Please destroy I when no longer L~!!LJ Confidential Enron Corp. 3rd Quarter 2001 Financial Review Wi CA) September 14,2001 hERON EARWIOS R3LUAU~.EKT!RNAL FORMAT EImu~~~I3m66) IcueTuItForgcastaIldI 1~amu.1mea ow.om~a, Bwu Tuun~mUUon 34f~1 Toting tmmme.wI.q, £ DIsOu6on W!wlembEfiwg3 OpsimEms £6sru%~ CATSx Net Wo*s 1106 OSmrVVImge,aI. 6~bb6. ~a6i Fmce 0h~ ISP 1*~g mush..,. IflsI'gyOpe.A8u'yIc.. 0h..g A,..,. 1666 60.2 663 227 56.4 13.5 05 424.4 40 a CA (447) 366 606.5 BOA 166.8 1.0 (1646) 05. (1711) (267.0) (13.7) (137) 662 (1000) (1662) 22.7 (166) (362) (5.1) (13.6) (40) 135 35 (10.0) (716) (106.4) (330) 271.1 (444.2) (7152) 565 (223) (766) 162 176 2.4 (55.8) (666) -~ ~ (7.6) (73) 67.3 61.6 (33.?) (31.6) ~auud COiw ~e~Cmp * aw~~ CWpV1b&0Wb,q~auss SIb~1x.d Tiuwumotuis 7~gj coupomle £ 01b PcO SUPORI Kr.. M.L~UC.1AX8S Net bmdu~biaw.d5mo~dsnbedai,., he.- FRI-TAX ICOME huemuetTa, E,upwuse NIT HOOMI . RUciJ~ft4g N~euIbgh.i lOYAl. 17 flOOR! Oflm!D UPS TOTAL WTEO UPS Aug seu~e .03Ib6 Sg~ugThtRag.. Pe~5~gEhlwm~ (20.7) 02 (4.8) (01) (56.8) 46 (21.0) US (16.4) 1.6 (1156) 4.0 (137.6) (210) 08 (15) 1.6 (1100) 4.0 d4AI fli6.01 26.6 666.6 6363 361.6 (5313) 654 201.1 2011 176 204 20A 332 476.2 546.2 (1.646.6) S 341.2 $ 415.2 6 (736.4) (736.?) (766.?) £ CAl $ 0.41 240% S 0.45 S (6.67) 6133 913.5 34.0% 243% Pbs S 61.7 61.7 S 61.7 Ibid SAiS S MO BOA uYw, (6- S 13 12 Tmn.a66uus -44 S '-rug" S IS 12 302000 Aebid S MO 710 156.0 164.6 167.0 1162 262 616.2 35.0 551.2 16.6 (60.0) (66.0) (10.0) (40) (100) (33.0) 1106) (163.1) (43.6) 2.4 65.0 340.6 51 S (110) 7.0 6.6 403.4 2.3 63 (26.7) 205.0 534.1 ISA (166.?) 166.7 27.0 (16.6) 3.0 ¶3.9 5.0 u.n C, (0 CA CA (16.6) 3.0 130 60 22.6 (161t6) $ (1J1U.S) S (1.82) 613.5 243% (28.6) (242) 32 (61) (100.1) 356.4 247.0 16.7 365 344.2 725 1~R~ S 034 eu.s 163% 7.3.6 766.3 1841 S 532.6 S 0.53 9133 240% 223 (6244 p6.0) 7 S (3.66) 3133 243% -U EARMNOS NLUA5. EXINAL PORMA? lIituilOoim.ausIem I~oakc~~~1 Th#rd Quaffer 2001 Wbemubssm,ams~.~m 3-a., Twi~uuion23,~)~ Pa.OmdOum~ Tail T.e.umhslmn SUhhbIUm, Whelgoel. Efisfaf Opeegaw £So.*o. CAtOmiggiac ~il MeMg~ MgN.1s EEOS PU~ipil bWSUhe.it Wow Pluisna ~il ESP 03- Tmi Whobgoegs Enu'gyops.A Omit.. 55~ MeoW 3-.-- Cm,mtmeWom Azwk Nile ~Imm31&0OwEmpauoo T~ Cwpmsq, £03- 3COM! 6!POUEINT.,U.L &~?A1C3S kedest Eepagum.Mg 0hldu~dmou, Plsfmwmd~jd, of Sowanuios PR5~tAXW40OMU b,uam Ta, Eapsiso NUT 3COM!- ft53~ Nusqemmbug~gs TOTAL NET INCOME 0w~ ups Rsua~g aiasmgnng 1UTDJ. OUinm m ~OsusWaig .035mg Whai.T ftet.-Aht.wEan~ Nod L* Mgj Laib ~ft~a!!L -~ ~ S* gig s ma s -~ ~ 51-s (1602) 10 (172.1) (13.7) (13.7) (100.0) (100.3) (14?) (12.5) (0.8) (130) (110) 35 35 (102.4) (1064) (372.?) (444.2) (71.5) (22.3) (223) 10,4 ITS 72 (56.0) (55.5) ~ ~ -~ -~ -~i (7.5) (7.~ (35.7) (35.7) (157.5) (157.5) (62.5) ~sTfsang(37.21.gw). P,Tmdu,14A~lP40~1~ ?aluIha&sgnue 31.5MM. PTA (3331W). OSur(02.5MM) ($2.0) Node POW.r(3325%l). Cfdg(SSJM1.p 538 81.3MM GmTfdng(Sg.IMM). MeWs 34.2MM.! uisin~ (32.2MM) 03- (~JMM) Cuudm8 Plodmck (S35MM).~bUnhejoqu53.Zap~ Gidmil. P.itwswSI.mai S 101 TracIng (50.7MM). Pu~a&Pepu.Twuing($0.2W) P~COwgs AOOSOASI MonO~ 0opusmoc, of Pcodmesmu (21.0) (210) OS 95 (1.5) (15) itiam -wa -AL ...........4fl& .