September 26, 2000 Confidential & Proprietary Management Presentation Enron Generation Overview

CONFIDENTIAL 2 Table of Contents uOverall Transaction Investment Merits uPeakers:  Generation Overview  Facility Strengths  Development Timeline  Equipment Overview  Regional Overview  Site Overview  Site Layout  Plant Picture  Performance Results  Warranty Provisions  Plant Org. Chart  Interconnection Agreements  Gas Supply & Transportation  Power Markets Opportunities  Control Area Status  Expansion / Conversion Details  O&M Costs  State/Local Taxes  Legal/Lease Structures

CONFIDENTIAL 3 Transaction Investment Merits uFirst Mover Advantage in Midwest and Southeast Markets uPortfolio of Assets with Extensive Market Reach uAttractive Power Market Fundamentals uEach Plant is currently its own Control Area and has the hardware to created new control area uPeaking Plants Ideal for Power Marketing uPeakers located at favorable points along the gas grid uSignificant Upside Potential with Conversion Capabilities

CONFIDENTIAL 4 Project Gleason Gleason Overview

CONFIDENTIAL 5 Generation Overview uPlant Description: 546 MW (nominal) natural gas-fired, simple cycle power generation facility uOwner: Gleason Power I, L.L.C., an indirect wholly owned subsidiary of Enron North America uLocated on an approximate 60 acre tract of land at 1156 James Mill road in Gleason, Tennessee uLocated in the TVA subregion of SERC uGas interconnect: ANR (ANR Pipeline ML2-Weakley Interconnect) uPower interconnect: TVA (Johnsonville - Weakley 500kV) Gleason Overview

CONFIDENTIAL 6 Facility Strengths Gleason Overview uPlant has a “first-mover advantage opportunity” inside TVA uTVA and the surrounding areas have historically experienced extreme power price volatility uIdeally suited to capitalize on gas/power arbitrage opportunities uExpansion potential at existing sites  Site has room for additional gas turbines  Technology of turbines allows for easy expansion opportunities  Access to sufficient water usage

CONFIDENTIAL 7 Development/Historical Timeline uLand Optioned: uLand Purchased: uRezoning Permit: uReceipt of Air Permit:August 1999 uStart of Construction:September 1999 uTesting:May 2000 uCommercial Operation:June 2000 Gleason Overview

CONFIDENTIAL 8 Equipment Overview uOne Westinghouse Model 501 FC gas turbine uTwo Westinghouse Model 501 FD gas turbines uRated at 182 MW and 182 MW, respectively (nominal) uSwitchyard Equipment: uSwitchyard Configuration: uTransformers: ABB uEVAP Coolers: uFoggers: uControl System: WDPF uCircuit Breakers: uPrimary Voltages: uSecondary Voltages: uWinding Setup: 2 or 3 Gleason Overview

CONFIDENTIAL 9 Performance Results uAdd Mitch Robinson Gleason Overview

CONFIDENTIAL 10 Warranty Provisions Gleason Overview

CONFIDENTIAL 11 Regional Overview Gleason Overview

CONFIDENTIAL 12 Site Overview Gleason Overview

CONFIDENTIAL 13 Site Layout uAdd map of site by CAD file from Hoff - Plot survey Gleason Overview

CONFIDENTIAL 14 Plant Picture uAdd picture from Don Miller Gleason Overview

CONFIDENTIAL 15 Interconnection Agreements uInterconnected to a 500 kV TVA line that traverses the site uShelby Interconnection Upgrade - See Interconnection Agreement Sec. 4.8  TVA found that in the absence of the Gleason Plant a Network Upgrade would have been needed in 2009  Gleason Power provided actual upgrade costs of  Gleason receives monthly credits equal to any network, firm point-to -point, or non-firm point-to-point transmission charges  On 12/31/09 TVA will reimburse Gleason Power the difference between original capital cost and sum of monthly transmission credits  Transmission credits have totaled through  Projected credits from present to 12/31/09 are Gleason Overview

