Footnote 8

1167. The transfers identified in the foregoing table, together with any interest, fees, andother payments to the transferees related to the foregoing transfers, are referred to herein as the“RBS 544 Transfers.”1168. To the extent that RFTCL and/or RBSI are found to be mere conduits of the transfersfor which the initial transferees or beneficiaries are marked with an asterisk in the foregoing table,Royal Bank of Scotland was the initial transferee or beneficiary of those transfers.1169. Not Used.1170. Although some of the RBS 544 Transfers were related to agreements designated as“swap” agreements, these transfers were actually payments on disguised loans and the agreementswere not genuine “swaps.”1171. To the extent that any of the RBS 544 Transfers are also included in Count 56 asavoidable fraudulent transfers under section 548 of the Bankruptcy Code, those transfers are pledalternatively as fraudulent conveyances or transfers avoidable under section 544 of the BankruptcyCode and applicable state law.1172. Enron and/or ENA received less than a reasonably equivalent value from thetransferees in exchange for the RBS 544 Transfers.1173. The RBS 544 Transfers constitute transfers of interests in property of Enron and/orENA.1174. Each of the RBS 544 Transfers was made to or for the benefit of the entities listedin the third column of the foregoing table as initial transferees or beneficiaries.1175. Upon information and belief, when the RBS 544 Transfers were made, Enron and/orENA were insolvent, or became insolvent as a result of the transfers; were engaged in business ora transaction, or were about to engage in business or a transaction, for which their remaining604041v1/007457-397-