LJM APPROVAL SHEET
This Approval Sheer should be used to aoprove Enrons participation in any transactions involving UM Cayrnan. L.P. (~UMl1 or
L   '~ Co-Investment. LP. (~UM2). UMI and UM2 will collectively be referred to as UM. This Approval Sheet is in addition
i~   tin lieu 00 any other Enron approvals that may be requued.
  GENERAL
  Deal name: Nowa Sarryna
  Date Approval Sheer completed: December 1. 1999
  Enron person corrmletsng this form: Nicole Alvino
  Expected closing daze: December 20, 1999
  Business Unit: Enron Europe
  Business Unit Originator: Anne Edglcy
  This transaction relates to DUMI and/or ~LJM2.
  This transaction is ~a sale by Enron Da purchase by Enron Da co-sale with Enron Da co-purchase with Enron and/or
  Dother:________________________________________________
  Person(s) negotiating for Enron: Anne Edglcy. Maroun Abboudy, Cheryl Lipshuiz. Trushar Patel
  Person(s) negotiating for UM: Michael Kopper
  Legal counsel for Enron: Freshfields, London - Julian Makin
  Legal counsel for LJM: Kirkland &Ellis. Los Angeles - Eva Davis
DEAL DESCRIPTION     (lnserr short description of the transaction involving/between Enron and UM~ do not describe the
underlying asset or transaction.]
     will purchase 75% of the Nowa Sarzyna power project from Enron Europe.
ECONOMICS     flnsert short description of the Enron economics of the transaction involving/between Enron and UM; do not
describe the economics of the underlying asset or transaction.]
UM2 will purchase 75% of Enron's economic interests in Enron Poland Investments B.V. for S30 MM. LIM2 is entitled to 75% of
the cash flow in the form of dividends and shareholder loans.
DASH   (Attach the DASH relating to the underlying asset or transaction. Insert brief update on the DASH if the underlying asset or
transaction has changed materially since the original DASH was completed.]
Attached
												      AF 100151
												  ~FOIA CONFIDENTIAL
												 TREATMENT REQUESTED
												  BY ANDREW FASTOW
												  ~ENT
												  *    EXHIBIT
												  176301

LIM APPROVA.L SHEET
Page 2
rsSUES CHECKLIST
       Sale Options
       a. If this transaction is a sale of an asset by Enon. which of the following options were considered and reiec:ed:
       DCondor ~Margaux    DEnserco DRawhide DIEDI I DiED! II DChewco ~Third Party ODirect Sale. Please explain:
       Third parry could not transact quickly enough.
       b. WI!! this oansacnon be the mos: beneficial alternative to Enron?   ~Yes   ONo. If no. please exvlain:_____________
	  Were any ocher bids/offers received in connection with this transaction?  DYes   ~No.          Please explain: Fne short
	  ti,,~e frame to transaction execunon, and ine need for certainty of closure drove the decision not to seek other bids.
2.     Prior Obligations
       a. Does this transaction involve a Qualified Invesurient (as defined in the JEDI II parusership agreement)? DYes~No. If
	  yes. please explain how this issue was resolved: _______________________________________________________________
       b. Was this transaction required to be offered to any other Enron affiliate or ocher party pursuant to a contractual or ower
	  obligation? DYes  ~No. If yes, please explain: _____________________________________________________
3.     Terms of Transaction
       a. What are the benefits (financial and otherwise) to Enron in this transaction? DCash flow       ~Earnings
	  DOther:_______________________________
       b. Was this transaction done strictly on an arms-length basis? ~Yes DNo. If no, please explain:
       c. Was Enron advised by any third party that this transaction was not fair, from a financial perspective, to Enron?
	  DYes   !~No.  If yes, please explain:________________________________________________________________
       d. Are all LJM expenses and out-of-pocket costs (including legal fees) being paid by LIM?         DYes   ~No.  If no. is
	  this market standard or has the economic impact of paying any expenses and out-of-pocket costs been considered when
	  responding to items l.b. and 3.b. above?      ~Yes ONo. (market standard)
4.     Comoliance
       a. Will this transaction require disclosure as a Certain Transaction in Enron's proxy statement?  EYes   DNa.
       b. Will this transaction result in any compensation (as defined by the proxy rules) being paid to any Enron employee?
	  DYes       0No.
       c. Have all Enron *employees/ involvement in this transaction on behalf of LJM been waived by Enrons Office of the
	  Chairman in accordance with Enron's Conduct of Business Affairs Policy? EYes     DNo.           If no, please explain:
       d. Has the Audit Committee of the Enron Corp. Board of Directors reviewed all Enron/UM transactions within the past
	  twelve months?    DYes    IXINo.        Have all recommendations of the Audit Committee relating to Enron/LJM
	  transactions been taken into account m this transaction?  DYes ONo.
