============= Page 1 of 15 ============= ENRON WIND 09-Apr-01 LBO Analysis - Transaction Summary 05:20 PM (dollars in millions) Sources: Commitment Commit. Fee Amount Percent Ownership 3 Mo. LIBOR Interest Rate Term Points Fees Existing Cash Balances $0.0 0.0% 4.800%. 5.00%. Option Proceeds 0.0 0.0%, Spread + Revolving Credit Facility $50.0 0.5% 0.0 0.0'%. 0.0% 2.950% 7.75%. 6.0 2.0%, $1.0 A / R Facility 0.0 0.0% 0.0%, 1.000%, 5.80%, -- 2.0'%. 0.0 Term Loan - A 0.0 0.0%, 0.0%. 2.950%, 7.75%, 6.0 2.0% 0.0 Term Loan - B 70.0 12.4% 0.0% 3.450'% 8.25% 8.0 2.0%. 1.4 Term Loan - C 0.0 0.0'%, 0.0% 3.700%, 8.50%. 8.5 2.0%. 0.0 Term Loan - D 0.0 0.0% 0.0% 2.000% 6.80%. 9.0 2.0% 0.0 Term Loan - E 0 0 0.0'7 0.01 2.250% 7.05%, 9.5 2.0% 0A Total Credit Facility 70.0 12.4% Pre-funding for Working Capital 0.0 0.0% 0.0% 5.000% 5.30%, 10.0 3.0'7 0.0 7% Senior Notes due 2006 0.0 0.0%. 0.0% 5.500% 7.00% 10.0 3.0%. 0.0 6.5%. Senior Notes due 2009 0.0 0.0% 0.0% 5.500% 6.50% 10.0 3.0%. 0.0 8%. Senior Notes due 2019 0.0 0.0'%. 0.0% 5.750% 8.00% 10.0 3.0% 0.0 7.125% Senior Notes due 2029 0.0 0.0%. 0.0%. 5.750% 7.13%, 10.0 3.0%, 0.0 Capital Lease Obligations 0.0 0.0%, 0.0% 5.7501 6.80'% 10.0 3.0% 0.0 Total OpCo. Debt 70.0 12.4%. Existing Senior Sub. Notes 0.0 0.0% 0.0% 6.250% 9.50% 10.0 3.0'% 0.0 New Senior Notes 225.0 39.9'%, 0.0% 11.00% 10.0 3.0'% 6.8 Sr. Disc. Notes @ HoldCo. Non-Cash 0.0 yrs. 0.0 0.0'%. 0.0% 6.750%, 11.55%. 10.5 3.0%, 0.0 Mezzanine Financing Non-Cash 0.0 yrs. 0.0 0.0%. 0.0% 7.500%, 12.30% 11.0 3.0%. 0.0 Total Debt 295.0 52.3% Exchangeable P1K Preferred 100.0 17.7%, 3.0%. 0.500%. 5.30%, 11.5 0.0'%. 0.0 Common Equity 168.9 30.0%. 97_0%. Total Sources $563.9 100.0%. 100.0%, $9.2 Uses: Cumulative Debt Paydown Purchase of Equity $498.6 2005 2006 2007 2008 Refinance Debt 54.9 100.0%, 100.0%. 100.0%. 100.0% Pre-funding for Working Capital 0.0 Working Capital Adjustments 0.0 Yrs Amort Multiple Analysis: Transac tion Value: $532.5 Financing Fees 9.2 10 Transaction Expenses @ 0.25% 1.2 PF 2000 2001 2002 2003 Total Uses $563.9 TV / EBITDA 8.1x 5.9x 4.8x 3.9x Pro Forma 2000 Operating Data: Total Revenues $473.3 Growth '7 -- EBITDA 66.1 Margin '7 140",: Capital Expenditures $20.4 Total Senior Debt $70.0 Total Debt 295.0 Credit Statistics: Total Senior Debt / EBITDA 1.06x Total Senior Debt / EBITDA 1.06x Total Debt / EBITDA 4.46x EBITDA / Total Senior hit. Exp. 11.45x EBITDA / Total Senior Interest Exp. 11.45x EBITDA / Total Interest Exp. 1.54x EBITDA / Cash HoldCo. Interest Expense 1.54x Projected FYE December 31, 2001 2002 2003 2004 2005 2006 $880.4 $1,042.2 $1,200.7 $1,323.4 $1,458.8 $1,608.1 86.0% 18.4% 15.2% 10.2% 102% 10.2% 90.0 111.7 136.0 149.5 164.4 180.8 10.2% 10.7% 11.3% 11.3'7. 11.3% 11.2'5, $46.2 $36.6 $40.0 $40.0 $45.0 $50.0 $73.3 $62.9 $38.8 $0.4 $0.0 $0.0 298.3 287.9 263.8 225.4 225.0 225.0 0.81x 0.56x 0.29x 0.00x 0.00x 0.00x 0.81x 0.56x 0.29x 0.00x 0.00x 0.00x 3.31x 2.58x 1.94x 1.51x 1.37x 1.24x 15.25x 19.92x 32.44x 92.65x 11086.60x -- 15.25x 19.92x 32.44x 92.65x 11086.60x -- 2.91x 3.65x 4.66x 5.62x 6.57x 7.23x 2.91x 3.65x 4.66x 5.62x 6.57x 7.23x u) IC') In M O O I U j LL Q EXH047-00101 ============= Page 2 of 15 ============= - CapEx/ Total Senior Interest Exp. 7.91x 7.42x 13.39x 22.89x 67.85x 8051.64x #DIV/O! 1.42x 2.45x 3.29x 4.1lx 4.77x 5.: Purchase Price Existing Goodwill Non-Financing Transaction Expenses Less: Book Value Acquired (incl. option proceeds) Goodwill Amortization Period Annual Goodwill Amortization $498.6 189.3 1.2 $205.9 20 $10.3 Returns Summary: 3 Year 5 Year 7 Year 9 Year EBITDA Multiple: 5.Ox 35.5% 30.4% 27.3% 25.3 6.Ox 48.49/4 36.4%. 30.8%. 27.6`x. 7.Ox 59.4% 41.5% 33.9% 29.7%. (0 LC) LO M O CD 0 LL CO Q EXH047-00102 ============= Page 3 of 15 ============= ENRON WIND Income Statement (dollars in millions) Ye- Revenues - European Revenues - Americas Total Revenues Cost of Sales (Excl. Depreciation) Gross Margin SG&A Business Development R&D, Net Other, Net EBITDA Depreciation Minority Interest Equity in Affiliates and Other Income Amortization EBIT Interest Income Revolving Credit Facility Term Loan - A Term Loan - B Term Loan - C Capital Lease Obligations New Senior Notes Revolver Commitment Fee Amortization of Financing Fees Net Interest Expense Other Expenses Pretax Income Taxes Net Income FYE December 31, Pro forma Projected F iscal Year Ended Dece mber 31, 2000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1.0 2.11 3.0 4.0 5.0 60 7.