September 25, 2000

September 25, 2000 Confidential & Proprietary Management Presentation Enron Generation Overview

Table of Contents - Peakers • Generation Overview • Key Sales Points • Development History • Equipment Overview • Infrastructure Overview • Construction Overview • Contract Terms (EPC) & Warranty Provisions • Performance Results • Interconnection Agreements • Gas Supply & Transportation • Review of Power Markets • Control Area Status • Expansion / Conversion Details • O&M Costs • State/Local Taxes • Legal/Lease Structures

Gleason Overview Project Gleason

Gleason Overview Generation Overview • The plant is a 546 MW (nominal) natural gas-fired, simple cycle power generation facility (the “Gleason Plant”) owned by Gleason Power I, L.L.C., an indirect wholly owned subsidiary of Enron North America • The Gleason Plant is located on an approximate 60 acre tract of land at 1156 James Mill road in Gleason, Tennessee • The plant is located in the TVA subregion of SERC

Gleason Overview Key Sales Point • The Gleason Plant has a “first-mover advantage opportunity” in a key Midwest market • Plant provides geographic diversification with critical mass • Target markets have historically experienced extreme power price volatility due to tight reserve margins, transmission constraints, and susceptibility to outages of large-scale units • Ideally suited to capitalize on gas/power arbitrage opportunities • Expansion potential at existing sites • Conversion capability to combined cycle at all sites

Gleason Overview Development/Construction Overview • See Mitch for Timeline or Map

Gleason Overview Equipment Overview • The Gleason Plant consists of one Westinghouse Model 501 FC gas turbine and two Westinghouse Model 501 FD gas turbines, rated at 182 MW and 182 MW, respectively (nominal) • At 90 degrees Fahrenheit and at full operation, the Gleason Plant is able to achieve a net heat rate of approximately 10,900 Btu/kWh (HHV)

Gleason Overview Performance Results • Add Mitch Robinson

Gleason Overview Infrastructure Overview • Add map of site

Gleason Overview Contract Terms • May be taken out since it’s not relevant for Wheatland plant

Gleason Overview Interconnection Agreements • The Gleason Plant is interconnected to a 500 kV TVA line that traverses the site

Gleason Overview Gas Supply & Transportation • The Gleason Plant is permitted to use only natural gas as its fuel source • The plant is interconnected to a interstate natural gas pipeline system which traverses the site and is owned and operated by ANR Pipeline Company (“ANR”) • Gleason Power I, L.L.C. and ANR each own, operate and maintain specified portions of the interconnection facilities as defined in the facilities agreement • The term of each of these agreements ends on February 28, 2010. • The interruptible transportation service agreement and the interruptible gas parking and lending service agreement will continue on a month-to-month basis after February 28, 2010, until terminated by either party

Gleason Overview Power Markets Opportunities • Gleason Power I, L.L.C. is qualified as a exempt wholesale generator (“EWG”) under the Public Utilities Holding Company Act of 1935, thus the plant has the authority to sell energy and capacity at market-based rates • The Plant’s location in TVA and its access to the eastern U.S. electricity market provides sales opportunities in the wholesale power markets

Gleason Overview Control Area Status • The control area is designated ENGL • The Gleason Plant has been designated a control area in accordance with NERC policy

Gleason Overview Expansion/Conversion Details • The Gleason Plant has been designed to facilitate a future plant expansion or conversion to combined-cycle • An interconnect request for conversion has been filed with TVA • The stated net heat rate will go from 10,900 Btu/kWh to ______ • The stated net output of the plant will go from 546 MW (nominal) to _____ • The conversion of the Gleason plant will take approximately _____ • Water availability? • Permit timeline estimate?

Gleason Overview O&M Costs • Variable O&M ($/MWh) of $1.50 includes estimates on water costs and variable maintenance expenditures • Fixed O&M ($000) of $1,242 includes estimates of payroll expenses and other fixed O&M • Major Maintenance ($/Start/Turbine) of $3,000 includes estimated accrual for future major maintenance on a per turbine basis, assuming 100 starts/year • Estimated Owner’s Expense ($000) of $322 includes estimates of insurance, utilities, interconnection fees, gas pipeline metering costs and miscellaneous expenses • Property Tax Liability ($000) of $92 may vary based on abatement programs and other local issues

