============= Page 1 of 41 ============= EXH066-00262 Enron Corp Earnings Release Details 2nd Quarter 2000 Significant IBIT Variances Wholesale Buckets Summary Wholesale Buckets Detail Business Unit Variance Schedules Calculation of EPS Equity in Affiliates Gains on Sales & Interest Income Other Income Interest Expense Dividends on Preferred of Subs Earnings Release Support Pages Statistical Supplement Pages Distribution: Rick Causey Mark Koenig Paula Rieker Cedric Burgher Kathryn Corbally Scott Vonderheide Mark Palmer cc: Bob Butts Greg Adams n page 1-5 6 7-14 15-21 22 23 24 25 26 27 28-34 35-42 0 EC 002893040 GOVERNMENT EXHIBIT 4255 Crim. No. H-04-25 (S-2) ============= Page 2 of 41 ============= Enron Wholesale Significant Variances (In Millions) 2nd Qtr 2nd Qtr 1st Qtr 1 st Qtr 2000 1999 Doff 2000 1999 Dirt Commodity Gas trading, exci origination (net of expenses) - see summary at (a) 233 (18) 251 32 26 6 Originations SPA - - - 7 (7) Canada 4 3 1 6 5 1 Entex - 4 (4) - 6 (6) FP&L - 11 (11) - - - Palm Springs - - - - 8 (8) Walton EMC - 8 (8) - - - Other gas originations (less than $6m) 3 5 (2) 3 6 (3) Gas Trading 240 13 227 41 58 (17) Power trading, exci originations (net of expenses) - see summary at (b) 162 17 145 117 122 (5) Originations Genco 11 3 8 21 - 21 Eastern Transportation - 96 (96) - - - Other power originations (less than $1 Om) - (7) 7 2 (8) 10 Power Trading 173 109 64 140 114 26 Equity trading (index) 11 27 (16) 33 - 33 Interest & FX books 45 16 29 52 29 23 Global liquids (net of expenses) 7 (22) 29 20 16 4 Crude oil prepayments (19) (6) (13) (28) (8) (22) Weather, paper, coal. SO2 6 15 (9) 16 16 - Credit adjustment - - - 5 61 (56) Spread options 65 4 61 24 8 18 Networks expenses (5) - (5) - - Other (including expenses) (81) (75) (6) (57) (70) 13 Other Trading 29 (41) 70 65 52 13 Total Commodity 442 81 361 246 224 22 Assets and Investments Fair value income - see summary at (c) (79) 189 (268) 27 (18) 45 Earnings on JEDI, JEDI II, Condor, others 37 67 (30) 167 34 133 Accrual earnings on merchant Investments 9 16 (9) 5 22 (17) Finance originations 43 3 40 - 2 (2) Asset selldowns and 125s - see summary at (d) 14 135 (121) 5 47 (42) Stock compensation charge - (73) 73 - - - Other portfolio related earnings 9 - 9 (49) (27) (22) Merchant Activity 33 339 (306) 155 60 95 Asset operations - see summary at (e) 27 20 7 82 81 21 Development and construction (5) (34) 29 (17) 15 (32) Operations and Development 22 (14) 36 65 76 (11) Total Assets and Investments 55 325 (270) 220 136 84 Total Unallocated Expense (60) (50) (10) (47) (40) (7) Total Wholesale 437 356 81 419 320 99 sigvar2g00, summary (23) 0 EC 002893041 7/20/2000. 5:32 PM EXH066-00263 ============= Page 3 of 41 ============= WHOLESALE DETAILS per above (a) Gas trading, excluding originations: Canada (gross margin) US (gross margin) Credit reserve adJ - Blue Ridge Europe (net of expenses) Gas transport (Europe) South America (gross margin) Other (including HPL and expenses) (b) Power trading, excluding originations: NA - East (gross margin) NA - West (gross margin) Europe Other (including expenses) (c) Fair value Income (loss): Rhythms (net of hedge amort) First World Kafus Hedge performance/S&P EOGR Exchangeable Notes/shares Resco (swap) Qualitech Quanta OPET & OSI - EUR NSM Mariner - NA, ECM and El Heartland Steel Cataiytlca Techboard - EUR Papier Masson ECT investments Paladin - EUR Others (less than $6m) (d) Asset salldowns and 125s: Bammel Looper Powder River Guam Hams Italy/Turkey Puerto Rico Riverside (Teesside) Sutton Bridge Other (including expenses) sigvar2g00, summary 2nd Qtr 2000 2nd Qtr 1999 DiH 1st l it 2000 119Qtr 1999 Diff 18 18 - 269 35 234 - (32) 32 (21) (2) (19) 2 2 - 24 - 24 (59) (39) (20) 233 (18) 251 18 52 (34) 56 (3) 59 (12) 10 (22) 2 2 - (32) (35) 3 32 26 6 7 24 (17) 145 12 133 57 3 54 (47) (22) (25) 162 17 145 (125) 252 (377) (30) 38 (68) (29) 37 (66) (2) (68) 66 57 - 57 52 - 52 - (43) 43 - 14 (14) 11 - 11 - (8) 8 2 (3) 5 (4) - (4) • 2 (2) - (2) 2 1 - 1 (12) (30) 18 (79) 189 (268) 12 (12) 5 - 5 - 84 (84) 9 39 (30) 14 135 (121) (39) 66 (105) 91 3 88 102 71 31 (37) (18) (19) 117 122 (5) 17 19 (2) 29 13 16 (23) 13 (36) (14) (47) 33 - (25) 25 26 - 26 - (9) 9 8 (6) - 7 (7) 7 (7) (13) 13 - 6 (6) 9 (9) (3) (7) 4 (5) 1 (6) 27 (18) 45 10 (10) 5 (5) 18 (18) 12 (12) 2 (2) 5 - 5 5 47 (42) 2 EC 002893042 7/20/2000, 5:32 PM EXH066-00264 ============= Page 4 of 41 ============= WHOLESALE DETAILS per above (e) Asset operations: Equity earnings from: Europe CIESA/TGS DPC Phase I Eco Electrica Korea (SK) Transredes Other international Elektro IBIT ESA operations India operations CALME operations APACHI operations Europe management fees JEDI management fee EGEP operations Other (including expenses) 2nd Qtr 2nd Qtr 2000 1999 Diff (6) (5) (1) 6 7 (1) 4 3 1 (1) - (1) 3 (1) 4 • 4 (4) 12 25 (13) 18 33 (15) 24 37 (13) 6 13 (7) 6 1 5 15 12 3 21 (4) 25 2 2 - 5 5 - 7 - 7 (77) (79) 2 27 20 7 0 1 s 1st Qtr 0 1999 Diff 2000 2 2 - 12 7 5 16 - 16 22 22 13 8 5 4 (4) 9 1 8 74 22 52 36 35 1 8 11 (3) 2 (2) 4 3 9 (6) 21 - 21 2 2 - 5 5 - 4 - 4 (73) (21) (52) 82 61 21 n r 0 EC 002893043 sIqvvr2q00, summary 7/20/2000, 5:32 PM EXH066-00265 ============= Page 5 of 41 ============= i Enron Corp Significant Variances (in Millions) 2nd Qtr 2nd Qtr 1st Qtr 1st Qtr 2000 1999 9 Duff 2000 1999 Diff Gas Pipeline Group Gross margin 148 124 24 Operating expenses (Ind deprec) (93) (81) (12) Equity earnings: Citrus 9 5 4 Northern Border 2 2 - EOTT (2) - (2) Other 1 1 - 10 8 2 Other Income: Gains on sales 1 - 1 Interest lock - - - Conoco litigation - - - Gain on swap 15 Other (4) 21 (25) 12 21 (24) Gas Pipeline Group 77 72 (10) Portland General Group Gross margin 179 177 2 Operating expenses (Ind deprec) (122) (126) 4 Equity earnings 1 3 (2) Other Income: Customer Choice - - - COLI 1 2 (1) Other 3 - 3 Other income 4 2 2 Portland General Group 62 56 6 Retail Energy Services Gross margin 121 33 88 Operating expenses (Incl deprec) (109) (63) (46) Minority Interests (Omicron, EES) 1 3 (2) Other income 11 1 10 Enron Energy Services 24 (26) 50 Broadband Services Gross margin Operating expenses (Ind deprec) Other Income Exploration and Production 81 - 81 (90) - (90) 1 - 1 (6) - (6) - 20 (20) sigvar2go0, summary 4 201 181 20 (A) (81) (78) (3) 6 8 - 2 2 - (2) - (2) 1 - 1 7 8 (1) - 1 (1) 9 (9) 9 (9) 1 (4) 5 1 15 (14) 128 126 2 195 199 (4) (124) (117) (7) 1 6 (5) 31 - 31 11 2 9 (9) 2 (11) 33 4 29 105 92 13 127 45 82 (B) (112) (76) (36) (C) 1 (1) 1 (1) 2 16 (31) 47 51 - 51 (D) (51) - (51) (E) 12 (12) EC 002893044 7121/00, 10:39 AM EXH066-00266 ============= Page 6 of 41 ============= S Enron Corp Significant Variances (In Millions) 220 Qtr 2nd Qtr Qtr 1 s 1st Qtr 2000 1 1999 DIH 0 2000 1999 DIH Corporate and Other Corporate (Including Co 099) Corporate expenses and other (35) (46) 11 (55) (24) (31) (F) Wessex FX gain - (33) 33 - 33 (33) Azurix earnings (11) 41 (52) (6) (1) (5) ECM - sale of leased planes 37 - 37 - - other (primarily Project Steele) 5 7 (2) 7 7 EEDC (1) (2) 1 - (1) 1 ECI - 4 (4) - (4) 4 (5) (29) 24 (54) 10 (64) EREC 13 26 (13) 13 15 (2) Clean Fuels operations 9 (6) 15 (3) (11) 8 Corporate and Other 17 (9) 26 (44) 14 (58) Total recurring IBIT 609 469 140 624 533 91 Nonrecurring items (pretax): Nonrecurring items - - - - - Total IBIT 609 469 140 624 533 91 Interest expense Company-obligated preferred of subs Minority interests: Elektro Rawhide Cherokee Whitewing EOG Pretax earnings Income tax expense 196 175 21 21 19 2 15 10 5 14 13 1 10 - 10 39 23 16 353 252 101 64 30 34 161 175 (14) 18 19 (1) 11 12 (1) 14 14 - 10 - 10 - 13 (13) (6) 6 35 33 2 410 306 104 72 53 19 Net income 289 222 67 338 253 86 i- Ir (A) Gross margin decreased due to higher rates as a result of seasonality built into rate structure (B) Gross margin Increased due to MTM Income on deals Signed in 1000 and Investment earnings on the monetization of EMW warrants (C) Operating expenses Increased due to Increased bonus and phantom stock expense (D) Gross margin represents dark fiber sales ($30m). software sales ($10m) and MTM on Ventures ($10m) (E) Operating expenses increased due to Increased headcount (116 at 3199 to over 600 at 3/00). Reported In Corp & Other 1099, Wholesale 2099. (F) Operating expenses Increased due primarily to IT and advertising sigvar2g00, summary 5 EC 002893045 7/20/2000, 5:32 PM EXH066-00267 ============= Page 7 of 41 ============= t.r.. Corp. wMke.Ie Baskets Subcateaorv Description SUMMARY 2000 by Quarter 1999 by Quarter 00-99 Comparison 99-98 comp YTD 2Q Year 4Q 3Q 6 mo 2Q IQ Year 4Q 3Q 6 mo 2Q IQ Incr (Deer) Incr (Dccr) 99 Yew In" (Dc") C.14t2 Gas Trading 281.1 - - 281.1 240.0 41.1 187.2 41.9 74.5 70.8 12.7 58.1 210.3 C.-day Power Tndieg 313.1 - - 313.1 172.8 140.3 368.2 102.6 42.3 223.3 108.8 114.5 89.8 r.-Why Other leading 94.0 94.0 29.6 64.4 72.6 7.0 54.9 10.7 (41.0) 51.7 83.3 commodity Sales & Seniea 688.2 - - 688.2 44F4 -245.8 628.0 151.5 171.7 304.8 80.5 224.3 383.4 at.,cew Astt..y home 6om Mackat tweet 168.4 - 168.4 18.6 149.8 361.0 18.9 123.7 218.4 204.8 13.6 (50.0) at.a..t aet.a2 Gam on Saks (i.d 125a) 19.7 19.7 14.1 5.6 294.0 28.2 84.2 181.6 134.7 46.9 (161.9) Mercaat Activity 188.1 188.1 32.7 155.4 655.0 47.1 207.9 400.0 339.5 60.5 (211.9) or. r D.. A c~ Asset Opera6nm 108.6 - - 108.6 26.6 82.0 240.1 130.7 28.6 80.8 19.7 61.1 27.8 op-i.... D.v A c..e Dew,oprrtem a Cama.cdo. (21.9) (21.9) (4.8) (17.1) (45.9) (30.6) 4.0 (19.3) (34.1) 14.8 (2.6) Op a u , Dev a coma 86.7 86.7 . 21.8 64.9 194.2 100.1 32.6 61.5 (14.4) 75.9 25.2 Total Assets A 1wntt.eats 274.8 274.8 54.5 220.3 849.2 147.2 240.5 461.5 325.1 136.4 (186.7) ta.tt~eEy... UmibcaadExpense (107.3) - - (107.3) (60.0) (47.3) (160.8) (36.2) (34.1) (90.5) (50.1) (40.4) (16.8) T.6.1 Wholesale 855.7 - 855.7 436.9 418.8 1,316.4 262.5 378.1 675.8 355.5 320.3 179.9 227.3 151.6 35.6 64.0 291.8 76.4 70.6 (32.9) 105.5 361.9 410.5 217.5 (186.2) 123.7 237.3 (120.6) 559.9 (265.9) (306.8) 683.6 (28.6) 6.9 53.5 186.6 29.3 (27.9) (18.0) 36.2 25.6 168.6 (270.6) 709.2 140.0 (9.9) (151.2) (9.6) 36% 81.4 0.2 %8.5 347.9 EC 002893046 6.d.t. 2000. 1Qm 6 117512". 127 Im 26% EXH066-00268 ============= Page 8 of 41 ============= L.n. Cog. TPke(enle Bwke. 2000 by Quarter 1999 by Quarter 00.99 CompuiCOL 99-98 iioR YTD 2Q S.bufemrv Year 4Q 3Q 6 mm 2Q IQ Year 4Q 3Q 6 m0 2Q IQ Ina (Dea) (na (Dea) 98 Yew Ina (Dea) GAa TRABBIG NA a.. tow, Ca.ada . G. Tradby 35.4 35.4 17.6 17.8 78.8 3.9 4.8 70.1 18.3 51.8 (34.7) (0.7) 55.7 23.1 NA O. T.4y Credit Reeds- Win Rage - - - (33.0) (1.0) - (32.0) (32.0) - 32.0 32.0 (33.0) NA 0..T.6:4 us -G.To4i.e 324.2 324.2 268.5 55.7 130.7 38.2 60.2 32.3 35.1 (2.8) 291.9 233.4 159.6 (28.9) NA cab. n.ra - D.aw.d.A,a (HPtJLRC) (2.2) (2.2) (5.4) 3.2 (4.2) 2.3 (2.5) (4.0) (2.7) (1.3) 1.8 (2.7) (22.4) 18.2 NA a.. T....a BrrdgrIa q.ky e..io 5.4 5.4 3.4 2.0 - - - - 5.4 3.4 - - NA 0.T.we On Orlgi..tbm[Abebw( 16.2 - - 16.2 7.4 8.8 104.0 15.5 25.4 63.1 30.7 32.4 (46.9) (23.3) 183.5 (79.5) NA tr.ai..D.,.... Go VNige.pw (84.6) (84.6) (50.7) (33.9) (175.6) (61.4) (45.8) (68.4) (35.2) (33.2) (16.2) (15.5) (202.2) 26.6 NA 294.4 294.4 240.8 53.6 100.7 (2.5) 42.1 61.1 14.2 46.9 233.3 226.6 174.2 (73.5) ENt 0.T..e'. G.Tr.4q (33.4) (33.4) (20.9) (12.5) 5.5 7.2 (9.6) 7.9 (1.6) 9.5 (41.3) (19.3) (17.7) 23.2 EM 0.. T....4 G. Trayon Rg.ea.n 4.7 4.7 2.3 2.4 9.4 2.5 2.2 4.7 2.3 2.4 - - 9.2 0.2 Eult 0.. T.." Go O, dow E.R T.•••.a.a.... Go IFWI% get. (8.5) (8.5) (4.6) (3.9) (7.4) (1.2) (3.3) (2.9) (2.2) (0.7) (5.6) (2.4) (11.7) 4.3 EUR (37.2) (37.2) (23.2) (14.0) 7.5 8.5 (10.7) 9.7 (1.5) 11.2 (46.9) (21.7) (20.2) 27.7 SA 0. T,"" Goo Tradiq 9.8 9.8 8.2 1.6 (I.1) (1.1) - - - 9.8 8.2 (2.4) 1.3 SA O.T..L. C.(.baMTM (5.7 15.7 15.7 - 82.9 37.5 45.4 - 15.7 15.7 82.9 SA T.41.4Ul aaa Ga.41$trpcu. (1.6) (1.6) (1.5) (0.1) (2.8) (0.5) (2.3) (1.6) (1.5) (2.8) SA 23.9 23.9 22.4 1.5 79.0 35.9 43.1 23.9 22.4 (2.4) 81.4 APACID 0. Tow, Go Trading APACHI 0. T.. G.Or a00. - - - - - - APACHI r..w, E.,.... Go trading APACHI G.,,-. 