(1 80 9.0 1011 $286.6 $286.6 $533.1 $631.1 $732.1 $812.6 $902.0 $1,001.2 $1,111.3 $1,233.6 $1,369.3 $1,519.9 186.7 186.7 347.3 411.1 468.7 510.8 556.8 606.9 661.6 721.1 786.0 856.7 $473.3 $473.3 $880.4 $1,042.2 $1,200.7 $1,323.4 $1,458.8 $1,608.1 $1,772.9 $1,954.7 $2,155.3 $2,376.6 351.9 351.9 727.4 861.4 984.6 1,085.2 1,196.2 1,318.7 1,453.8 1,602.8 1,767.3 1,948.8 121.4 121.4 153.0 180.8 216.1 238.2 262.6 289.5 319.1 351.8 387.9 427.8 39.1 39.1 41.6 45.7 52.7 58.0 64.0 70.5 77.7 857 94.5 104.2 7.3 7.3 11.9 13.1 15.1 16.6 18.3 20.2 22.3 24.6 27.1 29.9 9.2 9.2 13.2 14.0 16.1 17.8 19.6 21.6 23.8 26.3 29.0 31.9 (0.3) (0.3) (3.7) (3.7) (3.7) (3.7) (3.7) (3.7) (3.7) (37) (3.7) (3.7) 55.3 55.3 63.0 69.1 80.2 88.7 98.2 108.6 120.1 132.8 146.8 162.3 66.1 66.1 90.0 111.7 136.0 149.5 164.4 180.8 199.0 219.0 241.1 265.5 11.4 11.4 21.2 25.1 28.9 31.9 35.1 38.7 42.7 47.1 51.9 572 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.9 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.3 51.8 44.4 58.5 76.3 96.7 107.3 118.9 131.8 146.0 161.6 178.9 197.9 Interest Esp. i 5.00% - (1.7) (1.7) (0.9) (0.9) (0.9) (2.0) (4.3) (7.1) (10.6) (14.8) (19.8) 7.75% - 0.0 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7.75% - 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8.25% - 5.8 5.7 5.5 4.2 1.6 0.0 0.0 0.0 0.0 0.0 0.0 8.50% - 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6.80% - 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11.00% - 24.8 24.8 24.8 24.8 24.8 24.8 248 24.8 24.8 24.8 24.8 0.50% - 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 _ 0.9 0_9 0_9 0_9 0_9 0_9 0_9 9-9 0_9 0_9 0_9 11.3 42.2 30.1 30.7 29.2 26.7 24.0 21.6 18.8 15.3 11.1 6.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 40.5 2.2 28.4 45.6 67.5 80.6 95.0 110.2 127.2 146.3 167.8 191.8 5.1 0.9 11.7 18.7 27.7 33.1 38.9 45.2 52.1 60.0 68.8 787 $35.4 $1.3 $11.5 $21.3 $33.9 $41.4 $49.5 $58.1 $67.8 $78.7 $91.0 $104.8 Revenue Growth-European -- -- 86.0% 18.4% 16.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% Revenue Growth-Americas -- -- 86.0% 18.4% 14.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.01Y. 9.0'%. Revenue Growth - Total 86.0% 18.4% 15.2% 10.2% 10.2% 10.2% 10.2%, 10.3% 10.3%, 10.3'%. European Revenue - % of Total 60.6% 60.6% 60.6% 60.6% 61.0% 61.4% 61.8% 62.3% 62.7% 63.1'%, 63.5%, 64.0% Americas Revenue -'Y. of Total 39.4% 39.4% 39.4% 39.4% 39.0% 38.6% 38.2% 37.7% 37.3% 36.9% 36.5% 36.0'%, COGS (% of Sales) 74.4% 74.4% 82.6% 82.7% 82.0% 82.0% 82.0% 82.0% 82.0% 82.0% 82.0'%, 82.0% SG&A (% of Sales) 8.3% 8.3% 4.7% 4.4% 4.4% 4.4% 4.4% 4.4'%, 4.4% 4.4%, 4.4'%, 4.4% Business Development (% of Sales) 1.5'%, 1.5% 1.4% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3'%. 1.3% 13% R&D (% of Sales) 1.9% 1.9% 1.5% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 13% 1.3% 1.3°8% EBITDA Margin 14.0% 14.0% 10.2% 10.7% 11.3% 11.3% 11.3% 11.2% 11.2% 11.2%, 11.211, 11.2% Depreciation (%. of Net PP&E) -- 7.6%, 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1% 12.1 % 12.1% 12.1'% EBIT Margin 10.9% 9.4% 6.6% 7.3% 8.1% 8.1% 8.2% 8.2% 8.2% 8.3% 8.3% 8.3'%, Tax Rate 12.6% 41.0% 41.0% 41.0% 41.0% 41.0% 41.0% 41.0% 41.0% 41.0% 41.0% 41.0'%. I` L0 D D U LL Q EXH047-00103 ============= Page 4 of 15 ============= ENRON WIND Balance Sheet and Cash Flow Statements (dollars in millions) Pro Forma Projected Fiscal Year Ended December 31, 12/31/00 12/31/00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Years 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Cash and Equivalents $37.4 $37.4 $3.0 $3.0 $3.0 $3.0 $46.5 $96.5 $159.0 $235.4 $327.4 $4369 Restricted Cash 14.3 14.3 14.3 14.3 14.3 14.3 14.3 14.3 14.3 14.3 14.3 14.3 Net Working Capital 95.4 95.4 136.1 152.2 168.1 180.4 193.9 208.8 225.3 243.5 263.5 285.7 PP&E 150.5 150.5 175.5 187.0 198.1 206.2 216.1 227.4 234.7 237.6 235.7 228.4 Other Assets 51.3 51.3 51.3 51.3 51.3 51.3 51.3 51.3 51.3 51.3 51.3 51.3 Other Deferred Assets 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 10.8 Deferred Financing Fees 0.0 9.2 8.2 7.3 6.4 5.5 4.6 3.7 2.7 1.8 0.9 (0.0) Goodwill 189.3 205.9 195.6 185.4 175.1 164.8 154.5 144.2 133.9 123.6 113.3 103.0 Total Assets $549.0 $574.8 $594.9 $611.3 $627.1 $636.2 $691.9 $756.9 $832.0 $918.3 $1,017.2 $1,130.4 Current Portion of Long-Term Debt $6.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Revolving Credit Facility 0.0 0.0 4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Term Loan - A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 00 Term Loan - B 0.0 70.0 69.3 62.9 38.8 0.4 0.0 0.0 0.0 0.0 0.0 0.0 Term Loan - C 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Long Term Debt 48.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 New Senior Notes 0.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 Other Debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other Liabilities 10.9 10.9 10.9 10.9 10.9 10.9 10.9 10.9 10.9 10.9 10.9 10.9 Minority Interest 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Mezzanine Financing 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Common Equity 435.2 168.9 1689 168.9 168.9 168.9 168.9 168.9 168.9 168.9 168.9 168.9 Retained Earnings 48.0 0.0 11.5 32.8 66.8 108.2 157.7 215.8 283.6 362.3 453.3 558.0 Total Liabilities and Equity $549.0 $574.8 $594.9 $611.4 $627.1 $636.3 $691.9 $756.9 $832.0 $918.3 $1,017.2 $1,130.4 Check (0.0) (0.0) (0.0) (00) (0.0) (0.0) (0.0) (0.0) (00) (0-O) (00) (00) If) In M O O U LL Q =XH047-00104 ============= Page 5 of 15 ============= ENRON WIND Balance Sheet and Cash Flow Statements (dollars in millions) Pro Forma Projected Fiscal Year Ended December 31, 12/31)00 12/31/00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Years 