CONFIDENTIAL 16 Gas Transportation Gleason Overview uPipeline: ANR Pipeline uDelivery Point: ANR ML2 uBase Contract :  Service:ITS-3/IPLS  Term:10 years (Apr.-Oct.)  Volume:93,000 MMBtu/d  Rate:$.1122 plus fuel from Chicago or SE LA $.0322 plus fuel from Gleason Plant-gate to Brownsville hub $.0222 plus fuel from Brownsville Hub to Gleason Plant - gate  Fuel:0.0% on Backhaul; 2.69% on forward haul  Receipt Points:SE Area, LA/Joliet, Il. Brownsville Hub, Gleason Plant-gate  Balancing:$.02 per MMBtu/d balancing up to 93,000 MMBtu years 1 to 10 uBackup Contract : None in place; however, capacity release or seasonal firm can be utilized uBalancing : IPLS service subject to economic dispatching and pipeline operational conditions; Balancing in-kind; Allows for uneven hourly flow at plant delivery point with even 24 hour supply flow uOther : ANR will maintain lateral and meter for $6,000 year; ANR will construct interconnect and own hot tap & EMS; Reasonable effort to provide 560 pressure. If pressure below 560 on day Genco nominates gas using IT agmnt, ANR will waive IPLS for volumes parked

CONFIDENTIAL 17 Power Markets Opportunities uGleason Power I, L.L.C. is qualified as a exempt wholesale generator (“EWG”) under the Public Utilities Holding Company Act of 1935, thus the plant has the authority to sell energy and capacity at market-based rates uThe Plant’s location in TVA and its access to the eastern U.S. electricity market provides sales opportunities in the wholesale power markets Gleason Overview

CONFIDENTIAL 18 Control Area Status uThe control area is designated ENGL uThe Gleason Plant has been designated a control area in accordance with NERC policy uControl area designation is valuable for point to point power sales, scheduling of power and parking and hubbing Gleason Overview

CONFIDENTIAL 19 Expansion/Conversion Opportunity uThe Gleason Plant has been designed to facilitate a future plant expansion or conversion to combined-cycle uAn interconnect request for conversion has been filed with TVA uPermit timeline estimate? Gleason Overview

CONFIDENTIAL 20 O&M Costs uVariable O&M of $1.50 ($/MWh) - includes estimates on water costs and variable maintenance expenditures uFixed O&M of $1,242 ($000) - includes estimates of payroll expenses and other fixed O&M uMajor Maintenance of $3,000 ($/Start/Turbine) - includes estimated accrual for future major maintenance on a per turbine basis, assuming 100 starts/year uOwner’s Expense of $322 ($000) - includes estimates of insurance, utilities, interconnection fees, gas pipeline metering costs and miscellaneous expenses uProperty Tax Liability of $92 ($000) - may vary based on abatement programs and other local issues Gleason Overview

CONFIDENTIAL 21 State/Local Taxes uSee Patrick Malloy’s Group Gleason Overview

CONFIDENTIAL 22 Legal/Lease Structures uOwned by Gleason Power I, L.L.C., a Delaware limited liability (“GPI”) uGPI is owned 100% by ENA uGPI leases the facility (including the real property) from the Industrial Development Board of Weakley County for a term of 15 years beginning on September 16, 1999 uGPI has the right to buy the facility at any time during the term of the lease or within 90 days after the expiration thereof for $ Gleason Overview

CONFIDENTIAL 23 Project Wheatland Wheatland Overview

CONFIDENTIAL 24 Generation Overview uPlant Description: 508 MW (nominal) natural gas-fired, simple cycle merchant generation facility uOwner: West Fork Land Development Company, L.L.C., a indirect wholly-owned subsidiary of Enron North America uLocated on an approximate 60-acre tract of land at 480 North Hall Road in Wheatland, Indiana uSouthern ECAR subregion of ECAR uGas interconnect: Midwestern Gas (Midwestern Pipeline - Westfork Interconnect) uPower interconnect: IPL (Petersburg - Breed 345kV) / CIN (Qualitech - Gibson 345 kV) Wheatland Overview