-fl!!L La (735.5) piLe) (02.1) 201.1 201.1 204 20.4 ~DL (343.5) (735.7) (1241) AzwkMinonewe,mg(3la2MM). EOS ascIi Lmegs ($10 6MM). 553 3-eeoc. (332MM) 3115 3139 241% 241% 240% m -L (0 WOfd EAR?INOS RELEASE * WCTEM4AL FORMAl Third Quaitar 2001 Trafiesalmline 4 Dhalbugm, ~--. - SeMm ~iG.u~ Total Tve,,en,IssIonA Dk8buattawi Whflseale EmqvOpwallonsASerylce. CATES~psn Not ~EOS Eflnm P~al ~b Fe~RIuk9r,agsmett a- GhbURu~ O~bal EAP Pws 05w Total Wtelesols Eneqy ape. 4 Somlose Global Aseeta Fasceet W3) Foiwast Mr . 185.8 '33 (13.7) 65.3 22.7 (8.1) 13.6 (71.5) 118.5) 271.1 86.5 152 (85.8) 215* (1'*) Em~ E~om 165.3 33.0 (13.7) 06.2 22.7 (81) 13.5 (71.8) 271.1 65.5 152 (5U) mA (1~*) Efimo bosdbawid Sewlces Azuk Om ~uk copma 08w Expense. Total Ceuperate A OIlier I4COM FORE IN?.. NJ. A INC. TAXES lokuotExpenes.Nst OMnbos Pwfe,vud SlodcofSg*.idbles IRE-TAX U4COUE bimum'raxE.penee NET INCOME -RECURRING CUAflEDSPS f~eaaibIg TOTAL DUJTED !PS Mg alUEusmbondng - OWEd (114 (11.0) (21.0) (21*) 5* 6.9 (11,4) (15.4) (110.3) (110.3) (1415) USA -IA 201.1 20.4 332 "U 131.1 S 4152 341,* lOlA 201.1 204 332 5415 131 1 S - S GAS S GAS S 013.5 0136 013.5 24.0% 24.0% 24.0% '-I,.- 1~ S SI.? $ 81.? $ ~ _ 79.1 73.1 ____________ C- 01.3 .1.0 ~1, CA~ cii ENRON 3rd Quarter 2001 Effect of Non-Recurring Items (Mfllons of DoI?am) Non-Recurring Pm-tax After-tax Amount Amount Recurring Earnings NON-RECURRING ITEMS: Azunx asset sales (A) EBS Severance Inventory Write-down content Credit Losses EES Severance New Power Co. @ $4.O0lshare (B) Total AN Non-Recurring items Total Earnings After All Non-Recuting Items (A) Does not include ($105 MM) for Buenos Aires (B) Assuming not covered with recuning earnings V Ii C., £0 C,, $ 415.2 (300.0) (32.5) (35.1) (104.0) (95.6) EPS $ 0.45 (0.33) (0.04) (0.04) (0.11) (0.10) $ 546.3 (300.0) (50.0) (54.0) (160.0) (147.0) (5.0) (1,021.0) $ (474.7) (3*.3) (198.3) (788.7) (0.22) (0.84) S (0.39) Transportation & Distribution 3rd Quarter 2001 $ in miNions ETS Hard Look Through 917 2nd Current Estimate WHO 1W Other Ops Total Over I (Under) 2~E 2000 Act Revenues CostolSales Gross Margin o~ - Opera~ng income Equity Earnings Traiblazer. Overthrust Northern Border so-n- Gaim on Sales Other income 18FT $ 131.7 $ 75.7 $ 49.9 $ 81 $ 151.7 131.7 75.7 49.9 0.1 131.7 76.9 65.8 10.9 0.4 78.9 54.8 10.1 39.0 5.7 54.8 0.9 - 0.9 0.9 9.6 - 9.6 9.6 2.8 - - 2.8 2.8 4.3 - - 4.5 4.3 9.3 0.1 - 10.5 10.6 ~ $ - S 120.8 _________ 10.2 - 119.6 _________ 79.3 40.3 1.0 19.4 2.2 5.0 1.3 15.1 T1~ ~-~y ~ Note: Hard loot~ is deTmed here as the most accurate estimate at earnings and expenses for the erdTe quaflet~ ornsideiing all probai4. Inoreases and decreases £0 CAi I Transportation & Distribution 3rd Quarter 2001 $ in millions Portland General 3rd Quarter Revenues Cost of Sates Gross Margin Operating Expenses Other Income IBIT Note: Hard look Is defined here as the most accurate estimate of earnings and expenses for the entire quarter. considering all prebable Increases and decreases 5~i~ C-, Co 2nd CE Hard Look through 9,7 Over I (Under) 2CE 