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Cash and Equivalents $37.4 $37.4 $3.0 $3.0 $3.0 $3.0 $46.5 $96.5 $159.0 $235.4 $327.4 $436.9 Net Income $11.5 $21.3 $33.9 $41.4 $49.5 $58.1 $678 $78.7 $91.0 $104.8 Depreciation 21.2 25.1 28.9 31.9 35.1 38.7 42.7 47.1 51.9 57.2 Amortization of Financing Fees 0.9 0.9 0.9 0.9 0.9 0.9 0.9 09 0.9 0.9 Goodwill Amortization 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.3 10.3 Change in Working Capital (40.7) (16.2) (15.9) (12.3) (13.5) (14.9) (16.5) (18.2) (20.1) (22.1) Capital Expenditures (46.2) (36.6) (40.0) (40.0) (45.0) (50.0) (50.0) (50.0) (50.0) (50.0) Change in Other Assets/Liabilities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Free Cash Flow (37.7) 10.5 24.1 38.4 43.8 50.0 62.5 76.4 92.0 109.5 Mandeto y Redemption: Term Loan - A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 00 0.0 Term Loan -B (0.7) (0.7) (0.7) (0.7) (0.4) 0.0 0.0 0.0 0.0 0.0 Term Loan - C 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Existing Senior Sub. Notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash Flow Available for Debt Paydown (38.4) 9.8 23.4 37.7 43.5 50.0 62.5 76.4 92.0 109.5 Beginning Cash Balance 37.4 3.0 3.0 3.0 3.0 46.5 96.5 159.0 235.4 3274 Minimum Cash Balance 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Cash Flow Available for Revolver (Paydown) / Borrowing (4.0) 9.8 23.4 37.7 43.5 93.5 156.0 232.4 324.4 433.9 Revolver (Paydown) / Borrowing 4.0 (4.0) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Cash Flow Available for Optional Term Loans Paydown 0.0 5.7 23.4 37.7 43.5 50.0 62.5 76.4 92.0 109.5 Optional Redemption: Term Loan -A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 00 Term Loan - B 0.0 (5.7) (23.4) (37.7) 0.0 0.0 0.0 0.0 0.0 0.0 Term Loan - C 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ending Cash Balance $3.0 $3.0 $3.0 $3.0 $46.5 $96.5 $159.0 $235.4 $327.4 $436.9 Net Working Capital (% of Sales) 20.1% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0`% 10.0'7. 10.0'7. CAPX(% of Sales) 4.3% 5.2% 3.5% 3.3% 3.0% 3.1% 3.1% 2.8), 2.6% 2.3'7. 2.1% CAPX (% of Net PP&E) 13.6% 26.3% 19.6% 20.2% 19.4% 20.8% 22.0% 21.3% 21.0% 21.2% 21.9% Depreciation (% of Sales) 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4'7. 2.4"% Depreciation (% of Net PP&E) 7.6% 12.1% 13.4% 14.6% 15.5% 16.3% 17.0% 18.2% 19.8% 22.0,,, 25.1'% Cumulative Debt Pavdown -4.7% 10.2% 44.6% 99.5% 100.0% 100.0) 100.0% 100.0% 100.0'%, 100.0% 0) U) U) M O O U 1).L 0, Q EXH047-00105 ============= Page 6 of 15 ============= ENRON WIND 4 Financial Ratios (dollars in millions) Pro Forma Proj ected HE December 31, 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1'r,+rs 1.0 2.0 3.0 4.0 5.0 6.0 7.0 3.0 9.0 10.0 Capitalization: Total Debt $295.0 $298.3 $287.9 $263.8 $225.4 $225.0 $225.0 $225.0 $225.0 $225.0 $225.1) Less: Cash (51.7) (17.3) (17.3) (17.3) (17.3) (60.8) (110.8) (173.3) (249.7) (341.7) (451.2) Net Debt 243.3 281.0 270.6 246.5 208.1 164.2 114.2 51.7 (24.7) (116.7) (226.2) Book Equity 268.9 285.7 312.6 352.4 400.0 456.0 521.0 596.1 682.4 781.4 894.6 Total Capitalization 563.9 584.0 600.5 616.2 625.4 681.0 746.0 821.1 907.4 1,006.4 1,119.6 Operating Data EBITDA $66.1 $90.0 $111.7 $136.0 $149.5 $164.4 $180.8 $199.0 $219.0 $241.1 $265.5 Capital Expenditures 20.4 46.2 36.6 40.0 40.0 45.0 50.0 50.0 50.0 50.0 50.0 Credit Facility Coverage Ratios: Cash Interest Expense $5.8 $5.9 $5.6 $4.2 $1.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Total Interest Expense 5.8 5.9 5.6 4.2 1.6 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA / Cash Interest Exp. 11.45x 15.25x 19.92x 32.44x 92.65x 11086.60x -- -- -- -- EBITDA / Total Interest Exp. 11.45x 15.25x 19.92x 32.44x 92.65x 11086.60x -- -- -- -- -- EBITDA-CapEx/Total Interest Exp. 7.91x 7.42x 13.39x 22.89x 67.85x 8051.64x # DIV/0! #DIV/0! ODIV/0! #DIV/0! #DIV/0! Leverage Ratios: Total Senior Debt $70.0 $73.3 $62.9 $38.8 $0.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Total Senior Debt / EBITDA 1.06x 0.81x 0.56x 0.29x 0.00x 0.00x 0.00x 0.00x 0.00x 0.OOx 0.OOx Total Senior Debt Coverage Ratios: Cash Interest Expense $5.8 $5.9 $5.6 $4.2 $1.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Total Interest Expense 5.8 5.9 5.6 4.2 1.6 0.0 0.0 0.0 0.0 0.0 0.0 EBITDA / Cash Interest Exp. 11.45x 15.25x 19.92x 32.44x 92.65x 11086.60x -- -- -- -- EBITDA / Total Interest Exp. 11.45x 15.25x 19.92x 32.44x 92.65x 11086.60x -- -- -- - -- EBITDA- CapEx / Cash Interest Exp. 7.91x 7.42x 13.39x 22.89x 67.85x 8051.64x -- -- -- -- -- EBITDA - CapEx / Total Interest Exp. 7.91x 7.42x 13.39x 22.89x 67.85x 8051.64x -- -- -- -- -- Leverage Ratios: Total Senior Debt $70.0 $73.3 $62.9 $38.8 $0.