LJM APPROVAL SHEET This Approval Sheer should be used to aoprove Enrons participation in any transactions involving UM Cayrnan. L.P. (~UMl1 or L '~ Co-Investment. LP. (~UM2). UMI and UM2 will collectively be referred to as UM. This Approval Sheet is in addition i~ tin lieu 00 any other Enron approvals that may be requued. GENERAL Deal name: Nowa Sarryna Date Approval Sheer completed: December 1. 1999 Enron person corrmletsng this form: Nicole Alvino Expected closing daze: December 20, 1999 Business Unit: Enron Europe Business Unit Originator: Anne Edglcy This transaction relates to DUMI and/or ~LJM2. This transaction is ~a sale by Enron Da purchase by Enron Da co-sale with Enron Da co-purchase with Enron and/or Dother:________________________________________________ Person(s) negotiating for Enron: Anne Edglcy. Maroun Abboudy, Cheryl Lipshuiz. Trushar Patel Person(s) negotiating for UM: Michael Kopper Legal counsel for Enron: Freshfields, London - Julian Makin Legal counsel for LJM: Kirkland &Ellis. Los Angeles - Eva Davis DEAL DESCRIPTION (lnserr short description of the transaction involving/between Enron and UM~ do not describe the underlying asset or transaction.] will purchase 75% of the Nowa Sarzyna power project from Enron Europe. ECONOMICS flnsert short description of the Enron economics of the transaction involving/between Enron and UM; do not describe the economics of the underlying asset or transaction.] UM2 will purchase 75% of Enron's economic interests in Enron Poland Investments B.V. for S30 MM. LIM2 is entitled to 75% of the cash flow in the form of dividends and shareholder loans. DASH (Attach the DASH relating to the underlying asset or transaction. Insert brief update on the DASH if the underlying asset or transaction has changed materially since the original DASH was completed.] Attached AF 100151 ~FOIA CONFIDENTIAL TREATMENT REQUESTED BY ANDREW FASTOW ~ENT * EXHIBIT 176301 LIM APPROVA.L SHEET Page 2 rsSUES CHECKLIST Sale Options a. If this transaction is a sale of an asset by Enon. which of the following options were considered and reiec:ed: DCondor ~Margaux DEnserco DRawhide DIEDI I DiED! II DChewco ~Third Party ODirect Sale. Please explain: Third parry could not transact quickly enough. b. WI!! this oansacnon be the mos: beneficial alternative to Enron? ~Yes ONo. If no. please exvlain:_____________ Were any ocher bids/offers received in connection with this transaction? DYes ~No. Please explain: Fne short ti,,~e frame to transaction execunon, and ine need for certainty of closure drove the decision not to seek other bids. 2. Prior Obligations a. Does this transaction involve a Qualified Invesurient (as defined in the JEDI II parusership agreement)? DYes~No. If yes. please explain how this issue was resolved: _______________________________________________________________ b. Was this transaction required to be offered to any other Enron affiliate or ocher party pursuant to a contractual or ower obligation? DYes ~No. If yes, please explain: _____________________________________________________ 3. Terms of Transaction a. What are the benefits (financial and otherwise) to Enron in this transaction? DCash flow ~Earnings DOther:_______________________________ b. Was this transaction done strictly on an arms-length basis? ~Yes DNo. If no, please explain: c. Was Enron advised by any third party that this transaction was not fair, from a financial perspective, to Enron? DYes !