281.1 281.1 240.0 41.1 187.2 41.9 74.5 70.8 12.7 38.1 210.3 367% 227.3 17.e 151.6 35.6 POTPLR TRARRIG NA P....To.iy Power-ean (32.3) (32.3) 6.7 (39.0) 101.4 5.3 6.3 89.8 24.0 65.8 (122.1) (17.3) 122.8 (21.4) NA P...TowP Power-wen 236.1 236.1 144.8 91.3 47.8 11.9 21.1 14.8 12.1 2.7 221.3 132.7 79.1 (31.3) NA P...T.we Offer - - - - (1.0) (1.0) - - - - (1.0) NA P..w To4:y Power OrigY.do. (B bebwl 33.2 - - 33.2 10.5 22.7 125.1 106.7 15.3 3.1 3.1 - 30.1 7.4 - 125 NA Tr..i.PE.p... Powerra41Lr.P...e (43.0) (43.0) (26.0) (17.0) (80.8) (25.9) (I0.1) (34.8) (19.1) (15.7) (8.2) (6.9) (83.9) 3.1 NA 194.0 194.0 136.0 58.0 192.5 97.0 22.6 72.9 20.1 52.8 121.1 115.9 118.0 74.5 El'! n.. town Power Trading 159.3 159.3 57.1 102.2 127.7 24.9 29.0 73.8 3.2 70.6 85.5 53.9 134.1 (6.4) EUR P...tr.A.e P... d..do.ICbelow) - - - - - - 66.1 (9.7) (6.5) 82.3 88.9 (6.6) (82.3) (88.9) 43.7 22.4 EM Tr..:.r,.Pw.. Powerradiage.Pema (41.5) (41.5) (22.6) (189) (9.0) (3.4) (2.7) (2.9) (1.7) (1.2) (38.6) (20.9) (4.0) (5.0) EUR 117.8 117.8 34.5 83.3 184.8 11.8 19.8 153.2 90.4 62.8 (35.4) (55.9) 173.8 11.0 SA P- T"" Po ..Trill g 0.8 0.8 F2 -(O .4) ((.5) (1.6) 1.8 (1.7) (1.7) - 2.5 2.9 - (1.5) SA P.-T.we Power Grginnio. - - - SA nw.eE.p..r Powerradrge.Pewa (0.4) (0.4) (0.3) (0.1) (3.4) (2.3) (1.1) (0.4) (0.3) (3.4) $A 0.4 0.4 0.9 (0.5) (4.9) (3.9) 0.7 (1.7) (1.7) 2.1 2.6 (4.9) APACHI P.. T..ei. Power Tradng 3.1 3.1 2.3 0.8 3.2 0.2 3.1 (0.1) 1.0 (1.1) 3.2 1.3 3.2 APACHI P..w T.."@ Power Oriewdo e - - - - _ APACHI T.4iryP+P...r Powvrd(gegr.ae. (2.2) (2.2) (0.9) (1.3) (7.4) (2.5) (3.9) (1.0) (1.0) (1.2) 0.1 (7.4) APACHI 0.9 0.9 1.4 (0.5) (4.2) (2.3) (0.8) (1.1) (1.1) 2.0 1.4 (4.2) Power arn4i.g 313.1 313.1 172.8 140.3 368.2 102.6 42.3 223.3 108.8 114.5 89.8 71% 64.0 0 6 291.8 76.4 OTHLH TI4ORIG NA MM. T. O., Coal Tradng 6.9 6.9 3.5 3.4 37.3 16.3 9.4 11.6 3.9 7.7 (4.7) (04) 8.3 290 NA C.M.T....q Credit RaerveMjormsot 5.0 5.0 - 5.0 49.5 - 14.0 35.5 35.5 (30.5) - 28.3 21.2 NA aM.T..9 AmonofHPLFV (14.2) (14.2) (7.1) (7.1) (28.4) (7.1) (7.1) (14.2) (7.1) (7.1) (28.4) NA 00- T.&.1 Eq.iryTradbg 44.8 44.8 11.4 33.4 54.3 16.0 11.1 27.2 27.2 - 17.6 (15.8) - 54.3 NA c.aw Tr.." I.ernr A FX Books 67.5 67.5 39.2 28.3 91.2 23.3 24.6 43.3 21.2 22.1 24.2 180 74.2 17.0 NA O.hwTdaq Otbairadiq (0.3) (0.3) (0.3) - (2.5) (0.2) (2.3) - - (03) (0.3) - (25) NA cm- Tr.6iq PCT Trading 9.1 9.1 6.2 2.9 21.9 1.0 8.5 12.4 86 3.8 (3.3) (2.4) 11.1 10.8 +A aETr..y S02Trdiq (3.2) (3.2) (6.9) 3.7 (6.8) (4.0) (3.4) 0.6 (0.2) 0.8 (3.8) (6.7) 1.1 (7.9) u aM.T....e WadwTdf.g 9.5 9.5 3.8 5.7 13.4 2.6 4.6 6.2 L5 4.7 3 3 2.3 5.5 7.9 .A T.".E.P...r G,wradwgc.ye.w (72.7) (72.7) (45.2) (27.5) (155.1) (51.5) (35.7) (61.9) (27.9) (340) (10.8) (17.3) (90.7) (644) NA 52.4 52.4 4.6 47.8 74.8 (9.6) 23.7 60.7 27.2 33.5 (8.3) (22.6) 9.4 65.4 ewrE.. 30". 111W EC 002893047 I~vae. 9 21 M 23% MIA =XH066-00269 ============= Page 9 of 41 ============= E.... C..p. Tibskok Sonatas 2000 by Quarter 1999 by Quarter 00-99 Comparison 99-98 YTD 2Q Subaleeorv Year 4Q 3Q 6 mo 2Q IQ Year 4Q 3Q 6 mo 2Q IQ lace (Deer) bier (Deer) 98 Year Ina (Deer) ECM o4. T.."s S.ap t.ce.e-8NA 6.6 6.6 6.6 - - - - - - 6.6 - - • ECM T.dM EAper. Expenses ECM 6.6 6.6 6.6 6.6 Elm cas.7..d.p adi Reserve AdjnlnM - - 104.6 39.6 40.0 25.0 - 25.0 (25.0) - 5.2 99.1 (LR ar.T..dln own ON FTq.yee a (47.1) (47.1) (18.7) (28.4) (38.4) (12.9) (13.1) (12.4) (6.4) (6.0) (34.7) (12.3) (10.3) (28.1) SIR OR. T..r a ETOI. 17.1 17.1 5.1 12.0 - - - - - - 17.1 5.1 - Sun or. T.r:E ETOLE.pensa (8.5) (8.5) (5.0) (3.5) - - - - - (8.5) (5.0) - - SUR O+.T...e Gb alTnd.l 45.2 45.2 14.1 30.4 58.2 2.9 35.0 20.3 (8.6) 28.9 24.9 23.4 72.1 (I3.9) Em Od. T..A.a I.RSnstt FX Bmb 30.2 30.2 6.1 24.1 24.5 3.3 18.8 2.4 (5.0) 7.4 27.8 11.1 11.7 5.1 Elm o+. T..dkm Od.a Trading 0.3 0.3 0.1 0.2 9.6 4.6 5.0 - 0.8 (0.8) 0.3 (0.7) (5.4) 15.0 SUR err. Tm#.g P..de.cy Rdeare - - - - - - - - - - 40.8 (40.3) (CM err. T..r.a Spread Option 19.3 89.3 65.4 23.9 50.1 30.2 9.6 10.3 4.1 6.2 79.0 61.3 16.4 33.7 Ever ou.T.g.a soon erdge 0.1 0.1 0.7 0.1 (5.0) (1.0) (1.3) (2.7) 2.0 (4.7) n 3.5 (1.3)- - (3.0) ELM Ou.T..&M Teesside l)dlitia (0.8) (0.1) (0.4) (0.4) (13.2) 1.0 (11.8) (2.4) (10.5) 1.1 1.6 10.1 - (13.2) (EM T.", E.,-. Global Trahi*E.penea (17.6) (17.6) (7.7) (9.9) (49.3) (10.5) (13.3) (25.5) (12.5) (13.0) 7.9 4.8 (35.8) (13.5) SIAM T.s.EE.,... O6aua4 wads (56.0) (56.0) (28.2) (27.8) (143.3) (40.6) (37.7) (65.0) (32.1) (32.9) 9.0 3.9 (143.7) 0.4 Em 52.9 52.9 32.2 20.7 (2.2) 16.6 31.2 (50.0) (68.2) 18.2 102.9 100.4 (42.3) 40.1 SA OW. T..4q Odta Trading - - - - - - - - IA T,.&.4, .p.... E.Pe+ua (4.2) (4.2) (2.0) (2.2) (4.2) (2.0) $A (4.2) (4.2) (2.0) (2.2) (4.2) (2.0) APA[m o... T..d.a Od a Trading APAC7a T.. i1 E.p.... EapeRRa APAQII NTT.K dE T..dwe Nawe.b eepe.aa (5.1) (5.1) (5.1) (5.1) (5.1 - N17MK (S.I) (5.1) (5.1) (S.1) PDIVAOI (S.I) .DIVAN .DIVAN EA..- o.r.T.r:y Transfer ETOL to Retail (1.6) (8.6) (0.1) (8.5) (8.6) (0.1) E3:..s (8.6) (8.6) (0.1) (8.5) - (8.6) @DIVMI (0.1) aDtVAl1 - .DIVAN Otle T. .I 94.0 94.0 29.6 64.4 72.6 7.0 54.9 10.7 (41.0) $1.7 83.3 161% 70.6 (1.7) (32.9) 105.5 -321% TOTAL COMMODITY 688.2 688.2 442.4 245.8 628.0 151.5 171.7 304.8 10.5 224.3 313.4 171% 361.9 49 410.5 217.5 33% INCOME FROM RQRC7tANT DIVEST NA F.i.V.a.i..... Fair vakeiooe.eIDbelo.) (58.3) - - (58.3) (70.1) 11.8 (1.2) 17.4 36.5 (55.1) (61.6) 6.5 (3.2) (8.5) 53.0 (54.2) NA F.i VA. i.... Rhyth R FV . raksa - - - - 136.0 - 136.0 136.0 - (136.0) (136.0) - 136.0 NA ET.....FV.ai.k. 3EDI 135.6 135.6 25.5 110.1 10.7 (23.9) 17.9 16.7 (3.6) 20.3 118.9 29.1 - 10.7 NA ET....-FV..aet.. 3EDI11 57.1 37.1 17.3 39.8 91.5 6.1 (13.8) 99.2 86.9 12.3 (42.1) (69.6) 91.5 NA Ep.....FV.r.k. Easerm 0.4 0.4 (0.3) 0.7 (0.5) (1.1) 1.9 (1.3) (1.3) - 1.7 1.0 - (0.5) NA Ew- FV .A:M. Other equity .-i p - - - - 1.6 0.1 - 1.5 (0.6) 2.1 (1.5) 0.6 (22.0) 23.6 NA S.su.i.a.•a• Strecau:ghwme - - - - 4.6 - 0.6 4.0 1.2 2.8 (4.0) (1.2) 22.4 (17.8) NA Su...i.p i.e.. Cleeco (3EDl raruceve) 46.0 (46.0) NA Fi.-.ip.ri... Ca.da 4.3 4.3 4.3 - - - - - - 4.3 4.3 NA Fln- I.- Mans.. 12.6 12.6 12.6 - 1.8 2.9 (1.2) 0.1 0.1 - 12.5 12.5 17.3 (15.5) NA Fl.- wy.rle a Transits Qehor.e 19.2 19.2 19.2 - - - - - - - 19.2 19.2 NA F:......i We" QFi 6.7 6.7 6.7 - - - - - - - 6.7 6.7 - NA Aew.Y i.e .. nwa/.1...R Aeaul seome on mach invest 13.9 13.9 8.7 5.2 77.6 39.1 4.2 34.3 15.1 19.2 (20.4) (6.4) 20.4 57.2 NA 00- P..M.. R.M.e ECM Reitpb *(]ED[ ENE Poe - - - 7.0 - - 7.0 - 7.0 (7.0) - 0.5 6.5 NA a e.la..rli.R.I..d ENEpw (79.2) (79.2) - (79.2) (80.7) - - (80.7) (31.5) (49.2) 1.5 31.5 - (80.7) NA ob. nnr.E. R.Md ECT I.va...e.a - - 9.1 - 9.1 - 9.1 (9.1) - - - 9.1 NA oh. MMi.R.W.d RepopWrite Do..(IceECM) - - - - - - - 7.1 (7.1) NA CAW P.dM.R.1.1d Odter (5.5) (5.5) 0.5 (6.0) (2.9) (4.5) (1.5) 3.1 1.1 2.0 (8.6) (0.6) (3.2) 03 NA E.p.w-M..M...... Expenses-NA (64.8) (64.8) (23.6) (41.2) (93.6) (32.8) (21.0) (39.8) (19.2) (20.6) (25.0) (44) (99.2) 5.6 NA 42.0 - 42.0 0.8 41.2 161.0 3.3 23.6 134.1 122.6 11.5 (92.1) -/o1% (121.1) (10) 42.3 118.7 211% EC 002893048 R.&... ma. no 8 111 PM EXH066-00270 ============= Page 10 of 41 ============= I.r.. Cap. Wbolaede R.ekde Subcateaory ECU F.ir V.1.- s... ECM 0,1.. P..Mi. R.b.1 ECM Eq....•FV ..bkl. ECM (.M P..IMi. R.WM ECM Eq.-a-FV..akW ECM SVael..iyi1R...r ECM Eq....-FV whkln ECM Eq....- IN -did. ECM Amv.l Y... e.sb i.v. ECM OO. Ponblb R.bW ECM 06.PonR.R. El .a ECM Or- pmbli. R.Ird ECM Ub. P.rba. P.IM.1 ECM O.1... P.nblie R.kl.1 ECM 011- Pmb.. RM..4 ECM Clew P has ll.In.d ECM OM. P.gbii. R.I.1.4 ECM 01M P..PW R.W.1 ECM O.A. Ponbl. R.W.1 ECM 04- P.eb11. R.WN ECM 0.1.. Polbli.RM*.d ECM OO.. Po..blb RM." ECM OM. P.rblb R.I.N ECM Ob. P.Ibli. RMM.1 ECM OIM P.Mi. R.I..4 ECM On.. P..bti. R.Yb4 ECM 0la.. P.r111. P.W" ECM 0Iw P.AMi. RM.1.1 ECM E.P.n+. - M.ee.M N.1 Elm F.i VMa I.- FIX F.hVM..i.- Et1R FM. V.la i..... EIm E.p..... - M"A" In~ Description Fair nine i.oolue (E beb.) JEDI eq.ily ter,Ysbck naps JEDI Pats - F V JEDI NPI JEDI II EES egdty .ar.bp JIM Reab.cbu(.8 coma" crimity -imp Od- MARY cM•bp Cob. eaeFea:eam CSe.baee. OEM ses.sscum) Coa6W bmme.Ibcmb. Pmjeu F..dbg-:aesl i.co m Fb sb b aebal ALP Aannhad.. Martin Admis kn Odrcr ea..bp NSM Debt ./)bdo.. Pbaebm peck rnl&ed pi. Portfolio adjmbwn Pmjee.Ghoa.rirol Project Toner Reel.n b El (Poled) Reel... - Pronsips earnings Repay Write Do.. (tee NA) Roan, Rhylbmc FV - mien W arb.r8 Dillon Read-Sack Hedge Were. • F7( pi. Expenses-ECM ECM Paladin FV OPET 6r OSI Techboad FV Expenses - EUR EUR SA IMi. CALME Ae.vd b.......d i.M Promips Dividends CAME APACM et FM. V.I. I- El Fi..- snigi...i.a EI /l0 Oll.. P.rb6. P.IrW El Eq.wr.-M.eW MM Eel F.. V.a. h- EcY Few V.A. is... Eli.m F.e V.1.. I.- Eli... 0... P- MM RM..d Eli..,. Pq..y...iy. Eli... 06s, Po.M: RM.W Fu- QM. P 111th. RM../ Eli.. (.1.. P..a.R. Rd... El... dM P..1.11. P.1.1.1 b+Ar 2000, 2000 EXH066-00271 SA Ind'r CALME APACHI Fair vd.e ilrmne (F belowl Finswe origination Poland Fees Expenses - El El Rhythm FV Sycaonre FV Ea RLydler FV . reties RbyMm badge earn - .wins Dons Rep .rireol Does Rep .rir-eB Rechm ECM Fb.b b eesul Cn.6o. .q.Ry e..:p Perepbe -b a 2000 by Quarter 1999 by Quarter 00-99 Comparison 99-98 arjson YTD 2Q Year 4Q 3Q 6 mo 2Q IQ Year 4Q 3Q 6 mo 2Q IQ Iacr (Decr) Iacr (Decr) 98 Year In" (Decr) (52.8) - (52.8) (69.9) 17.1 23.4 43.0 (19.6) - (19.6) (33.2) (69.9) 8.1 13.3 79.2 79.2 79.2 80.6 - 12.2 68.4 31.5 36.9' 10.8 (31.5) - 80.6 (3.5) (2.4) - (1.1) (1.1) 1.1 - 8.6 (12.1) 39.8 39.8 14.9 24.9 (10.8) 12.8 (25.9) 2.3 0.7 1.6 37.5 14.2 - (10.8) (1.2) (1.2) (0.6) (0.6) - - - - (1-2) (0.6) _ (0.1) (0.1) (0.1) (17.9) (17.9) - (0.1) (0.1) 26.6 (44.5) 11.3 11.3 (4.6) 15.9 - - - - - - 11.3 (4.6) - 1.2 1.2 1.2 - - - - - 1.2 1.2 - - (0.3) (0.3) (0.1) (0.2) 2.2 - 0.7 1.5 0.3 1.2 (1.8) (0.4) - 2.2 (1.0) (1.0) (1.0) - - - (1.0) - 19.9 (19.9) (23.8) (23.8) (0.6) (23.2) - - - - (23.8) (0.6) - - 4.5 4.5 4.5 (0.1) (0.)) (0.1) 9.0 - - 9.0 3.4 5.6 (9.1) (3.5) - 9.0 (1.0) (1.0) (0.5) (0.5) (6.0) (1.5) (1.5) (3.0) (1.5) (1.5) 2.0 1.0 (5.7) (0.3) 6.8 6.8 3.8 3.0 6.9 6.9 - - - 6.8 3.8 - 6.9 4.1 4.1 3.7 0.4 (0.1) 0.3 1.0 (1.4) (0.5) (0.9) 5.5 4.2 0.9 (1.0) (7.2) - - (7.2) (0.1) (7.1) 7.2 0.1 - (7.2) 15.0 15.0 15.0 - - - - - 15.0 15.0 - (3.0 (13.0) (13.0) - 13.0 13.0 - - (2.3) (2.3) - (2.3) - - - (2.3) - - 59.2 (59.2) (10.0) 10.0 (8.p (8.1) (8.1) - - - - - - - (8.1) (8.1) - - (7.1) 7.1 52.0 52.0 52.0 - - - - - - 52.0 52.0 - - 34.0 - - 34.0 34.0 - (34.0) (34.0) - 34.0 2.1 2.1 - - 2.1 33.8 - - 33.8 33.2 0.6 (33.8) (33.2) 6.9 26.9 (8.1) (8.I) (3.2) (2.9) (39.2) (15.2) 15.9 (39.9) (27.9) (12.0) 31.8 22.7 (14.1) (25.1) 110.6 110.6 0.8 109.8 111.8 (10.4) 58.4 63.8 60.1 3.7 46.8 1265% (59.3) (1.0) 93.3 18.5 20% (5.0) (5.0) (1.9) (3.1) 2.5 6.3 2.0 (5.8) 1.0 (6.8) 0.8 (2.9) 1.5 1.0 10.8 10.8 10.8 - - - - 10.8 10.8 - (14.3) - 0.5 (14.8) (1.8) (13.0) 14.8 1.8 0.2 (14.5) 0.7 0.7 0.7 0.7 6.5 6.5 8.9 (2.4) (11.8) 6.3 2.5 (20.6) (0.8) (19.8) 27.1 .117% 9.7 (12.1) 1.7 (13.5) •794% IDIVMI IDIVml aDIVAII _ IDIV/01 /DIVA /0IV/EI 9.3 9.3 8.1 1.2 7.9 2.3 1.0 4.6 2.5 2.1 4.7 5.6 9.5 (1.6) 9.3 9.3 8.1 1.2 7.9 2.3 1.0 4.6 2.5 2.1 4.7 224% 5.6 22 9.5 (1.6) -17% IDIViol CDIV/01 aDIV/OI (4.4) - (4.4) - (4.4) 4.4 (7.5) 3.1 4.8 - - 4.8 3.1 1.7 (4.8) (3.1) - 4.8 16.0 (16.0) (31.6) 31.6 0.4 0.4 3.1 (2.7) (0.4) 15% (3.1) (10) (23.1) 23.5 •102% 347.9 77.3 (34.8) 305.4 305.4 - (305.4) (305.4) 347.9 9.8 9.8 9.8 357.7 87.1 (34.8) 305.4 305.4 (305.4) IDIVMI (305.4) (10) 357.7 'Diva (163.5) (66.0) 73.0 (170.5) (189.3) 18.8 170.5 189.3 - (163.5) (10.5) (10.5) - - - - - - (10.3) 14.0 (14.0) (14.0) - 14.0 14.0 (14.0) (14.0) - - - - (140) (11.8) - (11.8) (11.8) 11.8 11.8 (118) 9.2 9.2 - - - - 9-2 (2.4) (2.4) - - - - - (24) 9 EC 002893049 °°'nM ============= Page 11 of 41 ============= Enr.. C.q. Wbdo.le Snrkdr 2000 by Quarter 1999 by Quarter 00-99 Comparison 99.98 uison YTD 2Q Su too do Year 4Q 3Q 6 mo 2Q IQ Year 4Q 3Q 6 MO 2Q IQ Iocr (Deer) Iea (Decr) 98 Year I= (Deer) EI... %.r I%.bAs R.Ja.d Recnn Ea c..y expense (73.0) (73.0) (73.0) 73.0 73.0 (73.0) Eons (266.0) (69.7) 73.0 (269.3) (288.1) 18.8 269.3 1432% 288.1 (10) (266.0) .DIVAi Lc.. -MerdutInvest 168.4 161x.4 18.6 149.8 361.0 18.9 123.7 218.4 204.8 13.6 (50.0) .30% (186.2) (0.9) 123.7 237.3 192% GAINS ON SAas NA Sad-WS" .. B.aarellarlpet(12S) - 10.0 - 10.0 - 10.0 (10.0) 27.0 (17.0) NA S.Rdn...S.w Mid Tea (Cyeb.e 125) 40.0 (40.0) NA S..d...da.b. Pft do Rim (125) - - - - 16.6 - - 16.6 11.8 4.8 (16.6) (11.8) 24.2 (7.6) NA i.ad...da.w PNeb.l$ Po.er Plant - - - - 27.0 - 27.0 - - - - - - 27.0 NA 5.116...54. (tiojcdRock (12S) 27.4 6.9 20.5 27.4 NA S.S6..s.W Wi.dRiver(12S) - - 16.9 - 16.9 4.3 12.6 NA S.116.wa r. Hamewr COSyressor S.Ie 1.2 1.2 6.3 (5.1) NA 99.1 8.1 64.4 26.6 11.8 14.8 (26.6) .190% (11.8) (1.0) 101.8 (2.7) .3% EEC7d S.04-Ws" NaOee. Badar(125) 49.0 (49.0) ECM s.nd....aw Poland - - - - 7.8 7.8 - - - - - - - 7.8 ECM Sm6.ra.l.. P.geet Cede (Fl-) E04 - 7.8 7.8 49.0 (41.2) EI1R 5.46...M.. Bimkld - - - - 4.8 4.8 - - - - - - - 4.8 ELM S.IM...rs.b. Poland - - 7.5 7.5 - - - - - 7.5 EUR S.n6...a.r. RWersside Y/ (125) - - - - - ' e5.0 (85.0) EM a.lw.a.S.l. Riverside S (125) - - - 2.0 - - 2.0 - 2.0 (2.0) - - 2.0 EUR SAW-11" Sum. Brdge 7 (125) 8.7 8.7 8.7 - - - - - - - 8.7 8.7 21.4 (21.4) EUR S.IwwO.b. Soon Bridge 4 (125) 39.0 0.3 36.7 38.7 (38.7) (38.7) 39.0 SUM 8.7 8.7 8.7 53.3 12.3 0.3 40.7 38.7 2.0 (32.0) .1400% (30.0) (0.1) 106.4 (53.1) -So% SA S.Iw.r/S.k. Coiab. - - - - (1.6) - (1.6) - - - - - - (1.6) SA S.II ...l.w ERPeeltl - - - SA (1.6) (1.6) IDIVAI .DIVAN - (1.6) #DIVAI Idi. I.di. S.Iww.S.1. Eayeew India - IDIV/01 •DIVAI .DIVAI CAINE S.Iw..sd. P.era Rio. (Cluarebill 125) - - - - - - - - - 166.6 (166.6) CALMS 5.1wvi.I.. Em Elee.iu 0.3 0.3 0.3 - - - - - 0.3 - - - cALMe S.R6.,s4. Hains 5.4 5.4 5.4 - - - - - 5.4 5.4 - - CALMS 5..6...54.. E.Pmes CALMS 5.7 5.7 5.4 0.3 5.7 'D1vtot 5.4 IDlvAt 166.6 (166.6) .100% APACIB S4w.,.'S4. Gnam(125) - - - - 14.0 - - 14.0 14.0 (14.0) - - 14.0 APACHI 5.II w.