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Finance Committee Meeting
December 20, 2001

  Committee Members

Mr. Herbert S. Winokur, Jr., Chairman
Mr. Robert A. Belfer
Mr. Norman P. Blake, Jr.
Mr. Ronnie C. Chan
Mr. Paulo V. Ferraz Pereira
Mr. Frank Savage

CONFIDENTIAL

EXH012-01736


  y~
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EC46849AO031084 Endless possibilities.TM

GOVERNMENT
EXHIBIT
  2386
  Crim. No. H-04-25 (S-2)


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Portfolio Performance

Top 10 and Bottom 10 Investments
as of September 30, 2001

Top 10 Investments			
	Net		
	Carry Value
'		Major Events
	In $MM
s		
Transportadora De Gas Del Sur	448	El Paso	Problems with the monetization of the swaps
El Paso (East Coast Power Proceeds)	285	
(East Coast Power have led to arbitration.
Vengas	151	Proceeds)	
EcoElectiica	139		
American Coal Company	111	EcoElectrica	Sale expected to close in Q4 2001.
Batangas	52		
Hanover	16	American Coal	During Q4 2001, all debt was paid in full. The
HOANBECK-LEEVAC Marine	10	Company	coal purchase agreement remains.
Active Power
Las Vegas Cogen I and II	2
0	Hanover	All shares were sold during Q3 and 04 2001
			through short sales.
		Active Power	During 2001, the $5.OMM initial investment
Bottom 10 Investments			was sold for $22.5MM in proceeds.
	Net	Las Vegas Cogen	Sold during Q3 2001 for proceeds of
	Carry Value	I and II	$201.2MM with a realized gain of $41.5MM.
	In $MM's		
Elektro	2,017	Mariner	Ewing Bank 966 is in production. Green
Wessex Water	1,851		Canyon 516 (Deepwater) is expected to be
Dabhol	872		on-line in January. Existing management was
Cuiaba	549		replaced by Enron personnel.
Mariner	517		
Gaspait	195	Gaspart	Efforts to sell have been restarted.
Azurix Buenos Aires	165		
Transredes	147		
Bahia Las Minas	104		
Cypress Exploration	22		

2-6

EC46849AO031095

EXH012-01737


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Portfolio Summary
  as of September 30, 2001
in $MM's
  Net Portfolio Carry Value $10,898


  ExceeMslllll~~~
Expectations
  $392
3%
5%
Current & Disposed Deals by .Troubled
Year of Original Investment [ It Exppeectatlonn
ar:

  -401'

  IM IW7 1904 1006 1996 1007 1906 1000 2000 7001

Numbers in italics represent comparable amounts at June 30, 2001

2-5

Vengas 151
EcoElectrica Equity 120

Transportadora De Gas Del Sur	448
Compagnie Papiers Stadacona	404
El Paso (East Coast Power Proceeds)	285
American Coal Company	111
Below Expectations	
Wessex Water	1,851
Mariner*	517
Sarlux	354
SK - Enron	296
CEG/CEG RIO	271
Trakya	220
Gaspart	195
Promigas	165
Azurix North America	128

  Elektro 2,017
Dabhol 872
Culaba 549
Azurix Buenos Aires 165
Transredes 147
Smith/Enron Cogeneration 112
Bahia Las Minas 104
*Material write down is expected in Q4 200'



..C46849AO031094

r.,i 1- n4700


  by Performance Category

Below
Expectations
$4,486