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Total Senior Debt / EBITDA 1.06x 0.81x 0.56x 0.29x 0.00x 0.00x 0.00x 0.00x 0.OOx 0.00x 0.OOx Total Debt Coverage Ratios: Cash Interest Expense $43.1 $30.9 $30.6 $29.2 $26.6 $25.0 $25.0 $25.0 $25.0 $25.0 $25.0 Total Interest Expense 43.1 30.9 30.6 29.2 26.6 25.0 25.0 25.0 25.0 25.0 25.0 EBITDA / Cash Interest Exp. 1.54x 2.91x 3.65x 4.66x 5.62x 6.57x 7.23x 7.96x 8.76x 9.64x 10.62x EBITDA / Total Interest Exp. 1.54x 2.91x 3.65x 4.66x 5.62x 6.57x 7.23x 7.96x 8.76x 9.64x 10.62x EBITDA - CapEx / Cash Interest Exp. 1.06x 1.42x 2.45x 3.29x 4.llx 4.77x 5.23x 5.96x 6.76x 7.64x 8.62x EBITDA-CapEx/Total Interest Exp. 1.06x 1.42x 2.45x 3.29x 4.llx 4.77x 5.23x 5.96x 6.76x 7.64x 8.62x Leverage Ratios: Total Debt $295.0 $298.3 $287.9 $263.8 $225.4 $225.0 $225.0 $225.0 $225.0 $225.0 $225.0 Total Debt / EBITDA 4.46x 3.31x 2.58x 1.94x 1.51x 1.37x 1.24x 1.13x 1.03x 0.93x 0.85x O (0 tI) cc) O CD U LL- 0 Q EXH047-00106 ============= Page 7 of 15 ============= ENRON WI 5 T- m Return Analysis to Equity Investor - Trai ling EBITDA Multiples to cy') D (dollars in millions) D I Projected FYE December 31, U 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LL l Years 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 J) Q EBITDA $90.0 $111.7 $136.0 $149.5 $164.4 $180.8 $199.0 $219.0 $241.1 $265.5 Other Income (cash - estimated) 0.0 0.0 0.0 0.0 0.0 0.0 0 0 0.0 0.0 0 0 Consolidated EBITDA 90.0 111.7 136.0 149.5 164.4 180.8 199.0 219.0 241.1 265.5 Firm Value 5.0 x 450.0 558.5 679.8 747.4 821.9 904.2 994.9 1,095.0 1,205.5 1,327.4 5.5 495.0 614.4 747.8 822.1 904.1 994.6 1,094.4 1,204.5 1,326.0 1,460.1 EBITDA Multiple 6.0 540.0 670.2 815.7 896.8 986.3 1,085.0 1,193.9 1,314.0 1,446.6 1,592.9 6.5 585.0 726.1 883.7 971.6 1,068.5 1,175.4 1,293.4 1,423.5 1,567.1 1,725.6 7.0 630.0 781.9 951.7 1,046.3 1,150.7 1,265.8 1,392.9 1,533.0 1,687.7 1,858.4 Total Debt Oustanding 298.3 287.9 263.8 225.4 225.0 225.0 225.0 225.0 225.0 225.0 Cash (17.3) (17.3) (17.3) (17.3) (60.8) (110.8) (173.3) (249.7) (341.7) (451.2) Net Debt 281.0 270.6 246.5 208.1 164.2 114.2 51.7 (24.7) (116.7) (226.2) Total Equity Value 5.0 x 169.0 287.9 433.3 539.3 657.7 790.0 943.2 1,119.7 1,322.2 1,553.6 5.5 214.0 343.8 501.3 614.0 739.9 880.4 1,042.7 1,229.2 1,442.8 1,686.4 EBITDA Multiple 6.0 259.0 399.6 569.3 688.8 822.1 970.8 1,142.1 1,338.7 1,563.3 1,819.1 6.5 304.0 455.5 637.3 763.5 904.3 1,061.2 1,241.6 1,448.2 1,683.9 1,951.9 7.0 349.0 511.3 705.3 838.3 986.5 1,151.6 1,341.1 1,557.7 1,804.4 2,084.6 Internal Rate of Return of Equity on Original Investment of $168.9 million Equity Investor Receives 97.0% of fully diluted common stock. Equity value to Equity Investor IRR 5.0 x 5.5 EBITDA Multiple 6.0 6.5 7.0 5.0 x 5.5 EBITDA Multiple 6.0 6.5 7.0 163.9 279.3 420.3 523.1 638.0 766.3 914.9 1,086.1 1,282.6 1,507.0 207.6 333.5 486.3 595.6 717.7 854.0 1,011.4 1,192.3 1,399.5 1,635.8 251.2 387.7 552.2 668.1 797.4 941.7 1,1079 1,298.5 1,516.4 1,764.5 294.9 441.8 618.2 740.6 877.2 1,029.4 1,204.4 1,404.8 1,633.4 1,8933 338.5 496.0 684.1 813.1 956.9 1,117.1 1,300.9 1,511.0 1,750.3 2,022.1 NM 28.6% 35.5% 32.7% 30.4% 28.7% 27.3'2, 26.2'% 25.3`7, 24.59, 22.9% 40.5% 42.3% 37.0% 33.6% 31.0% 29.1% 27.7% 26.5% 25.59, 48.7% 51.5% 48.4% 41.0% 36.4% 33.2% 30.8% 29.0%, 27.6% 26.4"', 74.6% 61.7`7, 54.1% 44.7'2, 39.0% 35.2% 32.4% 30.3%, 28.7% 27.3'56 100.4% 71.4% 59.4% 48.1% 41.5% 37.0% 33.9'2, 31.5% 29.7'7, 28.2'7, EXH047-00107 ============= Page 8 of 15 ============= ENRON WIND Debt Schedule Amortization (dollars in millions) Pro Forma Projected Fiscal Year Ended December 31, 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Years 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Term Loan - A Beginning Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Mandatory Redemption 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0,0 0.0 Sub Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Optional Redemption (Yes= 1) 1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ending Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Average Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest Expense ® 7.75% -- $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Interest Expense % w/o Grid 775% 7.75% 7.75% 7.75% 7.75% 7.75% 7.75% 7.75% 7.75% 7.750/. Term Loan - B Beginning Balance $70.0 $70.0 $69.3 $62.9 $38.8 $0.4 $0.0 $0.0 $0.0 $0.0 $0.0 Mandatory Redemption 10 l 2 (0.7) (007) 0.4 0 0 0 0 00 OA 0_0 Sub Balance 69.3 68.6 62.2 38.1 0.0 0.0 0.0 0.0 0.0 0.0 Optional Redemption (Yes = 1) 1 0.0 (5.7) (23.4) (37.7) 0.0 0.0 0.0 0.0 0.0 0.0 Ending Balance 70.0 69.3 62.9 38.8 0.4 0.0 0.0 0.0 0.0 0.0 0.0 Average Balance 70.0 69.7 66.1 50.8 19.6 0.2 0.0 0.0 0.0 0.0 0.0 Interest Expense 9 8.25% -- $5.7 $5.5 $4.2 $1.