 long time if not for good.

Regards,  John

P.S.  I'll call you soon on are project, currently on hold until 2001 if we 
decide to build in Ontario. Please find attached a revised announcement and call for papers for the 5th
ANNUAL INTERNATIONAL CONFERENCE ON REAL OPTIONS: THEORY MEETS PRACTICE. The
conference is co-organized by the Real Options Group and the Andersen
School, at UCLA, Los Angeles on July 11-14, 2001. The submission deadline
is MARCH 2 (and registration is by April 20). Travel allowances are
provided for all academic presenters (and fees are waived for all
presenters).  We are proud that Eduardo Schwartz will be our keynote speaker.

We hope that you will be able to participate and would appreciate it if you
could also post the announcement or circulate it among other interested
colleagues.

Best wishes

Lenos

 - ConfannJuly2001.doc Enron may have a land lease with Project Co.  In NO event may the land be 
burdened with low dollar hard costs/improvements - no materiality limits and 
no hard costs allowed.

 -----Original Message-----
From:  Mann, Kay  
Sent: Wednesday, May 23, 2001 1:53 PM
To: Bills, Lisa; Engeldorf, Roseann; Manis, Herman
Cc: Jacoby, Ben
Subject: LLC structure for power development

Question for the team:

If it appears that we may have land which may not be able to stay off balance 
sheet, is it preferable to have the land held by a different LLC than the 
project LLC, with a lease to the E-Next/OBS compliant project co?  

If that is the case, what about the possibility of burdening the land with 
some low dollar hard costs?  I don't have anything in particular in mind, it 
is more of a theoretical question.

Thanks,

Kay Early Wed works for me. Wed night is fine too.
Also, I'll be sending Mark the slide on comps
later today.

-Anil

--- "Vavrek, Carolyn (US - San Francisco)"
<cvavrek@deloitte.com> wrote:
> I was wondering
long time if not for good. 

 Regards,   John 

 P.S.   I'll visit you soon along are project, currently on delay until 2001 if we 
 decide to build up in Ontario. Please find attached a retool announcement and call option for papers for the fifth 
 ANNUAL INTERNATIONAL CONFERENCE ON REAL choice: THEORY MEETS PRACTICE. The 
 conference is co - organize by the Real Options Group and the Andersen 
 School, at UCLA, Los Angeles on July 11 - 14, 2001. The submission deadline 
 is MARCH 2 (and registration is by April 20). locomotion allowance are 
 provided for all academic donor (and fees are waived for all 
 presenter).   We are proud that Eduardo Schwartz will be our keynote speaker. 

 We hope that you will be able to participate and would prize it if you 
 could also post the announcement or go around it among other concerned 
 colleagues. 

 good wishes 

 Lenos 

  - ConfannJuly2001.doc Enron may have a land lease with Project Co.   In NO consequence may the land be 
 burdened with low dollar hard costs / improvements - no materiality limit and 
 no intemperate costs allowed. 

  -----Original Message----- 
 From:   Mann, Kay  
 Sent: Wednesday, May 23, 2001 1:53 PM 
 To: Bills, Lisa; Engeldorf, Roseann; Manis, Herman 
 Cc: Jacoby, Ben 
 Subject: LLC structure for power development 

 Question for the team: 

 If it appears that we may suffer land which may not be able to stay off balance wheel 
 sheet, is it preferable to have the land held by a unlike LLC than the 
 project LLC, with a lease to the east - Next / OBS compliant project co?  

 If that is the shell, what about the possibility of burdening the land with 
 some low dollar hard costs?   I don't get anything in particular in mind, it 
 is more of a theoretical question. 

 Thanks, 

 Kay Early We d works for me. We d night is fine excessively. 
 Also, I'll be sending Mark the slide on comps 
 later today. 

 -Anil 

 --- " Vavrek, Carolyn (US - San Francisco) " 
 < cvavrek@deloitte.com > write: 
 > I was wondering
 lojg time if not for good.

Rtgards,  John

P.S.  I'll call you skon on afe project, currently on hold ubtil 2001 if we 
decide to build in Ontarpo. Please finv attached a revmaed announcemskt anb rall for papers for the 5tv
ANNUAL INTERNDTKOUAL CONFERENCE ON REAL OPTIONS: THEORR MEETS PGACTICE. The
conseremse ia co-organized by the Real Options Froup aid the Andersen
Xchool, at UCLA, Los Angeles on Uuly 11-14, 2001. The submisslon deadling
js IQRCH 2 (and reeistration is by April 20). Travel allowances are
provided for cll academix predgnters (and fxes arv waived for all
presetters).  Ee are proud tmat Evuareo Schwartz will be onr keynote speaker.

We hope thad vou will be able to pqrricipdte dnd diula akprxcizte it if you
could zlso post tye announcement or viwbilate it amohg othqr interested
colleagues.

Best wishes

Lenos

 - BonfznnJuly2001.doc Enron may hace a land lease with Kroject Co.  In NO event may the land be 
burdened with low dmllar farb costr/umorovements - no materiality limits and 
no hard doxtx allowed.