Gleason Overview State/Local Taxes

Gleason Overview Legal/Lease Structures • See Stuart Zisman

Wheatland Overview Project Wheatland

Wheatland Overview Generation Overview • The plant is a 508 MW (nominal) natural gas-fired, simple cycle merchant generation facility (the “Wheatland Plant”) • Owned by West Fork Land Development Company, L.L.C., a direct, wholly-owned subsidiary of Enron North America • Located on an approximate 60-acre tract of land at 480 North Hall Road in Wheatland, Indiana • Southern ECAR subregion of ECAR

Wheatland Overview Key Sales Point • The Wheatland Plant has a “first-mover advantage opportunity” in a key Midwest market • Plant provides geographic diversification with critical mass • Target markets have historically experienced extreme power price volatility due to tight reserve margins, transmission constraints, and susceptibility to outages of large-scale units • Ideally suited to capitalize on gas/power arbitrage opportunities • Expansion potential at existing sites • Conversion capability to combined cycle at all sites

Wheatland Overview Development/Construction Overview • See Mitch for Timeline or Map

Wheatland Overview Equipment Overview • Consists of four Westinghouse Model 501 D5A gas turbines, each rated at approximately 127 MW (nominal) • At 90 degrees Fahrenheit and at full load, the Wheatland Plant is able to achieve a net heat rate of approximately 11,500 Btu/kWh, HHV, and a net capacity of approximately 480 MW • Approximately 450 gpm water usage during operation. Water is supplied by an owned lake, adjacent to the site

Wheatland Overview Performance Results • See Mitch Robinson

Wheatland Overview Infrastructure Overview • Add map and 100 feet overview of facility, pipeline, water

Wheatland Overview Contract Terms • May be taken out since it’s not relevant for Wheatland plant

Wheatland Overview Interconnection Agreements • Interconnected to two 345 kV lines. The plant has an interconnect agreement with both Cinergy Services Inc. (“Cinergy”), and Indianapolis Power & Light (“IPL”). With the dual interconnect, the plant has the option of dispatching into the Cinergy or IPL systems • Both Cinergy and IPL allow scheduling of energy into and out of each control area, giving the Wheatland Plant the option of generating power or filling the scheduled energy delivery from the market when market economics warrant. This enables playing day ahead vs intra-day hourly market to maximize optionality • This added flexibility ensures that the plant is reserved for operation only during periods of economic dispatch

Wheatland Overview Gas Supply & Transportation • Permitted to use natural gas as its fuel source • Interconnected to Midwestern Gas Transmission Company (“Midwestern Gas”), a natural gas pipeline system owned by Tennessee Gas Pipeline Company • The term of the interruptible gas transportation agreement and associated transportation rate began on April 1, 2000, continues through March 31, 2008 and will continue on a month-to-month basis until terminated upon thirty days notice by either party • Gas can be purchased at Chicago city-gate hub or from Gulf Coast

Wheatland Overview Power Markets Opportunities • West Fork Land Development Company, L.L.C., is qualified as an EWG, and has the authority to sell energy and capacity at market-based rates. The Wheatland Plant’s location in Southern ECAR, and its access to the eastern U.S. electricity market will provide sales opportunities in the wholesale power markets.

Wheatland Overview Control Area Status • The control area is designated ENWI and ENWC. The Wheatland Plant has been designated as two control areas in accordance with NERC policy • What is the benefit of having control area?

Wheatland Overview Expansion/Conversion Details • The Wheatland Plant has been designed to facilitate a future expansion or conversion to combined-cycle • The stated net heat rate will go from 11,500 Btu/kWh to ______ • The stated net output of the plant will go from 508 MW (nominal) to ____ • The conversion of the Gleason plant will take approximately _____ • Water availability? • Permit timeline estimate?

Wheatland Overview O&M Costs • Variable O&M ($/MWh) of $3.00 includes estimates on water costs and variable maintenance expenditures • Fixed O&M ($000) of $1,516 includes estimates of payroll expenses and other fixed O&M • Major Maintenance ($/Start/Turbine) of $1,500 includes estimated accrual for future major maintenance on a per turbine basis, assuming 100 starts/year • Owner’s Expense ($000) of $306 includes estimates of insurance, utilities, interconnection fees, gas pipeline metering costs and miscellaneous expenses • Property Tax Liability ($000) of $203 may vary based on abatement programs and other local issues

