Spreadsheet: vkaminski__40930__raptor1j
Sheet: Financials

[NAME] and 3 Percent Test
Raptor I
 |  |  |  |  |  |  | Analysis |  |  |  | Analysis
Talon Balance Sheet as of 4/18/00 |  |  |  |  |  |  | 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 |  |  | Put Obligation
 |  |  | Enron | 1000 |  |  | Income Statement |  |  |  | Enron Shares |  |  | Swap Obligation
Total |  | b | Total |  |  |  | For the period ending |  |  |  | Interest Receivable |  |  | Collar Obligation
 |  |  |  |  |  |  | Option Premiums Earned |  | h |  |  |  |  | Note Due to Enron
Enron Shares Consist of: |  |  | Shares | Price |  |  | Permitted Investment Income |  |  |  | Collar Receivable |  |  | LJMII |  | j
UBS |  |  |  | 70.5 |  |  | Interest Income--Harrier Note ( 7%, Days OS/360) |  |  |  | Swap Receivable |  |  | Enron
Peregrine |  |  | 3876755 | 70.5 |  |  | Discount Amortization |  | g |  | Total |  |  | Total |  | i
Total Undiscounted |  |  |  |  |  |  | Interest Expense ( 7%, Days OS/360)
Less: Discount |  | e
Net |  | a |  |  |  |  |  |  |  |  | 3 Percent Test & Capacity Calculation
 |  |  |  |  |  |  | [NAME] / (Losses) |  |  |  | Total Exposure |  | Third Party
3 Percent Test |  |  |  |  |  |  | [NAME] / (Losses) |  |  |  |  |  | Original Balance Sheet
Total Balance Sheet Footing |  |  |  |  | b |  | Realized Gains / (Losses) |  |  |  |  |  | Original Notional
Plus:  Put Exposure | Shares |  | 7171418 |  |  |  |  |  |  |  |  |  | Existing Notional
 | X Strike |  | 57.5 |  |  |  | Net Gain/(Loss) |  | f |  |  |  | Realized Losses
Subtotal
Less:  Put premium received |  |  |  |  | c |  | Credit Analysis |  |  |  |  |  | Remaining Notional
 |  |  |  |  |  |  | Initial Credit Capacity
X  Required capitalization percentage |  |  |  | 0.0302 |  |  | LJMII Capital |  | d
Required Third Party Capitalization |  |  |  |  |  |  | Initial Discount on Enron Shares |  | e
Actual Third Party Capitalization |  |  |  |  | d |  | Total Initial Credit Capacity |  |  |  | Equity Rollforward (Check)
Result |  |  |  |  |  |  |  |  |  |  | Capital
 |  |  |  |  |  |  | Plus:  [NAME] (1) |  | f |  | LJM
Days in Period |  |  |  |  |  |  | ENE share gain (loss) from $70.50 |  |  |  | ENE
2000-04-18 00:00:00 | Initial |  |  |  |  |  | Additional LJMII Capital
 | I/S |  |  |  |  |  | Less:  Discount Amortization |  | g |  | Plus Income(Loss)
 | Days O/S |  |  |  |  |  | Distribution to LJMII |  |  |  | Less Distributions
 |  |  |  |  |  |  | Total Credit Capacity |  |  |  | Current Equity
 |  |  |  |  |  |  | (1) Put at $81 per share and Call at $116 included |  |  |  | Ending LJM Capital
 |  |  |  |  |  |  |  |  |  |  | Ending ENE Capital
 |  |  |  |  |  |  |  |  |  |  | Difference
 |  |  |  |  |  |  |  |  |  |  | 3 Percent Test & Capacity Calculation
 |  |  |  |  |  |  |  |  |  |  | Total Balance Sheet Footing |  |  |  |  | i
 |  |  |  |  |  |  |  |  |  |  | Put Option Exposure
 |  |  |  |  |  |  |  |  |  |  | Swap Exposure
 |  |  |  |  |  |  |  |  |  |  | Sub-Total
 |  |  |  |  |  |  |  |  |  |  | X  Required capitalization percentage
 |  |  |  |  |  |  |  |  |  |  | Required Third Party Capitalization
 |  |  |  |  |  |  |  |  |  |  | Actual Third Party Capitalization |  |  |  |  | j
 |  |  |  |  |  |  |  |  |  |  | Result
 |  |  |  |  |  |  |  |  |  |  | Surplus Third Party Capital
 |  |  |  |  |  |  |  |  |  |  | Available 3% capacity