Footnote 8

at the Board meeting on December 8, 1998 or at the Finance Committee meeting on December 7,1998.Valhalla1427. The Insiders did not disclose to Enron that the Valhalla transaction, which closedapproximately in May 2000, was a reward to BT/Deutsche Bank for its work on other questionabletax transactions with the Insiders.1428. The Insiders did not disclose to Enron that the Valhalla transaction was a reward toBT/Deutsche Bank for its work on other questionable tax transactions with the Insiders at a Boardmeeting on December 14, 1999, at which the meeting agenda stated that Causey gave a report ona Finance Committee recommendation that Project Valhalla be approved, or during a December 13,1999 Finance Committee meeting, at which the transaction was listed in the December 14, 1999Board agenda as having been discussed.1429. The Insiders did not disclose to Enron that the Valhalla transaction was a reward toBT/Deutsche Bank for its work on other questionable tax transactions with the Insiders at Boardmeetings in and around the time of the transaction (including meetings on February 7, 2000, April3, 2000, May 2, 2000 and August 1, 7, and 24, 2000), in Finance Committee meetings in and aroundthe time of the transaction (including meetings on December 13, 1999, February 7, 2000, May 1,2000, and August 7, 2000), or in Executive Committee meetings in and around the time of thetransaction (including a meeting on June 22, 2000).1430. Insider Causey did not disclose to Enron that the Valhalla transaction was a rewardto BT/Deutsche Bank for its work on other questionable tax transactions with the Insiders at theDecember 14, 1999 Board meeting in which he was scheduled to report on the Project, at subsequentBoard meetings on May 2, 2000, August 1, and August 7, 2000 or at the December 13, 1999, May 1,2000, and August 7, 2000 Finance Committee meetings.604041v1/007457-450-