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Interest Expense %w/o Grid 8.25% 8.25% 8.25% 8.25% 8.25% 8.25% 8.25% 8.25% 8.25% 8.25% Term Loan - C Beginning Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Mandatory Redemption 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Sub Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Optional Redemption (Yes = 1) 1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ending Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Average Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest Expense@ 8.50% -- $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Interest Expense % w/o Grid 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% 8.50% Term Loan - D Beginning Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Mandatory Redemption 0.0 0.0 OA 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Sub Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Optional Redemption (Yes = 1) 1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ending Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Average Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest Expense @ 6.80% -- $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Interest Expense % win Grid 6.80% 6.80% 6.80% 6.80% 6.80% 6.80% 6.80% 6.80% 6.80% 6.80% Term Loan - E Beginning Balance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Mandatory Redemption 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Sub Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Optional Redemption (Yes= 1) 1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Ending Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Average Balance 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Interest Expense ® 7.05% -- $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Interest Expense % w/o Grid 7.05% 7.05% 7.05% 7.05% 7.05% 7.05% 7.05% 7.05% 7.05% 7.05% N (fl to M O O 0 LL C/) Q =XH047-00108 ============= Page 9 of 15 ============= Years Pre-funding for Working Capital Beginning Balance Mandatory Redemption Additions/ (Payments) Ending Balance Interest Expensed 7% Senior Notes due 2006 Beginning Balance Mandatory Redemption Additions/(Payments) Ending Balance Interest Expense @ 6.5% Senior Notes due 2009 Beginning Balance Mandatory Redemption Additions/ (Payments) Ending Balance Cash Interest Exp. @ 8% Senior Notes due 2019 Beginning Balance Mandatory Redemption Add i tions/ (Payments) Ending Balance Cash Interest Exp. @ Existing Senior Sub. Notes Beginning Balance Mandatory Redemption Additions/(Payments) Ending Balance Interest Expense @ New Senior Notes Beginning Balance Mandatory Redemption Add itions/ (Payments) Ending Balance interest Expense @ Sr. Disc. Notes ® HoldCo. Beginning Balance Mandatory Redemption Additions/ (Payments) Ending Balance Non-Cash Interest Exp. @ Cash Interest Exp. @ Mezzanine Financing Beginning Balance Mandatory Redemption Add itions/(Payments) Ending Balance =XH047-00109 Pro Forma 2000 $0.0 0.0 5.30% 7,00% 6.50% $0.0 0.0 $0.0 0.0 $0.0 0.0 8.00% $0.0 0.0 7.13% 11.00% 11.55% 11-55% $225.0 225.0 $0.0 0.0 $0.0 0.0 Projected Fiscal Year Ended December 37 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0,0 0.0 0.0 0.0 0.0 0.0 0.0 0,0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0,0 0.0 0.0 0,0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $225.0 $225.0 $225.0 $225.0 $225.0 $225.0 $225.0 $225.0 $225.0 $225.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 $24.8 $248 $24.8 $24.8 $24.8 $24.8 $24.8 $24.8 $24.8 $24.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0,0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 lf) M O O 0 LL 0 Q ============= Page 10 of 15 ============= Pro Forma 2000 Years -- Non-Cash Interest Exp. @ 12.30% Cash Interest Exp. @ 12.30% -- Projected Fiscal Year Ended December 31, 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 EBITDA $90.0 $111.7 $136.0 $149.5 $164.4 $180.8 $199.0 $219.0 $241.1 $265.5 Senior Debt Revolving Credit Facility $4.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Term Loan - A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Term Loan - B 69.3 62.9 38.8 0.4 0.0 0.0 0.0 0.0 0.0 0.0 Term Loan - C 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Term Loan - D 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Term Loan - E 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 2.20 Total Senior Debt 73.3 62.9 38.8 0.4 0.0 0.0 0.0 0.0 0.0 0.0 Senior Debt/ EBITDA 0.81x 0.56x 0.29x 0.00x NM NM NM NM NM NM OuCo. Notes Senior Notes $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Senior Notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Senior Discount Notes (net of non-cash period) 0_0 0_0 00 0_0 0_0 OA OA 0_0 0_0 9-0- Total OpCo. Notes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total OpCo. Debt $73.3 $62.9 $38.8 $0.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Total OpCo. Debt / EBITDA 0.81x 0.56x 0.29x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x 0.00x HoldCo. Notes Senior Notes $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Senior Subordinated Notes 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 Senior Discount Notes (net of non-cash period) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Mezzanine Financing (incl. Yes= 1) 1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total HoldCo. Notes (incl. Mezz.) 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 Total HoldCo. Debt (incl. Mezz.) $298.3 $287.9 $263.8 $225.4 $225.0 $225.0 $225.0 $225.0 $225.0 $225.0 Total HoldCo. Debt/ EBITDA 3.31x 2.58x 1.94x 1.51x 1.37x 1.24x 1.13x 1.03x 0.93x O.SSx Senior Debt Interest Expense $5.7 $5.5 $4.2 $1.