EN RON EARNiNGS RELEASE - EXTERNAL FORMAV (Million, at Odlar., enplus noted) -. -4 TransmIssIon & Dlslrtbuffon Enrort TransportzUon Services. P6rtand General Total Transmission & Diafribution Wholesale Energy Operations & Services Ajyiesives e- 4..J~ &.#j @1< E'npe t..- C7\-oaowi Markets - lndusbhul Markets- Net WmksA.r.d~.a~I XA(9>(r Q4'te/(.~ GIobMAssebac rrc.IeekA.,5 ~4 LOC~4.~~) Other Wholesale Subtotal GlOtal Finance G~oba1E&P..LbrCt.4 ro~~a~ui~ -v-J.E Pre1,ays Other Total Wholesale Energy a~. & Services 2001 First Quarter Plan Update. Forecast $ 130.0 100.0 230.0 265.0 76.9 44.9 1½/S .tN' 8.5 (4.7) 80.2 477.7 49.5 4.7 (35.1) 106.4 - 803.2 Enron Energy Services 56.0 ~'J \k -RedassfromWhdesule..-..-- ~. !.L~.r (a ltr'r ¾ (0.9) RedassfromEurope dcJcr.~~ . - 54.11 LII ~ . .58.0 4' Enron Broadband Servlces~ - Corporate and Other Azurb Enron Rene~b[e Energy Corp Clean Fuels Enroai Investmea~t Partners Corporate & Other Expenses Shuctimd Ttansactons Redass frvrrvto Wholesale Tow Cponta & Other Oveaview INCOMfi SEFORE IN?., M.L & INC. TAXES Interest Expense, Net Dividends on Preferred Stock of Subsidiaries Minority Interest PRE-TAX INCOME Income Tax Expense NET INCOME - RECURRING DILUTED EPS Recurting Non.rectrflng TOTAL DILUTED BPS Avg shares mitetanding - ClUed S. -* (3.01 U (20.0) 6.3 (108.0) (118.1 (21.0) 8.0 (15.0) (35.0) I,, (17.1) (10.0) (10.5) ((11) (81.6) 4.0 17.0 129.0 770.0 (2.0) 203.2 (14.3) 18.4 - 23.8 14.1 524.6 (1.6) 125.9 (0.4) $ 298.7 $ (1.41 - $ 0.45 4 0.44 $ - 885 0 Eflective Tax Rate - Rearming Earnings Otd.hr.ldPOCtThtCfllflWw...t,wAnn 408 fl m thai 8.2? - $ 130,6. 100.0 230.0 Vt - -Or~ 3.0 269.0) 4.8 .80.5' - '449 - 8.5 * (47) - 86.2: ~,y 482.4 l~I~ 29.5 10.0 - (351) ** 0.4 487.I 35.9 (0.9) 6.0 41.0 - (51.0) * (17.1). - (10.0) - - (16.5) -. (0.1) (61.6) - 4fl.' (101.1) * 144.0 700.0 168.6 18.4 37.8 Bate 126.5.. $ 397.3 $ 0.48 ~$ 0.45 090.0 - 24,014 2000 Actual $ 127.8 106.3 233.2 ~J 4dsw- r.& ~"#J 137.5 67.7 50.0 (14.2) 87.6 - 104.4 - 4.1 (fl.9) 21.2 415.3 11.3 8.6 19.9 4, (0.3) (6.0) 11.9 (3.3) (0.4) (35.7) 6.8 (17.4) (4413 624.0 161.1 18.1 34.9 409.1 72.2 1 337.7 = 4 $ 040 $ 0.40 851 o l7~% 01 vs 00 Growth *1% 17% 108¶t EC 001942599 4-S (.4 4 4- 23% 17% 25% 18% 13% GOVERNMENT EXHIBIT 4470 Cr±m No II 14-0025 iTh~}oi - 'On *OC WIG. .O.c 'CUt r?~SC~' r~ -m -C-, 0 -A cC a, 0 0 in a it,. S r r - LSLL *7211 cs. - nan a run a new new Sf01 flag r$*17 s-nfl In) tic) - (fli) Ost SW 4cm) - (nfl (cot) Cots) ~SEPI 81-CL KitS? rca (gui) (CaL) i-Ag A~P i-kit OU)t 8501- LOSe? - loot - - - JinsAIn$1 'I01 j~iinI 0-sn tb I 9*D S ret no r - i-se: s-np 9-SC rut a s-up cto LAM 0551. win ti-in ni-tI tts) (rgj Ira) - fr-i-ti En) - 8-se - - itt (List tilt) (St 2-ct I-DOt $11.9 1-DO lAW 4Gm) gig tel-i 0-sn - KM i-Ut Ca, btC Ott I0,~ S e.g -is o a b-sci On' egg 1-dot LOOt at-oqw mi-oe lea insos - - Or. S We $ 1-Va I- - Eu: c-in cit ow slot S 8-SN a cci. o.ti~ - c-bit we 0600 - .0-is (tlCL) li-es) it - (1-9) (0*) Cs - Crv:) (fez) (s-MI Cyst) p-n - 14t284r B-ni cc. SILO - ron 00: WAS Cr0 (its c-s - 8-C *52) £99 9-St Ott Ct iii s-it 4-Sag in 029 8~Lt~ - I OUt S - in JIteho p.c -no - IL- art S lCD I lCD S s-tn s-sn s-us i-sn s-tv a