813.6 788.8 24.8 813.6 788.8 248 (30.7) 3.3 (30.7) 3.3 2000 728.6 522.5 206.1 (144.7) 12.5 Wholesale Services 3rd Quarter 2001 $ in mllflons Americas 3rd Quarter Hard Look through 9fl $ 1.0 Over I (Under) 2CE $ (184.8) Overage I (Additional Transactions Required Identified Earnings) 184.8 $ Detail of 3rd Qtr Items Trading Gas Power Oftw Total Trading Originations Assets & Investments $ (33.5) 167.2 43.0 176.7 22.0 (1.3) (198.4) $ 1.0 $ 154.8 (A) $ 184.8 (A) See detaIl on foflowing page Note: Hard look Is defined here as quarter-to-date earnings/losses combined wIth the es1Imste~ expenses for the full quarter IBIT 2nd CE $ 185.8 2000 Act $ 346.9 IBrr m C., Wholesale Services 3rd Quarter 2001 $ In millions Americas - Detail of Originations Deal Central MMne Power Miracle I Comhusl~er EES VPP PSOo. Project Moore (Finance) Project Periscope (Gas) Pastorla Reserve CNR (ExeciFinance) Blowfish Other Total Amount $ 14.0 5.0 6.4 6.5 4.7 2.0 2.0 1.4 2.0 1.5 139.3 $ 184J I~9~3 vi Wholesale Services 3rd Quarter 2001 $ in millions Europe 3rd Quatter Hard Look through 9/7 $ (186.8) Over I (Under) 2CE $ (267.0) Transactions Identified $ 187.0 Overage I (Additional Required Earnings) $ (80.0) $ (17.5) (21.4) 136 12.7 (12.6) (5.5) Detail of 3rd Qtr Items Trading Gas $ Power Metats Other Total Trading 187.0 (A) Originations Assets & Investments (168.7) $ (186.8) (A) See detail on following page Note: Hard look Is defined here as qusrter4o.date eemlngsflosses combined with the esfimated expenses for the full quarter IBIT $ 187.0 2nd CE $ 80.2 IBIT 2000 Act S 51.5 rr (C CI' Wholesale Services 3rd Quarter 2001 $ In minions Europe - Detail of Orictinatlons Deal .1 Block Ga~ Package ETOL-Enron DireCt ETOL-Wind Project Derby cogen Kemper AnkerCoel I Calpine EDF Auctions CNCC Other Total Amount $ 8.0 5.0 7.0 10.0 5.0 5.0 2.0 5.0 2.0 5.0 133.0 rri C, cm, w 1%, Wholesale Services 3rd Quarter 2001 $ In miNions Global Markets 3rd Quarter 2nd CE $ 65.3 Hard Look through Sn' $ (100.9) $ (52.6) 2.3 2.5 (~.1) 5.8 Oven (Undei~ 2CE $ (166.2) Transactions id.ntmed $ 116.2 Overage I (Additional Required Earnings) $ (50.0) Detail of 3rd Qtr items Trading Crude & Products $ Coal & Emissions Weather Financial Other Total Trading Originations 116.2 (A) Assets & investments 2.2 Expenses IBIT $ (100.9) $ 116.2 (A) See debit on following page Not& Hard look Is defined here ~ ~j~ff~4().A~ eernlngsfl~es combined wlU~ tie estimated expenses for the full quafter (JI CD, ierr 2000Act $ (11.6) Wholesale Services 3rd Quarter 2001 $ In millions Global Markets - Detail of Originations Deal OAF I Farmland ~mber II EcoElecirica Westiake - Ethylene spread to Ethane Wesifak. - HOPE to ethane spread Formosa - Polyethylene Formosa. Polyprepyisne Biltish Energy Mpeco Other Total Amount S 50.0 50.0 20.0 6.0 6.0 7-5 7.5 3.0 3.0 (36.8) tTI a- (Ji. Wholesale Services 3rd Quarter 2001 $ in nillitons Industrial Markets 3rd Quarter 2nd CE $ 22.7 Hard Look through 917 $ (15.5) Over! (Under) 2CE $ (38.2) Transactions IdentIfied $ 282 Overage I (Additional Required Earnings) $ (10.0) Detail ot3rd Qtr Items Trading Pulp & Paper $ (OA) $ Lumber (1.4) Steel 7.1 Europe 0.1 Total Trading BA Originations 28.2 4~A) Assets & Investments Garden State Paper Stadacona Other rotal Assets & brwestments IBIT $ 28.2 (IA) 5.0 2.8 (23.7) $ (15.5) (A) See detail on folowing page Note: Hard look b deted Imere as quartsw-te.date eamlngsflosses Combined will U~e esthnated cpenses for the flit quarter IBIT 2000 Act S - m C-, CJ1 Wholesale Services' 3rd Quarter 2001 $ In mltflons Industrial Markets Deal MM Mondadori Greif Brothers Borcelik Regale Steel Dynan*s Atlas Pope & ~TaIbot National Steel Defuroo-IJS Other Total - Detail of Orialnations Amount $ 4.5 0.4 05 1.0 0.5 2.0 7.0 3.0 0.3 0.8 82 5- cJ1 Wholesale Services 3rd Quarter 2001 $ In inflhlons Principal Investrn~nts 3rd Quarter Overt (Under) 2CE Transactions Identified $ (71.8) $ (105.4) $ (33.6) $ Detail ci 3rd Qtr Itms (A) See detail on follo~*ig page Note: Hard look is defined here as the most accurate estimate of eemings and expenses for the entire qusler. considerhig aN probable increases and decreases IBIT 2nd CE Hard Look through 917 Overage 1 (Additional Required Earnings) 2000 Act Assets & Invesbnents Public PortfolIo (58.8) (A) private Valuation (34.5) (A) Asset I Accrual Margin Total Assets & Investments (99.6) Expenses (5.8) ____________ (BIT $ (IOSA) $ F'., C., Ca~ Wholesale Services 3rd Quarter 2001 $ In millions PrinciDal Investements - Detail Public Portfolio Hanover Compressor Common Copel Peladht Qtt~er Total Private Valuation AMPS Visual Bridge (leC) Solo Energy Financial Settlements Matrix Ari~asoft Mshow IAM.COM Hombeck-Leevac Medin Loan Venoco Other Total AssetlAccrual Margin Facility Costs Total I.,, C-, cD~ Ci' C. $ (35.0) $ (19.0) (6.4) 1.6 (10.0) (9.5) (5.7) (3.5) (3.0) (2.9) (1.0) $ 3.3 1.1 Wholesale Services 3rd Quarter 2001 $ In millions Global Finance 3rd Quarter Hard Look thmugh 9I1~ Ovrl (Under) 2CE $ 56.5 $ (22.3) Overage I (Add Wonal Transactions Required Identified Earnings) $ 35.0 Detail of 3rd Qtr Items (A) Curruntly unable to recognize this Income due to market conditions of New Power Company stock. bolting for possible structured solutions to cover this shortfall Note: Maid look us defined here as the most accurete estimate of earnings and expenses for the entire quarter, considering all pn~babIe Increases and decreases C., -4 CA~ CI' IBIT 2nd CE 2000 Act S 2.9 JEDI Management Fees $ 5.0 $ - Condor (2.8) Stock Book (20.0) Raptor 35.0 (A) Other - otal Assets & Investments (18.3) 35.0 - __ IBIT $ 35.0 Global Assets and Services 3rd Quarter 2001 $ in wuimowie 3rd Quarter 13ff Detail of 3rd QIr items Hard Look ~erI 2nd CE ~ .~!±!5!~ a- Transactions la-u" Required 2000 Act $ 55.0 $ 65.0 $ 35.6 Assets & Investments ElekIro (eisa. dlst..Srazii) TOS (gas pfl-Argentina) Promigas (gas pfl.Cotum*Ia) Vengas (LP Oletibution -Venezuela) Puerto Quebal (power plant - Quateniala) DPC (power plant-India) - --- BLE (power ~mnm) PC (power pfant.PftIflpplnes) Ele&fro Annex 5 Bekfro Regulatoty Recoveries O~er Tetal Assets & Investments Tadlng South America Merchant Trading Total Trading mn $ (12.0) (A~ 7.6 3.5 6.6 5.0 (169) is) 59 29 4.1 