&S.w Expenes APACHI 14.0 14.0 14.0 (14.0) -too% .DIVAN 14.0 HDIV/01 El HQ Sdw..s w Goarn - - - 0.5 - - 0.5 - 0.5 (0.5) - - 0.5 El 110 S.Iw.rS.w Iny/rmkey(125) - - 89.0 - 6.0 83.0 75.3 7.7 (83.0) (75.3) 199.5 (110.5) El S.Iw ws.k. Eapeares - - - - - - (63.4) 63.4 E1 89.5 6.0 83.5 75.3 8.2 (83.5) .io1.% (75.3) (to) 136.1 (46.6) .34% FE&CC S.Iw.WS.w Poland 1-3 1.3 - 1.3 - - - - 1-3 - - - EEac C s.11d.es.I.. India Pbase It 3.2 3.2 - 3.2 - - n - - - 3.2 - ' EEacC S.Iw..s.w Pawn Rim 0.8 0.8 - 0.8 - - - - - - 0.8 - - - FEACC S.II..WS.w on.. - - 4.0 - - 4.0 - 4.0 (4.0) - - 4.0 FE5CC S.Iw.s.k. Iny/rokey(125) - - - - 12.8 - 12.8 8.9 3.9 (12.8) (8.9) - 12.8 EE.CC alws.l.. Some Bridge (dereemtr rev) - - - - 11.7 - 11.7 - 11.7 EE5CC S.II .rS.i.. Teenide (dercoron m) 3.4 3.4 - 3.4 EP.5CC 5.3 5.3 5.3 31.9 15.1 16.8 8.9 7.9 (11.5) .146% (8.9) (10) - 31.9 nDIVro1 G.las an sales find 125.) 19.7 - - - 19.7 14.1 5.6 294.0 28.2 84.2 181.6 134.7 46.9 (161.9) .345% (120.6) (..9) 559.9 (265.9) 47% EC 002893050 5.4...2p00. 200. 10 712.1 000. 1' 27 M EXH066-00272 ============= Page 12 of 41 ============= It .ra. Cery. Wh.Iu I. B.rkda 2000 by Quarter 1999 by Quarter 00-99 Comparison 99.98 comparison YTD 2Q Subcateaorv Description Year 4Q 3Q 6 me 2Q IQ Year 4Q 3Q 6 mo 2Q IQ Incr (Decr) Incr (Decr) 98 Ycar Incr (Decr) ASSET oPUAnorts ECM 0p...i.. /EDI M5.m F.e 10.2 10.2 5.1 5.1 20.0 4.5 5.3 10.2 5.1 5.1 - - 23.0 (3.0) ECM op...i.. Other _ _ 0.1 (0.1) ECM 10.2 - - 10.2 5.1 5.1 20.0 4.5 5.3 10.2 5.1 5.1 - 0% - 23.1 (3.1) -13% Flm Op...i.. Asacn 9.7 9.7 7.0 2.7 (3.0) (0.7) (1.8) (0.5) (1.2) 0.7 10.2 8.2 (2.1) (0.9) El at op...i... Ennci (11.5) (11.5) (7.4) (4.1) (9.5) (3.7) (1.7) (4.1) (6.4) 2.3 (7.4) (1.0) (11.9) 2.4 FUR o ...n... Equity E.nlnp 8.5 8.5 1.5 7.0 18.6 15.5 1-2 1.9 1.7 0.2 6.6 (0.2) 17.3 1.3 Elm op ni-a Mass ps..mtFas 4.0 4.0 1.8 2.2 10.7 3.7 4.0 3.0 1.5 1.5 1.0 0.3 9.9 0.8 Emt op-r... E.pema (27.8) (27.8) (15.0) (12.8) (50.3) (20.3) (15.8) (14.2) (7.0) (7.2) (13.6) (8.0) (36.6) (13.7) EUR (17.1) (17.1) (12.1) (5.0) (33.5) (5.5) (14.1) (13.9) (11.4) (2.5) (3.2) 128% (0.7) 0.1 (23.4) (10.1) 43% SA op..i.p. ElckEoIBIT 59.8 59.8 23.6 36.2 110.6 31.9 6.7 72.0 37.0 35.0 (12.2) (13.4) - 110.6 SA op...i.. Operstioe0 13.2 13.2 5.7 7.5 22.2 9.2 (11.2) 24.2 13.0 1I.2 (11.0) (7.3) - 22.2 SA Op...iar Equity Eamiop-TGSICIESA 18.2 18.2 6.0 12.2 31.6 7.8 9.7 14.3 7.3 7.0 3.9 (1.3) 38.2 (6.4) SA op.a.. Equity Eami..p-Ttwteda - - - - 13.4 3.3 2.3 7.8 3.9 3.9 (7.8) (3.9) 6.0 7.4 SA Op...i.. Equity Er.mp-06a 3.0 3.0 1.0 2.0 3.4 3.3 (0.2) 0.1 - 0.1 2.9 1-0 5.0 (1.6) SA op-a.. Equity Ear.i.p-CEG/Rip/Gaspan 3.2 3.2 3.2 - (1.5) (3.9) 0.3 2.1 6.0 (3.9) 1.1 (2.8) - (I.S) SA Op..i....p... Ecpema (33.2) (33.2) (17.0) (16.2) (4.8) 1.7 12.7 (19.2) (12.1) (7.1) (14.0) (4.9) (4.8) SA 64.2 64.2 22.5 41.7 175.I 53.5 20.3 101.3 55.1 46.2 (37.1) -sa•A (32.6) (06) 49.2 125.9 256% 1.4i. op"... Opentipm 8.0 8.0 6.0 2.0 7.0 6.4 1.7 (1.1) 0.7 (1.8) 9.1 5.3 - 7.0 Is" Op-man Equity Eami.p-Dsbbol1 20.8 20.8 4.4 16.4 30.0 19.6 7.8 2.6 2.6 - 18.2 1.8 30.0 Imi. Op..i....p.... Espcma (5.7) (5.7) (3.1) (2.6) (12.3) (6.2) (3.5) (2.6) (2.6) (3.1) (0.5) - (12.3) India 23.1 23.1 7.3 15.8 24.7 19.8 6.0 (1.1) 0.7 (1.8) 24.2 -1344% 6.6 9.4 24.7 ,ntv/ol CALMS op...... Openriou 18.1 18.1 14.7 3.4 46.1 30.6 (5.4) 20.9 12.2 8.7 (2.8) 2.5 - 46.1 CALMS op.ml... Equity Eame.p-older 9.8 9.8 4.3 5.3 (1.2) (7.2) 1.5 4.5 1.7 2.8 5.3 2.8 - (1.2) CALMS Op.- Equity Eami.p-EaaEIecbica 20.8 20.8 (1.1) 21.9 - - - - - - 20.8 (1.1) - - CALMS op..... Equity Eami.p-Ce..aaas 2.2 2.2 1.3 0.9 7.9 1.4 3.4 3.1 3.0 0.1 (0.9) (1.7) - 1.9 CALMS Op..ti.....p.. Eapnncs (3.5) (3.5) (3.5) 2.6 (3.2) 13.4 (7.6) (4.7) (2.9) 4.1 1.2 2.6 CALMS 47.4 47.4 15.9 31.5 55.4 21.6 12.9 20.9 12.2 8.7 26.5 305% 3.7 0.3 55.4 6w/O1 APACM Op..%. Bataaps Po.er 23.0 23.0 11.5 11.5 10.8 - - 10.8 - 10.8 12.2 11.5 10.8 APAC/p Op..1.. Haua. 11.0 11.0 3.1 7.9 7.5 - - 7.5 _ 7.5 3.5 3.1 - 7.5 APACIO op..ti... Sklrnan 3ialing 7.2 7.2 7.2 - - - - - - - 7.2 7.2 - - ApAcmop..n... Other 0.9 0.9 (1.1) 2.0 100.4 106.6 (9.5) 3.3 (3.9) 7.2 (2.4) 2.8 - 100.4 APACM Op.ui... Equity Eraup-Other 2.9 2.9 1.8 1.1 4.9 2.2 0.8 1.9 0.7 1.2 1.0 1.1 4.4 0.5 APACM Opraio. Equity Earoe.p-SK E.m. 15.9 15.9 3.4 12.5 11.7 1.0 4.1 6.6 (I. 1) 7.7 9.3 4.5 - 11.7 APACHIOp...li....sp.. Eapemes (67.6) (67.6) (28.8) (38.8) (122.1) (104.1) 8.8 (26.8) 0.4 (27.2) (40.8) (29.2) (122.1) APACHI (6.7) - - (6.7) (2.9) (3.8) 13.2 5.7 4.2 3.3 (3.9) 7.2 (10.0) .139% 1.0 (0)) 4.4 8.9 200 El Op..i.. Other (4.9) (4.9) 0.2 (5.1) (52.4) (13.6) (6.1) (32.7) (31.4) (1.3) 27.8 31.6 (5.2) (47.2) El op-i... Equity Eami..p - - - - 13.2 1.0 (1.8) 14.0 12.6 1.4 (14.0) (12.6) 15.3 (2.1) El 110 OP.•li.. Write.o12H.ma.aas.devetopmleatme (15.7) (IS.7) (15.7) _ - - (15.7) (15.7) _ EIHQ Opn.iau San Jose (3.1) (3.1) (0.8) (2.3) (8.9) (2.2) (2.5) (4.2) (2.3) (1.9) 1.1 1.5 (9.9) 1.0 El (23.7) - (23.7) (16.3) (7.4) (48.1) (34.8) (10.4) (22.9) (21.1) (1.8) (0.8) 44% 4.8 (02) 0.2 (48.3) -24150Y EGEP op..ao. EAPopentiou 71.3 71.3 37.4 33.9 41.2 27.9 13.3 - - - 71.3 37.4 41-2 F.OFP Opn.i.. Expenses (60.1) (60.1) (30.3) (29.8) (26.7) (21.0) (5.7) - (60.1) (30.3) (26.7) EGEP 11.2 11.2 7.1 4.1 14.5 6.9 7.6 - 11.2 IDIV/01 7.3 6DIV/01 14.5 6DIV/Ot Ecl op..or. Dark Obey A so/Mare suite - - - 140.0 97.0 32.2 10.8 10.8 - (10.8) (10.8) 140.0 ECI tsp....... Equity cani.p - - - - 2.5 (2.6) 4.6 0.5 (1.0) 1.5 (0.5) 1.0 2.5 ECU op.. o... Espeua (120.7) (55.4) (37.0) (28.3) (26.8) (1.5) 28.3 26.8 (120.7) ECI 21.8 39.0 (0.2) (17.0) (17.0) 17.0 NDiV/ol I7.0 (1.0) 21.8 6DIVro. Eli.- op...io.. COS adjotat.e.t (3.0) (3.0) (3.0) EErm (3.0) (3.0) IDrvro1 6DIV/01 (3.0) 9DIVmi Aasel Opcr.llou 108.6 - 108.6 26.6 82.0 240.1 130.7 28.6 80.8 19.7 61.1 27.8 45% 6.9 9.4 53.5 186.6 34,% EC 002893051 B.a... Men. Men I I rap-roe.. 5 n PM =XH066-00273 ============= Page 13 of 41 ============= It- C-9. Wh.le..le Baea.b 2000 by Qu.ner 1999 by Quarter 00-99 Couparisac 99-98 isoe YTD 2Q Subcaft Dee ido. Year 4Q 3Q 6 mo 2Q IQ Year 4Q 3Q 6"w 2Q IQ Ina (Den) (ncr (Dea) 98 Yea to= (Deer) KVU.OPSONT a Oot isiRDC71DN El6l D. a cw Samoan add" EUR IDIV/a PDIVIOI IDIV/Ot SA IL. A car Dev real SA D..ac..r E.pe..e (8.2) (8.2) (4.7) (3.5) (37.2) (19.1) (3.2) (14.9) (7.2) (7.7) 6.7 2.5 - (37.2) SA D.. a e.m CESP Fe pie (bas) - - - - (1.0) 1.0 SA D., A C- Imow income (3.4) 3.4 3.4 (3.4) (3.4) SA (8.2) (8.2) (4.7) (3.5) (37.2) (20.1) (5.6) (II.5) (3.8) (7.7) 3.3 .43% (0.9) of (37.2) .Dive I.A. D.. a C... Dee fen wmw n.acr E.P.a... (16.1) (16.1) (11.7) (4.4) (9.7) (4.9) (2.6) (2.2) (1.0) (1.2) (13.9) (10.7) (9.7) India (16.1) - (16.1) (11.7) (4.4) (9.7) (4.9) (2.6) (2.2) (1.0) (1.2) (13.9) 1156% (10.7) 10.7 (9.7) adV/a CALME D.. a Car Dee has 3.7 3.7 2.6 1.1 6.3 - - 6.3 (0.2) 6.5 (2.6) 2.8 6.3 CAL.4 D..ae.e E.pem.es (18.7) (18.7) (10.3) (8.4) (13.9) (4.8) (1.7) (7.4) (4.2) (3.2) (11.3) (6.1) - (13.9) CM-ME D.. A C- I.wam w en,. - - - 3.2 0.3 (1.1) 4.0 4.0 - (4.0) (4.0) - 3.2 C.LME D.. A C... Dow (nes 3.3 (0.3) 0.2 3.4 3.4 (3.4) (3.4) 3.3 CALME (15.0) (15.0) (7.7) (7.3) (1.1) (4.8) (2.6) 6.3 3.0 3.3 (21.3) .64s% (10.7) (3.6) (1.1) PDIVNl APACIR De a C..r Dee ho - - - - - - - - - - - - APAC7R D.. A Cr E.peww APACHI VDIV/01 •DIV/01 IDIVAR el w.aC.r LMplbmlmme 2.1 (2.1) (2.1) - 2.1 2.1 8.1 (8.1) F.I D.. a Car Dee eap (.uu-.p ce.n v.iuem - - - - (8.2) - 6.7 (14.9) (14.9) - 14.9 14.9 (95.9) 87.7 El D.. A CW E.P...es (inel HQ .Boc) (41.4) (13.4) 2.0 (30.0) (23.5) (6.5) 30.0 23.5 (41.4) e1 (49.6) (13.4) 10.8 (47.0) (40.5) (6.5) 47.0 .723% 40.5 (1.0) (87.8) 38.2 -44% EFACC D.. A c.... Aeewee. - EEkCC 6.1 6.1 2.7 3.4 6.2 3.3 2.9 - - - 6.1 2.7 - 6.2 EeaCC a.ac... ai.b.- EE&CC 1.7 1.7 1.1 0.6 4.9 1.5 2.2 1.2 1.2 - 0.5 (0.1) - 4.9 EE*CC 13e a Cr Dana • E1i0CC - - - 4.6 (0.1) 4.7 4.6 EEacc D..ac... G..e- EE*CC - - - 1.9 - 0.6 1.3 0.4 0.9 (1.3) (0.4) 3.3 (1.4) eEacc a. a c... India raw 11. 81000 7.0 7.0 3.2 3.8 - - - - - - 7.0 3.2 - - EFACC D..aea Nep-OAee- EE0CC 6.6 6.6 6.4 0.2 13.5 9.2 (0.7) 5.0 2.4 2.6 1.6 4.0 2.1 11.4 EFACC D.. A Cwm Nep - Gee Ce..q- EE*CC 3.7 3.7 2.6 111 - - - - - - 3.7 2.6 - - E.FACC d-&Cr Nryre-Position - EE000 - - - - - - - - - - - - 6.0 (6.0) EE&CC D.. &C. Oda - EE&CC 8.2 8.2 6.2 2.0 9.0 5.1 0.6 3.3 1.8 1.5 4.9 4.4 (5.7) 14.7 EE*CC De Ac- Poland - EEacC 1.3 1.3 1.3 - 2.3 0.2 0.4 1.7 1.7 - (0,4) (0.4) - 2.3 EP*CC De&C.r Peceesake, - EE&CC (18.4) (18.4) (5.4) (13.0) 1.3 (7.4) (2.9) 11.6 1.7 9.9 (30.0) (7.1) 19.6 (18.3) EFACC D..aC Sam. Bridp-EE&CC 1.2 1.2 1.2 - 5.3 - (3.8) 9.1 - 9.1 (7.9) 1.2 15.4 (10.1) EEACC rk.ac* Temide(dnrmssrree)-EE&CC - - - - - - - - - - - - 13.3 (13.3) EEACC O..Acr T.Aey(eoro.)- EE000 - - - - (0.3) 0.8 - (1.1) (4.0) 2.9 1.1 4.0 3.9 (6.2) EFACC Is. A e.w wenmwglmePae.enkmw . EE/CC 3.0 3.0 3.0 (3.0) (3.0) 3.0 EE&CC 17.4 17.4 19.3 (1.9) 51.7 12.6 4.0 35.1 8.2 26.9 (17.7) .66% 11.1 14 59.9 (8.2) .14% Deeigwaam&ca.wr.esn. (21.9) (21.9) (4.8) (17.1) (45.9) (30.6) 4.0 (19.3) (34.1) 14.8 (2.6) IS% 29.3 (09) (27.9) (I8.0) 69% TOTAL ASSETS a INVESTMENTS 274.8 274.8 54.5 220.3 849.2 147.2 240.5 461.5 325.1 136.4 (186.7) -137% (270.6) 0.6) 709.2 140.0 3o% .A U.slbcakd E.peroe.- NA (80.1) (80.1) (47.4) (32.7) (125.2) (26.8) (25.5) (72.9) (38.4) (34.5) (7.2) (9.0) (123.6) (1.6) :IIR UnalbnkdExpenses -EUR (27.2) (21.2) (12.6) ((4.6) (35.6) (9.4) (8.6) (17.6) (11.7) (5.9) (9.6) (0.9) (27.6) (8.0) TOTAL UNALLOCATED (107.3) (107.3) (60.0) (47.3) (160.8) (36.2) (34.1) (90.5) (50.1) (40.4) (16.8) 42% ~ (9.9) 0.2 (151.2) (9.6) 6% TOTAL WHOLESALE 855.7 - - 855.7 436.9 418.8 1,316.4 262.5 378.1 675.8 355.5 320.3 179.9 94% 81.4 6.1 968.5 347.9 36% EC 002893052 Boa.. 300.. Sow 12 7na1eoo. 1 17 PM =XH066-00274 ============= Page 14 of 41 ============= Er.u C..P. Vtkaleale B.cketa Subeateaorv IAI GASOMGU(AflONI-NA NA Oaai. IC..-earl APEA NA Oi i+r+ 1Ce..diy) BPA NA 0-9--ma- Ic .31 cow" NA Oaa...ir1(Ys..diy) Ca.Ma NA adriw.m IOw...iy) CWW ARR.k7 NA O.iaa.a...(C..-Wky) DePeae NA Dake?adae, NA O.iai..ai...(9.w+M,) Ewes NA OA .r:.. #C--"ft) Ft Iane NA Oria.wimrlCw..da7) FP&L NA aiai..wr IC...sat) Hkaaa Paw&Ccl.nbi Path NA ai.:Mir fc-o" MSCFA NA Q(a:..a... IC..-.day) Ode 0.ighaYetl NA r7rip.ri...IC.w..dat) Puts SPrf pus. Sn Fra.cbee NA Orip.wlr laY, Peoples NA Odel.rir (C....My) QsMeck NA O.i/•riw. N'..nd:„ WAPA NA (7ry.Ni.a tc.oeo M,) WAN EMC NA O. 1i..li... (C.w...iy) wEaa Ceal NA 0.yv wi... (c..w.Ai.yl WHIP (BPA) NA lal POWER OMGmAflONS - NA NA cm . (Cam lAy) Caaaa NA O.iaw..i- ICm..A&.r) Gam NA Oriai.w:w lc....." Geaw.PeakeN Traeacaoa NA OAi.wi.. (Cmw..Mr) Oala Dri1laadam NA Oiai.w....4C~yl Usit d lllsmi..tisa NA Id POWER ORIG1NAflONS-CUR EUR r7ria...i. (C....wdAy) Ea(a. I Tik 11 FUR 0ria..a... (C-day) Ewes I Till III FUR Om ti...iom 4C.awMily) Rulers 11 EUR Oria..a.m 4Cww.wdiry) Earn Trngoralb. EIiR 0.ia:.i... (C.--&,) Ea.. Cab El O O.iais..m (C..wdi.y) Ose. Origl.adnn EUR Oria.Hi.. Pp.