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 OpCo. Notes Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 HoldCo. Notes Interest Expense 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 Total Interest Expense 30.5 302 28.9 26.4 24.8 24.8 24.8 24.8 24.8 24.8 LU CY) O O U IL Q EXH047-00110 ============= Page 11 of 15 ============= Years Leverage Ratio Pricing Grid - TLA Yes= 1 2 No =2 Pricing Grid - TLB Yes=1 2 No=2 Pricing Grid - TLC Yes=1 2 No=2 Pricing Grid - TLD Yes=1 2 No=2 Pricing Grid - TLE Yes=1 2 No=2 Pro Forma Projected Fiscal Year Ended December 31, 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 PF 1998 4.46x #DN/0! #DIV/0! #DIV/0! #DIV/0! #DN/0! #DN/0! #DIV/0! #DN/0! #DN/0! #DN/0! LIBOR 4.80% 4.80% 4.80% 4.80% 4.80% 4.80% 4.80% 4.80% 4.80% 4.80% Total Leverage Ratio Term A 0 1.000% 1 1.250% 2 1.500% 3 1.750% 4 2.000% 5 2.250 6 2.950% 2.950% 2.950% 2.950% 2.950% 2.950% 2.950% 2.950% 2.950% 2.950% 2.950% Total Leverage Ratio Term B 0 1.500°/ 1 1.750% 2 2.000 3 2.250 4 2.500% 5 2.750 6 3,450% 3.450% 3.450% 3.450% 3.450% 3.450% 3.450% 3.450% 3.450% 3.450% 3.450% Total Leverage Ratio Term C 0 1.750% 1 2.000% 2 2.250 3 2.500 4 2.750% 5 3.000 6 3.700% 3.700% 3.700% 3.700% 3.700% 3.700% 3.700% 3.700% 3.700% 3,700% 3.700% Total Leverage Ratio Term D 0 2.000 1 2.250% 2 2.500% 3 2.750 4 3.000% 5 3.250 6 2.000% 2.000% 2.000% 2-000% 2.000% 2.000% 2.000% 2.000% 2.000% 2.000% 2.000 Total Leverage Ratio Term E 0 2.250% 1 2.500% 2 2.750% 3 3.000% 4 3.250% 5 3.500% 6 2.250% 2-250% 2.250% 2.250% 2.250% 2.250% 2.250% 2.250% 2.250% 2.250% 2.250% U') O LI) M O O I U I LL 0 Q EXH047-00111 ============= Page 12 of 15 ============= Pro Forma Projected Fiscal Year Ended December 31, 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Years Debt Amortization Schedule Term Loan - A Term Loan - B Term Loan - C Term Loan- D Term Loan - E Required Cumulative Amortization Term Loan - A Term Loan - B Term Loan - C Term Loan - D Term Loan - E Maximum Debt Levels Term Loan - A Term Loan - B Term Loan - C Term Loan - D Term Loan - E Required Principal Payments Excess Cash Flow Recapture/Optional Prepayment Revolving Credit Facility Term Loan - A Term Loan - B Term Loan - C Term Loan - D Term Loan - E 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 (D lf) 8.33% 16.67% 16.67% 16.67% 16,67% 16.67% 16.67% 0.00% 0.00% 0.00% M 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 93.00% 0.00% 0.00% O 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 92.00% 0.00% 1.00% 1.00% 1.00°/ 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 91.00% 1.00% 1.00% 1.00% 1.00% L00% 1.00% 1.00% 1.00% 1.00% 1,00% U LL Co 8.33% 25.00% 41.67% 58.33% 75.00% 91.67% 108.33% 108.33% 108.33% 108.33% Q 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 100.00% 100.00% 100.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 100.00% 100.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 100.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 69.3 62.9 38.8 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 0.7 0.7 0.7 0.4 0.0 0.0 0.0 0.0 0.0 (4.0) 4.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.7 23.4 37.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 =XH047-00112 ============= Page 13 of 15 ============= ENRON WIND Senior Credit Facility Covenants (dollars in millions) FYE December 31, Proj ected FYE December 31, 2000 2001 2002 2003 QI Q2 Q3 Q4 Q1 Q2 Q3 Q4 QI Q2 Q3 Q4 QI Q2 Q3 Q4 Total EBITDA Seasonality: #D1V/n! #D! VIV! #DIVi!!! #DIVAI! #DIVIV! #D1Vi11! #DIVfl)! #DIV,tl! #DIV/V! #DI VA1! #DIVA1! #DI V/ti! #DIV/T/! #DIV/I! #DI1'p/! #DI V/TI! EBITDA $0.0 $0.0 $0.0 $0.0 #DIV/0! #DIV/0! #DN/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Other Income (cash - estimated) 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 Total EBITDA $0.0 $0.0 $0.0 $0.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D1 V/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Total Leverage Ratio EBITDA (Rolling Four Quarters) (a) #DIV/o! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Senior Secured Credit Facility 70.0 69.8 69.7 69.5 73.3 73.1 73.0 72.8 62.9 62.7 62.5 62.3 38.8 Plus: OpCo. Notes (net of escrow & non-cash period) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Plus: HoldCo. Notes (net of escrow & non-cash period) 225.0 225.0 225.0 225.0 225.0 225.0 225.0 2250 225.0 225.0 225.0 2250 Total Debt (b) 294.8 294.7 294.5 298.3 298.1 298.0 297.8 287.9 287.7 287.5 287.3 263.8 Total Debt / EBITDA #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D1V/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Senior Leverage Ratio Senior Debt / EEITIDA (Rolling Four Quarters) (c) #DIV/0! #DIV/0! #DIV/0! #D1V/0! #DIV/O! #DIV/0! #D1V/0! #DIV/0! #DIV/O! #DIV/O! #DIV/O! #DIV/0! Interest Coverage Ratio EBITDA (Rolling Four Quarters) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Senior Secured Credit Facility Interest Expense 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.0 1A 1.0 1.0 Plus: OpCo. Notes Int. Exp. (net of escrow & non-cash period) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Plus: HoldCo. Notes Int. Exp. (net of escrow & non-cash