Spreadsheet: rick_buy__32786__MPR 09142001
Sheet: Mariner Ent

 |  |  |  |  |  |  |  | Today's | Previous Day's |  |  |  | Market | Previous | Change | UNUSED DO NOT DELETE |  |  | Market | Enron |  |  |  |  |  |  | Previous Day |  |  |  |  |  | Profit & Loss Summary
 |  |  |  |  |  | Equity |  | Number of | Number of |  | Sector |  | Value | Market Value | Market Value |  |  |  | Value | Company Tag | Asset | Hedge | Net | Asset | Hedge | Net | Market | Daily |  |  |  |  | QTD |  |  |  |  | 1998-06-30 00:00:00 | 1998-09-30 00:00:00 | YTD | Gamma | 3/31/00
Asset Class | Book | Telephone # | Asset | Ticker | Sector | Type | Instrument | Shares/Units | Shares/Units | Gamma | Beta | Delta | Per Share | Per Share | Per Share | Do Not Delete | Do Not Delete | Do Not Delete | 2001-09-14 00:00:00 | Name | Sector | Sector | Sector | Index | Index | Index | Value | Asset P&L | Hedge P&L | Valuation P&L | Total P&L |  | Asset P&L |  | Hedge P&L | Valuation P&L | Total P&L | Value | Value | P&L | Position | Carrying Value |  |  | Tag
Convertible - Private | Upstream | [PHONE] | 0 |  | Energy | Convertible | Convertible Debt | 28571.4285715 | 28571.4285715 | 0 | 0.3 | 0.8 | 2307.445012486172 | 2307.852977144835 | -0.4079646586624222 | 0 | 0 | 0 | 0 | 001:Enron-NA | 15822480.08565902 | -0.2565123465611527 | 15822479.82914668 | 0 | 0 | 0 | 65938656.49001727 | -11656.13310467452 | 11656.13310467149 | 0 | -3.030436346307397e-09 | c | 0 | * | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Convertible - Private | Upstream | [PHONE] | 0 |  | Energy | Convertible | Convertible Debt | 28571.4285715 | 28571.4285715 | 0 | 0.3 | 0.8 | 2307.445012486172 | 2307.852977144835 | -0.4079646586624222 | 0 | 0 | 0 | 0 | 001:Enron-NA | 15822480.08565902 | -0.2565123465611527 | 15822479.82914668 | 0 | 0 | 0 | 65938656.49001727 | -11656.13310467452 | 11656.13310467149 | 0 | -3.030436346307397e-09 | c | 0 | * | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
US Private | Upstream | [PHONE] | Mariner Commodity |  | Energy | Private | Common Equity | 1 | 1 | 0 | 0 | 1 | -198815 | -222195 | 23380 | 0 | 0 | 0 | 3187 | 001:Enron-NA | 0 | 0 | 0 | 0 | 0 | 0 | -222195 | 23380 | -23380 | 0 | 0 |  | -117422 | b | -122245 | 0 | -239667 | 0 | 0 | 0 | 0 | 0 |  |  | Mariner Commodity
US Private | Upstream | [PHONE] | Mariner |  | Energy | Private | Common Equity | 570000 | 570000 | 0 | 0.3 | 1 | 255.8871959650106 | 255.9437506967915 | -0.05655473178092052 | 0 | 0 | 0 | 218100258 | 001:Enron-NA | 43756710.51001681 | -0.7094104444377891 | 43756709.80060636 | 0 | 0 | 0 | 145887937.8971711 | -32236.19711512327 | 32236.19711513456 | 0 | 1.128501025959849e-08 | a | 239667 | * | 0 | 0 | 239667 | 0 | 0 | 0 | 0 | 218100258 |  |  | Mariner
US Structured Credit-MTM | Upstream | [PHONE] | 0 |  | Energy | Private | Financing | 1 | 1 | 0 | 0 | 0 | 24219525.82900996 | 24206222.69218701 | 13303.13682294264 | 0 | 0 | 0 | 0 | 001:Enron-NA | 0 | 0 | 0 | 0 | 0 | 0 | 24206222.69218701 | 13303.13682294264 | 0 | 0 | 13303.13682294264 |  | 0 |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | *  Unlike the commodity hedge (b), the equity hedges are incorporated into the market values (a,c)
 |  |  | Mariner Enterprise Value:
 |  |  | Equity:
 |  |  | ENA's Common Equity owned through JEDI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 218100258 |  |  |  |  |  |  |  |  |  |  |  |  | a
 |  |  | Gross-Up Sharing Ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.6
 |  |  | Enron's Common Equity w/o commodity hedge owned through JEDI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 363500430
 |  |  | plus:  Commodity Hedge Offset Quarter to Date |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | -117422 |  |  |  |  |  |  |  |  |  |  |  |  | b | # of Shares |  | ENRON Shares | ENA Shares
 |  |  | Enron's Common Equity with commodity hedge owned through JEDI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 363383008 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1111182 |  | 1111182 | 666709.2
 |  |  | ENA's Convertible Bridge Loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 |  |  |  |  |  |  |  |  |  |  |  |  | c | 285714 |  | 285714 | 285714
 |  |  | Total Enron Equity in Mariner |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 363383008 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1396896 |  | 1396896 | 952423.2
 |  |  | Gross-Up Ratio for 8/8's value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.8625924407317206 |  |  |  |  |  |  |  |  |  |  |  |  |  | 222520 | (management shares) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | loss per share
 |  |  | Total Mariner Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 421268481.8936614 |  |  |  |  |  |  |  |  |  |  |  |  |  | 1619416 | 260.1360502141892 | per share
 |  |  | Debt:
 |  |  | Bank of America Revolver |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 42700000
 |  |  | ENA Senior Revolver |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25000000
 |  |  | Sub-Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 99661000
 |  |  | Total Debt as of 8/31/99 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 167361000
 |  |  | less:  Management Option Exercise |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19032300
 |  |  | less:  Mariner Cash as of 9/30/99 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1326000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Assuming $500mm Enterprise Value: |  |  |  |  |  |  | 500000000
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | [NAME]-down | -58890205.42129262 | -42.15790253626083 |  |  |  |  | loss per share
 |  |  | Total Mariner Enterprise Value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 568271181.8936614 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | [NAME] | -40152164.43887366