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Benefits to Enron Summary

Deal Name: Yosemite Dollar Amount: $33.8 million
Date: 12/99
Description of Transaction: At year-end 1999, Enron sold LJM2 the equity in
Yosemite structure.

Enron Business Unit Benefited: Enron Corp.

Did the deal result in a direct or indirect benefit to Enron? Direct

Primary Benefit: Enron was able to obtain a true sale opinion because LJM is a true
3rd party, preserving off-balance sheet treatment of the structure.

Funds Flow Direct: $33.8 Funds Flow Indirect: $766.2 million

Earnings Direct: Earnings Indirect:

Fees Saved:

Other equity investors bidding on the transaction: none

Did the deal close with LJM? yes

Other benefits to Enron:
  o Speed of execution (approx. 2 days) - LJM2 executed at year-end 1999 when
Enron had unsuccessfully marketed the Yosemite equity.
  o Willing counterparty

Compiled by: Ace Roman

ASF_CW 000737

EXH027-00057

GOVERNMENT
EXHIBIT
  1378
  Crim. No. H-04-25 (S-2)