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Enron Corp
Impact of Stock Price on Fully Dilutive Shares
3rd Quarter, 200'1

(Shares in Thomtnds)

  Stock Price Assumptions far Dilutive Sham
  Average Biock Prier rarPaded $35.00 $40.01 $45.00 Used tot Employee Options, EOG Options and Forward Contracts

Bask Shams Outstanding

  Whitive Shares
  Convertible Preferred Sbdc - Series j
7 COW if Pref Stor3c - Series e



Rapier-Collars

Employee Options

Options issued b EOG Resources

  Fawud Cdstacu
Total Shirts

  Potential items

r skrltrt Vhiw Tnwt
s

  Ttit,si4 711,534 761,584 its ides 12 mutton related to Raptor salted on SepEastec2eth

31,630 31,630 31,930 Esthtaled shares auWandlsvg at Sepl 300i of 1.159 niYfon shares a( v Raced common rats
u(27.304, ffividersd sale cruenly an an sf converted' silo cannon shares basis. Ksld
pranatlly b y Batter and Rubin f mill s
60,000 50,1109 50,000 250,000 sham outafanddng at a faced conversion rate of 200. Face value or $ 1.0 biJiba and
a cash dhAdend of e_50%. Shares bald by Whltewiia.
  Vefua of the slodk has been hedged by a share set5ad swap between Enrorr &
which rs accounted for oe a WTM bea s.
  Trggeresrenls rcsdudw feting below l weshnerst grade AND stack raring bet 1.5978

  15,013 IT,a6T 16,568 Sealed on September 2681
37,510 28,M 21,694 Settled on Septernbsr 74th

  9,174 11,423 14,272 43-3 L i n Optirons in are money at a $40.01 market price, average sirice Pace of 528.72

2.817 3,286 3,813

  13,424 10,155 1,711
924,152 914,761 907.052

12~

Smear to 'Employee Optkrrs', held by Bata; 3.4 Mton Opbon3.1 $19.59 11W not be
separaWy dadood)

Al Quariksend 18.$ nsr'IGon shares at an average price of $50.00

  l> A2 ~ t3rr U r /'

ToN3l of $920 mlii'ion of Senior Noises. DikiOon would probably not be lncklded as V i
mae of a quarautee kke st sure, and Ersson is treeing ai contlvg es.
Trigger events Include' falirg below frrvesOrsenl grad. AND stock for ing bebw $'/.34.13


  Vilfsdewbg Put MM Sw.t4 Put option on 50 ie4lon shares 348.65. akte of Pvt and Series B Proened Stock
> stgp s debt of Hilton.
  ~ ~ As discussed above, , th 8ii is putts recorded on a MM basis and Enron's eambWs >
will be detwTr i red m the ailoca8Dn of income vdit*n VirtxW*ftV
  N\
Zero-CoaQan Bond f-T~ } ~~ lniitai Catkversbas Price is 5113.83 per snare.

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=XH 019-01128