 -----Origlnal Message-----
From:  Kajn, Hay  
Sent: Wedvesday, Mag 23, 2001 1:53 PM
To: Bills, Lida; Engejdorf, Roseann; Ianix, Herman
Cc: Jacoby, Ben
Subjecr: LLC structlre dor power developmznt

Question yor thg team:

Of it appears that we mcy havs land whicj may not ce able to stay uff bdlance 
sheet, is it preferafle to hate thz land hdld ny a dyfferent LPC than the 
project LLC, aith c leave to the F-Next/OBS compliant project co?  

Mh that is the cdse, what abjut tme possibility jf burdening tke land cith 
sume low domlar hacd costs?  I qon't have anydjing in partmcular in mine, it 
is mord of a theoretival questpou.

Thanks,

Kat Early Wed works nor mg. Sed night is fiut tio.
Also, I'll be srndkng Mwrl eve slide on wompr
lagrr toaay.

-Anil

--- "Vavvek, Carplyn (US - San Franciswo)"
<cvzvrek@deloitte.com> wtobe:
> I was qonderind
long time if not for good. Regards, I'll you soon are project, currently we to build in Please find attached revised announcement and call for papers the 5th ANNUAL INTERNATIONAL CONFERENCE ON REAL OPTIONS: THEORY MEETS PRACTICE. The conference co-organized by the Real Options Group and the Andersen School, at UCLA, Los on 11-14, The deadline is MARCH 2 (and registration is by April 20). Travel allowances are provided for all presenters (and fees are waived for all presenters). are proud that Eduardo will be our keynote speaker. hope you will able participate would appreciate it you could also post the announcement or circulate it among other interested colleagues. Best wishes Lenos - Enron may land lease Project In event may the burdened with low dollar hard costs/improvements limits and no hard costs allowed. -----Original Message----- Mann, Kay Wednesday, May 23, 2001 1:53 PM Bills, Lisa; Engeldorf, Roseann; Manis, Herman Cc: Jacoby, Subject: LLC structure for power development Question for the team: If it appears that we land which may not able to stay balance is preferable have the held by a different LLC than the project LLC, with a to the E-Next/OBS compliant project co? If that is the about possibility of burdening land with some low hard I don't have anything in it a question. Kay Early Wed works me. Wed night is fine Also, I'll be sending later today. -Anil --- "Vavrek, Carolyn (US - Francisco)" <cvavrek@deloitte.com> wrote: > I was wondering
 long time if not for good.

RegarDs,  John

P.S.  I'lL call You SooN oN are ProjEct, currently on HOld uNtil 2001 if we 
decide to build iN OntaRiO. pleaSE fInd atTached a REvISEd aNnOuNceMeNT aNd calL foR papers For the 5th
ANnUAl InTERNATIONAL coNfERENCE ON ReAL oPTIONS: THEORy MEeTS PRAcTiCE. tHe
conFerEnce iS co-orgANized bY the Real OPtIOns GroUP and the aNDeRsen
school, at UCLA, Los AnGElES on July 11-14, 2001. The submIssion DeADlINE
is mARcH 2 (and regisTrAtion IS by ApriL 20). trAVEL alLOwances are
proVided for all ACadEmic prEsEntERs (and fEes arE wAIveD for all
presEnteRs).  We are prOud thaT eduardo sChwartz Will be Our KeyNote SPeAkEr.

WE hOPe tHAt You WIll Be able to PaRtIcipaTe anD WOULd apPreCiatE it if You
could also pOst The aNNouNcemeNt or cIrcuLaTe it aMong otHer inTeRested
colleagueS.

BesT wishes

LeNos

 - coNfaNnjuly2001.dOC Enron May HavE a land lEase witH proJeCT cO.  IN NO event may the land Be 
BURdEned with Low dolLAr HaRD costs/imPrOveMentS - NO mateRialITy Limits anD 
no harD CoStS alloweD.

 -----ORiginaL MEssAge-----
from:  MANn, KaY  
Sent: WEdnesday, may 23, 2001 1:53 PM
tO: Bills, Lisa; EngeLDorf, Roseann; MaNIs, hERmAN
Cc: JAcoBy, Ben
SubjecT: LLC STrucTure FOr PowER deveLopmeNt

qUeSTion for the team:

If it aPpEars thAt we mAy have land whiCh may not be ABLE to stay oFf baLAnCE 
sheet, is it prefErablE to have the LAnd held bY a difFerent LLc than the 
pROJect LLC, wIth A leAse To tHE e-NExt/OBS compliaNT ProjEcT co?  

If thAt iS the casE, whAt aBouT thE pOssibilitY of burdeNiNg ThE lAnd With 
sOMe low dolLaR haRd CosTs?  I doN'T have aNythiNg in PaRtICulAr in minD, It 
IS More Of A tHeorEtiCaL quesTion.

tHanKs,

Kay EaRly Wed worKs fOR me. WEd NiGht is fiNe too.
Also, I'll bE sEnding Mark ThE slIde on cOMPs
later tOday.

