Ok
Rod Hayslett
Office  713-853-6178
Cell     713-201-6135
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


-----Original Message-----
From: Howard, Kevin A. <Kevin.Howard@ENRON.com>
To: Thames, Davis <Davis.Thames@ENRON.com>; Hayslett, Rod <Rod.Hayslett@ENRON.com>; Centilli, James <James.Centilli@ENRON.com>; Geaccone, Tracy <Tracy.Geaccone@ENRON.com>; Harris, Steven <Steven.Harris@ENRON.com>; Donoho, Lindy <Lindy.Donoho@ENRON.com>; Ratner, Michael <Michael.Ratner@ENRON.com>
Sent: Fri Feb 08 13:10:50 2002
Subject: RE: tw model

I would bring 10 copies of the valuation page, assumptions page, financial statements (annual), expansion pages, revenue back up.  Anything else?

	 -----Original Message-----
	From: 	Thames, Davis  
	Sent:	Friday, February 08, 2002 1:03 PM
	To:	Hayslett, Rod; Centilli, James; Howard, Kevin A.; Geaccone, Tracy; Harris, Steven; Donoho, Lindy; Ratner, Michael
	Subject:	tw model

	Here we are.  If something is glaringly off, I will have my cell & pager, I'm going to grab some lunch.  Cell is 7/303.1297.

	Key assumptions -$200mm new equity in '03 to fund $300mm in expansions.  Debt reaches 50/50 cap ratio by '04.  reduced ltd to $500 in '02.

	The average ROIC as you get out in the future is on the order of 7%, which is greater than the wacc, so there is reasonableness to the positive valuation.

	Please advise how we should prepare to present.

	hdt
	  << File: TW.model.r0.3a.xls >>