RE: Rawhide; Whitewing

International:
Sarlux, Trakya, Nowa Sarzyna, Promigas, ARCOS GE turbines, % of Elektro

Domestic:
Primarily ENA merchant investments.

I will send schedule of assets to the group.

-----Original Message-----
From: Walls Jr., Rob
Sent: Monday, November 26, 2001 7:19 PM
To: Howard, Kevin A.; Hayslett, Rod; Hughes, James A.; Horton, Stanley; Donahue, Jeff
Subject: RE: Rawhide; Whitewing

What assets are in Whitewing?

-----Original Message-----
From: Howard, Kevin A.
Sent: Monday, November 26, 2001 6:11 PM
To: Hayslett, Rod; Hughes, James A.; Horton, Stanley; Donahue, Jeff; Walls Jr., Rob
Subject: Rawhide; Whitewing

Per our earlier discussion:

Rawhide - No prohibition on sale of assets. TGS, CEG, Border (common units), Gaspart, Centragas and Subic/Batangas are primary assets in Rawhide. EGF is in the process of restructuring deal prior to 12/14 deadline. Demonstration of some velocity on the sale of these assets would be extremely beneficial in negotiations with banks.

Whitewing - Approval from investors needed if we sell below the Whitewing purchase price (book value). Asset sales package would need to be prepared and sent to investors in Whitewing (Osprey) who then have 10 days to approve sale. Typically, this has not been a problem, however, circumstances have since changed. Gordon McKillop manages this process for Enron.

I am familiar with both transactions have the contacts within Global Finance for additional detail if we need it.

Kevin