period) 612 6.2 16.2 6.2 6_2 6.2 6_2 6_2 6.2 61 6,2 b_2 Total Interest Expense (d) 76 7.6 7.6 7.6 7.6 7.6 7.6 7.6 7.2 7.2 7.2 7.2 Total Interest Expense (Rolling Four Quarters) (a) 30.5 30.5 30.5 30.5 30.4 30.3 30.3 30.2 29.9 29.6 29.3 28.9 EBITDA / Total Interest Expense #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #D1V/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Fixed Charge Coverage Ratio (to be determined) EBITDA (Rolling Four Quarters) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Total Interest Expense (Rolling Four Quarters) 30.5 30.5 30.5 30.5 304 30.3 30.3 30.2 29.9 29.6 293 289 Scheduled Principal Payments (Rolling Four Quarters) (a) 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 Capital Expenditures (per Quarters) 11.6 11.6 11.6 11.6 9.2 9.2 9.2 9.2 10.0 10.0 10.0 10.0 Capital Expenditures (Rolling Four Quarters) (a) 46.2 46.2 46.2 46.2 43.8 41.4 39.0 36.6 37.5 38.3 39.2 40.0 Taxes (per Quarters) 2.9 2.9 2.9 2.9 4.7 4.7 4.7 4.7 6.9 6.9 6.9 6.9 Taxes (Rolling Four Quarters) (a) 11.7 11.7 11.7 11.7 10.5 15.2 16.9 18.7 16.3 23.2 25.4 27.7 Total Fixed Charges 89.1 89.1 89.1 89.1 85.4 87.6 86.9 86.2 84.3 91.8 945 97.3 EBITDA / Total Fixed Charges #D1V/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D1V/0! Pro Forma Debt Service Coverage Ratio E131TDA (Rolling Four Quarters) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Pro Forma Scheduled Principal Payments (Next Four Quarters) 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 Pro Forma Interest Expense (Next Four Quarters) 30.4 30.3 30.3 30.2 29.9 29.6 29.3 28.9 28.3 27.7 27.0 26.4 Pro Forma Debt Service 31.1 31.0 31.0 30.9 30.6 30.3 30.0 29.6 29.0 28.4 27.7 27.1 Annualized EBITDA / Pro Forma Debt Service #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/O! Management's annual EBITDA projections have been allocated on a quarterly base for illustrative purposes only. Management's actual quarterly budgets to be determined nay differ from projected performance set forth above. (a) Exception to rolling four quarter calculation : (i) At closing: (QI '99)x4; (ii) For Q2'99: (QI '99 + Q2 '99)x2; and (in) For Q3'99 (QI '99 + Q2 '99 + Q3 '991x4/3. (b) Total Debt includes OpCo. & HaldCo. Notes net of interest escrow and non-cash period. (c) Senior Debt defined as Total Debt of Borrower other than OpCo. & HoldCo. Notes of Borrower. (d) Total Interest Expense net of OpCo. & HoldCo. interest escrow and non-cash period. (D to M O CD U LL Q EXH047-00113 ============= Page 14 of 15 ============= ENRON WIND Senior Credit Facility Covenants (dollars in millions) Projected FYE December 31, 2004 2005 2006 2007 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 QI Q2 Q3 Q4 QI Q2 Q3 Q4 Total EBITDA Seasonality: #DIV/0! #D1V/0! #DIVA)! #D1V/ti! #DIVV #DIV/)! #DIV/I! #DIV/T)! #DIV/0! #DIV/0! #DIV/tI! #DI VA)! SD!Viii! #DI VA)! #D!V/i! #DI VAI! EBITDA #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/O! #DIV/0! #DIV/O! Other income (cash - estimated) 0_0 0_0 0_0 0.0 0_0 0_0 0_0 0.0 0_0 0_0 0_O 0.0 0_0 0_0 0_0 0_0 Total EBITDA #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Total Leverage Ratio EBITDA (Rolling Four Quarters) (a) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! Senior Secured Credit Facility 38.6 38.4 38.2 0.4 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Plus: OpCo. Notes (net of escrow & non-cash period) 0-0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 00 0.0 0.0 0.0 Plus: HoldCo. Notes (net of escrow & non-cash period) 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 2250 225.0 225.0 225.0 225.0 Total Debt (b) 263.6 263.4 263.2 225.4 225.2 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 Total Debt / EBITDA #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Senior Leverage Ratio Senior Debt / EBITDA (Rolling Four Quarters) (c) #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #D1V/0! #DIV/0! Interest Coverage Ratio EBITDA (Rolling Four Quarters) #DIV/O! #DIV/O! #DIV/O! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #D1V/O! #DIV/O! #DIV/O! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/O! Senior Secured Credit Facility Interest Expense 0.4 0.4 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Plus: OpCo. Notes Int. Exp. (net of escrow & non-cash period) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Plus: HoldCo. Notes Int. Exp. (net of escrow & non-cash period) 6_2 6_2 b_2 6.2 6_2 6.2 6_2 b_2 6_2 6_2 6_2 6_2 6_2 6_2 6_2 6_2 Total Interest Expense (d) 6.6 6.6 6.6 6.6 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 Total Interest Expense (Rolling Four Quarters) (a) 28.3 27.7 27.0 26.4 26.0 25.6 25.2 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 EBITDA / Total interest Expense #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/O! #DIV/0! Fixed Charge Coverage Ratio (to be determined) EBITDA (Rolling Four Quarters) #DIV/O! #DIV/O! #DIV/O! #DIV/O! #DIV/O! #DIV/O! #DIV/O! #DIV/O! #DIV/O! #DIV/0! #DIV/O! #DIV/O! #DIV/O! #DIV/0! #DIV/0! #DIV/O! Total Interest Expense (Rolling Four Quarters) 28.3 27.7 