CONFIDENTIAL 25 Facility Strengths Wheatland Overview uHas a “first-mover advantage opportunity” in a key Midwest market uECAR has historically experienced extreme power price volatility uIdeally suited to capitalize on gas/power arbitrage opportunities uExpansion potential at existing sites  Site has room for additional gas turbines  Technology of turbines allows for easy expansion opportunities  Access to sufficient water usage

CONFIDENTIAL 26 Development/Historical Timeline uLand Optioned:February 1999 uRezoning Permit:July 1999 uReceipt of Air Permit:September 1999 uLand Purchased:October 1999 uStart of Construction:October 1999 uTesting:May 2000 uCommercial Operation:June 2000 Wheatland Overview

CONFIDENTIAL 27 Equipment Overview uFour Westinghouse Model 501 D5A gas turbines uEach rated at approximately 127 MW (nominal) uApproximately 450 gpm water usage during operation uWater is supplied by an owned lake, adjacent to the site uSwitchyard Equipment: uSwitchyard Configuration: uTransformers: ABB uEVAP Coolers: uFoggers: uControl System: uCircuit Breakers: uPrimary Voltages: uSecondary Voltages: uWinding Setup: 2 or 3 Wheatland Overview

CONFIDENTIAL 28 Performance Results uSee Mitch Robinson Wheatland Overview

CONFIDENTIAL 29 Warranty Provisions Wheatland Overview

CONFIDENTIAL 30 Regional Overview Wheatland Overview

CONFIDENTIAL 31 Site Overview Wheatland Overview

CONFIDENTIAL 32 Site Layout uAdd map of site by CAD file from Hoff - Plot survey Wheatland Overview

CONFIDENTIAL 33 Plant Picture uAdd picture from Don Miller Wheatland Overview

CONFIDENTIAL 34 Interconnection Agreements Wheatland Overview uInterconnected to two 345 kV lines. The plant has an interconnect agreement with both Cinergy Services Inc. (“Cinergy”), and Indianapolis Power & Light (“IPL”). With the dual interconnect, the plant has the option of dispatching into the Cinergy or IPL systems uBoth Cinergy and IPL allow scheduling of energy into and out of each control area, giving the Wheatland Plant the option of generating power or filling the scheduled energy delivery from the market when market economics warrant. This enables playing day ahead vs intra-day hourly market to maximize optionality uThis added flexibility ensures that the plant is reserved for operation only during periods of economic dispatch

CONFIDENTIAL 35 Gas Transportation Wheatland Overview uPipeline: Midwestern Gas Transmission uDelivery Point: Plant-Gate uBase Contract:  Term:8 years (Apr-Oct)  Volume:85, 920 MMBtu/d uContract Interruptible:  Rate: 1st 3 Bcf - $ MMBtu/d  Rate: 3 to 5 Bcf - $ MMBtu/d  Rate: 5 Bcf & Up - Max. Tariff Rate  Volume Commit: None  Receipt Points: MGT - Joliet & TGP - Portland  Fuel: 0.05% on Backhaul; 1.0% on forward haul uBackup Contract: None in place; however, capacity release or seasonal firm can be utilized under the terms of the deal uBalancing: Free via OBA. Subject to tariff imbalance parameters (5% end of month; 10 % daily imbalance limit if daily variance implemented) Allows for uneven hourly flow at plant delivery point with even 24 hour supply subject to pipeline operating conditions

CONFIDENTIAL 36 Power Markets Opportunities uWest Fork Land Development Company, L.L.C., is qualified as an EWG, and has the authority to sell energy and capacity at market-based rates. The Wheatland Plant’s location in Southern ECAR, and its access to the eastern U.S. electricity market will provide sales opportunities in the wholesale power markets. Wheatland Overview