5.2 13.0 vs 7.6 $ 25.0 (C) 20.0. ~ 45.0 10.0 CE) 10.0 $ 55.0 (A) Due ~ power raUonk~.j FX 18) Seeing axreIts~ns adduonggewmo($¶¶4MM eddogedt.gg coa~ofSSm4Maid ~quI G&Accmte (bicluda eSeewenom) of SI5&4M (C) Chums InCfoded In Wis pdveI~u6on of me Bren eiedtIe disbibuflan s~mtsmw1Wcgi a~wS. minider cettain cfrwuiubncee~ conipe,eufon bum Si. ghiwahire for reduced demand. Lw~ poiSed barn hi bwt MS. EeImpe~e boo AimexS hi itiefr ascend qualiereanilngs. CD) ~u*kg uWi ouwide Swwmm~gws,~,uire en higi he suppaEt~gme tecediebes. Issue hue been muwgimted b~' the turnol hit,e Donlihe efeebichy sedur. CE) PeSubras Mawbethig - poeelM. MTh oppoIbi*ytIut~ does hi3wd quader. NoIs limed bolt k defined hews am the mcml eccurge smitnuts of eawnings aid e9enees fonuie eNles qualM. conmldedngeii pmbebbs increases aid decremmem EGAS C-, CaS Retail Services 3rd Quarter 2001 $ in millions EES 3rd Quarter Gross Margin Gas and Power Sales Power MTMlOnginations Facilities Seivices Outsouroe & Other international Total Gross Margin Operating Expenses New Power Co. Monetizations Equity Losses Other Im 1B~ Hard Look through 2nd CE 917 250.7 (179.7) (10.0) Over I (Under) 2CE Transactions Identified 47.2 31.8 '10.7 ________ 89.7 (161.0) (171.9) 7.8 (17.5) (7.5) Overage I (Additional Required Earnings) 2000 Act 43.3 141.6 (A) 52.5 34.7 (13.2) ____________ 31.1 (0.3) 148.4 7.8 (143.9) - :30.0 (7.5) - 19.1 (B) 160.7 100.7 (A) Estimated ?ATM In~me ta be realized from Deals k~ EES Deal Pipelne before close of 1)3. Sse detail oti following page. (B) EES International MTM YEIU be realized from numerous smafler dents In EES Europe and EES Canada under the Enron Direct business model. rn N). Wholesale Services 3rd Quarter 2001 $ in mIIUQna Eneray Services - Potential Orlainatlons Deal ANC Re~cam Ouebecor DSM Pwjects Hanati!s Casino OSM The Umited Precision Bakm Sysce Mao-Cell Park Place Ball Corp. Eq~y Office Prcpe~es CCC Home Depot O~er Total m crn~ I Amount $ 12.7 10.0 1.0 3.0 4.0 4.0 3.0 5.0 1.8 2.0 4.7 ao 87.4 Broadband Services 3rd Quarter 2001 $ In miii Ions EBS 3rd Quarter Over I (Under) 2CE Transactions Identified IBIT $ (91.0) $ (107.8) $ (16.8) $ $ (16.8) Dotal of 3rd Qtr Items Trading Bandwidth $ (8.8) $ Dram Chips 0.1 Advertising Other Total Trading (102.7) $ (107.8) $ Note: Hans look Is defined here as quarter-to-date earnings/losses combined with the estimated expenses for the foil quarter (C CA~ Ci) IBIT 3.6 (5.1) 2nd CE Hard Look through 9/7 Overage I (Additional Required Earnings) 2000 Act Corporate Staff Functions Corporate Staff Costs Retained Third Quarter 2001 (in Ihousaids of douses) Plan Change 2nd CE / July Aug & Sept Total Actual. EstImate Estimate Executive Legal Risk Assessnient & Control AccountIng &Tax SAP ISC Strategic Sourcing hwestor Refefio~ts Cotporate Development Human Resources Community Relations Benefits Analyst & Associates Pubk Allairs Administrative Services Risk Management Xcelerator EBS transfers O~er Costs Retained at Corporate 4.283 2,445 348 7,577 2,318 1.711 759 871 411 1.808 9.778 11.329 559 608 28.908 10.242 1.000 300 1.500 1.000 7.800 3.000 3,000 4,000 2.000 5,000 3500 ~~~~~1~~~~ 53.953 31.000 5.283 (1 2.445 848 (2 7.577 2,316 1,711 759 2,371 1,411 1,808 17,378 (3 3,000 (4 14,329 (2 4.559 (2 608 2.000 28.908 5,000 13,742 (5 115.853 1.554 152 330 3,195 40 381 172 674 (814) 582 3.999 1,055 5,230 3,869 (490) 609 8.829 1,635 3,729 2.293 318 4,382 2,278 1,330 587 I ,~97 2,225 1.226 13,379 1,945 9.099 890 1,098 1,391 22,279 3,965 10.912 1) Increase due to Increased corporate aviation usage. 