Put Option Value + Payment to be made by Condor

Danny:

As you can see from the table below (I have also attached the worksheet) the
Adjusted Estimated Value is (for both projects) $72 mm, however the appraised
value is $76 mm. When the Trust exercises the Put Option, does PR-C/WR-C (or
Condor) have to give the Trust $76 mm (i.e. the appraised FMV) or can we just
give the Adjusted Estimated Value of $72 mm and be done with it.

Can ENE pay the interest accrued on the Notes and Certificates or do they
have to be paid by Condor/PR-C/WR-C?
With regards to the ongoing Equity Obligation -- can ENE take on that
responsibility or does it have to be Condor?

Cris,

from an accounting perspective do you have any concern. I would like ENE to
pay the interest and the ongoing equity obligation, if possible, as it would
reduce the interest/expenses that we have to pay to Condor. However, I do
want to achieve the overall objectives, which are (1) keep the assets
off-balance sheet, (2) not create a negative funds-flow; and (3) maintain
flexibility from a FAS 66 perspective in our sale to Northern Border.

Katie:

Could you find out the Ongoing Equity Obligations on ENE's portion for Powder
(which I presume is none, but would like it reconfirmed) and Wind?

Thanks

Ranabir