CONFIDENTIAL 37 Control Area Status uThe control area is designated ENWI and ENWC. uThe Wheatland Plant has been designated as two control areas in accordance with NERC policy uControl area designation is valuable for point to point power sales, scheduling of power and parking and hubbing Wheatland Overview

CONFIDENTIAL 38 Expansion/Conversion Opportunity uHas been designed to facilitate a future expansion or conversion to combined-cycle uPermit timeline estimate? Wheatland Overview

CONFIDENTIAL 39 O&M Costs uVariable O&M of $3.00 ($/MWh) - includes estimates on water costs and variable maintenance expenditures uFixed O&M of $1,516 ($000) - includes estimates of payroll expenses and other fixed O&M uMajor Maintenance of $1,500 ($/Start/Turbine) - includes estimated accrual for future major maintenance on a per turbine basis, assuming 100 starts/year uOwner’s Expense of $306 ($000) - includes estimates of insurance, utilities, interconnection fees, gas pipeline metering costs and miscellaneous expenses uProperty Tax Liability of $203 ($000) - may vary based on abatement programs and other local issues Wheatland Overview

CONFIDENTIAL 40 State/Local Taxes uSee Patrick Malloy’s Group Wheatland Overview

CONFIDENTIAL 41 Legal/Lease Structures uOwned by West Fork Land Development Company, L.L.C., a Delaware limited liability company (“WF”) uThe lake which provides water to the project is owned by Lake Acquisition Company, L.L.C., a Delaware limited liability company (“Lake”) uBoth Lake and WF are owned 100% by ENA uLake and WF have entered into a lease pursuant to which WF leases the lake property to WF uWF has fee simple ownership in the facility (including the real property) Wheatland Overview

CONFIDENTIAL 42 Project Lincoln Center Lincoln Center Overview

CONFIDENTIAL 43 Generation Overview uPlant Description: 656 MW (nominal) natural gas-fired, simple cycle power generation facility uOwner: Des Plaines Green Land Development, L.L.C., an indirect wholly owned subsidiary of Enron North America uLocated on 50 acres of land at South Kankakee Street in Manhattan, Illinois uSits directly across from the Commonwealth Edison Wilton Center substation (“ComEd Substation”) uGas interconnect: Northern Border (Northern Border Pipeline - near Manhattan South Interconnect) uPower interconnect: Com Ed (Lincoln Center - Wilton Center 345 kV Radial Tie) Lincoln Center Overview

CONFIDENTIAL 44 Facility Strengths uHas a “first-mover advantage opportunity” in a key Midwest market uMAIN and Chicago area has historically experienced extreme power price volatility uFlexible gas arrangements in Chicago area allow access to ANR Pipeline Company and Northern Border Pipeline Company and other arbitrage opportunities uExpansion potential at existing sites  Site has room for additional gas turbines  Technology of turbines allows for easy expansion opportunities  Access to sufficient water usage Lincoln Center Overview

CONFIDENTIAL 45 Development/Historical Timeline uLand Purchased:December 1998 uRezoning/Special Use Permit:May 1999 uReceipt of Air Permit:August 1999 uStart of Construction:September 1999 uTesting:May 2000 uCommercial Operation:June 2000 Lincoln Center Overview

CONFIDENTIAL 46 Equipment Overview uTurbine Manufacturer : General Electric uTurbine Model: 7EA gas turbines uEach rated at approximately 82 MW (nominal) uSwitchyard Equipment: uSwitchyard Configuration: uTransformers: ABB uEVAP Coolers: uFoggers: uControl System: GE Mark V uCircuit Breakers: uPrimary Voltages: uSecondary Voltages: uWinding Setup: 2 or 3 Lincoln Center Overview

CONFIDENTIAL 47 Performance Results u(See Mitch Robinson) Lincoln Center Overview

CONFIDENTIAL 48 Warranty Provisions Lincoln Center Overview

CONFIDENTIAL 49 Regional Overview Lincoln Center Overview Lincoln Energy Center

CONFIDENTIAL 50 Site Overview Lincoln Center Overview

CONFIDENTIAL 51 Site Layout  Add map of site by CAD file from Hoff - Plot survey Lincoln Center Overview

