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Enron Global Finance
Direct EBIT Impact

2000
($ in millions)

D
W
ii
I
0
I
0
0
co
0)

EXH047-00137

$495

1-1 Direct EGF  P/L Impact
P/L on Subs

e.nnr

GOVERNMENT
EXHIBIT
  3606
  Crim. No. H-04-25 (S-2)


  Investment Stock Management Financing Debt Raptor Expenses & Total
Portfolio Book Fees Costs Refinancings Amortization
Covered for
  Subs


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Enron Global Finance
Other Accomplishments
  2000

Deal Execution
  •Closed 52 deals totaling $19 billion
,,Accelerated $3.7 billion of Funds Flow
-Accelerated $545 million of earnings

Indirect Earnings Impact
  'Expansion of Condor vehicle = $150 million p.a.
  (ENE WACC of 16% - Condor WACC of 8.75% x $2 billion)
-Debt trades at "A": value = $15 million p.a.
  ($10 billion x 15 bps)

Reported EGF EBIT per commercial VP and above = $33 million

Total EGF EBIT impact per commercial VP and above = $134 million

D


I
n
I
0
0
H

EXH047-00138


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Enron Global Finance
Direct EBIT Impact*
  2000
  ($ in millions)

D

w
-n
I

I
0
0
.01
co
00

800

700

600

500

400

300

200

100

0

-100

u


Direct EGF
P/L
PIL Impact
on Subs

Debt
Refinancings
  $10

Management
Fees
$21
Financing Costs
Covered for
Subs
$48

Amortization
$(9)

Other Accomplishments**

•Credit Profile

•$52 mm financings / $19 bn notional
•$3.7 bn of funds flow generated
-Upgrade to Baal

•indirect Earnings Impact

-Debt trades as "A"
•Future value=$10 bn x 15 bps = $15 mm p.a.
•Margaux = $50 mm
•Networks equity =$75 mm
•Resco warrants = $200 mm
•Dark fiber monetization = $20 mm
•ETOL monetization = $100 mm
*Project Greyhawk = $100 mm
-Total = $545 mm

•ROIC

-Direct P/L ROIC = XX%
-Total P/L impact ROIC = XX%
•Merlin

*Estimated as of December 20, 2000
**Not reflected in EGF Direct EBIT Impact

EXH047-00139