Spreadsheet: louise_kitchen__22534__4base329c
Sheet: Financials

[NAME] and 3 Percent Test
Raptor IV
2000-09-11 00:00:00 |  |  |  |  |  |  | Analysis |  |  |  | Analysis
Talon Balance Sheet as of 9/11/00 |  |  |  |  |  |  | Assumptions:
Assets |  |  | Liabilities & Owner's Equity |  |  |  | Enron Share Price |  |  |  | [NAME]
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 | 0
 |  |  | Enron | 1000 |  |  | Income Statement |  |  |  | Interest Receivable |  |  | Swap Obligation
Total |  | b | Total |  |  |  | For the period ending |  |  |  | Enron Shares |  |  | Collar Obligation
 |  |  |  |  |  |  | Option Premiums Earned |  | h |  | [NAME] |  |  | Note Due to Enron
Enron Shares Consist of: |  |  | Shares | Price |  |  | Permitted Investment Income |  |  |  | ENE Share Derivative
 |  |  |  |  |  |  | Interest Income--Harrier Note |  |  |  | Collar Receivable |  |  | LJMII |  | j
Peregrine |  |  | 6326045 | 84.875 |  |  | Discount Amortization |  | g |  | Swap Receivable |  |  | Enron
Total Undiscounted |  |  |  |  |  |  | Discount [NAME] |  | g |  | Total |  |  | Total |  | i
Less: Discount |  | e |  |  |  |  | Interest Expense
Net |  | a |  |  |  |  |  |  |  |  | 3 Percent Test & Capacity Calculation
 |  |  |  |  |  |  |  |  |  |  | Total Balance Sheet Footing |  |  |  |  | i
3 Percent Test |  |  |  |  |  |  | [NAME] / (Losses) |  |  |  | Costs Paid by Enron |  |  |  | 1000000
Total Balance Sheet Footing |  |  |  |  | b |  | [NAME] / (Losses) [NAME] |  |  |  | Put Option Exposure
Plus Costs paid by Enron |  |  |  | 1000000 |  |  | Reserve for Shares |  |  |  | Swap Exposure
Plus:  Put Exposure | Shares |  | 7120901 |  |  |  | [NAME] / (Losses) Share Derivative |  |  |  | Sub-Total
 | X Strike |  |  |  |  |  | [NAME] / (Losses) |  |  |  | X  Required capitalization percentage
Subtotal |  |  |  |  |  |  | Realized Gains / (Losses) |  |  |  | Required Third Party Capitalization
Less:  Put premium received |  |  |  |  | c |  |  |  |  |  | Actual Third Party Capitalization |  |  |  |  | j
 |  |  |  |  |  |  |  |  | f |  | Result
X  Required capitalization percentage |  |  |  | 0.0302 |  |  | Net Gain/(Loss) |  |  |  | Surplus Third Party Capital
Required Third Party Capitalization |  |  |  |  |  |  | Credit Analysis |  |  |  | Available 3% capacity
Actual Third Party Capitalization |  |  |  |  | d |  | Initial Credit Capacity |  | d
Result |  |  |  |  |  |  | LJMII Capital |  | e |  | Equity Rollforward (Check)
Days in Period |  |  |  |  |  |  | Initial Discount on Enron Shares |  |  |  | Capital
 | Initial |  | 2003-03-01 00:00:00 | Delivery |  |  | Total Initial Credit Capacity |  |  |  | LJM
 | I/S |  |  |  |  |  |  |  | f |  | ENE
 | Days O/S |  |  |  |  |  | Plus:  [NAME] (1)
 |  |  |  |  |  |  | ENE share gain (loss) from $84.875 |  |  |  | Plus Income(Loss)
 |  |  |  |  |  |  | ENE shares not included above |  |  |  | Less Distributions
 |  |  |  |  |  |  | Additional LJMII Capital |  | g |  | Current Equity
 |  |  |  |  |  |  | Less:  Discount Amortization |  |  |  | Ending LJM Capital
 |  |  |  |  |  |  | March ENE Shares |  |  |  | Ending ENE Capital
 |  |  |  |  |  |  | Distribution to LJMII
 |  |  |  |  |  |  | Total Credit Capacity
 |  |  |  |  |  |  | (1) Put at $83 per share and Call at $112.418 included |  |  |  | 3 Percent Test & Capacity Calculation
 |  |  |  |  |  |  |  |  |  |  | Total Exposure |  | Third Party
 |  |  |  |  |  |  |  |  |  |  |  |  | Original Balance Sheet
 |  |  |  |  |  |  | Cash/Investment |  |  |  |  |  | Original Notional
 |  |  |  |  |  |  | Note due from Enron |  |  |  |  |  | [NAME]
 |  |  |  |  |  |  | Enron Shares |  |  |  |  |  | Derivative Cost
 |  |  |  |  |  |  | Interest Receivable |  |  |  |  |  | Existing Notional
 |  |  |  |  |  |  | March ENE Shares |  |  |  |  |  | Realized Losses |  | 0
 |  |  |  |  |  |  | Collar Receivable
 |  |  |  |  |  |  | Swap Receivable |  |  |  |  |  | Remaining Notional
 |  |  |  |  |  |  | Option Obligation
 |  |  |  |  |  |  | Put Obligation | 0
 |  |  |  |  |  |  | Swap Obligation
 |  |  |  |  |  |  | Collar Obligation
 |  |  |  |  |  |  | Note Due to Enron