CONFIDENTIAL 52 Plant Picture  Add picture from Don Miller Lincoln Center Overview

CONFIDENTIAL 53 Contract Terms - Com Ed uThe owner of the Plant will be obligated to sell Capacity and Energy, for a pre-determined demand charge for the capacity and a stated “market price” for the energy uSold to a third party for a term of two years (2001 and 2002), of which the energy will be sold between the dates of June 1 st to September 30 th uThe contract quantity calls for 600 MW’s of energy delivered to pre-determined delivery points by the owner of the facility and delivered in increments of 50, 75 or 150 MW blocks uBoth parties shall abide by the permitted hours the Facility is able to run, which may change from time to time Lincoln Center Overview

CONFIDENTIAL 54 Interconnection Agreements uInterconnected directly to the ComEd Substation at the 345 kV level uFive transmission lines to which it is connected: three 345 kV lines (ComEd) and two 765 kV lines (AEP) uEach of the 765 kV lines has significant available transmission capacity during periods of peak load uDirect access to Commonwealth Edison's service territory uAlso, ComEd Substation has direct access to eastern markets (such as AEP) via the 765 kV line Lincoln Center Overview

CONFIDENTIAL 55 Gas Transportation Lincoln Center Overview uPipeline:Northern Border uDelivery Point:Manhattan Station uBase Contract:  Service:Delivered Deal  Term:1 Year Term  Volume:115,000 MMBtu/d  Rate:GDA + $.10 Delivered to Plant Gate  Fuel:0.00%  Receipt Points:Delivered Deal to Plant Gate  Balancing:Included as part of delivered price. Additional cost if 50% of plant burn is requested intra-day. uBack-up Contract: ANR - IWS ($0.01) and IPLS ($0.03) for up to 115,000 uBalancing: Delivered Deal

CONFIDENTIAL 56 Power Market Opportunities uDes Plaines Green Land Development, L.L.C. is qualified as an EWG, and has the authority to sell energy and capacity at market-based rates uPursuant to a limited-term contractual agreement, the owner of the Lincoln Energy Center will be obligated to sell capacity and energy to a third party Lincoln Center Overview

CONFIDENTIAL 57 Control Area Status uThe control area is designated ENLC. uThe Plant has been designated a control area in accordance with NERC policy uControl Area designation is valuable for point to point power sales, scheduling of power, and parking and hubbing Lincoln Center Overview

CONFIDENTIAL 58 Expansion/Conversion Details uHas been designed to facilitate a future expansion or conversion to combined-cycle uPermit timeline estimate? Lincoln Center Overview

CONFIDENTIAL 59 O&M Costs uVariable O&M of $2.00 ($/MWh) - includes estimates on water costs and variable maintenance expenditures uFixed O&M of $1,449 ($000) - includes estimates of payroll expenses and other fixed O&M uMajor Maintenance of $1,000 ($/Start/Turbine) - includes estimated accrual for future major maintenance on a per turbine basis, assuming 100 starts/year uOwner’s Expense of $401 ($000) - includes estimates of insurance, utilities, interconnection fees, gas pipeline metering costs and miscellaneous expenses uProperty Tax Liability of $334 ($000) - may vary based on abatement programs and other local issues Lincoln Center Overview

CONFIDENTIAL 60 State/Local Taxes uSee Patrick Malloy’s Group Lincoln Center Overview

CONFIDENTIAL 61 Legal/Lease Structures uOwned by Des Plaines Green Land Development, L.L.C., a Delaware limited liability company (“DPGL”) uEnergy Finance Company, L.L.C., a Delaware limited liability company (“EFC”) uBoth DPGL and EFC are 100% owned by ENA uDPGL has fee simple ownership of the facility (including the real property) uDPGL and EFC have entered into an Equipment Sale Agreement Lincoln Center Overview