Raptor Position Reports for 11/20/00

Greg,

Attached are the daily position reports for the various Raptor vehicles.

Ben
----- Forwarded by Ben F Glisan/HOU/ECT on 11/22/2000 06:58 AM -----

Gordon McKillop@ENRON
11/21/2000 08:05 PM

To: Ben F Glisan/HOU/ECT@ECT, Andrew S Fastow/HOU/ECT@ECT, Richard
Causey/Corp/Enron@ENRON, Rick Buy/HOU/ECT@ECT
cc: Barry Schnapper/Corp/Enron@Enron, Andrea V Reed/HOU/ECT@ECT, Ryan
Siurek/Corp/Enron@ENRON, Kevin D Jordan/Corp/Enron@ENRON, Michael
Kopper/HOU/ECT@ECT, Chris Loehr/HOU/ECT@ECT, Anne Yaeger/HOU/ECT@ECT, Rodney
Faldyn/Corp/Enron@Enron, Ron Baker/Corp/Enron@ENRON,
amy.flores@ljminvestments.com, L'Sheryl Hudson/HOU/ECT@ECT, Wes
Colwell/HOU/ECT@ECT, Kevin Howard/Enron Communications@Enron Communications,
David Port/Market Risk/Corp/Enron@ENRON, Jordan Mintz/HOU/ECT@ECT, Maria
LeBeau/HOU/ECT@ECT, Michael S Galvan/HOU/ECT@ECT, David Maxwell/HOU/ECT@ECT,
Susie Ayala/HOU/ECT@ECT, Hope Vargas/HOU/ECT@ECT
Subject: Raptor Position Reports for 11/20/00

The Raptor I credit capacity is at $94 million. The credit capacity will be
impacted by fourth quarter revaluations on Catalytica, Heartland Steel and
other assets. If the credit capacity is exceeded, Enron will need to reserve
for the loss and any future losses.

The TNPC stock closed at $9.38 on November 20. The closing price on November
21 is $8.94 which results Raptor III exceeding its credit capacity by $12
million.