-. Eai.eaa EUR 2000 by Quarter 1999 by Quana 00.99 arisoo 99-91 soo YTD 2Q Year IQ 3Q 6 mo 2Q IQ Year 4Q 3Q 6 am 2Q IQ Ina (Dea) locr (Dea) 98 Year IRa (Decr) 5.0 - 5.0 - - - - 5.0 - - - - 7.0 - - 7.0 - 7.0 (7.0) - 4.9 2.1 6.5 (6.5) 10.1 10.1 3.8 6.3 11.7 1.4 1.7 8.6 3.2 5.4 1.5 0.6 - 11.7 10.0 (10.0) 11.5 (11.5) 3.5 (3.5) 10.1 - - 10.1 4,1 6.0 (10,1) (4.1) 31.0 (20.9) 1.1 - 1.1 - - - _ _ - 1.1 8.3 (2.2) 10.5 10.5 - (10.5) (10.5) - 8.3 2.7 (2.7) ,y 3.1 (3.1) 6.1 6.1 3.6 2.5 15.5 1.6 2.9 11.0 5.0 6.0 (4.9) (1.4) 21.3 (5.8) - - - - 1.0 - - 8.0 - 8.0 (8.0) - 8.0 14.0 4.0 10.0 - - - - 14.0 6.9 - 6.9 - - - 6.9 41.6 (41.6) 7.9 - 7.9 7.9 (7.9) (7.9) - 7.9 8.5 8.5 1.5 47.4 (47.4) 16.2 16.2 7.4 8.8 104.0 15.5 25.4 63.1 30.7 32.4 (46.9) (23.3) 183.5 (79.5) 5.5 5.5 - - - - 5.5 31.6 31.6 10.5 21.1 40.6 22.2 15.3 3.1 3.1 - 28.5 7.4 _ 40.6 - - - - 49.0 49.0 - - - - - - - 49.0 1.6 1.6 - 1.6 - - - - - 1.6 30.0 30.0 30.0 33.2 33.2 10.5 22.7 125.1 106.7 15.3 3.1 3.1 30.1 7.4 125.1 - - 7.0 (7.0) 16.9 (16.9) • - - - - - - - 42.8 (42.8) %.3 - 96.3 %.3 - (96.3) (%.3) - 96.3 (2.3) 2.3 (30.2) (9.7) (6.5) (14.0) (7.4) (6.6) 14.0 7.4 (20.7) (9.5) 66.1 (9.7) (6.5) 82.3 88.9 (6.6) (82.3) (88.9) 43.7 22.4 EC 002893053 13 7/2a7000, 1 27 PM EXH066-00275 ============= Page 15 of 41 ============= 19.r.. Corp. wkokad. B.ekrs. 2000 by Quarter 1999 by Quarter 00-99 Comparison 99-98 comparison YTD 2Q Subcateaorv Description Year 4Q 3Q 6 tno 2Q IQ Year 4Q 3Q 6 mo 2Q IQ Incr (Deer) Incr (Deer) 98 Year Incr (Deer) IDI PAR VALOR INCOMS-NA NA Fair V.h. I...n. Bib. FV 4.5 (4.5) NA Fair V.h.. I...m. Bibo Eq.iy 6.2 (6.2) NA Far VA. I.- Black Mountain FV - 7.3 3.0 4.3 - 7.3 NA Fair Value i.... Canada PV 0.9 0.9 0.9 - (1.6) (1.6) - - - 0.9 0.9 (2.2) 0.6 NA Fair V.L.I..... C..6kre BaRab FV - - - - - - - - - - - - 6.0 (6.0) NA F... v.." r..... Centbr. Riveniee [PC (5-0) (5.0) (5.0) (2.2) (2.2) (2.2) (2.8) 2.2 - (2.2) NA Fair Vas- b- Carmo FV 0.1 0.1 0.1 - (5.6) - (5.6) (5.6) - 5.7 5.7 - (5.6) NA saw Val. i.m... Cauydca FV - - - - 16.5 8.0 - 8.5 2.0 6.5 (8.5) (2.0) - 16.5 NA F.kV.l.l.ee.. City F..wFV (1.0) (1.0) (1.0) - - - - - - - (1.0) (1.0) 5.5 (5.5) NA Fair V.h" i..... Cook Inks FV 2.3 (2.3) NA Far Val. I.... Comps Fv - - - (8.0) - - (8.0) (5.1) (2.9) 8.0 5.1 (3.0) (5.0) NA Far V.k.Ic o Cypa. Earl FV - - - - (5.0) - - (5.0) (5.0) - 5.0 5.0 - (5.0) NA Fair Val. I.- Ent cow Po.er FV - - 4.4 - - 4.4 - 4.4 (4.4) - - 4.4 NA F.r v.l..:m. EmgM Fv 0.5 0.3 0.5 - 10.8 - 10.8 - - - 0.5 0.5 - 10.8 NA Far V.I. L... Fist Worm FV (0.8) (0.8) (29.6) 28.8 96.8 4.0 41.4 51.4 38.4 13.0 (52.2) (68.0) - %.8 NA F.i,VA-I, .. Heanl.dSIMFV (4.3) (4.3) (4.3) - 6.7 - - 6.7 - 6.7 (11.0) (4.3) 11.6 (4.9) NA F.PV.I..i.c... Fledge PerForm.oceFV (16.0) (16.0) (2.0) (14.0) (105.9) 4.0 (5.7) (104.2) (68.2) (36.0) 88.2 66.2 1.2 (107.1) NA F.kv.I..I..... H.gaRawla (5.6) (5.6) (5.6) - - - - - - (5.6) (5.6) - - NA F.k Val. I.- NV Marine 1.5 1.5 1.5 1.5 1.5 - NA Fwv.I.i.m.. R.rr.FV (52.1) (52.1) (29.7) (23.4) 47.8 (4.5) - 52.3 38.9 13.4 (104.4) (67.6) 11.9 35.9 NA Fair V.I.1..... KaOky Canyon Fv - - - - - - - - (2.1) 2.1 - 2.1 - - NA Fair V.MI..... Under Oil 1.2 1.2 1.2 - - - - - 1.2 1.2 NA Fair Va. I.- Mariner FV 2.3 2.3 2.3 - 14.7 - - 14.7 (2.7) 17.4 (12.4) 5.0 - 14.7 NA F.kV.I-i.m.. Merlin (10.3) (10.3) (10.3) - - - - - - - (10.3) (10.3) - - NA Fair V.I. I.- NSM FV - - - (10.6) - - (10.6) (8.2) (2.4) 10.6 8.2 (3.4) (7.2) NA F.k V.I. I.... Oco.ra F.lb FV - - _ (2.7) _ _ (2.7) (2.7) - 2.7 2.7 8.0 (10.7) NA Fair Volo i....,, Olker-FV 2.9 2.9 3.1 (0.2) (1.2) 0.3 (2.7) 1.2 (0.8) 2.0 1.7 3.9 4.3 (5 S) NA F. V.I. is.<.- rapier Masson FV 1.0 1.0 1.0 - 10.3 4.2 - 6.1 - 6.1 (5.1) 1.0 - 10.3 NA Fc. Val. i..... Qoaliieck Fv - - - - (67.7) - - (67.7) (42.6) (25.1) 67.7 42.6 - (67.7) NA F.rVA.I.oo.. QomuFV 25.6 25.6 - 25.6 5.4 (11.6) 17.0 14.3 2.7 8.6 (143) 7.3 (1.9) NA Fair V.I.ls.... RaaMKaMa FV - - (4.8) - (4.8) (2.2) (2.6) 4.8 2.2 (0.1) (4.7) NA Fair V.h.a l.r.n. Repap FV (7.1) 7.1 NA Fai, val. i.r... Smlctared credit FV - - - - (7.8) - - (7.8) (7.8) 7.8 7.8 - (7.8) NA F... V.1.. i..... Veooco FV 0.9 0.8 0.8 1.2 - 1.2 1.2 (0.4) 0.8 1.2 NA (58.3) (58.3) (70.1) 11.8 (1.2) 17.4 36.5 (55.1) (61.6) 6.5 (3.2) (8.5) 53.0 (54.2) 191 FAIR VALUE VICOFR-[CM ECM Fair V.h. ioc... ECF Investments - FV - - - - - - - - - 6.3 (6.3) ECM Fa., V.I. I.c.c. EOG Eacha..geshk Notes - FV (81.9) (81.9) (81.9) - - (81.9) (81.9) - - ECM F.i,V.h.k.e... EOG Hedge Basket -FV - - - - - - - 1.5 (I.S) ECM F.I. V.I. l.m.. EOGR Hedge- FV (2.4) (2.4) (2.4) - - - - - - (2.4) (2.4) - - ECM F.cV.I.i..... EOGR-FV 139.4 139.4 139.4 - 43.0 - 43.0 - - - 139.4 139.4 - 43.0 ECM Fair V.L, inc... Lag. American Basket - FV - - - - - - - 0.3 (0.3) ECM F.W V.I.i..... Marine: -FV - - - - (9.0) - - (9.0) - (9.0) 9.0 - - (9.0) ECM F.. V.I..i..... Rhythms -FV (125.0) (125.0) (125.0) - - - - (125.0) (125.0) . ECM F.kV.I.i...... Rkylkn.Hedge-FV 17.1 17.1 - 17.1 - - - - - 17.1 Eon F.irV.I.i,..,. S&PHedge -FV - (10.6) (10.6) - (10.6) 10.6 (10.6) ECM (52.8) - - (52.8) (6i. 9) 17.1 23.4 43.0 (19.6) (19.6) (33.2) (69.9) 8.1 IS.3 IFI FAIR VALUE BICOoa-91 El hr v.l- i.a.... Adrian Resources FV - - - - - - (2.2) 22 El F.i, V.1.. 1....... Baebaq nFV (2.3) 23 F.I saw V.1. i.... Manic FV 2.0 (20) El F.k v.h- is.. NSM FV _ _ (4.4) - (4.4) _ (4.4) 4.4 -. (4.4) El F.. v.l. a..... Pramps Fv (5.0) 5.0 El (4.4) (4.4) (4.4) 4.4 (7.5) 3.1 B.e6. IQ", FO.a 14 EC 00289 3054 n.•ao.a.,.,vM EXH066-00276 ============= Page 16 of 41 ============= 0 9 0 Enron Corp Gas Pipeline Group (EGPG4) Detailed Variation Analysis 2nd Quarter Revenues 7771 NNG TW Other Ops Cost of Sales 7771 NNG TW Other Ops Gross Margin 7-71 NNG TW Other P/L Ops O atin Expenses ind taxes NNG TW EOTT Other Ops NNG - depredation TW - depreciation Other Ops - depreciation Operating Income Equity Earnings NNG (Trailblazer, Overthrust) Citrus Northern Border EOTT Other TOTAL )Gains on Sales ) NNG (Overthrust/Kingman LandlZavala) NNG (Tejas/Champlin) 6 Mo Ended June 30 Second Quarter First Quarter 2000 1999 Incr(Deer) 2000 1999 Incr(Decr) 2000 1999 Incr(Decr) 287.4 231.1 58.3 82.6 76.6 6.0 1.6 2.5 (0.9) 371.6 310.2 61.4 121.8 89.7 31.9 1 43.3 37.5 5.8 1 0.8 0.8 165.7 128.0 37.7 165.8 141.4 24.4 A 39.3 39.1 0.2 8 0.8 1.7 (0.9) 205.9 182.2 23.7 11.1 2.6 8.5 11.7 3.0 8.7 22.8 5.8 17.2 10.3 2.1 8.2 1 7.8 2.0 5.8 J 18.1 4.1 14.0 0.8 0.5 0.3 3.9 1.0 2.9 C 4.7 1.5 3.2 276.3 228.5 47.8 111.3 87.8 23.7 165.0 140.9 24.1 70.9 73.6 (2.7) 35.5 35.5 - 35.4 38.1 (2.7) 1.6 2.5 (0.9) 0.8 0.8 0.8 1.7 (0.9) 348.8 304.6 44.2 147.6 123.9 23.7 201.2 180.7 20.5 111.1 100.9 10.2 57.5 50.1 7.4 K 53.6 50.8 2.8 0 18.8 21.7 (2.9) 9.5 10.8 (1.3) L 9.3 10.9 (1.6) E 0.3 0.5 (0.2) 0.1 0.5 (0.4) 0.2 - 0.2 11.0 2.6 8.4 8.4 2.9 5.5 2.6 (0.3) 2.9 F 22.8 24.2 (1.4) 11.7 12.3 (0.6) 11.1 11.9 (0.8) 9.8 9.2 0.6 5.0 4.6 0.4 4.8 4.6 0.2 0.2 (0.2) 0.2 (0.2) 173.8 159.3 14.5 92.2 81.2 11.0 81.6 78.1 3.5 175.0 145.3 29.7 55.4 42.7 12.7 119.6 102.6 17.0 1.9 0.8 1.1 15.5 11.8 3.9 3.4 4.1 (0.7) (3.9) (0.3) (3.6) 16.9 16.2 0.7 1.0 0.9 0.2 9.0 5.3 3.7 M 1.7 2.3 (0.6) (1.8) (0.3) (1.5) 9.9 8.1 1.8 1.0 - 1.0 1.0 - 1.0 0.7 (0.7) - - - 1.0 1.0 - 1.0 0.3 0.7 0.9 - 0.9 G 6.5 8.3 0.2 1.7 1.8 (0.1) (2.1) (2.1) H 7.0 8.1 (1.1) 0 7 (0.7) 0.7 (0.7) EC 002893055 Var2000 Other, GPG 15 7/21/00, 9 14 AM EXH066-00277 ============= Page 17 of 41 ============= Enron Corp Gas Pipeline Group (EGPG4) Detailed Variation Analysis 2nd Quarter Other Income Interest Income 99 Interest Lock /'98 KN Deposit 99 Conoco 1'98 Kansas Ad valorem refund 99 Bear Paw & KMI 1'98 Vehicles sales NP (Reknb. Of Transcanads Payment) NNG Overth ust 2000 NNG Conoco 2000 ENA swap 2000 Other TOTAL 6 Mo Ended June 30 Second Quarter First Quarter 2000 1999 lncr (Decr) 2000 1999 Incr (Decr) 2000 1999 Incr (Dea) 0.8 11.3 (10.5) 9.0 (9.0) 9.0 (9.0) (2.8) 2.8 9.0 (9.0) 1.0 - 1.0 (2.0) - (2.0) 14.7 - 14.7 (2.3) 0.5 (2.8) 12.2 36.0 (23.8) 0.5 11.3 (10.8) N - 9.0 (9.0) 0.1 - 0.1 (2.0) - (2.0) 14.7 14.7 0 (2.3) 1.1 (3.4) 11.0 21.4 (10.4) 0.3 - 0.3 9.0 (9.0) 9.0 (9.0) (2.8) 2.8 0.9 - 0.9 (0.6) 0.6 1.2 14.6 (13.4) IBIT 205.1 198.5 6.6 NNG TW Citrus EOTT Other Ops TOTAL IBIT Interest Expense Int on 3rd party debt Other trade interest Capitalized interest int exp - trade Interco Interest (inc)lexp 157.6 120.4 37.2 42.2 42.7 (0.5) 15.5 11.6 3.9 (3.2) 10.9 (14.1) (7.0) 12.9 (19.9) 205.1 198.5 6.6 20.4 19.6 0.8 - 7.4 (67.1) (0.2) (1.0) 0.8 20.2 28.0 (65.5) 77.3 72.5 4.8 55.5 26.3 29.2 20.9 20.1 0.8 9.0 5.3 3.7 (1.3) 10.9 (12.2) (6.8) 9.9 (16.7) 77.3 72.5 4.8 9.9 9.8 0.1 3.8 (3.8) (0.1) (0.3) 0.2 9.8 13.3 (3.5) 127.8 126.0 1.8 102.1 94.1 8.0 21.3 22.6 (1.3) 6.5 6.3 0.2 (1.9) - (1.9) (0.2) 3.0 (3.2) 127.8 126.0 1.8 10.5 9.8 0.7 3.8 (3.6) (0.1) (0.7) 0.6 10.4 12.7 (2.3) (59.7) (56.6) (3.1) (29.5) (28.6) (0.9) (30.2) (28.0) (2.2) (39.5) (30.6) (68.6) (19.7) (15.3) (4.4) (19.8) (15.3) (4.5) A Margins increased S9mm primarily due to new rates in 2000. rate case reserve of S9.4mm in 1999 and 84.2mm rate case refund reserve reversal In 2000. B Bloomfield Bistl contract buyout In 1999 of S3.6mm partially offset by $2.8m of operational gas sales In 2000. C Operational gas sales D Higher Corporate allocations In 2000. E Fuel used In operations in 1999. F Primarily due to SAP system costs of 82.5mm In 2000. G Trailblazer Partnership Income H EOTT was reported in Corp & Other In 1999. I Base Gas Sale In 2000 resulted in 551.2MM of revenue and $9. 1MM in costs. J Primarily operational gas sales (sale of Iinepack) in 2000. K SBA Fees In 2000 S2.4mm. Regulatory Amortization In 2000 $2.3, Higher Corporate allocations In 2000 $3.3, Other S1.4mm. L Unaccounted fuel percentage dropped In 2000, compared to 1999. resulting in upside. M Lower financing costs, due to interest hedge on debt. N Lower EOTT Interest income O Earnings from derivative related to '99 Base Gas transaction were locked In during 2000. 0 EC 002893056 Var2000 Other, GPG 16 7121/00, 9' 14 AM =XH066-00278 ============= Page 18 of 41 ============= 9 0 Enron Corp Portland General (PGE4) Detailed Variation Analysis 2nd Quarter 8 Mo Ended June 30 Second Quarter First Quarter 2000 1999 Incr(Decr) 2000 1999 Incr(Decr) 2000 1999 Incr(Decr) IBIT Gross revenues PGG Retail & Other 532.5 594.7 (62.2) 249.4 321.0 (71.6) 283.1 273.7 9.4 PGG Wholesale 295.9 295.9 181.9 (25.2) 207.1 114.0 25.2 88.8 828.4 594.7 233.7 431.3 295.8 135.5 397.1 298.9 98.2 Cost of sales PGG (453.9) (219.1) (234.8) (251.4) (119.3) (132.1) (202.5) (99.8) (102.7) Other (453.9) (219.1) (234.8) (251.4) (119.3) (132.1) (202.5) (99.8) (102.7) Gross margin 374.5 375.8 (1.1) 179.9 176.5 3.4 A 194.6 199.1 (4.5) Operating expenses (120.7) (117.9) (2.8) (61.3) (64.8) 3.3 8 (59.4) (53.3) (6.1) DDBA (ind fair value) (92.5) (93.8) 1.1 (46.2) (47.1) 0.9 (46.3) (46.5) 0.2 Taxes, other (33.2) (31.4) (1.8) (15.3) (14.4) (0.9) (17.9) (17.0) (0.9) Equity in earnings of unconsol 2.5 9.3 (6.8) 1.2 3.7 (2.5) C 1.3 5.6 (4.3) Other income, net Customer Choice 31.0 31.0 - 31.0 COLT 11.3 3.5 7.8 0.6 1.8 (1.2) 10.7 1.7 9.0 BPC stock sale 5.7 5.7 - - - 5.7 - 5.7 Stock agreement (11.5) (11.5) - - - (11.5) - (11.5) Other 0.5 2.4 (1.9) 3.4 0.5 2.9 D (2.9) 1.9 (4.8) IBIT 167.6 147.9 19.7 62.3 56.4 5.9 105.3 91.5 13.8 Interest Expense Int on 3rd party debt 31.2 29.8 1.4 16.7 13.2 3.5 E 14.5 16.8 (2.1) Other trade interest 4.8 4.1 0.7 1.5 2.5 (1.0) 3.3 1.6 1.7 Capitalized interest (1.4) (0.7) (0.7) (0.8) (0.3) (0.5) (0.6) (0.4) (0.2) Int exp - trade 34.6 33.2 1.4 17.4 15.4 2.0 17.2 17.8 (0.6) Interco Interest (inc)/exp (1.J (1.0) (0.5) (0.2) (0.3) (0.5) 0.2 (0.7) 33.6 33.2 0.4 16.9 15.2 1.7 16.7 18.0 (1.3) A GM Incr due to PGE taking advantage of a long position in a high cost market B Incr due to $3.7m gas transportation reclass now In GM C Seneca one-lime gain of $2.5 In 1999 D Incr due to reversal of land demolition reserve offset by reduced COLT Income E Incr. In debt related to new debt issue of $150mm 9 - EC 002893057 Var2000 Other, PGE 17 712 1100, 9:14 AM EXH066-00279 ============= Page 19 of 41 ============= Enron Corp Retail Energy Services (RETAIL4) Detailed Variation Analysis 2nd Quarter IBIT Gross revenues Gas sales Power sales Power MTM Facilities Services Outsource 6 Other EES Int'I Investment Earnings Total Gross revenues Cost of sales Gas Power Facilities Services Outsource & Other