2) Increasedin3rdquauterduetoflmlngofltems. Esffmateforthetotalyearlsonplan. 3) Increase due to lining of benefits recognized In 2nd quarter. 4) Increase In amount retained at Corporate due to fewer pailicipants resulting in lower biflings to business units. 5) Increase Is due to Azurix costs and Madosa expense, offset by MMF blUing to PGG. 5,283 2,445 848 7.577 2,316 1,711 759 2.371 1.411 1.808 17.378 3.000 14.329 4.559 608 2.000 28,908 5.000 13,742 115,853 I~I1 C., Enron Corp 2001 Cash Flow Estimate Funds Flow from Operations Changes In Wo.*lng Capital Cash Flow from Operations Proceeds from Sale of Assete Capital Exp & Equity hweetments Casft flow Cash Flow from Financing lncreasajp.c) in Debt DIndends Pald Other Phuncing lflCr.esef(Decreas.) In Cash Balances Opening Debt Balance Increase from Cash Flow Other Changes Ending Debt Balance June Y1D Actuate 4th Quarter Estimate Full Year 948A 693.2 1,641.7 2,900.0 (1.972.4) 927.6 1,804.4 (3.142,3) (1,337.9) 1,423.2 (1,160.2) (2,498.1) 2,251.2 (256.4) 1,970.6 10,229.5 2,251.2 331.4 12,812.1 3rd Quart. Eafimate 147.2 478.7 623.9 293.8 (202,3) 421.5 (778.7) (143.1) (918.5) (497.2) 12,812.1 (775.7) 12,034.3 296.8 (353.2) 1,283.5 (1.149.7) (138.8) 1.5 (1,287.0) 1.5 2,013.7 (1,716.7) (788.1) 325.8 (538.2) (235.2) (1,023.3) ,m1~t -a. C,) C,' 12,034.3 (1.149.7) 10,884.6 10,229.5 325.8 329.3 10,864.6 Enron Corp Funds Flow from Operations 2001 Third Quarter June YTD Actuals Transportation & Distribution Enron Transportation Services Portland General Group Wbolesale Enron Energy Services Enron Global Assets & Services Enron Renewable Energy Clean Fuels Corporate & Other Current ~I1ewa 182.7 113.8 276.5 832.2 49.2 33.9 7.1 48.3 808.4 3rd Quarter 2001 EstImate Identified Transactions 73.4 25.1 98.6 (379.9) 70.5 (2.1) 12.4 0.7 (153.0) 600.0 1,804.4 (352.8) 600.0 147.2 1,951.6 * Based on view of funds flow wit?tout any prepays. overviews or any other major transection, and allocation of May2s Credit-Unk-Note Scheduled prepay Total Sept YTD Estimate 73.4 25.1 98.6 238.1 138.9 375.0 120.1 Total 9624 70.5 (2.1) 12.4 0.7 119.8 31.8 19.5 49.0 (153.0) 404.2 Enron Corp Changes In Working Capital 2001 Third Quarter June YTD Actuals Transportation & Distribution Enron Transportation Services Potiland General Group Wholesale Enron Energy Services Enron Global Assets & Services Enron Renewable Energy Current (38.8) (240.6) (279.4) (2,245.6) (158.1) (76.7) (118.0) (19.5) 3rd Quarter 2001 EstImate identified Transactions 49.5 33.5 83.0 (097.3) (1.8) (50.8) 96.9 27.2 1,325.0 Corporate & Other Total (403.1) (3,142.3) (5.5) (848.3) 1.326.0 476.7 * Based on current view of working capital without any major transactions hicluded S500 AIR sale and $480 LC po*d In place of cash margin currently on deposit fl7 Total Sept YTD Estimate 49.5 33.5 83.0 10.7 (207.0) (196.4) (1,918.0) 327.7 (1.6) (60.8) 96.9 27.2 (157.9) (127.6) (21.