EX-BOWEN-42 Da'iid W Delsinoy OSfl(Y2000 1123AM To: Besi F G1isan~HOLJJECT@ ECT cc: JeFf SIdIlng/Corp/Enron@ENRON. Joseph W Sufloqi'ENRON.DEVELOPMENT@EflRON~DEVEL0PMENT. Andrew S Faslowfl-IOU/ECTDECT. Raymond Bawen/HOUJECrOECT, Mark Fmvert/LOWEGT@ECT. MikeJakublk/HOLI/ECTOECT. Wes CoIweWHOUIECT@ECT SubJec± Raplor Ben, Ilils Is the list ol raptor~ candidates from ENA. This h~cludes Catafytica at $90M which Is ba~ed on a $600M enterprise value past (P0. ENA would Eke to finalize this In second quarter. CatalyVca would produce $44M ol value In second quarter providing a~roxlmately $20M p1 not margV1~W~JIir c6~rering the $20M plus hole ki the MPR for this quarter. Follow on issues Include: a) who manages the ~ient~~fa go iward basis and b) where does the potenhial upside value go and the corresponding capital charges. raptori ~ds Regards Delainey L GOVERNMENT EXHIBIT 24576 Cnm No H 04-0025 EX FREVERT I FREOOorxjoel 3 CGLL 0010140 I EXHIBIT I I PROJFdCT RAPTOR As of ~/5fOO CataJ?lica ~irst World Hanover Ecogas Debt & Equity KBIUS Equity-Reiate~ Katus Term Loans A&B Canf1~re iPO's Cgas Bug ham Bonne Terre industrial Holdings Enserco Onshore Venoco Juniper inland Hughes Rawis Loan Hughes Fiawis Note Grown Energy Under Sierra Well Servtce ENA Mkt Sti' Value Price 05/05/2000 46.314,000 $ 12.00 36,000,000 561.125 101,284,516 48,039,857 $ 4.1875 56,627,228 17,128,528 15,656,643 17,371,245 25,288,250 16195,640 7,121.810 5,877,015 43,086,878 16.878,452 5,102.616 6,802,820 784,650 3,020,000 15,906,970 4,111,146 488,598,262 ENA Sharing Ratio 100.0% 100.0% 60.0% 100.0% 100,0% 100.0% 100,0% 60.0% 62.5% 62.5% 50.0% 50.0% 82.5% 62.5% 50.0% 100.0% 60.0% 100.0% 62.5% 62.5% Funding Vehicle ENA 6/S ENA 8/S JEDI ENA B/S ENA 8/S ENA B/S ENA B/S JEDI JEDI ii JEDI ii Enserco Enserco JEDI Ii JEDI ii JEDI Ii ENA B/S JEDI ENA B/S JEDI ii JEDI ii Revised ENA Mkt Vaiue 90,000,000 36,000,000 48,039,857 56,627,229 17,128,528 15,858,643 ¶ 7,371,245 25,288,250 16,195,640 7,121,810 5,877,015 43,066,875 16,878,452 5,102,616 6,802,820 784,650 3,020,000 1 ~,908,S70 4,111,146 43,686,000 532,284,262 .7 Potential Upside 43,686,000 File Name: -00436~6.xls 05/1012000 11:22 AM V. 0 V. 0 00 0 00 C*%J -J C C-) L~J I p k ____ I 0 Catalytica FirstWorld Hanover ~c.ogas Debi~ & Equity Kafus Equlty.Re~a~ed Kalus Term Loans A&B Canfibre IPO's C9as Br¶gl~am Bor~ne Terre industrial Holdings Enserco Oiishcr~ VBFIOcO Juniper Inland Hughes vAs Loan Hughes Rawis Note Crow¶1 Energy Under Sierra Well Service SIk Price (C .~ $61125 34,.;. Net ENA Downside CANDEDAT~S FOR PROJECT RAI'TOR As of 515/00 ~7~l -~ ~Revised Gross Mkt Fundin0 Value PotenhIeJ Gross Mkt Vehicle '05105/2000 Uaside Value ~NA ENA * Value hiring 05/05~000 Ratio 46,314,000 38,000,000 101,294,516 48,039,657 56,627,229 17,128,525 I S,656,643 17,371,245 25,298,250 16,195,640 7,121,610 5,7,015 43,068,875 15,878,452 5,102,515 5,802,620 754,650 3,020,000 15,908,970 100.0% 100.0% 60,0% 100,0% 100,0% 100.0% 100.0% 60.0% 52.5% 62.5'/, 50.0% 50.0% 62.5% 52.5% 50,0% 100.0% 60,0% 100.0% 62~5% 62.5% ENA 81$ ~NAWS ENA B/S ~HA B/S ENA B/S ENA B/S JEDI. JEDI II JED~ l~ Er~serco Ense~o JEDI ii JEDIII JEDI ii ENA B/S ENA 8/S JEDI ii JEQI ii 6,314,000 .000,000 1 5,824,194 8,039,857 6,627,229 7,12B,52~ 5,856,543 .952,075 0,477,200 25,913,024 14,243,620 11,754,030 80,907,000 27,005,523 10,205,232 6,802,820 1,307,750 3,020,000 25,451,152 6,577,83~4 43,686,000 90,000,000 36,000,000 166,824,194 48,039,857 ~56,6Z7,229 17,128,528 15,858,843 28,952,075 40,477,200 25,913,024 14,243,820 11.754,030 88,907,000 27.005,623 10,205,232 8,802,820 1,307,750 3,020,000 25,451,152 6,677,834 '559,207,710 4376.000 702,893,710 / Gross Potential DownsIde 5~O0mm Erter~'i~~ Value 112,000,000) mlnaUo.~ g~ ~a~r Velut (17,105,766) Wri1o-d~#n t~ (8,564,264) 50% Wr~e-~own (7,828,32.2) 5Q% Wfll#.down (9,452,075) '~ir11o.~,vwn k (20,236,500) 50% WflW4~wn (9,258,353) ~5% WrIie-dow~, (7,640,120) e5% Wrlte-~ow~ (6,890j00) 10% Wrtle*down (6,751.381) 25%Wr~s.dgwn (5,102,616) 50% WrltO-dcwn (3,401,410) 50% Wr%s-do'..n (1,307,750) 100% WrIle'~own (3,020,000) 100% Wr11a-~wr' (2,545,115) 10% Wrtw.down (1.64.4 ,458'l 26% WrIW-down \(133,1 16,161) ~l(99,648,3~7) File Name: F~aptorUst050500.x~s 05/10/2000 9:05 AM N C C 0 -j 0 0 Lr~ C) -TI m I 0, 01