~No. If yes, please explain:________________________________________________________________ d. Are all LJM expenses and out-of-pocket costs (including legal fees) being paid by LIM? DYes ~No. If no. is this market standard or has the economic impact of paying any expenses and out-of-pocket costs been considered when responding to items l.b. and 3.b. above? ~Yes ONo. (market standard) 4. Comoliance a. Will this transaction require disclosure as a Certain Transaction in Enron's proxy statement? EYes DNa. b. Will this transaction result in any compensation (as defined by the proxy rules) being paid to any Enron employee? DYes 0No. c. Have all Enron *employees/ involvement in this transaction on behalf of LJM been waived by Enrons Office of the Chairman in accordance with Enron's Conduct of Business Affairs Policy? EYes DNo. If no, please explain: d. Has the Audit Committee of the Enron Corp. Board of Directors reviewed all Enron/UM transactions within the past twelve months? DYes IXINo. Have all recommendations of the Audit Committee relating to Enron/LJM transactions been taken into account m this transaction? DYes ONo. Name Signature Dare John SheiTiff _________________________ Mark Evans __________________________ Rex Rogers APPROVALS Business Unit Business Unit Legal inron Corp. Legal Global Finance Legal RAG Accounting Ey nyc 0 '0tM~Pw..d~UM ~ Scott Sefton Rick Buy Rick Causev Jeff Skilling 4; , ~/Q~/~ 7 ~ Afl 00152 "FOIA CONFIDENTIAL TREATMENT REQUESTED BY ANDR~ FASTa~- - - f 1 . - U.%1 A.PPIO' A.L 5IIZET Pave 2 ES ()4EC3QJS7 ~a~upaa~s a. l!ihia wawac~au iia ssie e(U: ai~*i by ~oa. 'macb Oi~E flIowu~ Opetoaa b~r comidet,4 a~ e;::~e.~ ~M~e CIJI.Iarpu ~c:o ON.a~ ~ ar~t oa~i ii ~be's.~ :~.h~s~d P~ ~Dizwt Salc l'Ica,. euj~. I J~v4 peji~. wu~d ~i ~uUaCt 4~JeCt~ cDoUg,k. - Wi~ ~ ~ be tl~ at~e ~az~rmI aIi.v~aw~e ~e ~wo'~ ~Y.i ~?'.a. ~'a. pI~.a,c :s.~ huim.__________ Wn, amy .~t b,.Waffr'a ~ in coanec~oa "ia thin a'uaaac~w,? aYa ~ P'Sa~ 6%IIdAM. T~a a&ngt ~IL~C baaie ~O aane1I~WJC uX~W~Cu'. aaid 2~c aced fni' ~rnsnty of:I~rtift iro~e 1h iiccU:oU ~tm seek oib~ i. Oo~ dzs W3flM.~?iOfl ~n.olvs & O.jl,fi~ I vc5Wiaz~ ~ae Jeibad ~ ~ IF.DI II ~r~srah~ A~ee~!lrIi?)~ OYes~e 11 yw., plums. uiiFIam .'iu'- cJ~b hut WU ~ _______________ b. We. ~iu anu~Uoo tc~ws~d ~ ~ n~Tetu~i ~i say oe'~ Fmo~ a~duase as ot~*rpaa.ty p~zsta.auiI t'~ a n~a.~uat rw ae~w~ obialunoss? OYes ~No. fy~. ltasexpl~~ ___________ 3 Terms ~( Trasuaci~auu a. Wb~L U. ~ benelita (flt~nc~aI sad ~¶b~ia~~) to Swan ~ inim uaasacnou? OCaa~ flow . (iEarttangs OOU.r ________________ ~. W~g ~is ~ ~1o awtctl" an an a~s 1eq~ basis" mY.. ~4o. IC tto. plena. epIa~a~_____________ c Was ~atrtin mdiiu ~ by may lku~ party that ~ uinmction was floe lair, fta~a ~nancial ~a~ooovs. Co £wut' CY.. ~ ii v... p:.aae xpIui~ ~ L: Lfl4 ~p.rscs and ~at-of.packet cciii (inc~s~si~ legal fees) b~ig pe&4 .ay Lfr4' ~ ~ 11 "a. .is mas~r, qgand~rd cc has tbe evanonvC ~ ~~"YI ~ e~nw and c~~pocket c~a bctii e~sadar~ wt~e~ ?YIT)OfldtLfi to slgi~A I .b. atid 3.b. ibove? ~YSS g1OIm.f~Cl hAikhId) ~.omphuaca * WIU ~Is rwaruoa rsq~ma ~oiccust as mCaum Trmusacr.au ii Bwun's prory su.temcoe? *Yca O$~t. hi. WJI his 21253&t15)fl rm~ueIz in asy cort~Muoe (as de~.4 by lbs prosy ASles) benig paid to any ~z~oc err~Iov~c' OYca ~No. ~. I{av, all Lro~ eezploy.as' iuvahemaa ia ~ua uanaacuo~ en behalf at tiM bees walvcd by Eusw.