1. Enron North America ENA Investment Strategy ENA Business to Business Group June 23, 2016

2. Enron North America Mission ENA B2B Group’s investment mission is to efficiently use capital to: 1)Expand ENA’s opportunities by establishing industrial exchanges and developing partnerships in particular markets. 2)Facilitate ENA business expansion by investing in companies that are complimentary to ENA’s operating strategies. 3)Provide Enron with superior rates of return (30+%) and earnings. 4)Capture market “flow” information through our active role with markets and investors.

3. Enron North America Investment Parameters In order to execute the group’s mission, the following parameters have been established: 1)Investments will parallel ENA’s core business segments. 2)Investments will typically be made concurrent with investments from top venture capitalists and/or leading industry players to ensure that other “smart money” is investing and validate valuation. 3)Investments will be made in the early to mid rounds of financing to allow for better profit potential and opportunities to help shape business models. 4)Typical investments will range from $5mm to $25mm. 5)Return Evaluation –Targeted Returns of 3x to 10x original investment (depending on risk level). –Actual returns may range from total loss of capital to 30x the original investment. –Average return for new businesses and portfolio should exceed 30% per year

4. Enron North America Market Opportunity The increasing frequency of strategic investments by established participants illustrates the importance of strong management and market leadership. –ChemConnect: Dow Chemical, Eastman Chemical, Rohm & Haas, Celanese, Mitsubishi, Morgan Stanley –MetalSite: Weirton Steel, Steel Dynamics, LTV Steel –AutoXChange: Ford, GM, Daimler Chrysler CMGI and Internet Capital Group have created substantial value from developing industry networks (kereitsu) and providing core services to industrial verticals. CMGI (a/o 3/6/00) Market Cap$ 36.2B Price/Book10.1 x Price/Sales119.8 x Price/Net112.5 x ICG (a/o 3/6/00) Market Cap$ 37.2B Price/Book86.0 x Price/Sales - Price/Net1,757.0 x

5. Enron North America Targeted Sectors ENA Business to Business is focused on sectors that are critical to ENA’s operational success: ENA must continue to expand revenue opportunities and develop businesses in core and related markets. Therefore, the group is targeting opportunities in: 1) Industrial sectors, including metals, paper and chemicals 2) Energy sector 3) Weather sector ENA must develop and/or support the transaction mediums within these marketplaces. Therefore, the group is targeting investments in: 1) Strategic joint venture opportunities 2) Strategic investments in established marketplaces and exchanges 3) Merchant investments in targeted sectors 4) Organic development of markets

6. Enron North America Sample Investments Potential Strategic Partnerships Metals Vertical: Potential JV with industry leaders to provide liquidity, services and expertise to develop leading non-steel metals vertical. –Expanded revenue opportunities for ENE and equity value for JV Potential Strategic Investments eSteel.com: Potential significant investment in one of the leading B2B exchanges expands our revenue opportunities and provides rapid entry into market. –Additional reach for core services and primary distribution channel for new financial products –Good faith investment in exchange may yield additional equity value creation Merchant Investments ChemConnect: Limited strategic value, yet allows Industrial Chemicals Group access to market. Overall value proposition may promise capital gains. –Ability to analyze adoption rates and continued market developments may help to identify merchant investment opportunities

7. Enron North America Take Aways Substantial opportunities and opportunity costs exist Owning the market medium creates greater equity value and liquidity value than mere participation Investment interests aligned with the business unit’s interests Substantial group and BU skills, experience and relationships exist that can be levered Risks can be mitigated and high probabilities of success can be created by leveraging collaborative knowledge and resources Minimal organizational conflict with Enron Broadband Services and Global Technology Investment Strategies