					Name                                       Signature                     Dare
			    John SheiTiff                             _________________________
			    Mark Evans                                __________________________
			    Rex Rogers
 APPROVALS
 Business Unit
 Business Unit Legal
 inron Corp. Legal
 Global Finance Legal
 RAG
 Accounting
 Ey   nyc
0 '0tM~Pw..d~UM ~
			  Scott Sefton
			  Rick Buy
			  Rick Causev
			  Jeff Skilling
							 4;
										   , ~/Q~/~ 7
										    ~
										    Afl 00152
										  "FOIA CONFIDENTIAL
										TREATMENT REQUESTED
										  BY ANDR~ FASTa~-

			- -                                               f      1    .              -
 U.%1 A.PPIO' A.L 5IIZET
 Pave 2
    ES ()4EC3QJS7
	~a~upaa~s
	a. l!ihia wawac~au iia ssie e(U: ai~*i by ~oa. 'macb Oi~E flIowu~ Opetoaa b~r comidet,4 a~ e;::~e.~
	~M~e CIJI.Iarpu      ~c:o ON.a~ ~ ar~t                  oa~i ii ~be's.~ :~.h~s~d P~ ~Dizwt Salc     l'Ica,. euj~.
	I J~v4 peji~. wu~d ~i ~uUaCt 4~JeCt~ cDoUg,k.
	-  Wi~ ~ ~ be tl~ at~e ~az~rmI aIi.v~aw~e ~e ~wo'~                 ~Y.i  ~?'.a. ~'a. pI~.a,c :s.~ huim.__________
	   Wn, amy .~t b,.Waffr'a ~ in coanec~oa "ia thin a'uaaac~w,?            aYa    ~         P'Sa~ 6%IIdAM.  T~a a&ngt
	   ~IL~C baaie ~O aane1I~WJC uX~W~Cu'. aaid 2~c aced fni' ~rnsnty of:I~rtift iro~e 1h iiccU:oU ~tm seek oib~
	i. Oo~ dzs W3flM.~?iOfl ~n.olvs & O.jl,fi~ I vc5Wiaz~ ~ae Jeibad ~ ~ IF.DI II ~r~srah~ A~ee~!lrIi?)~ OYes~e     11
	   yw., plums. uiiFIam .'iu'- cJ~b hut WU ~                 _______________
	b. We. ~iu  anu~Uoo tc~ws~d ~ ~ n~Tetu~i ~i say oe'~ Fmo~ a~duase as ot~*rpaa.ty p~zsta.auiI t'~ a n~a.~uat rw ae~w~
	   obialunoss? OYes ~No.  fy~.  ltasexpl~~                                ___________
 3      Terms ~( Trasuaci~auu
	a. Wb~L U. ~ benelita (flt~nc~aI sad ~b~ia~~) to Swan ~ inim uaasacnou? OCaa~ flow     . (iEarttangs
	   OOU.r                 ________________
	~. W~g ~is  ~ ~1o      awtctl" an an a~s 1eq~ basis" mY.. ~4o. IC tto. plena. epIa~a~_____________
	c  Was ~atrtin mdiiu ~ by may lku~ party that ~ uinmction was floe lair, fta~a ~nancial ~a~ooovs. Co wut'
	   CY.. ~ ii v... p:.aae xpIui~
	   ~ L: Lfl4 ~p.rscs and ~at-of.packet cciii (inc~s~si~ legal fees) b~ig pe&4 .ay Lfr4'   ~        ~      11 "a. .is
	      mas~r, qgand~rd cc has tbe evanonvC ~ ~~"YI ~ e~nw and c~~pocket c~a bctii e~sadar~ wt~e~
	   ?YIT)OfldtLfi to slgi~A I .b. atid 3.b. ibove?      ~YSS g1OIm.f~Cl hAikhId)
	~.omphuaca
	*  WIU ~Is rwaruoa rsq~ma ~oiccust as mCaum Trmusacr.au ii Bwun's prory su.temcoe?        *Yca     O$~t.
	hi. WJI his 21253&t15)fl rm~ueIz in asy cort~Muoe (as de~.4 by lbs prosy ASles) benig paid to any ~z~oc err~Iov~c'
	   OYca      ~No.
	~. I{av, all Lro~ eezploy.as' iuvahemaa ia ~ua uanaacuo~ en behalf at tiM bees walvcd by Eusw. Ofl~t.g n( the
	   C airman in acwrdince wlib linens Cw'siiact O(DM5D3C1SAff~iT, Polio)" ~Y*S   DNa.       If no.  please exp.zin.
	%l Ha. the Audit (cmmuftae at lbs i~os Cal?. De&rd at Diwectan tg~-itw.d all EArQUA.JM tz~aacnorn '-idun tic peat
	   twelve m~ashs?   aYes      No.               lie's .13 recaeumeudanorn n( ibe Audit C,~wee rs~aong w
	   te~,1aac1sc~ beee taken tars a.c,uoe in this u~maaco~"   ~Ys. ~7'4a.
