TW Compressor Monetization

pls print. thanks DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 03/15/2000
07:09 AM ---------------------------

Dave Waymire
03/13/2000 10:44 AM
To: Maria Pavlou/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: TW Compressor Monetization

Attached is my analysis based on a sales price of $14.2MM and $14.8MM with a
buy back in the 7th year. The loan structure for Hanover assumes that the
difference between the sales price and TW's buy back price would be amortized
over the contract term. The remaining balance of the loan is assumed to be a
balloon payment at the end of the finance term.

I will put together some analysis on a 9 year term and forward this on to you
when it is completed.