam sales Primary Customer(s): Sichuan Electric Power Corp./Various Location: China Ownership %: 51% Book Value (03/31/01): $65.5 MM Financial Information Amounts in US$ Millions Confidential

  12. Asset Name: International Gases Limited Description: LPG And Industrial Gases Distributor Contract: None; retail LPG business Primary Customer(s): Various (37% LPG market share) Location: Jamaica Ownership %: 100% Book Value (03/31/01): $29.4 MM Financial Information Amounts in US$ Millions Confidential

  13. Asset Name: PQPC/L Description: Barge Mounted Diesel Engine 224 MW Power Plants Contract: 15-year Build Own Operate and Power Purchase Agreement for 114 MW Barge; 110 MW barge is merchant Primary Customer(s): 114 MWs to Empresa Electrica de Guatemala SA 110 MWs wholesale markets in Guatemala and El Salvador Location: Guatemala Ownership %: 37.5% Book Value (03/31/01): $38.3 MM Financial Information Amounts in US$ Millions Confidential

  14. Asset Name: Subic Bay Description: 116 MW Power Plant Contract: 15-year Build Own Transfer and related Power Purchase Agreement Primary Customer(s): National Power Company Location: Philippines Ownership %: 50% Book Value (03/31/01): $24.2 MM Financial Information Amounts in US$ Millions Confidential

  15. Asset Name: Marianas Energy Company (formerly Piti Power) Description: 88 MW BOT Power Plant Contract: 20-year Energy Conversion Agreement Primary Customer(s): Guam Power Authority Location: Guam Ownership %: 50% Book Value (03/31/01): $16.8 MM Financial Information Amounts in US$ Millions Confidential

  16. Asset Name: Accroven SRL - Venezuela Branch (Accro III & IV Project) Description: Natural Gas Extraction, Fractionate, Storage and Refrigeration Contract: 20-year Tolling/Services Agreement Primary Customer(s): PDVSA Location: Venezuela Ownership %: 49.25% Book Value (03/31/01): $33.9 MM Financial Information Amounts in US$ Millions Confidential

  17. Asset Name: Corinto Description: 70.5 MW Barge Mounted Diesel Plant Contract: 50 MWs 15-year Power Purchase Agreement/20 MWs merchant Primary Customer(s): Empresa Nicaragüense de Electricidad Location: Nicaragua Ownership %: 35% Book Value (03/31/01): $4.9 MM Financial Information Amounts in US$ Millions Confidential

  18. Asset Name: Centragas-Transportadora de Gas de la Region Central de Enron Development & Cia., S.C.A. Description: 357 KM Pipeline Contract: 15-year Build Own Maintain Transfer Agreement Primary Customer(s): Ecopetrol Location: Colombia Ownership %: 50% Book Value (03/31/01): $(0.3) MM Financial Information Amounts in US$ Millions Confidential

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