~2) 7.7 (&6) (252.4) (2,665.6) Eriron Corp Cash Flow From Operating Activities 2001 ThIrd Quarter June YTD Actuals Transportation & Distribution Enron Transportation Services Portland General Group 123.9 (128.8) (2.9) (1.413.4) Enron Global Assets & Services Enron Energy Services Enron Renewable Energy Clean Fuels Corporate & Other (107.0) (42.8) (110.9) 28.8 203.3 Cunent ~flew 122.9 58.8 181.6 (1,377.2) 88.7 (52.9) 109.3 27.9 (158.5) 3rd Quarter 2001 Identified TransactIons Total 1,825.0 (188.6) 1.S26.0 623.9 Wholesale Sept Y1D 122.9 68.6 181.6 240.8 (68.1) 178.? 447.8 Total (968.6) 68.7 (52.9) 109.3 27.9 (1337.9) (38.3) (95.7) (1.6) 66.7 (1,201.1) C, CD) 00 44.9 (714.0) Enron Corp cash Flow from lnwsUng ActivitIes 2001 ThIrd Quafter YTD vs Full Year Plan June YTD Actual: Transportation &Distrlbutfon Enron Transportation Services Portland General Group (79.9) (177.9) Wholesale Enron AmerIca (1,187.8) ~ Europe (20.5) CATS & Margaux (126.1) Middle East (2.0) Enron Global Markets (74.9) Enron Industrial Markets (229.0) Enron Networks (82.2) EEOS (4.4) Enron Broadband Services (100.0) Enron Global Finance (1.2) Enron Global Exploration & Product (4.9) (1,792.8) Enron Global Assets & Services Enron Energy Services Enron Renewable Energy Clean Fuels Corporate & Other (104.7) (35.1) .(28.2) (4.9) (441.8) (3) Tots) Plan anhicipeted salem Seat half of 2001 Jem~sYTO mndiadea $347 related tO Sithe ktsng~les and $487 for S~s resfructs*eQ Jwm YTD Indudes $328 torAnNix pelvutlzdon and $78 for Emon Building South Plan asaummed reguithaus of Rawhide for $740 Full Year 2001 Plan (150.1) (150.1) (1) 3rd Qtr Estimate (58.8) (105.3) 39.8 (28.8) (12.1) (8.2) (3.8) (34.8) (1.5) (39.0) 0.2 (MA) (136.3) (18.7) (78.8) (0.2) (74.5) S,PtYTD Estimate (136.5) (140.8) (253.2) (1,127.8) (47.1) (138.1) (2.0) (81.1) (232.8) (98.8) (5.9) (139.0) (1.0) (5.5) (1,8772) (241.1) (51.7) (105.0) (5.1) (516.2) (395.9) (161.9) (77.2) (440.0) (131.5) (5.5) (750.4) (1.6) (1,970.0) (328.7) (123.7) (23.9) (1) (17.8) (1.202.0) (4) 199 C, 0, (0 (1) (2) (3) (a) 43,079.8) (3,816.2) Enron Corp Proceeds on tho Sale of Assets 2001 Third Quarter YTD vs Full Year Plan Transportation & Distribution Enron Transportation Services Portland General Group June YTD Actual. 3.4 3rd Qfr Estimate 150.0 3.4 150.0 Wholesale Eni~n America Enron Global Markets Enron Principal investing Enron Broadband Services Enron Global Exploration & Production Enron Global Assets & Services Enron Energy Services Enron Renewable Energy Clean Fuels Corporate & Other 1,217.2 10.2 (3) 15.9 2.0 1,245.4 85.8 50.0 38.6 1,423.2 EOTT FAS 140 Planned sale of POE Is lstQtr200l Sale of Peakeis $846. HPL $326 and Pastorla $45 Indudes planned sale of Peakeis for $800 Planned sale of EGEP India Assets Includes planned sale of E!ektro SZ000, Gas LDCs $470, Human $152 and Copel $135. Planned Sale Sept YTD EstImate Pull Year 2001 Plan 153.4 153.4 7.5 1,800.0 