1. 1 Transportation & Distribution Retail Energy Broadband Services Wholesale Energy Net Works Energy Businesses New Businesses Expansion vehicle for new industry penetration

2. 2 Current Market Conditions Enormous inefficiencies exist in the pricing of commodity products. All incumbent companies are vulnerable due to reduced barriers to entry. Possible rate of return opportunities are multiples of historical rates of return (“Winner Takes All”).

3. 3 Why Enron? We have been B2B for years We have a proven Business Model and track record of transforming markets (Gas, Power, Broadband, Coal, etc.) We have strong skills in risk intermediation and good systems to control risk We have already successfully migrated from an “old economy” company to a “new economy” company

4. 4 Vertical Integration Marketing Long-Line Transportation Natural Gas Production Distribution Marketing Transmission Power Generation Distribution Applications & Content Delivery Long Haul Transportation Broadband Content Producers Local Access

5. 5 The Enron Business Model Enron Intermediation Roles Natural Gas Power Content Producer Broadband Generation Production Supply Aggregation Long Haul Transportation Transmission Long-Line Transportation Wholesale Services Distribution Local Access Retail Services

6. 6 Producer to Consumer Markets Standardized Commodity Markets Term Structured Products and Services Business to Business Market Activity Spectrum TransactionsSettlements Supply Aggregation Wholesale Services Retail Services Logistics

7. 7 Pure B2B Exchanges Supply Aggregation Wholesale Services Retail Services TransactionsSettlementsLogistics Business to Business Market Activity Spectrum Producer to Consumer Markets Standardized Commodity Markets Term Structured Products and Services

8. 8 Old Economy Companies Supply Aggregation Wholesale Services Retail Services TransactionsSettlementsLogistics Business to Business Market Activity Spectrum Producer to Consumer Markets Standardized Commodity Markets Term Structured Products and Services

9. 9 Enron Supply Aggregation Wholesale Services Retail Services Pure B2B Exchanges TransactionsSettlementsLogistics Business to Business Market Activity Spectrum Old Economy Companies Producer to Consumer Markets Standardized Commodity Markets Term Structured Products and Services

10. 10 Bandwidth Power Natural Gas Supply Aggregation Wholesale Services Retail Services Coal Petrochemicals TransactionsSettlementsLogistics Business to Business Market Activity Spectrum Pulp & Paper Finance Metals Credit Data Storage Steel Agriculture Logistics Chemicals Producer to Consumer Markets Standardized Commodity Markets Term Structured Products and Services

11. 11 MG PLC Leading Merchant of Base Metals Significant Customer Overlap with Enron’s Existing Energy Customers Provides Domain Expertise Accretive to Earnings Metals Market Receptive to Enron-like Products

12. 12 MG PLC Supply Aggregation Wholesale Services Retail Services TransactionsSettlementsLogistics Producer to Consumer Markets Standardized Commodity Markets Term Structured Products and Services

13. 13 Enron Metals Supply Aggregation Wholesale Services Retail Services TransactionsSettlementsLogistics MG PLC Enron Metals Producer to Consumer Markets Standardized Commodity Markets Term Structured Products and Services

14. 14 Garden State Paper Compliments existing pulp and paper business (#1 derivatives position) Provides access to physical product Enables deployment of Enron’s eCommerce business model (Clickpaper.com)

15. 15 Clickpaper.com Principal Based Free of Charge Real Time Financial and Physical Products

16. 16 Garden State Paper Garden State Paper Supply Aggregation Wholesale Services Retail Services TransactionsSettlementsLogistics Producer to Consumer Markets Standardized Commodity Markets Term Structured Products and Services

17. 17 Enron Paper Supply Aggregation Wholesale Services Retail Services TransactionsSettlementsLogistics Garden State Paper Producer to Consumer Markets Standardized Commodity Markets Term Structured Products and Services

18. 18 Networks Funding Plan No equity issuance anticipated Targeted investors for each vertical Limited Enron financial support anticipated Capital available by third quarter

19. 19