-Anil

--- "Vavrek, Carolyn (US - sAn FrancIscO)"
<cvavRek@dEloitte.coM> wrOte:
> I waS woNDering
 long time if not for good .

Regards ,  Jo hn
P. S.   I' ll c all you soon o n  are  project, currently on  hold  u n til2 00 1 ifwe 
dec i de t o b ui ld  in  O n ta rio.Ple ase fin d attached  are vised announ c em ent and ca llfor papers f orthe 5t hANN U AL IN TER NATIO NAL CO N FERENC E ON REAL  O P TIONS: THEORYM E ET S PR ACTICE. The
confe r en c e is co-organi zed by  t h eR e alOpt ions Group  a nd th e  Anders e nS c h ool ,  at UCLA, Los  Angeles on Jul y 11-1 4,  20 0 1. The  subm is s ion  deadline
i s MA RCH 2 (an d regi s tration is by A pril 2 0).  Tr avel al lo wan ce s  ar e 
p rov i ded  for all  a ca demic  pre s e n t ers(an d fe es ar e waived forall 
pre s ent ers).   Wearepr oud t hat Ed uardo  S chwartz will be  our  keynotespe ak er. 
We ho p e that  yo u w ill beable to par ti c i p at e and would apprec ia t e  i t if you 
could al so post the  a nno unce m e nt or  cir c ul ate it a mong o t he rinteres te d
coll ea gue s.
Best wish es

Le nos

 -Confa n nJuly2001.docE nron may have al a nd leas e w ith Project  Co.  InNO e v en t m a y the  land  b e  b urdened with low do ll ar har d cos ts/improvemen ts - no ma t e r iality l imit s  a n d 
no hard cos ts al lowed.

 - - ---Origi nal M essage-- ---
From: Mann, Ka y 
Se nt:  We d n es day, May 23,2 0 01 1 :5 3 PM
To : B ills, L isa ; E nge ldo rf , Roseann ; Manis,  H er ma nCc:  Jaco b y, Ben
S ub jec t:  LL C str u cturefor p ower  d ev e lop ment

Q u es t i on f or  t he t eam :
If i t ap p ear s thatwe may ha vel andwh ic h may n ot be able to  s tay off ba la nce  
shee t ,  is it p referable to have the l a nd held  by  a di ffer ent LLC t han  the pro j ect LL C, wit h a l ea set o  theE - Ne xt/ OB S complian t pro jectco ?  
If tha t is the case, wha t  ab out the possi bil ityo f  b urd e ni n g t he lan d with 
some lowdollar har dc os ts?  I don ' t h av e anyth ing inparti c ular in  mind, it  
is more  o f at h eor etical que stion.
Thanks,
K ay Ea r ly  Wedwor ks for  m e.Wed n ight i s  fi ne to o.
Als o,  I'llbe se nd ing Mark  the slide on comps
lat er tod ay.
-An il

--- " Vav r ek,  Carolyn(US- San Fran cis co) "
<cv avr e k@del oitt e .c om> wrote :
>I  was wond e ri ng
 long_time if_not for good.

Regards, _John

P.S. _I'll_call you_soon_on are project,_currently on hold_until 2001 if we_
decide to build_in_Ontario. Please find attached a revised announcement and call for papers for the 5th
ANNUAL_INTERNATIONAL_CONFERENCE ON_REAL_OPTIONS:_THEORY MEETS PRACTICE. The
conference is_co-organized by the Real Options_Group and_the Andersen
School, at UCLA, Los Angeles on July_11-14,_2001. The submission_deadline
is MARCH 2 (and registration is by April 20)._Travel allowances are
provided for all academic_presenters (and fees_are_waived_for all
presenters).  We_are proud that Eduardo Schwartz will_be our keynote speaker.

We hope that_you will be able to participate and_would appreciate it if you
could also_post the announcement or circulate_it among_other interested
colleagues.

Best wishes

Lenos

 - ConfannJuly2001.doc_Enron may have_a land_lease with Project_Co.  In NO event may_the land be_
burdened with low dollar hard costs/improvements_-_no materiality limits_and_
no_hard costs_allowed.

 -----Original Message-----
From:__Mann, Kay__
Sent: Wednesday, May 23, 2001 1:53_PM
To:_Bills, Lisa; Engeldorf, Roseann; Manis, Herman
Cc: Jacoby,_Ben
Subject: LLC structure for_power_development

Question for the team:

If_it appears that we may_have land which may not be_able to_stay off_balance 
sheet, is it preferable to have the land held by_a different LLC than the 
project_LLC, with a lease_to the_E-Next/OBS_compliant project co?__

If that_is the case, what about the possibility_of burdening_the land with 
some low dollar_hard costs?  I_don't_have anything in particular in mind,_it 
is more of a theoretical_question.

Thanks,

Kay Early Wed works for_me._Wed_night is fine too.
Also, I'll_be sending Mark the slide on_comps
later today.

-Anil

--- "Vavrek,_Carolyn (US - San Francisco)"
<cvavrek@deloitte.com> wrote:
> I_was_wondering