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MG PLC

MG GROUP. ECT EUROPE INC. ENRON EUROPE LIMITED. Structure as of 17 July 2000. ENRON INVESTMENTS PLC. MG PLC. MG LTD. MG MCC LTD. MG OVERSEAS (HOLDINGS) LTD. MG BROKERS LTD. 95%. MG METALS LUXEMBOURG Sarl. SWISS. HB LTD. MG MCC PERU. MG MCC CHILE. MG HONG KONG.

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MG PLC

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  1. MG GROUP ECT EUROPE INC ENRON EUROPE LIMITED Structure as of 17 July 2000 ENRON INVESTMENTS PLC MG PLC MG LTD MG MCC LTD MG OVERSEAS (HOLDINGS) LTD MG BROKERS LTD 95% MG METALS LUXEMBOURG Sarl SWISS HB LTD MG MCC PERU MG MCC CHILE MG HONG KONG 5% MG FAR EAST (Tokyo branch) HB SINGAPORE MAN & MACHINE MG CHINA MG METALS BELGIUM NV MG TRADE HOLDINGS INC HENRY BATH BV MG GUERNSEY 25% MG METALS GERMANY HOLDINGS GMBH E METRA LTD MG ENERGY LIMITED MG TS HOLDINGS INC MG MCC CORP MG OF AUSTRALIA PTY MG METALL RECYCLING VERWALTUNGS GMBH METALL RECYCLING KG 1 share HB INC MG TRADING SERVICES INC MG LONDON INC

  2. MG GROUP ECT EUROPE INC ENRON EUROPE LIMITED Step 1 - sale of MG Metals Broking Ltd and MG Energy Ltd to EEL ENRON INVESTMENTS PLC MG BROKERS LTD MG ENERGY LIMITED MG PLC MG LTD MG MCC LTD MG OVERSEAS (HOLDINGS) LTD MG BROKERS LTD 95% MG METALS LUXEMBOURG Sarl SWISS HB LTD MG MCC PERU MG MCC CHILE MG HONG KONG 5% MG FAR EAST (Tokyo branch) HB SINGAPORE MAN & MACHINE MG CHINA MG METALS BELGIUM NV MG TRADE HOLDINGS INC HENRY BATH BV MG GUERNSEY 25% MG METALS GERMANY HOLDINGS GMBH E METRA LTD MG ENERGY LIMITED MG TS HOLDINGS INC MG MCC CORP MG OF AUSTRALIA PTY MG METALL RECYCLING VERWALTUNGS GMBH METALL RECYCLING KG 1 share HB INC MG TRADING SERVICES INC MG LONDON INC

  3. MG GROUP ECT EUROPE INC ENRON EUROPE LIMITED Step 2 - MG Metals Luxembourg Sarl sells 5% shareholding in MG Hong Kong to MG plc for FMV [1 September 2000] ENRON INVESTMENTS PLC MG BROKERS LTD MG ENERGY LTD MG PLC MG LTD MG MCC LTD 5% MG OVERSEAS (HOLDINGS) LTD 95% MG HONG KONG MG MCC CHILE MG METALS LUXEMBOURG Sarl MG FAR EAST LTD HB LTD MG MCC PERU 95% SWISS MG CHINA MG HONG KONG 5% HB SINGAPORE MAN & MACHINE JAPAN MG METALS BELGIUM NV MG CHINA MG TRADE HOLDINGS INC HENRY BATH BV 25% MG GUERNSEY MG METALS GERMANY HOLDINGS GMBH E METRA LTD MG TS HOLDINGS INC MG MCC CORP MG OF AUSTRALIA PTY MG METALL RECYCLING VERWALTUNGS GMBH METALL RECYCLING KG 1 share HB INC MG TRADING SERVICES INC MG LONDON INC

  4. MG GROUP ENRON CORP ENRON EUROPE LIMITED Step 3 - EI plc sells shares of MG plc to Enron Corp for £[300]m [1 October 2000] ENRON INVESTMENTS PLC MG BROKERS LTD MG ENERGY LTD MG PLC 5% MG LTD MG MCC LTD MG OVERSEAS (HOLDINGS) LTD 95% MG HONG KONG MGM FAR EAST MG METALS LUXEMBOURG Sarl SWISS HB LTD MG MCC PERU MG MCC CHILE MG CHINA JAPAN HB SINGAPORE MAN & MACHINE MG METALS BELGIUM NV MG TRADE HOLDINGS INC HENRY BATH BV MG GUERNSEY 25% MG METALS GERMANY HOLDINGS GMBH E METRA LTD MG TS HOLDINGS INC MG MCC CORP MG OF AUSTRALIA PTY MG METALL RECYCLING VERWALTUNGS GMBH METALL RECYCLING KG 1 share HB INC MG TRADING SERVICES INC MG LONDON INC

