Louise,

The following are the differences in NPV at 13% for the Vitro project under the three different scenarios you laid out.


1. If we keep the plant,

Project NPV@13% : US$ 24.0 MM

Equity Investments to Project: US$ 52.8 MM



2. If we sell to Enel's based on their offer as it was delivered to us on March 2 of this year

Project NPV@13% : US$ 16.2 MM

Equity Investments to Project: US$ 10.5 MM (under this scenario we would fund 100% of the equity required for the project through COD but after giving effect to the cash received up front by Enel, we would only be funding 20% of the equity required from Enron which is equal to the US$ 10.5MM)


3. If sell to Enel under the restructured proposal to achieve our deconsolidation and earnings objectives,

Project NPV@13% : US$ 16.8 MM

Equity Investments to Project: US$ 10.5 MM (under this scenario we would fund 50% of the equity required for the project through COD but after giving effect to the cash received up front by Enel, we would only be funding 20% of the equity required from Enron which is equal to the US$ 10.5MM)

Let me know if you have any questions or if you would like to see more details on the three different scenarios.

Thanks,

Steve