27.0 26.4 26.0 25.6 25.2 248 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 Scheduled Principal Payments (Rolling Four Quarters) (a) 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 Capital Expenditures (per Quarters) 10.0 10.0 10.0 10.0 11.3 11.3 11.3 11.3 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 Capital Expenditures (Rolling Four Quarters) (a) 40.0 40.0 40.0 40.0 41.3 42.5 43.8 45.0 46.3 47.5 48.8 50.0 50.0 50.0 50.0 50.0 Taxes (per Quarters) 8.3 8.3 8.3 8.3 9.7 9.7 9.7 9.7 11.3 11.3 11.3 11.3 13.0 13.0 13.0 13.0 Taxes (Rolling Four Quarters) (a) 22.1 30.9 31.7 33.1 26.3 36.0 37.5 3&9 30.8 42.1 43.6 45.2 35.6 48.7 50.4 52.1 Total Fixed Charges 91.1 98.7 99.4 100.1 94.2 104.8 107.1 109.4 102.5 115.0 117.8 120.6 111.1 124.1 125.8 127.6 EBITDA / Total Fixed Charges #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/O! #DIV/0! #DIV/O! #DIV/0! #DIV/0! Pro Forma Debt Service Coverage Ratio EBITDA (Rolling Four Quarters) #DIV/O! #DIV/O! #DIV/O! #DIV/O! #DIV/O! #DIV/O! #DIV/O! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/O! #DIV/0! #DIV/O! Pro Forma Scheduled Principal Payments (Next Four Quarters) 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 16.8 32.9 49.0 65.1 Pro Forma Interest Expense (Next Four Quarters) 26.0 25.6 25.2 24.8 24.8 248 24.8 248 24.8 24.8 24.8 24.8 24.8 248 24.8 24.8 Pro Forma Debt Service 26.7 26.3 25.9 25.5 25.5 25.5 25.5 25.5 25.5 25.5 25.5 25.5 41.6 57.7 73.8 89.9 Annualized EBITDA / Pro Forma Debt Service #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 00 (fl LU m O O U U U, Q EXH047-00114 ============= Page 15 of 15 ============= ENRON WIND Senior Credit Facility Covenants (dollars in millions) Projected FYE December 31, 2008 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total EBITDA Seasonality: #DIVA)! #DIVN! #DIVA)! ODIVA)! #DIV/)! #D!V/Y)! #DIV/)! #DIV/)! #DIVA)! #DIVA)! #DIV/)! #DIVA)! EBITDA #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! Other Income (cash - estimated) 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 0_0 Total EBITDA #DIV/0! #DIV/01 #DIV/O! #DIV/Ol #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Total Leverage Ratio EBITDA (Rolling Four Quarters) (a) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Senior Secured Credit Facility 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Plus: OpCo. Notes (net of escrow & non-cash period) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Plus: HoldCo. Notes (net of escrow & non-cash period) 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 Total Debt (b) 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 225.0 Total Debt / EBITDA #DIV/0! #DIV/0! #DIV/0! #DIV/0l #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Senior Leverage Ratio Senior Debt / EBITDA (Rolling Four Quarters) (c) 1.52x 1.49x 1.45x 1.04x 1.01x 0.99x 0.97x 0.65. 0.64x 0.31x 0.31x 0.18x Interest Coverage Ratio EBITDA (Rolling Four Quarters) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Senior Secured Credit Facility Interest Expense 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Plus: OpCo. Notes Int. Exp. (net of escrow & non-cash period) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Plus: HoldCo. Notes Int. Exp. (net of escrow & non-cash period) 6.2 6,2 6_2 6.2 6_2 6_2 6_2 6_2 6_2 ii_2 6_2 6_2 Total Interest Expense (d) 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 Total Interest Expense (Rolling Four Quarters) (a) 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 EBITDA / Total Interest Expense #DIV/0! #DIV/0l #DIV/01 #DIV/01 #DIV/0l #DIV/O! #DIV/0! #DIV/O! #DIV/01 #DIV/O! #DIV/O! #DIV/O! Fixed Charge Coverage Ratio (to be determined) EBITDA (Rolling Four Quarters) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DN/0! Total Interest Expense (Rolling Four Quarters) 24.8 - 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 24.8 Scheduled Principal Payments (Rolling Four Quarters) (a) 16.8 32.9 49.0 65.1 48.8 32.6 16.3 0.0 0.0 0.0 0.0 0.0 Capital Expenditures (per Quarters) 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 Capital Expenditures (Rolling Four Quarters) (a) 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 50.0 Taxes (per Quarters) 15.0 15.0 15.0 15.0 17.2 17.2 17.2 17.2 19.7 19.7 19.7 19.7 Taxes (Rolling Four Quarters) (a) 41.1 56.1 58.0 60.0 47.2 64.4 66.6 68.8 54.1 73.7 76.2 78.7 Total Fixed Charges 132.6 163.7 181.8 199.8 170.8 171.7 157.6 143.5 128.8 1485 150.9 153.4 EBITDA / Total Fixed Charges #DIV/O! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/O! #DIV/0! Pro Forma Debt Service Coverage Ratio EBITDA (Rolling Four Quarters) #DIV/0! #DIV/0! #DN/0! #DIV/0! #DIV/0! #DIV/0! #DN/0! #DIV/0! Pro Forma Scheduled Principal Payments (Next Four Quarters) 48.8 32.6 16.3 0.0 0.0 0.0 0.0 0.0 Pro Forma Interest Expense (Next Four Quarters) 24.8 24.8 248 24.8 24.8 24.8 24.8 24.8 Pro Forma Debt Service 73.6 57.3 41.0 24.8 24.8 24.8 24.8 24.8 Annualized EBITDA / Pro Forma Debt Service #DIV/0! #DIV/O! #DIV/0! #DIV/0l #DIV/01 #DIV/0! #DIV/0! #DIV/0! rn to M C) C) U LL U) Q EXH047-00115