Updated Core/Non-Core Analysis

From: kortney.brown@enron.com

To: jeff.dasovich@enron.com, robert.neustaedter@enron.com,harry.kingerski@enron.com

Subject: Updated Core/Non-Core Analysis

Cc: michael.tribolet@enron.com, jeffrey.soo@enron.com

Bcc: michael.tribolet@enron.com, jeffrey.soo@enron.com

Date: Thu, 17 May 2001 11:31:00 -0700 (PDT)

Attached is the revised Core/Non-Core Analysis per our discussion. We have
updated to include the new CPUC rate schedules for PGE and SCE and a toggle
switch 20- year bond scenario to cover the past utility debt that is the
burden of Non-Core. Please let me know if you have any questions. Thanks.

Kortney