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1 L A Energy Giant

2 Energy Giant 12 2

3

4

5

6 2001 MMF World Energy Giant the Largest Energy Trading Company Fortune ( ) DC LA 1

7

8 2001 () 1985 Houston Natural Gas Inter North ,000 7, , ,790 kwh 24.7Bcf/d 8,600 IT (2001/4) 30 (2001/8) 8 CEO

9 10/ /24 CFO Andrew Fastow 11/ ( ) 25 11/9 11/28 12/ ,552 29,350 33,381 65,503 2 CEO IR () () 2 (

10 ) 2001 SPC bad news Trading ( )

11 2002 UBS Asset

12 NY

13 LA

14

15 1 CEO B/S trading trading trading trading trading trading trading 1/4

16 trading MW Enron American Electric Power Reliant Mirant Dynegy Duke Energy Williams Aquila PG&E National Energy Group El Paso Merchant Exelon Power Team Constellation Power Source Dominion Morgan Stanley Capital Group CM5 Energy Trading Edison Mission BP Energy Entergy-Koch Sempra Coral Energy Natural Gas Week trading ( )

17 trading trading MG MG Management Picture (VAR Value at Risk) VAR 5000 / trading Trading trading VAR B/S ()( ) VAR95% 95%

18 CEO trading Trading ()

19 10 16 CEO IT 90 utilities

20 Fortune IT utilities IT trading CEO

21 trading ( ) LNG LNG LNG LNG

22 CFO 5 20 trading B B/S B/S SPC B/S ( ) trading

23 k 3500 B/S / P/L SPC SPC

24 SPC () M&A LNG () Dahbol India () 836 MW 80% 1,078 Marmara Turkey () 478 MW 50% 600 Sardinia Italy () 551 MW 45% 1,350 Penuelas Puerto Rico 507 MW 50% 620 East Java, Indonesia () 500 MW 50% 525 Bolivia, Brazil 1,875 miles 30% 2,000 Piti, Guam ( ) 85 MW 50% 150 Ba Ria, Vietnam 304/Y 49% 161 Nowa Sarzyna, Poland () 116 MW 97% 120 Zagreb, Croatia () 180 MW 50% 160 Maputo, Mozambique 560 miles 5% 644 Qatar LNG Project 5MMT/Y 35% 4,000 JETRO 2000

25 Trading 24 Wessex Water trading trading B+ A 1 4 A 100% trading

26 UCLA utilities UCLA utilities 1/4 1 Dynegy Duke Mirant Williams Entergy ENRON MONRON Chapter

27 CEO CEO CEO

28 JP SPC M&A B/S transaction ( & ) ()

29 trading ( ) B/S trading B/S ( ) ()

30

31 2002 Enron Corp , "The World s Leading Company" CEO Houston Natural Gas (HNG) InterNorth 1980 M&A COO 2001 CEO 1990

32 , ,164 41% 2,520 8, , Houston Natural Gas (HNG) CEO 85 HNG InterNorth Portland General LNG MG

33 CEO FERC HNG CEO 1984 CEO Enron 2,125 1 Enron American Electric Power 1,345 2 Reliant Duke Energy 1,181 3 Duke Energy Reliant Resources BP PG&E National Energy Grou Mirant Dynergy Dynergy 10.9 Wh

34 15 20 MBA PhD 99 The World s Leading Company

35 PG&E California Utility Pacific Gas & Electric Co. Enron is a big black box CFO

36 NNG NNG JP 15 DIP 2.5 DIP

37 UBS 12 COO CEO 12 Pacific Gas & Electric Co CEO CEO 10 Portland General 16 CFOLJM SEC 22 SEC 24 CFO CFO 29 Baa1Baa2 P2 31 SEC 11 SEC ' SEC ,000 JP 15 JP UBS SEC

38 CFO LJM LJM2 50% LJM ,500 5, CEO Chewco Jedi NNG 15 NNG NNG NNG 2,300

39 401K SEC FTC 8 CEO CFO IT

40 Wesex Water Dahol power plant 10 Newsweek "That's proprietary information, sort of like Coca-Cola's secret formula" CFO IR CFO

41 Times 12 Wall Street Journal, Wall Street Journal

42 2004 7,000 kw Peakers ROE must DynegyDirect Intercontinental Exchange

43 FERC SEC K

44 401K 401K 401K 401K SPC 10 3 CFO LNG 3 LNG 3

45 18 MMF

46 IR

47 9 21

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