Message-ID: <2723836.1075840866241.JavaMail.evans@thyme> Date: Thu, 22 Mar 2001 14:22:00 -0800 (PST) From: steve.irvin@enron.com To: louise.kitchen@enron.com Subject: Re: Vitro Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Steve Irvin X-To: Louise Kitchen X-cc: X-bcc: X-Folder: \ExMerge - Kitchen, Louise\'Americas\Mexico X-Origin: KITCHEN-L X-FileName: louise kitchen 2-7-02.pst 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