				       'Jam.                                    Sigmanara                  Dale
			   lvttui_5bact1~                             __________________________
			   Mars_!sana                                 ________________________
			   Res_Ro~ere                                 _____________________
			   Sciue SuArawe
			   ~Jrb P.ny
			   Rk.fr C.suau'v
AZP~OVAj5
Btmsa,acab C)iswi
Bwlee~a Uwi L~al
~oruoCwp. Lanai
Glonmi Fiwaancc Lezal
RAC
A~caunn~n~
JetY S~1iI.as
 2~4~
   AFi 00153
 "FOIA CONFIDENTIAL
TREATMENT REQUESTED
 BY ANDREW FASTOW

												     '~\   ~::~i:           3
LJY~4 APPROVAL SHEET
?uge
ISSLES CIIECKUST
       Sa~Opudes
       a. Z~ this Oanascuoc a a sale ui an aiSci b'r Eni~n. w~uch Of the toliow~cg opoue.a were c~ideru1 a~d rteete~:
       ~Crod~ ~MZI~2uz      ~ ~ oi~i                       c~: u oc~ ~ Pa~~y ~Dtxec~ Sais. Please explain:
       Th~ parry r.om&id Dot oz~acs oiss~iy e:ouhh.
       ~  Will that ~nsactou at the nice; oe~xfi.,.ssI aatuiznatzwg (a L,aon' EYes   ~ if on. pies.i. 'xpaw     ________
       -  Wc.~ any ~irhe. hJsiofle~ received in coon,cnoo 1V1t~ lOiS  &flbiiILiUfl?  QYw     ~         PitOse etp.ain: :~ie short
	  c~t fri~c tt ~aasac~cn ezcunoti. anO the neco for t.cnamnry        cLos'.tu ~OVt COt deetiton Oat ~ ICCZ OCfli~ bidS
2.     ?.,or Oblilatiocs
	  Does this naoucaoc *~voIvc a Q~uh6ed ~zswesunent (as de~oed in die JEDI ~I p~e.~~ip apeerneni)' DYe~No            If
	  v~. please explain how this nsue was resolved _______________________________________________
       b  Wts LI    tranai&.~iuo rcs~uzz:d ~ be offered to any oth~ !on slflhnite ~ orhier parry puiausnz to a conruesual or OthU
	  oclipoon? EYes     ~Nc. La, please expLun                ___________________________________
3.     Teino o(Tnwssetion
       a. What are the benellts (r~ocisI and oditowisc) so Boron in this tnasacncn? Ocash flow         ~Earrangs
	  DOth~-._____________________________
       b. Was Usis nansacoon done smetly ~n u arros-leogth oasis? EYes ~No. lEna, please explain:__________________
       C. Was Ezuon advised by any thini parry that this tnnsacuou waS not fau. front a L"inoeiai perspecnve, to P~rtin?
	  DYas     ~No.  If yes, piea~e explain:_______________________________              __________________________
       d. Art all UNI crpeosee said out.of.pa..lzet cosis (including legal hoe) beinC ~id ny U)a~?     DYes  ~No.     It no. .5
	  this rearker stendard or has thc ccssormc impact of paying wv expenses and out-ot~pocket     os~ been considered when
	  responding to items I b. and .3.b. shove!      i~Yes DNa. (market s~udard)
4.     Co~linnee
       a. Will this  unasenon require disclosure as a CerCain TrmOSaC~iOISW iwoat's proxy siatement7   l~res ONo.
       b. \ViI! this ~s~on result to :sy cnnipetuatlon (as defined by the proxy rules) being psad to any Enuou sipoloyte'
	  DYts         lENa.
       ~  Have all Enrcic en~iloyees invialvew.ent sai thas n~zssseoon on behalf of LIM been waived by Eziroos Office of the
	  Cosirroan in aeeonlsncv with Enron's Conduts of Business Affairs Policy? EYes      DNa.       It no. please  c~plaaOi
       d. Ha. the Audit Cumansue, of tlss Enrue Corp. Board of OL-cerors reviewed .11 Euzonfl..flv( ufussa.tiana v~thia the pUt
	  twelve mondn?      DYes   lENo.          Have all reeoin~ndations of the Audit Coirsrnitoe relating to EnzonfLN
	  ransecuona been COketi into account to this tt5l~A~tioa7  DYEs DNa. A i*jUAL.      /Zivi~..,    piat '.*r 7~'(~ae ~AG
				       Nante
 APPROV.4LS
 Business Unit   .            John ShrrnT
 Business Unit Legal          Mark Evans
 Enson Corp. Legal            Rex Roters
 Global  insnee Legal         Scott Se~oo
 RAC                          Thick I3uv
 Accountin5                   Rick Causey
 2reutsve                     JeST S'sihlin~
0 ~V4J~5A&...
					      liars
				      7-
						7
								      Date
									 A.FlOO 154
								     *FOIA CONFiDENTIAL
								   TREATMENT REQUESTED
								     BY ANDREW FASTOW