Message-ID: <13049043.1075852493257.JavaMail.evans@thyme> Date: Fri, 26 Oct 2001 07:28:01 -0700 (PDT) From: chip.schneider@enron.com To: d..steffes@enron.com Subject: RE: Exelon + Enron -- Do the financials look good? Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Schneider, Chip X-To: Steffes, James D. X-cc: X-bcc: X-Folder: \JSTEFFE (Non-Privileged)\Steffes, James D.\Deleted Items X-Origin: Steffes-J X-FileName: JSTEFFE (Non-Privileged).pst We are certainly two different companies. At first blush, the stable cash flow from the utility business is certainly a good thing. A foothold in PJM may also be beneficial. Combined market cap would be about $25 million--debt-to-cap still high, offset by more stable cash flows. EXC's ROA and ROE appears much stronger. More later.... -----Original Message----- From: Steffes, James D. Sent: Friday, October 26, 2001 8:29 AM To: Schneider, Chip Subject: Exelon + Enron -- Do the financials look good? Chip -- Did you get the chance to look at the combined company? Just interested. Thanks