  5. MG GROUP ENRON CORP NETWORKS EQUITY INVESTORS Step 4 - Enron Corp sells shares in MG plc to Networks LP for £[300]m [1 October 2000] Networks to consider use of BV or other entity above foreign subs to facilitate circulation of cash 50% 50% NETWORKS LP MG PLC MG LTD MG MCC LTD 5% 95% MG OVERSEAS (HOLDINGS) LTD MG HONG KONG MGM FAR EAST MG MCC PERU MG MCC CHILE HB LTD MG METALS LUXEMBOURG Sarl MG CHINA SWISS JAPAN HB SINGAPORE MAN & MACHINE MG METALS BELGIUM NV MG TRADE HOLDINGS INC HENRY BATH BV MG GUERNSEY 25% E METRA LTD MG METALS GERMANY HOLDINGS GMBH MG TS HOLDINGS INC MG MCC CORP MG OF AUSTRALIA PTY MG METALL RECYCLING VERWALTUNGS GMBH METALL RECYCLING KG 1 share HB INC MG TRADING SERVICES INC MG LONDON INC

  6. MG GROUP ENRON CORP NETWORKS EQUITY INVESTORS Step 5 - MG Belgium sells 25% interest in E-Metra Limited to Networks LP for FMV [timetable per commercial negotiations] 50% 50% NETWORKS LP 25% E METRA LTD MG PLC MG LTD MG MCC LTD 5% 95% MG OVERSEAS (HOLDINGS) LTD MG HONG KONG MGM FAR EAST MG MCC PERU MG MCC CHILE HB LTD MG METALS LUXEMBOURG Sarl MG CHINA SWISS JAPAN HB SINGAPORE MAN & MACHINE MG METALS BELGIUM NV MG TRADE HOLDINGS INC HENRY BATH BV MG GUERNSEY 25% E METRA LTD MG METALS GERMANY HOLDINGS GMBH MG TS HOLDINGS INC MG MCC CORP MG OF AUSTRALIA PTY MG METALL RECYCLING VERWALTUNGS GMBH METALL RECYCLING KG 1 share HB INC MG TRADING SERVICES INC MG LONDON INC

  7. MG GROUP ENRON CORP NETWORKS EQUITY INVESTORS Step 6 - Luxco sells shares in subsidiaries to Networks LP for FMV [1 October 2000/2001] Networks to consider use of BV or other entity above foreign subs to facilitate circulation of cash 50% 50% NETWORKS LP 25% E METRA LTD MG PLC MG LTD MG MCC LTD MG OVERSEAS (HOLDINGS) LTD 5% 95% MG HONG KONG MG METALS LUXEMBOURG Sarl SWISS MGM FAR EAST MG MCC PERU MG MCC CHILE HB LTD MG CHINA JAPAN HB SINGAPORE MAN & MACHINE MG METALS BELGIUM NV MG TRADE HOLDINGS INC HENRY BATH BV MG GUERNSEY MG METALS GERMANY HOLDINGS GMBH MG TS HOLDINGS INC MG MCC CORP MG OF AUSTRALIA PTY MG METALL RECYCLING VERWALTUNGS GMBH METALL RECYCLING KG 1 share HB INC MG TRADING SERVICES INC MG LONDON INC

  8. MG GROUP ENRON CORP NETWORKS EQUITY INVESTORS Step 7 - Liquidation of Luxembourg and Swiss branch and MG Belgium ? 50% 50% NETWORKS LP 25% E METRA LTD MG PLC MG LTD MG MCC LTD MG OVERSEAS (HOLDINGS) LTD 5% 95% MG HONG KONG MG METALS LUXEMBOURG Sarl SWISS MGM FAR EAST MG MCC PERU MG MCC CHILE HB LTD MG CHINA JAPAN HB SINGAPORE MAN & MACHINE MG METALS BELGIUM NV MG TRADE HOLDINGS INC HENRY BATH BV MG GUERNSEY MG METALS GERMANY HOLDINGS GMBH MG TS HOLDINGS INC MG MCC CORP MG OF AUSTRALIA PTY MG METALL RECYCLING VERWALTUNGS GMBH METALL RECYCLING KG 1 share HB INC MG TRADING SERVICES INC MG LONDON INC

  9. MG GROUP ENRON CORP NETWORKS EQUITY INVESTORS Final Position 50% 50% NETWORKS LP 25% E METRA LTD MG PLC MG LTD MG MCC LTD MG OVERSEAS (HOLDINGS) LTD 5% 95% MG HONG KONG MGM FAR EAST MG MCC PERU MG MCC CHILE HB LTD MG CHINA JAPAN HB SINGAPORE MAN & MACHINE MG TRADE HOLDINGS INC HENRY BATH BV MG GUERNSEY MG METALS GERMANY HOLDINGS GMBH MG TS HOLDINGS INC MG MCC CORP MG OF AUSTRALIA PTY MG METALL RECYCLING VERWALTUNGS GMBH METALL RECYCLING KG 1 share HB INC MG TRADING SERVICES INC MG LONDON INC

  10. MG GROUP • Check the box and subpart F planning • MG MCC group - 85:15 test • MG Ltd group - dealer, check open UK warehousing group too ? • German subgroup - 85:15 test, potential candidate for sale ? • E-Metra - CFC, capital gain on IPO • Dividends/interest from MGL, MG MCC Ltd to MG plc - same country • assume UK cashflows used to service debt at level of MG UK group - no • dividends to Networks LP (correct ?) • MG US entities - earnings and cashflow at level Networks LP service equity

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