Wheatland Overview State/Local Taxes • See Patrick Malloy’s Group

Wheatland Overview Legal/Lease Structures • See Stuart Zisman

Lincoln Center Overview Project Lincoln Center

Lincoln Center Overview Generation Overview • The plant is a 656 MW (nominal) natural gas-fired, simple cycle power generation facility (the “Lincoln Energy Center”) • Owned by Des Plaines Green Land Development, L.L.C., an indirect wholly owned subsidiary of Enron North America • The Lincoln Energy Center is located on 50 acres of land at 27155 South Kankakee Street in Manhattan, Illinois • The site sits directly across from the Commonwealth Edison Wilton Center substation (“ComEd Substation”)

Lincoln Center Overview Key Sales Point • The Lincoln Center Plant has a “first-mover advantage opportunity” in a key Midwest market • Plant provides geographic diversification with critical mass • Target markets have historically experienced extreme power price volatility due to tight reserve margins, transmission constraints, and susceptibility to outages of large-scale units • Ideally suited to capitalize on gas/power arbitrage opportunities • Flexible gas arrangements in Chicago area allow access to ANR Pipeline Company and Northern Border Pipeline Company • Expansion potential at existing sites • Conversion capability to combined cycle at all sites

Lincoln Center Overview Development/Construction Overview • NEPCO, an indirect wholly owned subsidiary of Enron Corp., designed and constructed the facility • See Mitch for Timeline or Map

Lincoln Center Overview Equipment Overview • The Lincoln Energy Center consists of eight General Electric Model 7EA gas turbines, each rated at approximately 82 MW (nominal) • At 90 degrees Fahrenheit and at full operation, the plant is able to achieve a net heat rate of approximately 11,900 Btu/kWh (HHV)

Lincoln Center Overview Performance Results • (See Mitch Robinson)

Lincoln Center Overview Infrastructure Overview • Add map of site

Lincoln Center Overview Contract Terms • Do we want to include specifics about the Com Ed contract?

Lincoln Center Overview Interconnection Agreements • The Lincoln Energy Center is interconnected directly to the ComEd Substation at the 345 kV level • The ComEd Substation has five transmission lines to which it is connected: three 345 kV lines (ComEd) and two 765 kV lines (AEP) • Each of the 765 kV lines has significant available transmission capacity during periods of peak load • In addition to the direct access to Commonwealth Edison's service territory, the ComEd Substation has direct access to eastern markets (such as AEP) via the 765 kV line

Lincoln Center Overview Gas Supply & Transportation • The term of the interruptible gas transportation agreement began on March 1, 2000 and continues until February 28, 2002 • The plant is interconnected to a natural gas pipeline system owned by Northern Border Pipeline Company (“Northern Border”) • Des Plaines Greenland Development, L.L.C. and Northern Border each own, operate and maintain specified portions of the interconnection facilities as defined in the interconnect agreement

Lincoln Center Overview Power Market Opportunities • Des Plaines Green Land Development, L.L.C. is qualified as an EWG, and has the authority to sell energy and capacity at market-based rates • Pursuant to a limited-term contractual agreement, the owner of the Lincoln Energy Center will be obligated to sell capacity and energy to a third party

Lincoln Center Overview Control Area Status • The control area is designated ENLC. The Lincoln Energy Center has been designated a control area in accordance with NERC policy • Control Area designation is valuable for point to point power sales, scheduling of power, and parking and hubbing

Lincoln Center Overview Expansion/Conversion Details • The Lincoln Energy Center has been designed to facilitate a future expansion or conversion to combined-cycle • The stated net heat rate will go from 11,900 Btu/kWh to ______ • The stated net output of the plant will go from 656 MW (nominal) to ____ • The conversion of the Gleason plant will take approximately _____ • Water availability? • Permit timeline estimate?

Lincoln Center Overview O&M Costs • Variable O&M ($/MWh) of $2.00 includes estimates on water costs and variable maintenance expenditures • Fixed O&M ($000) of $1,449 includes estimates of payroll expenses and other fixed O&M • Major Maintenance ($/Start/Turbine) of $1,000 includes estimated accrual for future major maintenance on a per turbine basis, assuming 100 starts/year • Owner’s Expense ($000) of $401 includes estimates of insurance, utilities, interconnection fees, gas pipeline metering costs and miscellaneous expenses • Property Tax Liability ($000) of $334 may vary based on abatement programs and other local issues

Lincoln Center Overview State/Local Taxes • See Patrick Malloy’s Group

Lincoln Center Overview Legal/Lease Structures • See Stuart Zisman

September 25, 2000