Vitro

Louise,

We are selling Vitro for an enterprise value (EV) of $208.4MM ($136MM in debt, $53MM in book equity, $15.5MM premium from Tractebel for 80%, and $3.9MM implied premium for our 20% stake).

EBITDA for 2003 (first full year of operation) is $24MM for an EV/EBITDA multiple of 8.7X.

Using the average EBITDA for 14 years of $31MM you end up an EV/EBITDA multiple of 6.7X.

In my mind, both are great multiples for a project such as Vitro. The nice fact is that we get $15.5MM from Tractebel with $10MM invested for our 20%, or a net negative $5 million investment in the project.

Let me know if you need anything else.

Thanks,

Don