ENRON Overview (Millions of Dollars) P re-I ax Income Revised Plan Overview Increase EPS target from $1.71 to $1.80 * increase Wi Wholesale Earnings EES Variance: - Reduction in Plan to External Target - Cost of Stock Option Ailocation relief EBS costs included in Corporate * Remove gain on sale of LOCs Increased financing costs Related to Sale of Assets Less Increase in 1811 related to Assets Other Interest Savings related to Peakers & I-IPL Timing of Cash Other (Primarily Azurix related $33, and other) 1st Current Estimate Overview 90.3 (170.0) 36.2 15.6 46.0 115.0 359.9 (271.1) (77.7) 123.6 88.6 45.9 56.0 323.8 (21 S1.t' t5i~4 CA. f~~'-b~ AS EC 001942826 L. GOVERNMENT EXHIBIT 4545 Qi~ No, H 04-0025 ENRON BA RUNGS RELEASE - EXTERNAL POfiMAT Tran.r*.Mn S 0I.ttakoe. Li.a~ Trin~ceIton £n.c Pn*cd Gann~ mtii Tranunjssio. & 0~4rh,tkn WboIeSM. qfl~ Op.aUoo. & SS* -'4. Ei*C~t GotS M.At4. InduttlM US~t,*L. Net Vi~ FEOS Cit.) Ant EE S %Midt.M. Yhr l5V.OiSsSIe SuQtotaI Swon CMOS Faro. G8o~.i LAP kiteht~ rot flood CaSES P149Y1 R.a,st EU OIler 10*1 Wtoh..). E,,.tn Cj'.. & 5.lW. en,.., E.i.my S.nt Redass toll E.n,. vs., Om.dbw S.i~lc., c0~h -~ CtM An- 6-os Re,.w,bI. Enab Cay, iS tics, FuSS Enroi Inv.tr..,t P.b,.n Cofpa4te & 08w Ex~n n Stud,S Tr.u.ans Redan ?wt t8winSe Total Cov0Ofl & CU,., 0,-I- INCOME R6fORE tNt. Mi. & INC. TAXES Iratojt»=st Ez$~r,e. Not - y-. ~..t.. '-4 ¶ Sc~ S 3>. ma * -ti.AIL~.". ~ lSOflar 2001 Hal Acts Pbs fl-i Actual 1fl4 .30.0 127.9 509 100.0 105.3 143.3 230.0 2)3.2 047.9 283.5 137.5 87.3 80.5 871 48.3 45.0 50.0 8.8 8.5 - (1,8) (4.4) (,4.23 SI 80 34 47.1 N.j 61.5 (730.4) (11.3) 784.8 14.5 ¶6.3 (34) 411.1) (163) 754.5 ________ 282 11.5 _________ 33.7 834.0) P5.0) '31.5) (15.8) (17.09 (1.43 (98.7) 4.. 4157.51 n.j 201.3 a., -4) 3 5 in 701.5!. JFT ikCflq~ 425 1 480.3 3113 30.6 194.4 .4.7 4.1 (4.5) (4.8) (15.1) (2t9J - (8.6) 102.0 34.4 tWA 415.7 48.5 7.9 * 8.6 43.9. '6.5 (0.3) (17.1) (8~ (100) III (lOS) (3.3) (0.11 (0.4) (SIB) (61.1) 40 8.6 1101.11 144') 224 781.4 193.2 1 4 624.0 161 I is." Cs-,' .11291 vi 2nd Gainer * lees toot ZOOS * IMCE P1.4 Actual 87,7 87.7 145.4 75.0 865,8 02.0 54.8 ID.? (3.8) (4.8* 41.1 (500.0) (188* 53 v.1 25.2 Is.. (3.1) (33.0) (¶4.1) 34'., 755 77.3 82.8 139.3 2*0.0 70.5 53.5 10.3 14.7) 13.3 81.6 622.7 30.4 (34.73 331.2 64.5 (3.5) (7.8) 19.3 84.3 468.0 n.e 75 (1t~ (17.5) 50.0 (18.1) 573.0 418.9 34.0 47.0 23.3 IA.' 40 47.0 22.2 (1311 0'') (25.33 121 2-7 (0.1) (05.8) (10.5) (2.8) (0.1) (SI Si 4.2 4.2 ($014 I 00.1 747.1 201 .2 II? 40 4 1172 (US) (10.8) ISA 0.0 (1.2) (35.9) 424 4804 n.e 13.0 sea.' ORB , 2~' ........a thu Ab.0 337.8 371 (4 008.4 lOS S ~1 3.d~ ISI 2001 m InCA PJan Aclual 81.7 80.0 30.9 _________ 112.8 88.0 884.7 79.7 67.8 22,0 58,4 22.0 51.9 83.0 710 158.9 187.0 343.9 79.2 51.5 88.8 (11.8) 21.8 55-8 7.0 12.5 8.8 It3 15.8 (96.6) ...~!I. _________ 448,0 408.0 4362 70.0 40.4 ±9 (4.2) (38.0) (4.6) 50.0 WA '.3 (4.53 (5.2) (441) (23.7) 90.0 IO2 549.1 8241 55.4 845 30.0 4. St. 004 P&4 (20.9) (21.6) (20.7) (24.3) 0.5 - 13 (4.8) 64.5) (3.?) 0.2 (0.1) 1.1 (9732 (521) (ItS) 4.2 4,5 51 (115.1) (83.8) 181.4 260 7,7.1 188.6 It., .7 1 22.2 (122.1) ___________ (82.7) 681.4 378.1 247.0 201.3 It, I 1)7 255 .7 117~j Ct,' z'i4 J~ I, 819 0 set 17' 7', *41 + ZLa .3-i,.,' I' 48) O~r 1001 2001 loS ISIC* Plan Adusal 94.4 57.1 181.5 257.9 815.8 100.1 23.0 580 10.0 34.1 (20 7* 5*4.8 49.3 (4~2) 129M E6.0) 70.0 6734 69.2 6,0 75.2 105.0 700.0 _______ 93.5 105.8 202.5 218,4 510.1 114.2 73.0 90.0 32.4 22.8 48.5 57.2 24.2 30.5 (7.0- 582 _ .1 3953 727.3 I 40.7 44.1 36.8 (443 (16.33 (53.4 (33.7) no ts.g 71.0 33.2 71* 33.1 (N.m 35.9 4312) (IC)) 4,4 (II.!) 0i (800.13 12.3 (181) (28.33 * 28.9 (67) (14.4) P1) (3.1) wss~ (1565) 12.1 40.3 (884) (73.13 Cl 34.1) -fl 8433 89,7 17.8 it. 125 1 *31-4 at?.. 234.1 43.2 '142 7 TObI Yen 2004 ~flj fl55. itt CE 14n Actual 307.2 205.8 402.8 2256.0 074.3 288.8 64.4 107.0 502 175.0 4830.4) (17.4) 2.344,5 160,0 20.3 (16.8) (114.6) 74,0 l88.8 382 1253 590.0 1805 "CA 957.9 3534 2542 63.0 1035 84.1 216.5 301.2 340.7 731.8 1.325.? 251.7 I 67,3 48.3 92 465 177.7 2,079.8 i.r 1802 4.7 5.4 (771) (44.4) (188.2) 4100.53 (3.83 2~D 245.4 1 9.4 2305 94.4 8.5 INS IM.) (85.0) (85.0) (5853 (08.3) 48.0 (30.4 (1.03 (389.5) 25.5 (75.4) (105) (301) (05) (2520) 25.4 (4443) (143.1) (30.4) 555 (14.5) (3.8) 4351.33 t5.1 (255.8) Sn. 3,1 18.9 2,432-8 792.4 47~.1 7,, 'I., ...1..! *~3 0 5.02 C 2.' 76.5 Si 5.', 4411 .2,') .2 a * _ 1130 Avg Shfl$ oSsta,6t0 . DM4.0 £fl..In As. 1550 Wa -o **;:;ltrZ; 805 0 '~~1 F*~J ass o r j az.~ taso et.3d Ma Sn MS .,~1 SC- 242% mtm~ jist 24.S tAfl ¶8.2% 24.0% 24.0% nfl