Spreadsheet: vkaminski__40900__CASH_GasMat_0400MyCopy
Sheet: Returns

PROJECT & PARTNER RETURNS ($000)
Contract Year |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | NPV
Calendar Year |  |  |  | 1998 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Totals | Recon
Project Returns
 | Equity Injection
 | Net A-T Cash Flow Distributed
 | Plus: INE Dividend Income
 | Less: W/H Tax On INE Dividend Income
 | Plus: Trapped / (Recovered) Cash
 | Plus: Terminal Value
 | Total Cash Flow
 | 20 Year Running NPV
 | 20 Year Running IRR
 | Project IRR w/o TC
 | Discounted Payback Year
Enron Returns
 | Equity Injection
 | Net A-T Cash Flow Distributed
 | Less: Withholding Tax - Dividends
 | Plus: Terminal Value
 | Plus: Trapped Cash - Loans
 | Less: Interest Expense - TC Loans | (1)
 | Plus: Interest On Net Equity (INE)
 | Less: W/H Tax On INE Dividend Income
 | Plus: Development Fee | (1)
 | Plus: Technical Service Fee | (1)
 | Less: Consulting Fees Paid At Enron Level | (1)
 | Less: Houston Overheads Not Included In Project Costs | (1)
 | Less: Political Risk Insurance | (1)
 | Plus: Indemnity Fee | (1)
 | Less: Withholding Tax - Indemnity Fee | (1)
 | Less: Tax Cost / (Benefit) On (1)'s Above
 | Total Cash Flow
 | 20 Year Running NPV
 | 20 Year Running IRR
 | Enron IRR
 | Enron Discounted Payback Year
 | Cashflow Before Bridge Loan
 | Bridge Loan Amount
 | Bridge Loan Repayment
 | Plus: Interest Income - Bridge Loan | (2)
 | Less: WH Tax - Bridge Loan | (2)
 | Less: Political Risk Insurance - Bridge Loan | (2)
 | US Tax (Cost) / Benefit (2)'s Above
 | Total Cash Flow w/ Bridge Loan
 | Less: W/H Tax On INE Dividend Income
 | 20 Year Running NPV
 | 20 Year Running IRR
 | Enron IRR (w/ Bridge Loan)
 | Enron Discounted Payback Year
 | Cashflow Before Subordinated Debt
 | Subordinated Debt Amount
 | Subordinated Debt Repayment
 | Plus: Interest Income - Subordinated Debt | (2)
 | Less: WH Tax - Subordinated Debt | (2)
 | Less: Political Risk Insurance - Subordinated Debt | (2)
 | US Tax (Cost) / Benefit (2)'s Above
 | Total Cash Flow w/ Subordinated Debt
 | 20 Year Running NPV
 | 20 Year Running IRR
 | Enron IRR (w/ Subordinated Debt)
 | Enron Discounted Payback Year
 | Equity Injection
 | Net A-T Cash Flow Distributed
 | Less: Withholding Tax - Dividends
 | Plus: Terminal Value
 | Plus: Trapped Cash Loans
 | Less: Interest Expense On Trapped Cash Loans | (1)
 | Plus: Interest On Net Equity (INE)
 | Less: W/H Tax On INE Dividend Income
 | Plus: Development Fee | (1)
 | Plus: Technical Service Fee | (1)
 | Less: Tax (Cost) / Benefit On (1)'s Above
 | Total Cash Flow
 | 20 Year Running NPV
 | 20 Year Running IRR
 | Equity Injection
 | Net A-T Cash Flow Distributed
 | Less: Withholding Tax - Dividends
 | Plus: Terminal Value
 | Plus: Trapped Cash Loans
 | Less: Interest Expense - Trapped Cash Loans | (1)
 | Plus: Interest On Net Equity (INE)
 | Less: W/H Tax On INE Dividend Income
 | Plus: Development Fee | (1)
 | Plus: Technical Service Fee | (1)
 | Less: Tax (Cost) / Benefit On (1)'s Above
 | Total Cash Flow
 | 20 Year Running NPV
 | 20 Year Running IRR
 | Cashflow Before Bridge Loan
 | Bridge Loan Amount
 | Bridge Loan Repayment
 | Plus: Interest Income - Bridge Loan | (2)
 | Less: WH Tax - Bridge Loan | (2)
 | Tax (Cost) / Benefit (2)'s Above
 | Total Cash Flow w/ Bridge Loan
 | 20 Year Running NPV
 | 20 Year Running IRR
 | Transredes IRR w/ Bridge Loan
 | Cashflow Before Subordinated Debt
 | Subordinated Debt Amount
 | Subordinated Debt Repayment
 | Plus: Interest Income - Subordinated Debt | (2)
 | Less; WH Tax - Subordinated Debt | (2)
 | Tax (Cost) / Benefit (2)'s Above
 | Total Cash Flow w/ Subordinated Debt
 | 20 Year Running NPV
 | 20 Year Running IRR
 | Transredes IRR w/ Subordinated Debt