Enron Europe Project Doorstep Enron Nordic Energy Stockholm, Sweden May 2001

1. Enron Europe Project Doorstep Enron Nordic Energy Stockholm, Sweden May 2001 Draft Confidential

2. Enron Europe Project Participants & Objectives The objective of this review We performed an on-site review of the origination activities of Enron Nordic Energy located in Stockholm, Sweden. Our review procedures consisted of interviews with the originators on May 17, 2001. Doorstep Team Members Cindy Horn, Enron Net Works Homan Amiry, Risk Assessment & Controls Office Personnel Interviewed Johan Strom, Manager ENE Manuel Sward, Originator ENE Jen Eliasson, Originator ENE Thomas Stalin, Manager Enron Wind Peter Hamilton, Enron Metals Christopher Eckerberg, EBS Questions? For further understanding of objectives or observations, please contact Cindy Horn at 44 207 783 4560 (chorn@enron.com) or Homan Amiry at 44 207 783 5501 (hamiry@enron.com) @enron.com 1 Confidential Stockholm Office Review – 05/01

3. Enron Europe Summary of Office Highlights Office Profile The office has 6 originators which handle power, metals and EBS, 1 regulatory affairs manager for Enron Wind and 1 receptionist. Any trades originated from Stockholm are executed and confirmed from the Oslo office. There were no access to trading systems just views to EOL, Telerate and other pricing services. They maintain their customer lists and contact history on excel to track activity. Daily telephone communication is done with Oslo and there is a weekly teleconference in which they all participate. Counterparties They have approximately 200 customers they are communication with and track activity. The trades that would come from this activity would be done through Oslo following their processes and controls. 2 Stockholm Office Review – 05/01 Confidential

4. Enron Europe Observations and Action Steps Priority Owner & Target Date Code No. Observation Root Cause Action Step Business growth Metal originator would like to expand customer base and product origination. Would need to recruite another originator to handle this. 1 L As a remote office, Enron Europe Office of Chair requires significant business justification for additional costs. Joe Gold Office could utilize the video camera on your desk top when they talk with the Oslo office. L Set up MS Net-meeting on all workstations and where required cameras. Routine assessment of cost effectiveness is on-going. 2 Effective communication with Oslo office Priority Code: Low High Medium 3 Stockholm Office Review – 05/01 Confidential

5. Enron Europe Summary of Deal Test The activity performed from this office was marketing (origination) with no trade execution, confirmation or cash activity. They have daily interaction with the Oslo office and weekly teleconference calls. Summary of Findings Other • In general, local office was very receptive to our visit and spending time discussing their activities. 4 Stockholm Office Review – 05/01 Confidential