Spreadsheet: sara_shackleton__36501__ENE MTM 0630 revised 2
Sheet: JEDI MTM

 | [NAME]
 | Summary:
 |  | This agreement hereby locks Enron Capital & Trade's (ECT's) income/loss recognition on the 6,006,402 shares of Enron stock held by
 |  | JEDi at $54.0625/share, effective June 30, 1998.  Enron Capital Management (ECM) will incur all income/loss effects for price fluctuations
 |  | above or below Enron's $54.0625 stock price as well as income/loss for the value of the related puts.  This income sharing is for internal
 |  | management reporting only and does not impact [NAME]'s audited financial statements.  ECT will make monthly accounting entries to allocate
 |  | these income/loss effects to [NAME] based on the fair value calculated from month end closing prices.
 |  | In additon, ECM will reimburse ECT for the $22,824,327.00 purchase price of the puts in the form of 20 quarterly cash payments of $1,141,216.35
 |  | commencing on September 30, 1998, due and payable the last business day of each fiscal quarter.
 |  | The term of this agreement is 5 years, expiring June 30, 2003.
 |  | ENE Stock Price |  |  |  | Quarter End | Quarter End | Quarter End | Quarter End |  |  | Quarter End | Quarter End | Quarter End | Quarter End |  |  | Quarter End | Quarter End | Quarter End | Quarter End
ENE |  | 1998-09-30 00:00:00 | 1998-12-31 00:00:00 | Year 1998 |  | 1999-03-31 00:00:00 | 1999-06-30 00:00:00 | 1999-09-30 00:00:00 | 1999-12-31 00:00:00 | Year 1999 |  | 2000-03-31 00:00:00 | 2000-06-30 00:00:00 | 2000-09-30 00:00:00 | 2000-12-31 00:00:00 | Year 2000 |  | 2001-03-31 00:00:00 | 2001-06-30 00:00:00 | 2001-09-30 00:00:00 | 2001-12-31 00:00:00 | Year 2001 |  | LTD | LTD
Opening price | Market Price | 53.5 | 57.0625 |  |  | 64.25 | 81.75 | 41.0625 | 44.375
54.0625 | Strike Price | 54.0625 | 54.0625 |  |  | 71 | 71 | 35.5 | 35.5 |  |  | 35.5 | 35.5 | 35.5 | 35.5 |  |  | 35.5 | 35.5 | 35.5 | 35.5
[NAME] shares:
6006402
Post-split shares:
12012804
 |  |  |  |  |  |  |  |  |  |  |  | Unwind Price
MTM Gain/(loss) on Value of ENE shares held: |  |  |  |  |  |  |  |  |  |  |  | 47.625
 | Opening value
 | Closing Value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Stock
 | MTM
 | ECM's 60%
 |  |  |  |  |  |  |  |  |  |  |  | Unwind Price
ENE/JEDI Swap |  |  |  |  |  |  |  |  |  |  |  | 47.625
Strike | Opening Value | 1999-09-10 00:00:00
42.75 | Closing Value | 2000-01-11 00:00:00 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Swap
Shares | MTM
12012804 | ECM's 60%
1999-12-03 00:00:00 | NET Position
 |  |  |  |  |  |  |  |  |  |  |  | Unwind Price
MTM Gain/(loss) on Value of ENE shares held: |  |  |  |  |  |  |  |  |  |  |  | 61
Strike | Opening value
47.625 | Closing Value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Stock10
Shares | MTM
12012804 | ECM's 60%
MTM Gain/(loss) on Value of ENE shares held:
Strike | Opening value
61 | Closing Value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Stock11
Shares | MTM
12012804 | ECM's 60%
ENE/JEDI Swap
Strike | Opening Value | 2000-01-11 00:00:00
61 | Closing Value | 2000-01-20 00:00:00 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Swap11
Shares | MTM
12012804 | ECM's 60%
2000-01-20 00:00:00 | NET Position
Premium:
1998-07-13 00:00:00 | 22824327 | -1141216.35 | -1141216.35 |  |  |  | 0 | 0 | 0
1999-01-12 00:00:00
1999-03-11 00:00:00 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Premium
Total Premium
ECT's differential $56 to $54.0625: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ECT Swap 1
 | 1
 | ECM's 60%
ECT SWAP 3/99
Stike Price | 74.125
[NAME] shares: | 300000
Post-split shares: | 600000
This is the Swap between ECM and ECT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | ECT Swap 2
Value of Puts:
 | Pre-Split Price: |  | 6.77 |  |  |  |  |  | Price on Sep 10 when sold |  |  | Price Jan 20, 2000
[NAME]: | # of Puts | 6006402 |  |  |  | 15.242 | 9.734098 | 4.690902 | 4.351632 |  |  | 2.94
Post- Split | # of Puts | 12012804 |  |  |  |  |  |  |  |  |  | 12012804
Closing/Market Value
ECM's 60%
Carrying Value:
Opening value |  |  | 0 |  |  |  |  |  |  |  |  | 0
Premiums: |  |  |  |  |  |  |  |  |  |  |  | 2000-01-11 00:00:00
1998-07-13 00:00:00 | 22824327 |  | 22824327
1999-01-12 00:00:00 | 23184711.72 |  |  |  |  | 23184711.72
1999-03-11 00:00:00 | 13334212.44 |  |  |  |  | 13334212.44
Total Premium
ECM's 60% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Put 1
Closing carrying value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Put 2
Quarterly gain/(loss)
ECM's 60%
Reported on DPR | ECM's 60%
 | Stock
 | Put
 | 0.6
 | Stock
 | Put
 | 1