Spreadsheet: rick_buy__32956__raptor4b
Sheet: Financials

[NAME] and 3 Percent Test
Raptor IV
2000-08-31 00:00:00 |  |  |  |  |  |  | Analysis |  |  |  | Analysis
Talon Balance Sheet as of 8/31/00 |  |  |  |  |  |  | Assumptions:
Assets |  |  | Liabilities & Owner's Equity |  |  |  | Enron Share Price |  |  |  | Talon Balance Sheet
Cash/Permitted Investment |  |  | Put Obligation | 41000000 | c |  | LIBOR Rate |  |  |  | As of:
Note due from Enron | 50000000 |  | Note Due to Enron |  |  |  | Earnings distributed to LJM as a return on capital to the extent |  |  |  | Assets |  |  | Liabilities & Owner's Equity
Enron Shares |  | a |  |  |  |  | $30 MM of LJMII's equity remains in Talon. |  |  |  | Cash/Investment |  |  | Option Obligation
 |  |  | LJMII |  | d |  |  |  |  |  | Note due from Enron |  |  | Swap Obligation
 |  |  | Enron | 1000 |  |  | Income Statement |  |  |  | Enron Shares |  |  | Collar Obligation
Total |  | b | Total |  |  |  | For the period ending |  |  |  | Interest Receivable |  |  | Note Due to Enron
 |  |  |  |  |  |  | Option Premiums Earned |  | h
Enron Shares Consist of: |  |  | Shares | Price |  |  | Permitted Investment Income |  |  |  | Collar Receivable |  |  | LJMII |  | j
 |  |  |  |  |  |  | Interest Income--Harrier Note ( 7%, Days OS/360) |  |  |  | Swap Receivable |  |  | Enron
Peregrine |  |  | 6326045 | 84.875 |  |  | Discount Amortization |  | g |  | Total |  |  | Total |  | i
Total Undiscounted |  |  |  |  |  |  | Interest Expense ( 7%, Days OS/360)
Less: Discount |  | e |  |  |  |  |  |  |  |  | 3 Percent Test & Capacity Calculation
Net |  | a |  |  |  |  |  |  |  |  | Total Balance Sheet Footing |  |  |  |  | i
 |  |  |  |  |  |  | [NAME] / (Losses) |  |  |  | Costs Paid by Enron |  |  |  | 1000000
3 Percent Test |  |  |  |  |  |  | Reserve for Shares |  |  |  | Put Option Exposure
Total Balance Sheet Footing |  |  |  |  | b |  | [NAME] / (Losses) |  |  |  | Swap Exposure
Plus Costs paid by Enron |  |  |  | 1000000 |  |  | Realized Gains / (Losses) |  |  |  | Sub-Total
Plus:  Put Exposure | Shares |  | 7120901 |  |  |  |  |  |  |  | X  Required capitalization percentage
 | X Strike |  |  |  |  |  |  |  | f |  | Required Third Party Capitalization
Subtotal |  |  |  |  |  |  | Net Gain/(Loss) |  |  |  | Actual Third Party Capitalization |  |  |  |  | j
Less:  Put premium received |  |  |  |  | c |  | Credit Analysis |  |  |  | Result
 |  |  |  |  |  |  | Initial Credit Capacity |  | d |  | Surplus Third Party Capital
X  Required capitalization percentage |  |  |  | 0.0302 |  |  | LJMII Capital |  | e |  | Available 3% capacity
Required Third Party Capitalization |  |  |  |  |  |  | Initial Discount on Enron Shares
Actual Third Party Capitalization |  |  |  |  | d |  | Total Initial Credit Capacity |  |  |  | Equity Rollforward (Check)
Result |  |  |  |  |  |  |  |  | f |  | Capital
 |  |  |  |  |  |  | Plus:  [NAME] (1) |  |  |  | LJM
 |  |  |  |  |  |  | ENE share gain (loss) from $84.875 |  |  |  | ENE
 |  |  |  |  |  |  | Additional LJMII Capital |  | g
 |  |  |  |  |  |  | Less:  Discount Amortization |  |  |  | Plus Income(Loss)
 |  |  |  |  |  |  | Distribution to LJMII |  |  |  | Less Distributions
 |  |  |  |  |  |  | Total Credit Capacity |  |  |  | Current Equity
 |  |  |  |  |  |  | (1) Put at $83 per share and Call at $112.418 included |  |  |  | Ending LJM Capital
 |  |  |  |  |  |  |  |  |  |  | Ending ENE Capital
 |  |  |  |  |  |  |  |  |  |  | 3 Percent Test & Capacity Calculation
 |  |  |  |  |  |  |  |  |  |  | Total Exposure |  | Third Party
 |  |  |  |  |  |  |  |  |  |  |  |  | Original Balance Sheet
 |  |  |  |  |  |  |  |  |  |  |  |  | Original Notional
 |  |  |  |  |  |  |  |  |  |  |  |  | Existing Notional
 |  |  |  |  |  |  |  |  |  |  |  |  | Realized Losses |  | 0
 |  |  |  |  |  |  |  |  |  |  |  |  | Remaining Notional