=============
Page 1 of 1
=============

Exhibit I

Assets;Contributed to Project Merlin, Net.Market Gross Market
Value = ENENet Value
Asset tip, Sector.. Type Ratio

American Coal Jr.	Coal	Private	$	22,990,591.37	75%	$	30,654,121.82
Beau Canada SubDebt Revolver	Cdn Energy	Private	$	14,560,078.43	63%	$	23,296,125.49
Bonus Resources Subdebt RA	Energy	Private	$	7,500,000.00	50%	$	15,000,000.00
Canfibre Riverside Sub Debt	Paper	Private	$	11,161,826.95	100%	$	11,161,826.95
Canfibre Riverside Taxable Debt	Paper	Private	$	20,459,965.40	100%	$	20,459,965.40
City Forest Jr. Debt	Paper	Private	$	8,500,629.82	100%	$	8,500,629.82
City Forest Sr. Debt	Paper	Private	$	17,744,445.56	100%	$	17,744,445.56
Cline Resources - Dakota	Coal	Private	$	4,639,124.96	63%	$	7,422,599.93
Cline Resources - Panther	Coal	Private	$	7,922,437.39	63%	$	12,675,899.82
East Coast Power Loan	Generation	Private	$	30,000,000.00	100%	$	30,000,000.00
Heartland Steel Loan	Steel	Private	$	14,483,262.77	100%	$	14,483,262.77
HV Marine Sr. Debt	OSX	Private	$	10,878,778.80	50%	$	21,757,557.61
HV Marine Sub Debt C	OSX	Private	$	11,530,076.98	100%	$	11,530,076.98
Kafus Environmental Bridge Loan	Paper	Private	$	19,281,804.35	75%	$	25,709,072.46
Lewis Energy Loan A	Energy	Private	$	2,305,904.79	100%	$	2,305,904.79
Lewis Energy Loan B	Energy	Private	$	1,896,801.08	100%	$	1,896,801.08
LSI Debt	OSX	Private	$	3,641,276.35	100%	$	3,641,276.35
Oconto Falls Debt	Paper	Private	$	4,546,197.77	75%	$	6,061,597.03
Ridgelake Sr. Term Loan	Energy	Private	$	4,587,024.46	100%	$	4,587,024.46
Sierra Well Service Sr Credit RA	OSX	Private	$	10,472,584.51	100%	$	10,472,584.51
Sierra Well Service Sr Sub Credit RA	OSX	Private	$	10,703,163.15	50%	$	21,406,326.30
Transcoastal Sub Loan RA	OSX	Private	$	9,670,026.46	50%.	$	19,340,052.93

Total $ 249,476,001.36 $ 320,107,152.08

m
C)

C)
0
0
N
N
W

EXH003-01527