¶ Ofl~t.g n( the C airman in acwrdince wlib linens Cw'siiact O(DM5D3C1SAff~iT, Polio)" ~Y*S DNa. If no. please exp.zin. %l Ha. the Audit (cmmuftae at lbs i~os Cal?. De&rd at Diwectan tg~-itw.d all EArQUA.JM tz~aacnorn '-idun tic peat twelve m~ashs? aYes No. lie's .13 recaeumeudanorn n( ibe Audit C,~wee rs~aong w te~,1aac1sc~ beee taken tars a.c,uoe in this u~maaco~" ~Ys. ~7'4a. 'Jam. Sigmanara Dale lvttui_5bact1~ __________________________ Mars_!sana ________________________ Res_Ro~ere _____________________ Sciue SuArawe ~Jrb P.ny Rk.fr C.suau'v AZP~OVAj5 Btmsa,acab C)iswi Bwlee~a Uwi L~al ~oruoCwp. Lanai Glonmi Fiwaancc Lezal RAC A~caunn~n~ JetY S~1iI.as 2~4~ AFi 00153 "FOIA CONFIDENTIAL TREATMENT REQUESTED BY ANDREW FASTOW '~\ ~::~i: 3 LJY~4 APPROVAL SHEET ?uge ISSLES CIIECKUST Sa~Opudes a. Z~ this Oanascuoc a a sale ui an aiSci b'r Eni~n. w~uch Of the toliow~cg opoue.a were c~ideru1 a~d rteete~: ~Crod~ ~MZI~2uz ~ ~ oi~i c~: u oc~ ~ Pa~~y ~Dtxec~ Sais. Please explain: Th~ parry r.om&id Dot oz~acs oiss~iy e:ouhh. ~ Will that ~nsactou at the nice; oe~xfi.,.ssI aatuiznatzwg (a L,aon' EYes ~ if on. pies.i. 'xpaw ________ - Wc.~ any ~irhe. hJsiofle~ received in coon,cnoo 1V1t~ lOiS &flbiiILiUfl? QYw ~ PitOse etp.ain: :~ie short c~t fri~c tt ~aasac~cn ezcunoti. anO the neco for t.cnamnry cLos'.tu ~OVt COt deetiton Oat ~ ICCZ OCfli~ bidS 2. ?.,or Oblilatiocs Does this naoucaoc *~voIvc a Q~uh6ed ~zswesunent (as de~oed in die JEDI ~I p~e.~~ip apeerneni)' DYe~No If v~. please explain how this nsue was resolved _______________________________________________ b Wts LI tranai&.~iuo rcs~uzz:d ~ be offered to any oth~ !on slflhnite ~ orhier parry puiausnz to a conruesual or OthU oclipoon? EYes ~Nc. La, please expLun ___________________________________ 3. Teino o(Tnwssetion a. What are the benellts (r~ocisI and oditowisc) so Boron in this tnasacncn? Ocash flow ~Earrangs DOth~-._____________________________ b. Was Usis nansacoon done smetly ~n u arros-leogth oasis? EYes ~No. lEna, please explain:__________________ C. Was Ezuon advised by any thini parry that this tnnsacuou waS not fau. front a L"inoeiai perspecnve, to P~rtin? DYas ~No. If yes, piea~e explain:_______________________________ __________________________ d. Art all UNI crpeosee said out.of.pa..lzet cosis (including legal hoe) beinC ~id ny U)a~? DYes ~No. It no. .5 this rearker stendard or has thc ccssormc impact of paying wv expenses and out-ot~pocket os~ been considered when responding to items I b. and .3.b. shove! i~Yes DNa. (market s~udard) 4. Co~linnee a. Will this unasenon require disclosure as a CerCain TrmOSaC~iOISW iwoat's proxy siatement7 l~res ONo. b. \ViI! this ~s~on result to :sy cnnipetuatlon (as defined by the proxy rules) being psad to any Enuou sipoloyte' DYts lENa. ~ Have all Enrcic en~iloyees invialvew.ent sai thas n~zssseoon on behalf of LIM been waived by Eziroos Office of the Cosirroan in aeeonlsncv with Enron's Conduts of Business Affairs Policy? EYes DNa. It no. please c~plaaOi d. Ha. the Audit Cumansue, of tlss Enrue Corp. Board of OL-cerors reviewed .11 Euzonfl..flv( ufussa.tiana v~thia the pUt twelve mondn? DYes lENo. Have all reeoin~ndations of the Audit Coirsrnitoe relating to EnzonfLN ransecuona been COketi into account to this tt5l~A~tioa7 DYEs DNa. A i*jUAL. /Zivi~.., piat '.*r 7~'(~ae ~AG Nante APPROV.4LS Business Unit . John Shrrn±T Business Unit Legal Mark Evans Enson Corp. Legal Rex Roters Global insnee Legal Scott Se~oo RAC Thick I3uv Accountin5 Rick Causey 2reutsve JeST S'sihlin~ 0 ~V4J~5A&... liars 7- 7 Date A.FlOO 154 *FOIA CONFiDENTIAL TREATMENT REQUESTED BY ANDREW FASTOW