EES Inl'I Total cost of sales Gross margin Gas sales Power sales Power MTM Facilities Services Outsource & Other EES Int'l Investment Earnings Total Gross margin Operating expenses Deprec & amort Taxes, other Other income, net IBIT before Min. Int. Minority Interest in Omnicron Minority Interest in EES BIT Interest Expense 6 Mo Ended June 30 Second Quarter First Quarter 2000 1999 Incr (Do") 2000 1999 Incr (Dea) 2000 1999 Incr (Decr) 509.3 3282 181.1 250.0 98.7 1513 149.7 47.1 102.6 268.4 230.4 38.0 1607 0.2 160.5 144.1 144.1 5.0 (5.0) 1,482.2 709.6 772.6 2539 - 144.6 1092 178.4 61.4 117.0 76.7 18.7 58.0 135.8 118.4 17.4 119.5 (6.9) 126.4 76.1 - 76.1 3.8 (3.8) 840.3 340.0 500.3 255.5 183.6 71.9 71.6 37.3 34.3 73.0 28.4 446 132.6 112.0 206 41.2 7.1 34.1 68.0 - 60.0 1.2 (1.2) 641.9 369.6 272.3 (502.8) (322.5) (180.3) (243.4) (105.3) (138.1) (232.9) (198.1) (348) (171.1) (5.5) (165.6) (108.2) - (108.2) (1,258.4) (631.4) (627.0) 8.5 S.7 0.8 6.6 (6.6) 13.2 149.7 47.1 1026 35.5 32.3 3.2 (10.4) (5.3) (5.1) 35.9 - 35.9 5.0 (5.0) 223.8 78.2 145.6 (194.0) (125.9) (68.1) (18.0) (10.1) (7.9) (4.7) (3.3) (1A) 32.5 0.8 317 39.6 (603) 99.9 (0.8) 0.6 0.3 4 1 (3.8) 39.9 (568) 96.7 (247.3) (140.6) (1067) (172.6) (63.5) (109.1) (119.2) (1015) (17.7) (128.8) (0.9) (127.g) (51.0) (51.011 (718.9) (306.5) (412.4) 6.5 4.0 2.5 5.8 (2.1) 7.9 76.7 18.7 58.0 A 18.6 16.9 (0.3) (93) (7.8) (1.5) 25.1 - 25.1 B 3.8 (3.8) 121.4 33.5 87.9 (255.5) (181.9) (73.6) (70.8) (41.8) (29.0) (113.7) (96.6) (17.1) (42.3) (46) (37.7) (57.2) - (57.2) (539.5) (324.9) (214.6) - 1.7 (1.7) 0.8 (4.5) 6.3 73.0 28.4 44.8 18.9 15.4 3.5 (1.1) 2 5 (3.6) toe - 10.8 1.2 (1.2) 102.4 44.7 57.7 (97.8) (56.6) (41.2) C (962) (69.3) (26.9) (8.9) (3.9) (5.0) (9.1) (62) (2.9) (2.1) (2.9) 0.8 (2.6) (0.4) (2.2) 10.7 1.1 9.6 0 21.8 (0.3) 22.1 23.3 (288) 52.1 16.3 (31.5) 47.8 0.7 (0.7) - (1.3) 1.3 0.1 2.0 (1.9) 0.2 2.1 (1.9) 23.4 (26.1) 49.5 16.5 (30.7) 47.2 Int on 3rd party debt 1.2 - 12 1.3 - 1.3 (0.1) (0.1) Other trade interest 4.5 (4.5) - 2.6 (2.6) - 1.9 (1.9) Capitalized interest (0.4) (0.4) (0.3) (0.3) (0.1) (0.1) tntexp-Made 0.8 4.5 (3.7) 1.0 2.6 (1.6) (0.2) 1.9 (21) Interco interest (incyexp Var2000 Other. EES 5.1 5 1 5.1 5.1 5 9 4 5 1.4 6.1 2.6 3.5 (0.2) 1.9 (21) B EES international was not a segment in 1999. C General and administrative expenses increased $16 million as a result of increased business operations. $6 mean for IT/outsourceg, $8 million for incentive pay accruals and $11 million for inclusion of EES international. 0 Monet nation of EMW warrants resulted in a $25.0 million dollar gain. This was partially offset by the net equity loss in the earnings of the New Power Company which approximated $16 million. A Mark to Market (Gas and Power) gross margin increased $57.7 million due to recognizing MTM income on deals closed approximately $76.4 million. 18 EC 002893058 7121100, 9 14 AM EXH066-00280 ============= Page 20 of 41 ============= 0 0 9 Enron Corp Enron Broadband Services (EBS) Detailed Variation Analysis 2nd Quarter IBIT Gross revenues Dark fiber & software sales Other Total Gross revenues Cost of sales Dark fiber & software Other Total cost of sales Gross margin Dark fiber & software sates Other Total Gross margin Operating expenses Deprec & amort Taxes, other Other income, net IBIT Interest Expense -77-71 Int on 3rd party debt 8 Mo Ended June 30 Second Quarter First Quarter 2000 1999 Incr(Dccr) 2000 1999 Incr(Decr) 2000 1999 Incr(Decr) 200.0 200.0 152.5 152.5 47.5 - 47.5 9.6 9.6 (2.0) (2.0) 11.6 11.6 209.6 - 209.6 150.5 150.5 59.1 59.1 (73.4) - (73.4) (65.6) - (65.6) (7.8) - (7.8) (4.2) (4.2) (4.2) (4.2) (77.6) - (77.6) (69.8) - (69.8) (7.8) - (7.8) 126.6 - 126.6 5.4 5.4 132.0 - 132.0 (126.1) - (126.1) (11.2) - (11.2) (4.6) - (4.6) 1.6 - 1.6 (8.3) (8.3) 86.9 - 86.9 0 39.7 - 39.7 A (8.2) - (6.2) E 11.6 11.6 B 80.7 80.7 51.3 - 51.3 (79.1) - (79.1) F (8.3) (8.3) (2.6) (2.6) 1.3 - 1.3 (8.0) (8.0) (47.0) - (47.0) C (2.9) - (2.9) (2.0) - (2.0) 0.3 0.3 (0.3) (0.3) Other trade interest 0.1 - 0.1 0.1 - 0.1 Capitalized Interest Int exp - trade 0.1 - 0.1 0.1 - 0.1 - - - Interco interest (inc)lexp 9.1 - 9.1 8.1 6.1 3.0 - 3.0 9.2 - 9.2 6.2 6.2 3.0 - 3.0 A Fiber sold from Salt Lake City to New Orleans of $30mm and software sale to Inktomi of $10mm. 8 Rhythms mark to market of S19mm partially offset by mark to market on ventures of $11 mm. C Higher operating expenses due primarily to Increase In headcount from 116 at 3/31199 to over 600 In March 2000. D Primarily due to fiber sold from Salt Lake City to New Orleans of $90 mm. E 1999 includes $286.1mm MTM on Rhythms. 2000 includes (S4.2mm) Merchant F Higher operating expenses due primarily to increase in headcount from 195 at 6/30/99 to over 1000 in June 2000. EC 002893059 Var2000 Other, EBS 19 7/21/00, 9:14 AM EXH066-00281 ============= Page 21 of 41 ============= Enron Corp Corporate and Other (CPOTH4) Detailed Variation Analysis 2nd Ouarter 6 Mo Ended June 30 Sec ond Quart er First Ousmer 2000 1999 Inrx (Osa) 2000 1999 Incr (Osa) 2000 1999 Incr (Decry Revenues Corporal. - Other 5.0 14.6 (9.6) 34 (1.5) 5.4 1.1 16.3 (152) ECM-Other 11.5 (11.5) (5.3) 5.8 (11.1) 5.3 57 (04) ECI - - - (19.2) 19.2 - 192 (19.2) Elims - CorplEOG hedge to EOG - (27.0) 27.0 - (42) 4 2 - (22.8) 22.8 Rhythms redass 18.8 (16.8) (188) 16.6 5.0 (0.8) 5.8 (1.4) (0.4) (1.0) 6.4 (o.4) 6.6 Cost of Sates Corporate - Other 4.5 4.5 33 3.3 1.2 1.2 4.5 4.5 3.3 3 3 1.2 1.2 Gross M Corporate-Other 0.5 14.8 (14.3) 06 (1.5) 2.1 (0.1) 10.3 (164) ECM-Other - 11.5 (11.5) (5.3) 5.6 (11.1) 5.3 5.7 (04) ECI - - (19.2) 19.2 19.2 (192) EMms- Corp/EOO hedge to EOG - (27,0) 27.0 - (42) 42 - (228) 22.8 Rhythms redass 18.8 (16.6) (16.6) 18.6 0.5 (0.6) 1.3 (4.7) (0.4) (43) 5.2 (0.4) s.6 a Expenses taxes Corporate - Other 101.6 1495 (47.9) 43.1 1239 (800) 56.5 25.0 329 Cory Finance (Co 099) (1.1) (58) 4.7 (0.1) (3.0) 2.9 (10) (2.8) 1.8 ECM - Other 20 14 0.8 1.2 1.0 0.2 0.6 0.4 04 EEDC 1.6 1.9 (0.3) 12 14 (02) 0.4 0.5 (01) ECI - (6.4) 6.4 6 4 10.4) EOTT - - (0.2) 0.2 02 (0.2) EWns- Wessex rsdass 33.2 (33.2) (33.2) 33.2 104.1 77.5 28.6 45.4 804 (35.0) 58.7 (2.9) 61.6 Operating Income (103.6) (75.3) (25.3) (50.1) (80.8) 30.7 (53.5) 2.5 (560) E Earnings Corporate - Aturix (16.6) 424 (59.2) (16.8) 430 (59.8) (0.6) 0.6 Other - 0.1 (01) 6 0 (2.5) 6 5 (00) 2.6 (00) ECI (1.5) 1.5 1.5 (1.5) EOTT 5.1 (5.1) (5.1) 5.1 TOTAL (16.8) 42.5 (59.3) (10.8) 44.1 (54.9) (6.0) (1.6) (44) Interest Income Corporate - Other 14.0 10.7 3.3 1.4 10.7 (9.3) 12.6 - 12.8 Cory Finance (Co 099) - - - - ECU - Other 1.6 - 1 6 1.6 - 1.6 - EEDC - - - - EES R.sco - - - - - ECI - - - (04) 04 - 0.4 (04) EOTT (5.3) 5.3 5.3 (53) 15.6 10.7 4.9 3.0 5.0 (2.0) 12.6 5.7 6.9 Other Income Corporate - Other Other (1.7) (84) 6 7 4.6 (96) 142 (63) 12 (7.5) Corp Finance (Co 099) (2.8) (2.2) (0.6) 03 (2.2) 2.5 (3.1) (31) ECM-Other 495 4.0 45.5 47.2 22 450 23 1.8 0.5 ECI - 02 (02) - (02) 02 EOTT - (0.2) 0.2 0.2 (02) TOTAL 45.0 47 40 1 52.1 1.9 50.2 (7.1) 3.0 (10.1) t81T - CPOTH4 (59.6) (20.2) (39.6) (5.8) (29.8) 24.0 (54.0) 96 (63.6) Var2000 Other. Cap A Other 20 n 0 EC 002893060 721100. 9.14 AM EXH066-00282 ============= Page 22 of 41 ============= Enron Corp Corporate and Other (CPOTH4) D tweed Variation Analysis 2nd Quarter 6 Mo Ended June 30 Second Quarter First Quarter 2000 1999 PG 7(01") 2000 1999 1ns (Des) 2000 1999 Ins (Decry EREC EREC.ERECMI Gross Margin Slam Lake I - 42, (42.1) 42.1 (42.1) - - Storm Lake 11 13.9 (139) - 0.7 (0.7) - 13.2 (13.2) Delaware Mountain Power 1.6 (1.6) - 1.6 (1.6) German Sub-tack.' 13.8 6.0 7.8 6.2 47 1.5 76 1.3 63 Lake B.nton 1 - - • Lake Benton II 10.7 - 18.7 15.7 - 15.7 3 0 3.0 Oer.r 7.7 (1.1) 8.0 5.2 (2.2) 7.4 25 1.1 1.4 40.2 62.5 (223) 27.1 46.9 (19.8) 13.1 15.6 (2.5) Op Costs & Expanses (31.3) (30.0) (T3) (16.4) (17.0) (1.4) (12.9) (13.0) 0.1 Equity in Unconsol Subs Ouaiied Facility Partnerships 16.4 164 4.5 4.5 11.9 - 11.9 Other 03 (1.5) 1.8 0.3 (0.0) 1.1 - (0.7) 0.7 Other ncom. (exd Min Int) 0.3 12.3 (12.0) (0.1) 0.0 (0.9) 0.4 11.5 (11.1) IBIT-EREC 25.9 43.3 (17.4) 13.4 29.9 (18.5) 12.5 33.4 (09) EREC-Minority Interest 0.6 (2.1) 2.7 (3.4) 3.4 0.6 1.3 (07) 26.5 41.2 (14.7) 13.4 26.5 (13.1) 13.1 14.7 (1.8) Clean Fuels Revenues 113.4 63.6 298 50.S 44.2 143 A 549 39.4 155 A Cost of Sales (77.6) (502) (19.6) (35.7) (296) (6.1) B (42.1) (26.6) (135) B Reversai against charge to r.ll.d loss. I S.4 15.4 - 7.7 7.7 - 7.7 7.7 - FAS 121 Impairment - - - ' Op Costs & Expenses (45.7) (57.5) 11.6 (21.7) (286) 6.9 C (24.0) (28.9) 4.9 C Equity n Unconsol Subs - - - Other income (red Min tnt) 0.4 0 4 0.2 0.8 (0.6) 0.2 (0.4) 0.6 IBIT -CF 57 (16.3) 22.0 9.0 (5.5) 14.5 (3.3) (10.6) 7.5 IBIT-C BOther Corporate-Other (105.6) (899) (15.7) (47.3) (038) 36.5 (59.3) (01) (522) Corp Finance (Co 099) (17) 3.6 (53) 0.4 0.8 (04) (2.1) 2.8 (4.9) ECM - Other 49.1 14.1 35.0 42.3 1.0 353 6.0 7.1 (03) EEOC (16) (2.3) 0.7 (1.2) 0.6) 06 (04) (05) 0.1 EES Rsco - (3.5) 3.5 - (3.5) 3 5 ECI - - - (14.5) 145 - 14.5 (145) Eon - - - (0.2) 0 2 - 0 2 (02) Eims 57.5 157.6) 66.2 168.2) (5.4) 8 4 TOTAL (59.6) (20.2) (39.6) (5.8) (29.8) 24.0 (54.0) 96 (63.6) EREC 26.5 - 26.5 13.4 (14.7) 28.1 13.1 14.7 (1.0) Clean Fuels 5.7 57.8 (52.1) 90 68.6 (59.0) (3.3) (10.6) 75 TOTAL IBIT-Corp&Other (27.6) 91.9 (119.5) 18.6 72.1 (5.5) (44.2) 19.8 (64.0) A Primarily due to higher MTBE and methanol prices. B Primarily due to higher feedstodr prices. C Due to no MTBE lease payment in 2000. partially offset by plant outage costs. 0 , 0 EC 002893061 Var2000 Other. Cap a Other 7111/00. 9 14 AM 21 EXH066-00283 ============= Page 23 of 41 ============= 0 ENRON CORP CALCULATION OF EARNINGS PER SHARE Numerator: Basic Income before cumulative effect of accounting changes Preferred stock dividends: Second preferred stock Series A Junior Voting Convertible Pref. Stock Series B Convertible Pref. Stock Income available to common shareholders before cumulative effect of accounting changes Cumulative effect of accounting changes Income available to common shareholders Diluted Income available to common shareholders Effect of assumed conversion of dilutive securities: Second preferred stock Junior Voting Convertible Pref. Stock Income before cumulative effect of accounting changes Cumulative effect of accounting changes Income available to common shareholders after assumed conversions Denominator: Denominator for basic earnings per share - weighted-average shares Effect of assumed conversion of dilutive securities: Preferred stock Stock options Dilutive potential common shares Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions Basic earnings per share: Before cumulative effect of accounting changes Cumulative effect of accounting changes Basic earnings per share Diluted earnings per share: Before cumulative effect of accounting changes Cumulative effect of accounting changes Diluted earnings per share 3 - months ended June 30, 2000 1999 6 - months ended June 30, 2000 1999 S 288.9 S 222.0 S 626.6 S 475.0 (4.3) (5.0) (16.4) (14.0) 268.2 203.0 $ 268.2 S 203.0 S 268.2 S 203.0 S (8.7) S (9.0) S (32.9) $ (14.0) S 585.0 S 452.0 S (131.0) S 585.0 S 321.0 S 585.0 S 452.0 4.3 5.0 16.4 - 288.9 208.0 S 288.9 S 208.0 733.4 708.2 S 8.7 $ 9.0 S 32.9 S - $ 626.6 S 461.0 S - S (131.0) S 626.6 S 330.0 728.0 695.8 84.9 35.4 84.9 36.0 43.9 27.5 44.1 26.1 128.8 62.9 129.0 62.1 862.2 771.1 857.0 757.9 S 0.37 $ 0.29 S - S - S 0.37 S 0.29 S 0.80 S 0.65 S - S (0.19) S 0.80 S 0.46 $ 0.34 S 0.27 S - S - S 0.34 S 0.27 S 0.73 $ 0.61 S - $ (0.18) S 0.73 $ 0.43 22 0 EC 002893062 EXH066-00284 ============= Page 24 of 41 ============= Enron Corp. Equity in Affiliates 2nd Olr 2000 1000 2000 3000 4000 Year 1099 2099 3099 4099 Year Equity In Affiliates GPG: NNG (Overthrust) 0.9 1.0 1.9 - 0.7 0.7 Ciws 6.4 9.1 15.5 6.3 5.3 11.6 EOTT (2.1) (1.8) (3.9) - (0.2) (0.2) Other P/L Ops 1.8 1.7 3.5 1.8 2.3 4.1 7.0 10.0 17.0 8.1 8.1 16.2 PGE (Seneca) 1.2 1.3 2.5 5.6 3.8 9.4 Wholesale: ENA: JEDI - - JEDI II - - Other 152.6 45.9 198.5 34.8 81.4 116.2 152.6 45.9 198.5 34.8 81.4 116.2 EGF: JEDI SLID - - Other 15.9 15.9 1.6 1.6 15.9 15.9 1.6 1.6 Europe 7.0 0.3 7.3 0.2 1.7 1.9 CALME Centragas 1.3 1.3 EcoEle trica (1.1) (1.1) - - Other 28.1 4.5 32.6 28.1 4.7 32.8 - - APACHI: SK Enron 4.1 4.1 - Other 13.6 1.1 14.7 - 13.6 5.2 - - 18.8 - - India: Dabhol 16.4 4.4 20.8 - 16.4 4.4 - - 20.8 - - - ESA: TGS/CIESA 6.0 6.0 - CEGIRIO/GASPART 3.2 3.2 Other 14.2 1.0 15.2 14.2 10.2 - 7-244 - - - El regions 20.3 36.7 ECM (3.4) (3.4) 0.7 Total Wholesale 247.8 67.3 315.1 56.9 120.5 119.7 EES 1.9 1.7 3.6 - - EBS 0.2 0.8 1.0 (13.5) (13.5) Corporate: d A zu x Other 5.9 (5.9) - (2.3) 43.3 - 41.0 5.9 (5.9) (2.3) 43.3 - 41.0 Total Enron 264.0 75.2 339.2 68.3 182.2 172.8 Other Income202000.sis. Equity in Affil 23 Comments EC 002893063 712112000, 11 23 AM EXH066-00285 ============= Page 25 of 41 ============= Enron Corp. Gains, Interest Income 2nd Qtr 2000 Gains on Sales EOG GPG PGE Wholesale: ENA EGF Europe CALME APACHI India ESA El HQ/Regions ECM EGEP EE&CC EES EBS Corporate: Corporate EGF - Cochise Total Enron 0 0 1000 2000 3000 4000 Year - 1.0 1.0 5.7 1.7 7.4 (0.2) (1.8) (2.0) (5.0) 5.1 0.1 0.3 1.5 1.8 (0.7) (1.2) (1.9) (0.1) (0.1) 1Q99 2Q99 3Q99 4Q99 Year Comments 0.7 0.3 1.0 - 0.4 0.4 (0.6) 0.8 0.2 0.2 (0.3) (0.1) (5.7) 3.6 - - (2.1) (0.4) 0.5 - - 0.1 17.9 27.1 45.0 - - 0.1 0.1 - 0.3 0.3 11.6 (0.8) 10.8 38.5 38.5 - 18.2 72.0 - - 90.2 11.9 0.4 - - 12.3 Interest Income EOG - - 0.2 0.2 0.4 GPG 0.4 0.4 0.8 11.3 11.3 PGE 0.2 0.3 0.5 0.2 0.2 0.4 Wholesale: ENA 11.7 7.4 19.1 9.1 17.6 26.7 EGF (0.9) (0.9) 1.8 1.8 Europe 1.8 1.0 2.8 0.7 1.5 2.2 CALME 3.6 10.6 14.2 - APACHI 0.2 2.5 2.7 - India - - ESA 3.7 3.7 7.4 - El HQ/Regions 0.1 0.1 0.2 4.0 7.8 11.8 ECM (2.4) (2.4) 0.3 EGEP - - EE&CC 2.8 3.9 6.7 - 23.0 26.8 - - 49.8 15.6 27.2 - - 42.5 EES 1.0 2.0 3.0 1.2 1.2 EBS 0.7 0.7 0.5 0.5 Corporate 13.5 2.4 15.9 6.5 5.9 12.4 Total Enron 38.1 32.6 - - 70.7 22.5 46.5 - - 68.7 Other Income2Q2000.xis. Gains, Interest income 24 2000 Includes 38.5 Projed Cochise (planes) EC 002893064 7/21/2000, 11:23 AM EXH066-00286 ============= Page 26 of 41 ============= ! S ! Enron Corp. Other Income 2nd Qtr 2000 1000 2000 3000 4000 Year 1Q99 2099 3Q99 4Q99 Year Comments Other Income EOG - - 1.1 3.7 4.8 GPG: NNG Interest swap term - 9.1 9.1 NNG Other 0.8 11.1 11.9 - 0.2 0.2 TW - (0.1) (0.1) - - Other - (0.5) (0.5) (0.7) 10.0 9.3 0.8 10.5 - 11.3 8.4 10.2 - - 18.6 202000 k.*Ift. 14 7 @U srq 2000.12 0) W40 C- 2M. p 2) 00w PGE: Customer Choice reversal 31.0 31.0 - COLI 10.7 10.7 1.2 1.2 Stock camp agreement (11.5) (11.5) - Other (3.2) 2.1 (1.1) 6.1 1.6 7.7 27.0 2.1 - - 29.1 7.3 1.6 - - 8.9 Wholesale: ENA 1.3 21.8 22.9 2.3 4.0 8.3 202000 iidu... 4 s crk 4 0.aa mrr. i... 10. Oh. a.e.on, .e 943 EGF - - 4.2 4.2 Europe 3.2 (0.7) 2.5 2.1 (4.1) (2.0) CALME 1.8 (1.2) 0.8 - APACHI (3.4) (3.4) (6.8) - India 6.4 6.4 - ESA 4.7 0.5 5.2 - EGEP (3.2) (4.8) (8.0) - EE&CC 0.2 0.2 - El HO/Regions: FX on ESA debt/forwards - 13.7 13.7 Other 1.1 (11.7) (10.6) - 12.6 12.6 ECM (2.1) (2.1) (1.0) (1.0) Total Wholesale 5.5 4.8 - - 10.3 22.3 11.5 - - 33.8 EES 0.9 (20.1) (19.2) - 0.7 0.7 EBS 0.1 (0.2) (0.1) - 0.1 0.1 Corporate: EGF - 10.8 10.8 - Other (2.7) 3.2 0.5 8.4 (1.0) 5.4 (2.7) 14.0 11.3 6.4 (1.0) - - 5.4 Total Enron 31.6 11.1 42.7 45.5 26.8 - - 72.3 Other lncome2O2000.xls. Other income EC 002893065 7/21/2000, 11:23 AM 25 EXH066-00287 ============= Page 27 of 41 ============= Enron Corp. Interest Expense (Minions of Dollars) Interest on third party debt Co 99 only Interest on long-term debt Interest on short-term debt Other Interest Interest rate swaps Corp & Elims (excluding Co 99) Corp - Interest an short-term debt ECM (Corp) EREC Clean Fuels EOO GPG-NNG/TW PGG Wholesale: North America (Ind Whole elims) Enron - Europe CALME APACHI South America San Juan India El Regions ECM (Wholesale) EGEP (Wholesale) EBS EES Total 3rd Party Capitalized Interest EOG GPG PGG North America (incl Whole elims) CALME APACHI ESA India El HO El Regions EBS EES EREC Clean Fuels Total Capitalized Interest Amort of debt discount Discount on assigned receivables Total Intercompany Interest Total Interest Expense 1999 Actuals 1 at Otr 2nd (2tr 3rd Otr 4th Qtr Year 2000 Actuals 2nd Otr 1st air 2nd Qtr 3rd Qtr 4th Qtr Year Variance 79.5 80.4 99.0 91.8 350.7 100.5 101.7 202.2 21.3 11.9 13.1 25.0 1.9 1.1 3.0 112.0) 2.0 2.7 0.9 2.5 6.1 0.1 2.3 2.4 (0.4) (3.0) (3.2) (4.5) 10.0 (0.7) 6.5 15.6 22.1 16.6 90.4 93.0 95.4 104.3 383.1 109.0 120.7 229.7 27.7 1.2 3.8 9.9 4.4 19.3 2.7 4.6 7.5 1.0 6.5 19.4 25.9 22.5 9.0 31.5 9.0 (0.4) 10.5) (0.7) 16.11 (7.7) (0.4) 29.7 29.3 30.2 0.6 0.3 0.3 0.6 1.7 0.8 1.6 2.3 1.2 - 0.1 0.1 - - - - 17.3 17.9 9.6 - 44.6 - (17.9) 13.4 13.7 13.0 12.1 52.2 10.5 9.9 20.4 13.5) 16.2 15.5 16.7 19.6 70.0 17.6 15.2 36.0 2.7 (0.4) 0.8 4.6 (4.T) 0.2 0.3 - 0.3 (0.8) 10.2 (2.0) 6.5 2.3 17.0 4.7 (1.1) 3.6 0.9 0.5 (0.3) 0.2 (0.3) - 0.7 2.2 2.9 2.2 (1.5) (3.1) (4.6) (3.1) - 0.2 0.2 0.4 0.2 0.1 0.1 0.1 29.4 34.4 30.9 121.6) 80.9 (1) - - (34.4) (2) 5.1 6.1 2.2 4.2 6.4 4.2 0.8 (0.81 392.. 33.2 50.7 "(1911 103.2 -- 1.1 -- -2.2 - -- - 9.3 -- - (31.01 1.1 2.6 (3.7) - . 2.6 ..__._ 2.t1... • - --'0.1 0.1 (2.6) 1.9 2.7 1.6 (2.7) 3.5 (0.1) . ........ 13 .....1.2 (1.4) 102 ! 1t12 2 199 4 134.E 890.9 169.9 ._.._.__ . . 197.. 311.3 16.2 (3.2) (3.1) (1.5) (7.8) (0.7) (0.3) (0.2) (0.4) (1.6) (0.4) (0.4) (0.4) (0.5) (1.7) (3.2) (6.2) (8.3) (7.2) (22.9) (1.0) (0.7) (4.6) (1.0) (7.3) (7.2) (7.2) (0.2) (0.1) (0.3) (4.4) (4.3) (3.2) 0.4 (11.5) (0.2 (0.3) (0.2) (0.2) (0.9) 1.5 2.6 4.2 2.6 11.1 3.3 5.7 0.5 (1.6) 7.9 0.0 174.6 175.2 187.6 119.4 656.7 1 1 119.4 6 (1) 1999 4th qtr decrease due to the restructuring of Elektro Debt. (2) 1st qtr decrease due to El's trade Merest expense being reported by regions in 2000. Inlexp2g00.xls, interest 26 (0.1) (0.1) (0.2) (0.6) 10.6) (1.4) (8.2) (7.3) (15.5) (1.1) (1.4) (2.1) (2.1) (0.3) (0.4) (0.7) (0.7) 0.9 0.2 (0.1) (0.3) 110.41 (2.2) (1.5) (3.7) (0.1) 4, ) (0.2 (12 3) ( - 5.4) 3.7 4.7 8.4 3.1 0.2 (0.4) (1.1) (1.4) (2.1) (0.4) 0.9 0.7 (0.3) 2.8 0.2 2i 2.1 (5.7) 161.3 195.5 356.8 20.3 3 . 0 EC 002893066 7/212100.9 11 AM EXH066-00288 ============= Page 28 of 41 ============= # I Enron Corp. Dividends on Preferred of Subs (Millions of Dollars) (Preliminary) 1999 Actuals 2000 Actuals 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year (VEST: Enron Capital Trust I (IP1) - TONS 4.1 4.2 4.2 4.1 16.6 4.2 4.1 8.3 Enron Capital Trust 11 (964) - TOPrS 3.0 3.1 3.0 3.1 12.2 3.0 3.0 6.0 Enron Capital Trust III (970) - ACTs 2.7 2.6 2.7 2.8 10.8 3.2 3.3 6.5 Enron Capital LLC (579) - MIPS 4.3 4.2 4.3 4.3 17.1 4.3 4.2 8.5 Enron Capital Resources LP (655) - MIPS 1.7 1.7 1.7 1.7 6.8 1.7 1.7 3.4 Organizational Partner, Inc (604) 0.4 0.4 0.4 0.4 1.6 0.4 0.4 0.8 16.2 16.2 16.3 16.4 65.1 16.8 16.7 - 33.5 PGE 0.6 0.6 0.5 0.6 2.3 0.6 0.6 1.2 EEC (445) 2.2 2.1 2.2 2.1 8.6 - 2.1 2.1 ESA (43C) - - - - - - CALME - - 2.4 2.4 Rounding entry - 0.7 (0.7) - Total dividends on Pref of Subs 19.0 _ _._.__.....18.8 19.0 19.1 -76.0 - - ie.1 38.2 - 18.9 19.0 19a- 76.0 Intexp2g00.xls, div on pref 27 EC 002893067 7/21/2000, 9:18 AM EXH066-00289 ============= Page 29 of 41 ============= 0 0 ENRON CORP. Table I - Earnings Summary (Unaudited: in millions, except per share data) Revenues Transportation and Distribution: Gas Pipeline Group Portland General Wholesale Energy Operations a-.;: Services Retail Energy Services Broadband Services Exploration and Production (a) Corporate and Other (including intercompany eliminations) Total Revenues After tax results Net income excluding nonrecurring items Non-recurring item: Cumulative effect of accounting changes Net income Earnings per share (diluted) (b)(c) EPS (diluted) excluding nonrecurring items Non-recurring item: Cumulative effect of accounting changes EPS (diluted) Average shares outstanding (diluted) (b)(c) Quarter Ended June 30, 2000 1999 Six Months Ended June 30, 2000 1999 $ 166 $ 128 $ 372 $ 310 431 296 828 595 15,547 8,694 27,548 15,289 840 340 1,482 710 151 - 210 - - 204 - 407 (249) 10 (409) (7) $ 16,886 $ 9,672 $ 30,031 $ 17,304 $ 289 $ 222 $ 627 $ 475 (131) $ 289 $ 222 $ 627 $ 344 $ 0.34 $ 0.27 $ 0.73 $ 0.61 (0.18) $ 0.34 $ 0.27 $ 0.73 $ 0.43 862.2 771.1 857.0 757.9 (a) Reflects results of Enron Oil & Gas through August 16, 1999, date of share exchange transaction. (b) Shares outstanding and EPS amounts have been restated to reflect the two-for-one common stock split effective August 13, 1999. (c) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first two quarters of 2000. EC 002893068 00 N EXH066-00290 ============= Page 30 of 41 ============= 0 0 0 Second Quarter 2000 ENRON CORP. Table 2a - Results by Segment (Unaudited: in millions, except per share amounts) IBIT: Transportation and Distribution: Gas Pipeline Group Portland General Wholesale Energy Operations and Services Retail Energy Services Broadband Services Corporate and Other IBIT Interest and Related Charges, net Dividends on Preferred Securities of Subsidiaries Minority Interests Income Tax Expense Net Income Preferred Dividends (a): Second Preferred Stock Series B Preferred Stock Earnings on Common Stock Average Number of Shares Used: Basic Diluted (a) Earnings per Common Share: Basic Diluted Non- Recurring Recurring Total $ 77$ -$ 77 62 - 62 437 - 437 24 - 24 (8) - (8) 17 - 17 609 - 609 196 - 196 21 - 21 39 - 39 64 - 64 289 - 289 4 - 4 17 - 17 $ 268 $ - $ 268 733.4 862.2 - 862.2 $ 0.37 $ 0.34 $ - $ 0.34 (a) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first two quarters of 2000 EC 002893069 0. N =XH066-00291 ============= Page 31 of 41 ============= Second Quarter 1999 ENRON CORP. Table 2b - Results by Segment (Unaudited: in millions, except per share amounts) 0 IBIT: Transportation and Distribution: Gas Pipeline Group Portland General Wholesale Energy Operations and Services Retail Energy Services Broadband Services Exploration and Production (a) Corporate and Other IBIT Interest and Related Charges, net Dividends on Preferred Securities of Subsidiaries Minority Interests Income Tax Expense Net Income Before Cumulative Accounting Changes Cumulative Effect of Accounting Changes, net of tax Net Income (Loss) Preferred Dividends: Second Preferred Stock Series A Preferred Stock Earnings (Loss) on Common Stock Average Number of Shares Used (b): Basic Diluted Earnings (Loss) per Common Share (b): Basic Diluted (a) Reflects results of Enron Oil & Gas through August 16, 1999, date of share exchange transaction. (b) Shares outstanding and EPS amounts have been restated to reflect the two-for-one common stock split effective August 13, 1999. Non- Recurring Recurring Total $ 72 $ - $ 72 56 - 56 356 - 356 (26) - (26) 20 - 20 (9) - (9) 469 - 469 175 - 175 19 - c; 19 23 - 23 30 - 30 222 - 222 222 - 222 5 - 5 14 - 14 $ 203 $ - $ 203 708.2 771.1 - 771.1 $ 0.29 $ 0.27 $ - $ 0.27 EC 002893070 0 =XH066-00292 ============= Page 32 of 41 ============= 0 Six Months 2000 ENRON CORP. Table 2c - Results by Segment (Unaudited: in millions, except per share amounts) 0 IBIT: Transportation and Distribution: Gas Pipeline Group Portland General Wholesale Energy Operations and Services Retail Energy Services Broadband Services Corporate and Other IBJT Interest and Related Charges, net Dividends on Preferred Securities of Subsidiaries Minority Interests Income Tax Expense Net Income Preferred Dividends (a): Second Preferred Stock Series B Preferred Stock Earnings on Common Stock Average Number of Shares Used: Basic Diluted (a) Earnings per Common Share: Basic Diluted Non- Recurring Recurring Total $ 205 $ - $ 205 167 - 167 856 - 856 40 - 40 (8) - (8) (27) - (27) 1,233 - 1,233 357 - 357 39 - 39 74 - 74 136 - 136 627 - 627 8 - 8 33 - 33 $ 586 $ - $ 586 728.0 857.0 - 857.0 $ 0.80 $ 0.73 $ - $ 0.73 (a) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first two quarters of 2000 EC 002893071 =XH066-00293 ============= Page 33 of 41 ============= 0 Six Months 1999 . ENRON CORP. Table 2d - Results by Segment (Unaudited: in millions, except per share amounts) IBIT: Transportation and Distribution: Gas Pipeline Group Portland General Wholesale Energy Operations and Services Retail Energy Services Broadband Services Exploration and Production (a) Corporate and Other IBIT Interest and Related Charges, net Dividends on Preferred Securities of Subsidiaries Minority Interests Income Tax Expense Net Income Before Cumulative Accounting Changes. Cumulative Effect of Accounting Changes, net of tax Net Income (Loss) Preferred Dividends: Second Preferred Stock Series B Preferred Stock Earnings (Loss) on Common Stock Average Number of Shares Used (b): Basic Diluted Earnings (Loss) per Common Share (b): Basic Diluted Non- Recurring Recurring Total $ 198 $ - $ 198 148 - 148 676 - 676 (57) - (57) 32 - 32 5 - 5 1,002 - 1,002 350 - 350 38 - 38 56 - 56 83 - 83 475 - 475 - (131) (131) 475 (131) 344 9 - 9 14 - 14 $ 452 $ (131) $ 321 695.8 757.9 757.9 757.9 $ 0.46 $ 0.61 $ (0.18) $ 0.43 (a) Reflects results of Enron Oil & Gas through August 16, 1999, date of share exchange transaction. (b) Shares outstanding and EPS amounts have been restated to reflect the two-for-one common stock split effective August 13, 1999. EC 002893072 N M =XH066-00294 ============= Page 34 of 41 ============= ENRON CORP. Table 3a - Business Highlights (Unaudited) Quarter Ended Six Months Ended June 30, June 30, 2000 1999 2000 1999 Gas Pipeline Group (In Millions) $ 148 $ 124 $ 349 $ 305 Net Revenues 76 65 141 126 Operating Expenses Depreciation & Amortization 17 17 33 34 Equity in Earnings 10 8 17 16 Other Income, net 12 22 13 37 IBIT $ 77 $ 72 $ 205 $ 198 Total Volumes Transported (BBtu/d) (a) Northern Natural Gas 3,237 3,553 3,691 4,046 Transwestem Pipeline 1,606 1,419 1,584 1,475 Florida Gas Transmission 1,591 1,546 1,571 1,386 Northern Border Pipeline 2,429 2,404 2,447 2,444 Portland General (In Millions) Revenues $ 431 $ 296 $ 828 $ 595 Purchased Power & Fuel 252 119 454 219 Operating Expenses 76 79 154 149 Depreciation & Amortization 46 48 92 94 Other Income, net 5 6 39 15 IBIT $ 62 $ 56 $ 167 $ 148 Retail Customers (end of period, thousands) 726 711 726 711 Electricity Sales (Thousand MWh) Residential 1,480 1,618 3,841 3,960 Commercial 1,769 1,746 3,641 3,562 Industrial 1,235 1,083 2,404 2,103 Total Retail 4,484 4,447 9,886 9,625 Wholesale 4,909 3,053 9,190 4,391 Total Sales 9,393 7,500 19,076 14,016 (a) Reflects 100% of each entity's throughput volumes. 0 EC 002893073 M rn EXH066-00295 ============= Page 35 of 41 ============= ENRON CORP. Table 3b - Business Highlights (Unaudited) Wholesale Energy Operations and Services (In Millions) Commodity Sales and Services Assets and Investments Unallocated Expenses IBIT Commodity Sales and Services Physical Volumes (BBtue/d) (a) Gas: United States Canada Europe and Other Quarter Ended Six Months Ended June 30, June 30, 2000 1999 2000 1999 $ 442 $ 81 $ 688 $ 305 55 325 275 461 (60) (50) (107) (90) $ 437 $ 356 $ 856 $ 676 15,851 8,038 16,035 8,560 6,587 4,475 5,488 4,216 3,593 1,223 3,031 1,510 26,031 13,736 24,554 14,286 595 513 526 534 26,626 14,249 25,080 14,820 5,048 8,822 5,591 6,565 15,056 10,637 13,613 10,119 46,730 33,708 44,284 31,504 Transport Volumes Total Gas Volumes Crude Oil and Liquids Electricity (b) Total Physical Volumes (BBtue/d) (a) Electricity Volumes (Thousand MWh) United States 124,089 94,966 226,992 180,928 Europe and Other 12,912 1,833 20,756 2,221 Total 137,001 96,799 247,748 183,149 Financial Settlements (Notional)(BBtue/d) 152,627 82,699 147,247 88,803 Energy Services Revenues (in millions) $ 840 $ 340 $ 1,482 $ 710 IBIT (in millions) 24 (26) 40 (57) Total Contract Value (in billions)(c) 3.8 1.7 7.5 2.3 Broadband Services Revenues (in millions) $ 151 $ - $ 210 $ - IBIT (in millions) (8) - (8) - Total Contract Value (in millions)(c) 19 - 50 - DS-3 Months Delivered (d) 985 - 1,417 - (a) Includes third-party transactions of Enron Energy Services. EC 002893074 (b) Represents electricity volumes, converted to BBtue/d. (c) Represents customers' estimated future expenditures. (d) Digital service, level 3 (DS-3) is equal to 28 T-1 channels and operates at 45 megabits per second. EXH066-00296 ============= Page 36 of 41 ============= 0 9 0 SELECTED FINANCIAL DATA Enron Corp. and Subsidiaries 1998 1999 2000 On Millions. Except Per Share Amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr YTD Revenues, Net of Intercompany Transportation and Distribution Gas Pipeline Group $ 184 $ 141 $ 145 S 167 $ 637 $ 178 $ 121 $ 160 $ 175 S 634 $ 202 $ 163 $ 365 Portland General 320 269 280 327 1,196 299 296 407 377 1.379 397 382 779 Wholesale Energy Operations and Services 4,738 5,774 10,225 6.483 27.220 6,516 8.558 10.677 9,750 35,501 11,847 15,271 27,118 Retail Energy Services 195 154 400 323 1.072 363 301 345 509 1.518 603 770 1,373 Broadband Services - - - - - - - - - 59 151 210 Exploration and Production (1) 198 176 186 190 750 149 175 105 - 429 - - Corporate and Other 47 43 84 211 385 127 221 141 162 651 37 149 186 Total 5 682 6 557 11 320 7 701 1 31260 7 632 9 672 $ 11835 S 10 973 40112 13145 16886 $ 30 031 Net Income Income (Loss) Before Interest Minority Interests and Income Taxes Transportation and Distribution Gas Pipeline Group S 126 S 72 $ 69 $ 84 $ 351 $ 126 $ 72 $ 85 $ 97 $ 380 $ 128 $ 77 $ 205 Portland General 79 62 61 84 286 92 56 52 105 305 105 62 167 Wholesale Energy Operations and Services 249 241 277 201 968 320 356 378 263 1,317 419 437 856 Retail Energy Services (27) (43) (23) (26) (119) (31) (26) (18) 7 (68) 16 24 40 Broadband Services - - - - - - - - - - (8) (8) Exploration and Production (1) 43 29 25 31 128 12 20 33 - 65 - - - Corporate and Other 1 16 4 26 7 14 9 23 1 17 44 17 27 IBIT-Recurring 471 345 405 400 1,621 533 469 507 473 1,982 624 609 1,233 Non-Recurring Items (See Analysis of Reported Earnings) - - 39 39 - - 13 - 13 - - - Total IBIT 471 345 405 361 1,582 533 469 520 473 1,995 624 609 1,233 Interest and Related Charges, net 133 131 134 152 550 175 175 187 119 656 161 196 357 Dividends on Company-Obligated Preferred Securities of Subsidiaries 19 20 19 19 77 19 19 19 19 76 18 21 39 Minority Interests 25 19 16 17 77 33 23 38 41 135 35 39 74 Income Tax Provision (Benefit) 80 30 68 3 175 53 30 14 35 104 72 64 136 Net Income Before Cumulative Changes 214 145 168 176 703 253 222 290 259 1,024 338 289 627 Cumulative Effect of Accounting Changes, net of tax 131 131 Net Income 214 145 168 176 703 12 222 290 259 893 338 289 627 Preferred Stock Dividend (2) 4 5 4 4 17 4 19 19 24 66 20 21 41 Eamirq on Common Stock $ 210 $ 140 $ 164 $ 172 $ _ 686 $ 118 203 271 235 827 318 268 586 Earnings Per Share p) Basic S 0.34 0.22 $ 0.25 $ 0.26 $ 1.07 S 0.17 $ 0.29 $ 0.38 $ 0.33 1.17 $ 0.44 0.37 0.80 Diluted Recurring S 0.32 $ 0.21 S 0.24 $ 0.24 $ 1.00 $ 0.34 $ 0.27 S 0.27 $ 0.31 $ 1.18 $ 0.40 $ 0.34 S 0.73 Non-Recurring Items (See Analysis of Reported Earnings) - - - 0.01 0.01 0.18 - 0.08 0.08 - - R ed t 032 t 021 024 t 025 S 101 016 S 1297 t nss t 031 t t to t non s 034 s n» e rt Depreciation, Depletion and Amortization Transportation and Distribution Gas Pipeline Group i 16 $ 17 $ 17 $ 20 $ 70 $ 17 $ Portland General 44 45 47 47 183 46 Wholesale Energy Operations and Services 39 38 52 66 195 57 Retail Energy Services 5 9 8 9 31 6 Broadband Services - - - - - Exploration and Production (1) 72 73 84 86 315 82 Corporate and Other 6 8 7 12 33 7 Total S 182 S 190 S 215 S 240 $ 827 __ 215 (1) Relecb results of Enron O16 Gas enough August 16,1999, Me date of the share exchange tansaction; Wowing Ihis dale the results d ere exploration and production operations in India and China are i ckrded in Wholesale Energy Operations and Services. (2) The Sewnd Retried Sbck and eb Series 8 Preferred Sbck acs both dsubve in to feat two quarters o(2000. (3) Adjusted b reW two-tor-one cannon sock spM elective August 13. 1999. 35 17 5 18 $ 14 $ 66 $ 16 $ 17 $ 33 47 43 44 180 46 46 92 70 71 96 294 75 85 160 4 9 10 29 9 9 18 3 8 11 89 43 (1) 213 - - EC 002893075 Pr.Aed 712112000 11.47 AM Pg I EXH066-00297 ============= Page 37 of 41 ============= ANALYSIS OF REPORTED EARNINGS r~~. e..t.us .3 . 9 0 1998 1999 2000 -_ (in Millions, Except Per Share Amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr Diluted Earnings Per Share - Recurring (t) S 0.32 S 0.21 $ 0.24 S 0.24 $ 1.00 S 0.34 $ 0.27 $ 0.27 S 0.31 $ 1.18 $ 0.40 $ 0.34 Non-Recurring Earnings (Loss) items Per Share fl) (2) Corporate and Other Gain on sale of subsidiary stock - - - - 0.07 0.07 - - 0.44 - 0.45 - - Charge for reflect losses on contracted MTBE production - - - (0.06) (0.06) - - - - - - Charge to reflect impairment of MTBE asset - - - - - - - (0.36) - (0.36) - - Cumulative effect of accounting changes (31 - - - (0.18) - - (0.17) - - Total Non-Recurring Earnings (Loss) items Per Share - - 0.01 0.01 (0.18) - 0.08 - (0.08) - - Reported Diluted Earnings Per Share $ 0.32 $ 0.21 $ 0.24 $ 0.25 $ 1.01 $ 0.16 $ 0.27 $ 0.35 S 0.31 $ 1.10 $ 0.40 $ 0.34 Average Number of Common Shares Used in Diluted Computation (1) (3) 659.6 692.7 712.6 716.4 695.3 744.6 771.1 781.1- 779.1 769.0 851.9 862.2 Non-Recurring Earnings (Loss) items - After tax Corporate and Other Gains on sales of subsidiary stock $ - $ - $ - $ 45 $ 45 $ - $ - $ 345 $ - $ 345 $ - $ - Charge to reflect losses on contracted MTBE production - - - (40) (40) - - - - - - - Charge to reflect impairment of MTBE asset - - - - - - (278) - (278) - - Cumulative effect of accounting changes (3) - - - - (131) - - (131) - - Total Non-Recurring Earnings (Loss) Items - After tax $ - $ - $ $ 5 $ 5 $ (131) $ - $ 67 $ - $ (64) $ - $ Non-Recurring Earnings (Loss) items - Pretax Corporate and Other Gains on sales of subsidiary stock $ - $ - $ - $ 22 $ 22 $ - $ - $ 454 $ - $ 454 - $ - $ Charge to reflect losses on contracted MTBE production - - - (61) (61) - - - - - - - Charge to reflect impairment of MTBE asset - - - - - - - (441) - (441) - - Cumulative effect of accounting changes (3) - - - - - (200) - - - (200) Total Non-Recurring Earnings (Loss) items - Pretax $ - $ - $ - $ (39) $ (39)] [$_(200) $ - $ 13 $ - $ (187) $ -_$ - (I)Adjusted b redact two-for-one corrarmn stock split effective August 13, 1999. (2)Except where a specirc tax rate applied, assumes a 35% tax rate. (3)Primariir due to the adoption of an accounting pronouncement requiring that costs for at start-up activities and organization costs be expensed as incurred. EC- 002893076 36 Printed 721/2000 11 47 AM Pg 2 EXH066-00298 ============= Page 38 of 41 ============= 0 CAPITAL STRUCTURE AND STATISTICS Enron Corp. end SubsldlwW 0 0 1995 1999 2000 Millions, Ex Per Share Amounts 1al Qtr 2nd Qtr 3rd Gtr 4th Qtr Year let Gtr 2nd qtr 3rd qtr 4th Qfr Year 111111 qtr 2nd Qtr Common Shares Outstanding (it Average. Basic 610.0 638.6 658.8 661.8 642.4 683.4 708.0 714.1 715.3 705.3 722.5 733.4 Average. Diluted 659.6 692.7 712.6 716.4 695.3 744.6 771.1 761.1 779.1 769.0 851.9 862.2 End of Period, Diluted 663.4 713.2 716.2 718.2 718.2 764.4 779.0 781.1 783.2 783.2 861.3 858.3 Market Price Per Share (end of period) (tl S 23.188 S 27.032 S 26.750 $ 28.531 3 28.531 $ 32.125 S 40.875 S 41.063 $ 44.375 $ 44.375 $ 74.875 $ 64.500 Dividends Per Share Cumulative Second Preferred Corrertibe Stock ('Series 11 Rl (3)(4) $ 3.242 S 3.242 S 3.242 $ 3.413 S 13.139 $ 3.413 S 3.413 S 3.413 S 3.413 S 13.652 S 3.413 S 3.413 Junior Convertible Preferred Stock ('Series A') (sl - - - - 59.150 59.233 - 118.383 - - Junior Mandibriy Convertible Preferred Stock ('Series B') (4l Is) - - - - 4.333 65.000 69.333 65.000 65.000 Co.mionStock jil 0.119 0.119 0.119 0.125 0.482 0.125 0.125 0.125 0.125 0.500 0.125 0.125 Company-Obligated Preferred Stock of Subsidiaries 8% Cumulative Preferred ('Series C) (3 0.500 0.500 0.500 0.500 2.000 0.500 0.500 0.500 0.500 2.000 0.500 0.500 9% Cumulative Preferred ('Series K) (3) 0.563 0.563 0.563 0.563 2.252 0.563 0.563 0.563 0.563 2.252 0.563 0.563 8.57% Cumulative Preferred 2,142.500 2,142.500 2,142.500 2,142.500 8,570.000 2,142.500 2,142.500 2.142.500 2.142.500 8,570.000 2,142.500 2,142.500 7.39% Cumulative Preferred 1,847.500 1,847.500 1,847.500 1.847.500 7.390.000 1.847.500 1,847.500 1.847.500 1,647.500 7,390.000 1.847.500 1,847.500 8.30% Trust Odgknaled Preferred ('Series T') (3) 0.519 0.519 0.519 0.519 2.076 0.519 0.519 0.519 0.519 2.076 0.519 0.519 8.125% Trust Originated Preferred ('Series R')131 0.508 0.508 0.508 0.508 2.032 0.508 0.508 0.508 0.508 2.032 0.508 0.508 7.1 % Cumulative Preferred 19.878 19.878 19.878 19.878 79.512 19.678 19.878 19.878 19.878 79.512 19.878 19.878 Adjustable Rate Trust Securities R) 14.465 14.798 14.484 13.934 57.681 13.653 12.968 13.177 14.430 54.228 16.105 11.691 7.75% Cumulative Preferred 1.938 1.938 1.938 1.938 7.750 1.938 1.938 1.938 - 1.938 7.750 1.938 1.938 LNG Poorer 11, L.LC. Preference Units - - - - - 18.125 