1,607.5 1,255.4 818.0 (4) 38.1 (10.2) 104.9 0.1 0.0 133.0 10.8 (0.0) 104.9 16.1 2.0 1,378.4 67.2 600.0 1,485.2 Total 96.6 50.0 m C., 1%) 3,068.4 (6) 83.0 700.0 (7) (1) (3) (4) (5) (6) (7) 293.8 38.6 1,716.9 6,944.1 Includes ONLY Banking Activity Monitored I~ Houston Enron Corp. Net Cash Source I (Use) Quarter to Date and Month to Date 3rd Quarter 2001 Enron Transportation Services Portland General Electric Total Distribution Enron North America Enrori South America Total Americas Europe Global Markets industrial Markets Networks Other Total Traditional Wholesale Enron Broadband Services EGEP Other Wholesale (EE&CC) Total Wholesale Total Q3 to Date 107.2 107.2 266.7 266.7 (119.2) 31.0 (12.0) (71.7) 93.2 (51.0) 2.6 203.2 247.9 September Through 9110 7.6 7.6 479.1 479.1 (59.9) 29.4 (4.5) (6.7) 22»= 437.1 (3.8) 6.8 (26.1) 414.0 August 28.3 July 71.3 28.3 71.3 (76.7) (135.7) (76.7) (135.7) (123.0) 40.0 2.9 (33.7) (191.6) (32.8) (4.7) 1424 (86.7) 63.7 (35.4) (10.4) (31.3) (0.2) (152.3) (14.4) 04 88.9 (79A) (105.6) 166.5 (1.192.6) 45.7 15.9 (1,073.1) (59.3) 67.3 (872.9) Baron Energy Services Enron Global Assets Corp Other Total Enron~ OtdLYlneIudoe cant, movement monItored from Houston. Does NOT include Canada. London or any other banking cantor. Certain ifeenc such aspr,veff Ui.t 1* paId by Ccrj, on beheftof a business unit has NoTbeen allocated to the business unite. inch,desa $937 MM outflow In Sepfen,bee from Corporete related to a debt wide. pa)ntent for fleeting honda. lnctudes an billow in the month f July of $915 MM and an oufl!ow lvi Ihe mnonS, of August of $915 MM, a17 related to GheMatfin rfflnancing. (C (92.0) 63.3 753.4 716.6 Enron Corp Total Capital Deployed 2001 June Year-to-Date June 2001 Capital Deployed As of June 30,2001 Off Balance Sheet Asaets* Total Cap Deployed mci. Off 815 As of Dec 31,2000 Total Cap Deployed mci. Off B/S Transportation & DistributIon Enron Transpoitatlon Sevices Portland General Group Wholesale Americas Enron Global Markets Enron Europe MIt~dIe East (Europe) Global Exploration & Production Enron Global Finance Enron lrtdustilal Markets EEOS Enron Broadband Services Enroi~ Net Works Wholesale - Other Wholesale - EES Eliminations & Other Enron Energy Services Enron Global Assets Enron Renewable Energy Corp Corporate & Other' Total 2,663.8 3,443.3 6,107.1 5,566.5 651.8 1,280.6 22.8 432.1 2,228.5 443.7 8.1 963.0 202.9 932.4 1.7 12,733.8 747.2 6,693.9 653.2 2,133.6 29.268.9 19.0 361.0 92.0 472.0 102.0 153.0 1,450.0 2,177.0 2,683.8 3,443.3 6,107.1 5,585.5 651.6 1,641.6 22.8 432.1 Z228.5 443.7 8.1 1,055.0 202.9 932A 1.7 13,205,8 849.2 7,050.0 653.2 3,583.6 31,448.9 * Corporate & Other Includes Aziulx, HPL Fair Value and Clean Fuels. Off balance sheet capital Includes Contingent equity. FAS 12511A0. corporate ~uamntees, and resIdual value guarantees as of 12131100. (1) margIn acttvtty. (2) Includes NIR from safe of JEDI shams previously owned by Enron. (3) Included In ESS-Retail. 2,697.0 3,180.6 5,877.6 2,812.0 (1) 714.0 1,655.5 49.6 449.0 1.428.5 (2) (54.0) 158.0 938.0 (7.0) - (3) 6.3 8,150.0 1,732.0 6,995.1 644.0 4,919.4 m 28.218.0