Enron North America Project Motown March 2000 Current

Enron North America Project Motown March 2000

Current MCN Ownership Structure MCN Holding Company 100% MCN Energy Enterprises 100% Ludington Cogeneration Co. Ludington Cogeneration Holdings Ltd. 100% CDC Ada Inc. MCN Ada GP Inc. 49. 5% LP 0. 5% GP Ada Cogeneration LP 49. 0% LP 1. 0% GP Michigan Power LP

Current Michigan Power Project Structure MCN Energy Company 100. 0% 1 MCN Energy Enterprises Fuel Supply Payment Is Subordinate to Debt Service By Agreement Dynegy 100. 0% Ludington Cogen Co. (LP) Mich. Con Gas Company* 49. 0% MCN Power Company (CDC)* Michigan Cogen, Inc. (LP) 1. 0% 49. 0% LIBOR + 112. 5 - 200. 0 bp ($50. 0 MM SWAP @ 5. 4975%) WC Line ($3. 0 MM) O&M Agreement Gas Sales Agreement 1 1. 0% DSR Line ($7. 1 MM) LIBOR + 112. 5 - 200. 0 bp Dynegy Operating Company Michigan Power LP Power Purchase Agreement LIBOR + 112. 5 - 200. 0 bp *MCN AFFILIATES Michigan Power, Inc. (GP) Gas Transportation Agreement Term Loan ($130. 2 MM) Agent (Barclays’) Ludington Cogen Holdings, Ltd. (GP) Steam Sales Agreement Consumers Power Company Dow Chemical Company

Current Ada Project Structure MCN Energy Company 100. 0% Delta Power Company Con. Ed Development, Inc. Delaware LLC (LP) Delaware LLC (GP) MCN Energy Enterprises 100. 0% CDC Ada, Inc. (LP) 49. 5% Gas Sales Agreement Mich. Con Gas Co. (MCN Affiliate) MCNIC Ada GP, Inc. (GP) 0. 5% 49. 5% Gas Transportation Agreement O&M Agreement Term Loan ($30. 0 MM) Agent (ABN Amro) LIBOR + 87. 5 to 100 bp WC Revolver ($1. 0 MM) LIBOR + 87. 5 to 100 bp 0. 5% Ada Cogen LP Power Purchase Agreement Steam Sales Agreement GE Energy Plant Operations, Inc. Consumers Power Co. Amway Corporation

Acquisition Structure Enron Amount Equal to Floating $ Fixed $ (Yield on Debt) Delta Power Company LLC Bank $1, 735, 000 100% Interest $10, 000 (97% of PP as Debt Funding) White Pine Energy LLC (**) P&I* @ Prime + 300 bp (“Floating $”) w/Equity Call Option 100% Interest Purchase Price (PP) = $57, 500, 000 White Pine Preferred Holdings (C-Corp) 100% Interest MPPA LLC (**) CDC Ada Inc. MCNIC Ada GP Inc. Ludington Cogeneration Co. Ludington Cogeneration Holdings Ltd. NOTES: Newly Formed Entities (*) Funds in excess of the amount required to pay operating costs and Delta Power’s dividend are used to pay accrued interest and then out-standing principle on Bank loan. (**) Disregarded for Tax Purposes 49. 49% LP Interest 0. 50% GP Interest Ada Cogeneration LP $5, 000 48. 99% LP Interest 1. 00% GP Interest Michigan Power LP $5, 000 Purchases 0. 01% Preferred LP Interests $55, 775, 000 (3% of PP as Equity Funding Plus $10, 000 C-Corp Funding)

Operating Structure NOTES: Revenue Sources Costs: 1. Operating - Salary/Expenses CEO &CFO are employees of Delta Power pre-exercise 2. Operating - Corporate Services Agreement (CSA) Covers the provision of as accounting, tax, legal and other services (including benefits post-exercise) at “fair market value” 3. Dividend 4. Debt Service (I&P per “Waterfall”) Delta Power Company LLC 4 1 2 White Pine Energy White Pine Preferred Holdings Consulting Service Fees (Retainer + Cost) CDC Ada Inc. MCNIC Ada GP Inc. GP/LP Distributions (Variable) 2 -3 Employees (DPC CEO, President & VP/Treasurer) 2 Member Board of Directors MGP Fees ($206, 000/yr) Enron or Designee 3 Ludington Cogeneration Co. Ludington Cogeneration Holdings Ltd. MPPA LLC 49. 49% LP Interest 0. 50% GP Interest Ada Cogeneration LP 48. 99% LP Interest Preferred LP Distributions (Variable) Bank 1. 00% GP Interest Michigan Power LP 6