Spreadsheet: vkaminski__40905__Summary1-29
Sheet: Summary

Summary of Raptor Transactions
As of 1/29/01
Current TNPC Market Value |  | 9.75
Current ENE Market Value |  | 80.77
 |  |  |  |  | (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 Credit Capacity |  | Distribution to LJM | Change in Contributed Stock (since inception) |  | Raptor hedge net gain/(loss) | 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 | 79967265 | (f) | -399411292.2159366 | 26736891.91265848 | (e) | -110784070.3 | 0
 | Hedged Exposures | Net Notional Amount
 | Publics | 349135513.5277501
 | Privates | 276390332.1400001
 | Total | 625525845.6677502
Raptor 2 | Forward on ENE Common Stock | 7809790 | (b) | 68.75 | 536923062.5 | 350000000
 | Promissory Note |  |  |  | 50000000 | 50000000
 | Cash |  |  |  | 1000 | 1000
 | Total |  |  |  | 586924062.5 | 400001000 | 31100000 | 218023062.5 |  | -41000000 | 93873675.79999997 | (g) | -39211189.21999999 | 21610819.12217253 | (e) | 253296368.2021725 | 0
 | Hedged Exposures | Net Notional Amount
 | South American LDCs | 460000000
 | Hanover Compressor | 53095720
 | Total | 513095720
Raptor 4 | Forward on ENE Common Stock | 6326045 | (b) | 84.875 | 536923069.375 | 350000000
 | Promissory Note |  |  |  | 50000000 | 50000000
 | Cash |  |  |  | 1000 | 1000
 | Total |  |  |  | 586924069.375 | 400001000 | 30000000 | 216923069.375 |  | -40469684 | -11861334.375 | (h,i) | 0 | 26453543.87753212 | (e) | 191045594.8775321 | 0
 | Hedged Exposures | Notional Amount
 | Notional Capacity | 522376483.4437085
 |  |  |  |  | (a) | (b) | (c) |  |  | (e) | (f) |  | (g) | (h) |  | (d)+(e)+(f)+(g)+(h)
Vehicle | Asset(s) Contributed | TNPC Shares |  | Contributed Share Price | Undiscounted Contribution Value | Discounted Contribution Value | LJM Equity Investment | Initial Credit Capacity |  | Distribution to LJM | Change in Contributed Stock (since inception) |  | Raptor hedge net gain/(loss) | Other Income/(Loss) |  | Current Credit Capacity
Raptor 3 | TNPC Warrants | 24117800 |  | 10.75 | 259266350 | n/a
 | Promissory Note |  |  |  | 50000000 | n/a
 | Cash |  |  |  | 1000 | n/a
 | Total |  |  |  | 309267350 | 309267350 | 30000000 | 536474800 | (c) | -39500000 | -271325250 | (d) | -197820999 | -1103864.771666666 | (e) | 26724686.22833333 | 0
 | Hedged Exposures | Notional Amount
 | 18,008,400 TNPC Warrants | 378176400
 | 18008400
Total All Raptor Structures |  |  |  |  |  |  |  |  |  |  |  |  | -636443480.4359366 |  |  | 360282579.0080379
Footnotes:
(a)  Shares contributed by ENE through settlement of UBS forward position.
(b)  Shares contributed by forward purchase ENE's economic interest in Whitewing ("WW") partnership.
(c)  Amount represents contributed TNPC shares @ $21/share plus LJM's intial investment.
(d)  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).
(e)  Amount represents cumulative Raptor income/(expense) other than discount amortization on ENE shares.  This is primarily the net amount of put premiums earned and interest expense.
(f)  Raptor 1 Enron shares are hedged out with a $81 put and $116 call.
(g)  Raptor 2 Enron shares are hedged out with a $78.875 put and $111.8633 call.
(h)  Includes an adjustment for the share shortfall if there is any.
(i)  Raptor 4 Enron shares are hedged out with a $83 put and $112.418 call.
 |  |  |  | $ Equivalents | Share Equivalents | Share Requirerments | [NAME]
Input ENE Stock Price |  |  |  | 80.77
 | ENE Shares held by WW | 50000000 |  | 4038500000 | 50000000
 | Osprey 144A Debt outstanding |  |  | 2427000000 | 30048286
 | Subtotal:  Remaining value |  |  | 1611500000 | 19951714
 | Less:
 | Raptor I commitment |  |  | 313125501.35 | 3876755 | 3876755 | 0
 | Raptor II commitment |  |  | 630796738.3 | 7809790 | 7809790 | 0
 | Raptor IV commitment |  |  | 510954654.65 | 6326045 | 6326045 | 0
 | Ending Balance |  |  | 156623105.7000003 | 1939124 |  | 0