FYI
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 09/28/99 09:21 
AM ---------------------------

Michael Guerriero@ENRON_DEVELOPMENT

09/28/99 04:49 AM

To: Marcelo Parodi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ricardo D 
Cunha/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Mario 
Trindade/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John R 
Ayres/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John 
Guidry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, J Douglas 
McNeilly/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jose 
Anson/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Karl W 
Pierce/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Waymon 
Votaw/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Orlando 
Gonzalez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Orlando 
Puppin/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bob Anderson@ENRON, Bob 
Crane@ECT, Remi Collonges/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Connie F 
Estrems/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jose Lucio 
Reis/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Luiz 
Maurer/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maria Ines 
Granado/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Carl 
Tricoli/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Andrea 
Bertone/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara Shackleton@ECT, Lynn 
Aven/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ricardo 
Lisboa/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Claudio 
Marques/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Idel 
Metzger/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Scott Porter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Don 
Black/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Peter E 
Weidler/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, George 
Wasaff/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brett R 
Wiggs/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Robert 
Gross/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, D'Arcy 
Carroll/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT 
Subject: VCP Asset Monetization Strategy

We have committed to move forward with one Asset Monetization transaction to 
fully address and resolve the issues and complexities involved and establish 
a base template by which we can expand the strategy as we move forward in 
Brazil. Votorantim Cellulose e Papel (VCP) is the targeted transaction due to 
its size, diversity of opportunities, and management commitment.


The structure of the assets is as follows:




The currently identified opportunities are as follows:



The tasks to be accomplished are as follows:  





The Team that we see on the project is listed below:





I would first like to ask each of you to provide feedback on what I have laid 
out to date. With regard to process and go forwards I am seeking all input.
Below are some additional files for your use.  We will co-ordinate initially 
with each functional group and get everyone together as we move forward.
We have a commitment to complete Stage I with a proposal to the customer by 
October 1st. It will take all of us to make that happen.

Thanks
MFG

Boiler Data



Questionnaire



Opps, Resp, Team



Asset Diagram



Steam Turbine I



Steam Turbine II