Louise,

I believe the following will clarify the question from our meeting yesterday,

The $20MM figure that I was showing to you represents the NPV (discounted @17.6%) of the future cashflows of the project for 100% ownership from June/01 Through Dec/17.  This number does not include the moneys than Enron will have put into the project  by that time.  The amount put by Enron by that time will be $18MM (for 100%)

If we do de transaction, we will get the following cashflows:
The premium 							$14.1MM
Reimbursement of 80% of the $18MM already put by Enron	$14.4MM 
Keep 20% of future NPVs					$   4.0MM
The potential investor will contribute in the future the equity contributions for 50% of the ownership
The potential investor will give us in June/01 the amount of future equity contributions for the 30% of the ownership

The above shows the cashflows that we will be received under the 2 alternatives but this does not reflect the transaction from an earnings perspective.

From the earnings perspective,  the following is a simplified estimation of earnings for the next 7 years under the two situations:
		
	


Please, let me know if you need further clarification

Thanks, Mar?a Elena

P.S.  Regarding  the $23MM NPV number that you see in Max's presentation, that is the project NPV when all cashflows discounted @ 13.2%. The IRR for the project is 17.6%