Capita Structure Total Debt $ 6,835 S 6,989 $ 8,475 S 7,357 $ 7.357 $ 9,419 S 8,979 $ 8.592 S 8,152 $ 8.152 S 10,172 We Percent 46.2 44.1 48.3 41.9 41.9 44.1 41.5 41.4 38.5 38.5 43.7 Na MoodyInterests $ 1,153 S 1.089 S 1,142 S 2.143 S 2.143 S 2,125 S 2,475 S 1,822 S 2,430 S 2.430 S 1,872 n/5 Percent 7.8 6.9 6.5 12.2 12.2 9.9 11.4 8.8 11.5 11.5 8.0 n/a Company-Obligated Preferred Securities of Subsidiaries $ 993 S 993 S 993 $ 1,001 $ 1,001 S 1,001 $ 1.001 $ 1,001 $ 1.000 $ 1.000 S 1,099 We Percent 6.7 6.2 5.6 5.7 5.7 4.7 4.6 4.8 4.7 4.7 4.7 n/a Shareholders' Equity $ 5,814 $ 6,787 S 6.951 $ 7.048 $ 7,048 $ 6.824 $ 9.206 6 9.345 $ 9,570 $ 9,570 S 10,140 n/a Percent 39.3 42.8 39.6 40.2 40.2 41.3 42.5 45.0 45.3 45.3 43.6 We Annual Date Optional Redemption Securities PREFERRED STOCK Dividend Rate Issued Call Date Price Authorized O riginal Issue Outstanding at 6130/2000 Enron Corp. Second Preferred Stock ('Series J')12113) (4) S 13.65 8/83 8/93 S 100 1,370,000 2.396,455 1,272,684 Enron Corp. Junior Maditoriy Convertible Preferred Stock ('Series 8') (4)(s) 6.500% 9/99 Na 4,000 250,000 250.000 250,000 Preferred Securities of Subsidiary Companies Enron Capital LLC. ('Series C') (3) 8.000% 11193 11198 25 9.200,000 8.550,000 8,550.000 Enron Capital Resources. L. P. ('Series K) (3) 9.000% 7194 8/99 25 3,000.000 3,000,000 3,000.000 Enron Equity Corp. 8.570% 12/94 12199 100,000 880 880 680 Enron Equity Corp. 7.390% 4196 4101 100,000 150 150 150 Enron Capital Trust I ('Series T) m 8.300% 11196 12101 25 8,000,000 8.000.000 8,000,000 Enron Capital Trust II ('Series R') (3I 8.125% 1/97 3102 25 6,000,000 6,000.000 6.000,000 E C 0 02893077 Private Placement 7.100% 3197 4102 1118 (7) 20,000 20.000 20,000 Enron Capital Trust III Ie Variable 6197 Variable 1,000 200.000 200.000 Portland General Electric Company is) 7.750% 6/93 n/a 100 30.000,000 300,000 300.000 LNG Power II, L.LC. Preference Units 7.250% 3/00 We 1,000 140,000 140,000 136,076 - (1) Agus1sd Is ,Meet k.abara con.nm.bd split .eacb. August 13. tee0. (5) On S.pbntr 24.1950. one shoe d Swiss 8 Aria Mad" convertible Pldrr.d Sbd .r bus W in .along. Our each "a of Swiss (2) Each "s Is canrbb hi 27.304 Mao d Enon earmm dad d to botl.r's option 1, M al by E" In 1903 (a*mbd b c osn n pod pi A Afar Voiq Calr.r0bb Pr.Nn.d Sbck. Each ohms d Swiss B b maul" cmwebt.:nb 200 shares of Erron cammn sbd on .Mcive August 13, 1909). The d.idad Is equal b to N O.r d 010.50 per Mas ar ft gr:vaYd dividers! 9rd would b. paid 1 M dues had barn conwW. Jaw" is. 2003. (3) Pub" Off on to Now Yak Stock Eachmg.. (8) R.d.ard Jun. 4. 2000. (4) Tie S.co d Pretrial Sbd and M Swiss B Prdwr.d Stock cue boat dkdv. h M id kr quarts d 2000. (7) R.dwwins prim vain bard m aigbal Wu. .iamb. (5) C.nr5daled by Eaon b.giniq July 1.1997 Printed 712112000 11 47 AM 37 Pg 3 EXH066-00299 ============= Page 39 of 41 ============= CONSOLIDATED BALANCE SHEET Enron Corp. and Subsidiaries 1998 1999 2000 (In Millions) 3131 6130 9130 12131 3131 6130 9130 12131 3131 Current Assets Cash and cash equivalents Trade and other receivables, net Assets from price risk management activities Inventories Other Total Current Assets Investments and Other Assets Investments in and advances to unconsolidated equity affiliates Assets from price risk management activities Goodwill Other Total Investments and Other Assets Property, Plant and Equipment, at cost Less accumulated depreciation, depletion and amortization Net Property, Plant and Equipment Total Assets Current Liabilities Accounts payable Liabilities from price risk management activities Short-tern debt Other Total Current Liabilities Long-term Debt Deferred Credits and Other Liabilities Deferred Income taxes Liabilities from price risk management activities Other Total Deferred Credits and Other Liabilities Minority Interests Company-Obligated Preferred Securities of Subsidiaries Shareholders' Equity Cumulative second preferred convertible stock Junior voting convertible preferred stock Common stock Retained earnings Cumulative foreign currency translation adjustment Common stock held in treasury Restricted stock and other Total Shareholders' Equity Total Liabilities and Shareholders' Equity S 173 S 175 $ 383 $ 111 $ 296 S 286 $ 316 S 288 S 466 1,936 2,762 2,337 2,893 3,534 3,522 3,851 3,548 4,352 1,889 2.120 1,654 1,904 1,554 1,756 2,156 2.205 3,139 163 291 369 514 458 557 613 598 437 574 523 597 511 603 772 631 616 939 4,735 5,871 5.340 5,933 6,445 6.893 7,567 7,255 9.333 2.649 2,761 4,382 4.433 4,632 4,779 4.968 5.03'' r^ 6.020 1.281 2,370 2,063 1,941 2,271 2,364 3,052 2,929 3,428 1,883 1,884 1,976 1,949 2,690 2,696 2,636 2,799 2,905 4.007 4.091 4,509 4,437 5,076 5,599 5,578 4,681 5,101 9,820 11,106 12,930 12,760 14,669 15,438 16,234 15,445 17,454 13,942 14,318 15,064 15,792 17,197 17,507 12,924 13,912 14,012 4.695 4,810 5,037 5,135 5,612 5,691 3,149 3,231 3,315 9,247 9.508 10,027 10,657 11,585 11,816 9,775 10,681 10,697 $ 23,802 S 26,485 $ 28,297 S 29,350 $ 32,699 $ 34,147 $ 33,576 $ 33,381 $ 37,484 $ 1.806 $ 1,974 $ 1,822 $ 2,380 $ 2,694 $ 2,603 $ 2.281 $ 2,154 $ 2,914 1,774 1,888 1,774 2,511 1,542 2,386 2,829 1,836 2,697 1,102 - - - 1,001 1,884 669 920 1,208 1,216 1,408 1,457 1.559 1,768 1,695 4,249 4,782 5,906 6,107 5,644 6,446 6,669 6,759 9,190 6,835 6,989 8,475 7,357 9,419 8,979 8,592 7,151 8,288 2,158 2,052 2,040 2,357 2,194 2,352 1,908 1,894 1,791 884 2,086 1,222 1,421 1,852 2,068 2,521 2,990 3,510 1,716 1,707 1.568 1,916 1,640 1.620 1,718 1,587 1,594 4,758 5.845 4,830 5,694 5,686 6.040 6,147 6,471 6,895 1,153 1,089 1,142 2,143 2,125 2,475 1.822 2,430 1,872 993 993 993 1,001 1,001 1,001 1,001 1,000 1,099 133 132 132 132 131 131 130 130 129 - - - - 1,000 1,000 1,000 1,000 1,000 4,230 5,084 5,110 5,117 6,249 6,588 6,640 6,637 7,041 1.989 2,051 2.138 2,226 2,256 2,369 2,537 2.698 2.922 (147) (159) (170) (162) (711) (760) (853) (741) (756) E (256) (247) (202) (195) (50) (1) (1) (49) (16) C 002893078 (135) 74 57 (70) (51) 121 (108) (105) 180) 5,814 6,787 6,951 7,048 6,824 9,206 9,345 9,570 10,140 S 23 Rn2 S 2R 4M S 78 2q7 S 29 35n S 32 699 1 34.147 S 33.576 S 33.381 S 37.484 Prided 7/21/2000 11 47 AM 38 Pe' EXH066-00300 ============= Page 40 of 41 ============= CONSOLIDATED STATEMENT OF CASH FLOWS Enron Corp. and Subsidiaries YTO 1996 YTD 1999 YTD 2000 ja 31311 11130 W30 1 Cash Flows From Operating Activities Reconciliation of net Income (loss) to net cash provided by (used In) operating activities Not income (loss) before extraordinary items S 214 S 359 $ 527 S 703 S 122 $ 344 S 634 $ 893 $ 338 Cumulative effect of accounting changes, net of tax - - - - 131 131 131 131 - Depreciation, depletion and amortization 182 372 587 827 215 451 676 870 172 Impairment of long-lived assets - - - - - 441 441 Deferred income taxes 54 60 109 87 2 (11) (38) 21 30 Equity n eami gs o1 unconsoidated affiliates (44) (153) (160) (97) (68) (230) (269) (309) (264) Gains on sales of assets and investments (27) (32) (31) (82) (12) (12) (468) (541) (18) Changes n components of working capital (158) (660) (372) (233) (556) (909) (1,072) (1,000) (313) Net assets from price risk management activities (249) (253) (458) 350 (518) 247 55 (395) (52) Merchant assets and investments: Realized gains onsales (48) (252) (368) (628) (22) (161) (252) (756) (31) Proceeds bum sales 134 629 855 1,434 26 561 708 2,217 199 Additions andunrealized gains (103) (282) (515) (721) (135) (829) (1,049) (827) (517) Other operating activities 95 39 203 155 380 460 483 11111 Not Cash Provided by (Used In) Operating ActlvlOes 50 251 29 1,640 660 38 43 1,228 45 Cash Flows From Investing Ac ivitln Capital experdltues (288) (585) (1,231) (1,905) (519) (969) (2,022) (2,363) (496) Equity investments (49) (151) (1,470) (1,659) (409) (648) (718) (722) (316) Proceeds from sales of Investments and other assets 3 58 59 239 43 138 245 294 17 Acquisition of subsidiary stock - (180) (180) (180) (619) Business acquisitions, net of cash acquired - (25) (87) (104) (38) (40) (213) (311) (10) Other investing activities 158 254 262 356 20 3+ 41 405 6 Not Cash Provided by (Used In) Investing AcUvltlss 49 (1,137) 3171 3,965 (1,130) 1,859 315 350 1493 Cash Flows From Financing Actlvitles Issuance of long-term debt 305 1.253 1,903 114 1,301 1,570 1,716 1.361 Repayment of long-helm debt (42) (341) (388) (870) (68) (645) (1.417) (1,837) (393) Net increase (decrease) n short-term borrowings 623 769 1,997 (158) 1.119 128 2,038 1,565 962 Issuance of company-obligated preferred securities of subsidiaries - - - 8 - - - 105 Issuance of common stock 2 844 867 867 839 889 889 852 179 Issuance of subsidiary equity - - - 828 - 513 513 568 Dividends paid (99) (204) (307) (414) (113) (227) (346) (467) (156) NeI (acquisition) disposition of treasury stock 3 7 6 13 119 101 223 139 70 Other financing activities 4 13 15 89 35 68 6 1 Not Cash Provided by Financing Activities 445 1.393 3,413 2266 1975 2,072 3,403 2,456 2,128 Increase (Dscraass)In Cash and Equivalents 3 5 213 (59) 1 5 175 205 177 178 Cash and Cash Equivalents, Beginning of Period 170 170 170 170 111 Ill 111 III 288 Cash and Cash Equivalents, End of Period 173 175 383 Ill 296 286 316 288 466 Capital Expenditures Transportation and Distribution Gas Pipeline Group S 31 S 69 $ 164 $ 181 $ 25 $ 50 $ 66 $ 120 S 10 Portland General 34 72 104 129 29 60 128 196 31 Wholesale Energy Operations and Services 72 116 290 706 278 610 1,035 1,216 317 Retail Energy Services 16 27 39 75 22 34 49 64 17 Broadband Services - - - - - - - - 71 Exploration and Production 118 271 580 690 92 180 227 226 - Corporate and Other 17 30 54 124 73 35 517 541 50 Total 288 585 1,231 1,905 519 969 2,022 2,363 496 Equity Investments Transportation and Distribution Gas Pipeline Group $ - $ - $ - $ 27 S S - $ - S - S Portland General 12 16 22 Wholesale Energy Operations and Services 43 160 1,475 703 381 647 709 712 304 Retail Energy Services - - - - - - - Broadband Services - - - - - - Exploration and Production - - - - - Corporate and Other (ii) 25 2 929 28 1 9 10 12 Total 49 151 1,470 1659 409 648 718 722 316 39 EC 002893079 Pnnlsd 7/21/2000 1147AM - Pg 5 EXH066-00301 ============= Page 41 of 41 ============= 1 9 0 SELECTED FINA AND OPERATING HIGHLIGHTS Transoortatlon and Distribution - Gas Pipeline Grouo 1998 1999 2000 n Millions, Except Where Noted 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr Gas Pipeline Group Gross Margin $ 192 $ 137 $ 144 $ 167 $ 640 S 181 S 124 $ 145 $ 176 $ 626 $ 201 $ 148 Operating Expenses 69 68 68 71 276 61 65 64 74 264 65 76 Depredation and Amortization 16 17 17 20 70 17 17 18 14 66 16 17 Equity in Earnings of Unconsolidated Affiliates 11 9 8 4 32 8 8 14 8 38 7 10 Other Income, net 8 11 2 4 25 15 22 8 1 46 1 12 Reported Income Before Interest and Taxes $ 126 $ 72 $ 69 S 84 $ 351 $ 126 $ 72 $ 85 $ 97 $ 380 S 128 $ 77 Northern Natural Gas (100% Owned) Transportation Revenues $ 150 $ 98 $ 105 S 127 S 480 $ 140 $ 87 $ 86 $ 137 $ 450 S 164 S 69 Average Transportation Rate (per MMBtu) S 0.37 $ 0.28 $ 0.30 S 0.33 S 0.32 $ 0.35 $ 0.27 $ 0.27 S 0.40 $ 0.32 S 0.44 S 0.23 Gas Transportation Btu/d 4,476 3,879 3,792 4,252 4,098 4,464 3,553 3.525 3,738 3,820 4,147 3,237 Transwestem Pipeline (100% Owned) Transportation Revenues S 35 $ 37 $ 37 S 36 $ 145 $ 35 $ 35 $ 36 $ 36 $ 142 $ 36 $ 36 Average Transportation Rate (per MMBIu) $ 0.23 $ 0.24 $ 0.25 $ 0.27 $ 0.25 $ 0.28 S 0.27 $ 0.25 $ 0.27 $ 0.27 $ 0.24 $ 0.25 Gas Transportation BBtu/d 1,668 1,707 1,564 1,492 1,608 1,393 1,419 1.575 1,460 1,462 1.566 1,606 Florida Gas Transmission (50% Owned) Transportation Revenues $ 76 $ 78 $ 76 $ 76 $ 306 $ 75 $ 76 $ 78 $ 76 $ 305 $ 76 S 77 Average Transportation Rate (per MMBtu) S 0.71 $ 0.65 $ 0.56 $ 0.64 S 0.63 $ 0.68 $ 0.54 $ 0.47 $ 0.54 $ 0.56 S 0.54 $ 0.53 Gas T tion BBtu/d 1,182 1,328 1.471 1,310 1.324 1,225 1,546 1,659 1,538 1,495 1.563 1,591 Northern Border Pipeline (8% Owned) Transportation Revenues $ 48 $ 49 $ 49 $ 51 $ 197 $ 74 $ 73 $ 74 $ 78 $ 299 $ 76 $ 77 Gas Transportation (BBtu/d) 1,839 1,737 1,723 1,781 1,770 2,388 2,405 2,419 2,406 2,405 2,464 2,429 Rate per 100 Dekatherm Miles $ 0.037 $ 0.037 $ 0.037 $ 0.037 $ 0.037 $ 0.037 $ 0.037 $ 0.036 $ 0.036 $ 0.037 $ 0.041 $ 0.041 40 EC 002893080 Printed 721!2000 11 47 AM P96 r.,, inns nfOnfl