Spreadsheet: louise_kitchen__22535__Summary8-31
Sheet: Summary

Summary of Raptor Transactions
Including New Terms effective 3/26/01
As of 8/31/01
Current TNPC Market Value |  | 4
Current ENE Market Value |  | 34.99
 |  |  |  |  | (a) | (b) | (c) | (d) = (a)-(b)+(c) |  | (e) | (f) |  | (g) | (h) |  | (d)+(e)+(f)+(g)+(h)
Vehicle | Asset(s) Contributed | ENE Shares |  | Contributed Share Price | Undiscounted Contribution Value | Discounted Contribution Value | LJM Equity Investment | Initial Restructured Credit Capacity |  | Distribution to LJM | Change in Stock and Stock Derivatives (since inception) |  | Raptor hedge net gain/(loss) | Note and Other Income/(Loss) |  | Current Credit Capacity
Raptor 1 | ENE Common Stock | 3739175 | (a) | 70.5 | 263611837.5
 | Forward on ENE Common Stock | 3876755 | (b) | 70.5 | 273311227.5
 | Total ENE Common Stock |  |  |  | 536923065 | 350000000
 | Promissory Note |  |  |  | 50000000 | 50000000
 | Cash |  |  |  | 1000 | 1000
 | Total |  |  |  | 586924065 | 400001000 | 36000000 | 222923065 |  | -41000000 | -55680392.45000002 | (f) | -536892847.4030658 | 40473565.05101296 |  | -370176609.8 | 0
 | Hedged Exposures | Net Notional Amount
 | Publics | 310806225.0628343
 | Privates | 238748758.78
 | Total | 549554983.8428342
Raptor 2 | Forward on ENE Common Stock | 7809790 | (b) | 68.75 | 536923062.5 | 350000000
 | Forward on ENE Common Stock | 7919393 | (c) | 61.48 | 486884281.64 | 374904064.62
 | Total ENE Common Stock |  |  |  | 1023807344.14 | 724904064.62
 | Promissory Note |  |  |  | 50000000 | 50000000
 | Cash |  |  |  | 1000 | 1000
 | Total |  |  |  | 1073808344.14 | 774905064.62 | 31100000 | 330003279.5199999 |  | -41000000 | -91267644.80000001 | (g,h) | -53095720 | -8538748.850571265 |  | 136101165.8694286 | 0
 | Hedged Exposures | Net Notional Amount
 | Hanover Compressor | 41817537.472
Raptor 4 | Forward on ENE Common Stock | 6326045 | (b) | 84.875 | 536923069.375 | 350000000
 | Forward on ENE Common Stock | 4080607 | (c) | 61.48 | 250875718.36 | 193175935.38
 | Total ENE Common Stock |  |  |  | 787798787.735 | 543175935.38
 | Promissory Note |  |  |  | 50000000 | 50000000
 | Cash |  |  |  | 1000 | 1000
 | Total |  |  |  | 837799787.735 | 593176935.38 | 30000000 | 274622852.355 |  | -40469683.8 | 34555368.625 | (i, j ) | 0 | 2472927.759139654 |  | 271181464.9391397 | 0
 | Hedged Exposures | Net Notional Amount
 | Notional Capacity | 188053356.0637085
Raptor 3 | TNPC Warrants | 24117800 |  | 10.75 | 259266350 | n/a
 | Promissory Note |  |  |  | 50000000 | n/a
 | Cash |  |  |  | 1000 | n/a
 | Total |  |  |  | 309267350 | 309267350 | 30000000 | 536474800 | (d) | -39500000 | -460002600 | (e) | -301424299 | -4139013.507354696 |  | -268591112.5073547 | 0
 | Hedged Exposures | Notional Amount
 | 18,008,400 TNPC Warrants | 378176400
 | 18008400
 |  | 212236640
Total All Raptor Structures |  |  |  |  |  |  | 127100000 | 1364023996.875 |  | -161969683.8 | -572395268.625 |  | -891412866.4030658 | 30268730.45222665 |  | -231485091.4987864
Footnotes: |  |  |  |  |  |  |  |  |  |  |  | Less:
(a)  Shares contributed by ENE through settlement of UBS forward position. |  |  |  |  |  |  |  |  |  |  |  | Equity payment before Enron cross assignment |  |  |  | -61224043.83561644
(b)  Shares contributed by forward purchase ENE's economic interest in Whitewing ("WW") partnership.
(c)  Shares contributed by forward purchase ENE's shares from [NAME]
(d)  Amount represents contributed TNPC shares @ $21/share plus LJM's initial investment.
(e)  Amount is calculated as change in contributed TNPC stock since hedges were put in place at $21/share (ie. 24 MM shares * ($21-$Current TNPC Market Value) |  |  |  |  |  |  |  |  |  |  |  | Credit Capacity after Enron cross assignment |  |  |  | -292709135.3344029
less Note monetizations of $30 million on 3/29/01 and $20 million on 6/22/01.
(f)   Raptor 1 Enron shares are hedged with an $81 put and $116 call.  Includes Raptor I Share Shortfall from below.
(g)  Raptor 2 Enron shares from WW are hedged with an $78.875 put and $111.8633 call.  Raptor 2 Enron shares from [NAME] are hedged with an $61.48 put and $91.02 call.
(h)  Includes Raptor II Share Shortfall and Derivative Shares from Raptor IV below less the Raptor IV derivative cost of $118.4 million.
(i)   Raptor 4 Enron shares from WW are hedged with an $83 put and $112.418 call.  Raptor 4 Enron shares from [NAME] are hedged with an $61.48 put and $91.02 call.
(j)  Includes Raptor IV Share Shortfall and Derivative Shares from Raptor I and II below less the Raptor I and II derivative cost of $141.1 million.
 |  |  |  | $ Equivalents | Share Equivalents | Share Requirements | [NAME] | Derivative Shares
Input ENE Stock Price |  |  |  | 34.99
 | ENE Shares held by WW | 50000000 |  | 1749500000 | 50000000
 | Osprey 144A Debt outstanding |  |  | 2427500000 | 69376965
 | Subtotal:  Remaining value |  |  | -678000000 | -19376965
 | Less:
 | Raptor I commitment |  |  | 0 | 0 | 3876755 | -3876755 | 3876755
 | Raptor II commitment |  |  | 0 | 0 | 7809790 | -7809790 | 7809790
 | Raptor IV commitment |  |  | 0 | 0 | 6326045 | -6326045 | 6326045
 | Ending Balance |  |  | -678000000 | -19376965 |  | -18012590 | 18012590