can U-fl 0-OIL I-Sit 9909 s-B Ens) IrS) a-rn n-B Wi) P-aL - oem) n-si) toe) sot) fly L~bsr c-ott Os~t BALi- - iSis - Cup ttztl (An) c-i - it: 95? LEO SUS (at) (cc) got rest sea J (0-by ccl- 9~25 OTt a toot a *o- / 0~1~ pro S top 5' owe a ec S 5Th - List :10* Kits a 110* S ~iZ me i--n: ong 9)11 - OA.I ft9P) (GUS) 610) (,.D) Cr91) toot (iii) (CC) lost) CCL -US U' - itt: GAS! (Sib 8-LOG iii *901- 45221 lost) -LU ii- 36* in 4Zi-i) 0-OS :59 ('-9) - S-B 8kb A-A9 WOO s-rn a osgi a -E lop: sop: - 1-GO: flr'inOPtq J~tJltPW n$G.IOEI1- J*2JminDm fiwua§ &~ - -~ ci ~~iJ9 -vs - ns~ .y St3C3W~U WICk 14010.8 Ba - WIQO$1 1311 IVICI. am &flau)ftofl OHfIM~t3WOCW flUE wwi. .jinp p.MapId AW4IP-gUy CMWIO3W3NDYO kiN WiOJ. Mufl3 XII. Afl4 'Ut' ~4 5 WI SJ*P14 1c.UI ~'~~0 Sf0 ~ ~'4 1*60 - 'A~ sn LIoqtq4tc I UOIt~P~utfl q."PSM 11'cws - d303. ~~*J4 OSOCID "-S ---~ em wxt- llassn pqOtO U- in- Bin SUjOM .Jinquc.. Ujoiniwin - X3LWItAUIINA ssimsng Ag SIWI '2 t~M31NI !140fl9 3flOONI Mild DIO3IW±S V VNI±~3dO icor NObNS Br tALL - it 5Gb - its List CU tic,. Oct - con sin S west S ~r2 L'~~g -Ii r -vol-V 91 ~' A - 'H -- ~HiPw It *fl-~~%~ 44 .. 4 S - ~~0 - scsi) *&t en P it I. - CLI - lit - . (LW) - ~lLl Ifl Lii - t~,i) 4i50 *it rs* lM Poet ~,,I 'p toes eM lii SiLL Os itCh ten i In. oni Pie itt' ,:#d JAL 'Sen ~r r Pm ',~ j1* -.4 -3 .44. 'i'O ,Sfl t* Si-_ .r- C-, C C. -'C * = --a -H .L±r2-. iii JAL.- .Ut~ At.... isp, IL at- ~ Pit 'IC tiC. kit ~t 4- Ia p.: 4.4- OHS lie-- 'SI tile pa 4 fl-el 445. ttJ 'PCI ALa.. .!if~.. A3-.~.. ..Z.t.. ____- 4~ p 4 - ~Z Alit L- Sfl-. _ ................. - ttt~ to - ig~t, *.a st-ewe. tel - ASS.... A±a SJL.. *~ ~ -) *n,: cit pp. tar In .4'-) *0.0 r7r Zr.e 6W) *pt (St ~ %4* t~ t /L - ____ r ~ L5L... .!5-. -LI- *" 2t. -fl..& 111±... i~ pa ta 4- In in .5 * ISP it 5.1 PSi .3&... tet ______ * 4. - IC - iii LAS (4 Pit itt (PP * .5t tt tS.e,.tipIin.ia-itpi w r ~r r -Fr ~r -- .-=- - .4# U- Ott . pen St ('Pt, It'. jetS tap PIG. 'Ott - len * in tilt' 'it. Iii In pen rIps) it, .** -Sm-- ..U± 4a AHSL... OS .4- * *44 - hI 4. 515 r r -- - Oil .Me n-Wi.. Pen--ia~~ ~~0 -c-fl-, .pa.uC ~ - -S mO~ --A- - en pot -ttea - 'aS - -. -c -c-fl- Cnn, - PC ~ -S -PC-- -C- *tSPWCPs&O~ne.S, --en- a--- -- - eli --4 .aO~t n-waG -Si-n-- -e.nqeIC~Ps H.-. b) --IS - - nfl Pp., psi . ~ ~4 flWV~t Isa Sn -p WIN jIG ttflln t 504Ln340 L~E 44 pp~~ 4 - ii- 4 C' .4 ENRONEUROPE 2001 FIRST QUARTER FORECAST * (Millions of DaUsra) Income Before mt. Expense & Income Taxes' Interest Expense 3rd Party interest expense Intercompany ca~tal charge expense (income) Other intercompany interest expense (Income) Other - Including capitalized interest Minority interest Pro-tax income Income Tax Net Income before Financing Costs * WOOME BeFORE INTIREST EXPENSE MW InCOME TAXES INCLUDES OUTSIDE (NOT INTERCOMPANVI INTEREST INCOME. *21*0) 117AM 4 EC OD1942~92 let Quarter RevIsed Pr! ow Variance Pram Prior Ferocat Forecast Forecast Plan 80.4 16.9~ 4.6 0.0 6.6 5.7 (0.1) 0.0 0.0 o.o, 00 K 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9.0 0.0 0.0 0.0 0.0 74.8 70.2 '4.6 0.0 34.1 32.5 1.6 0.0- 40.71 37.7 3.0 0.0 I I Variance Erotanatlons litems greater then $1.0) Interest . Net 4 lUCY Expense Taxes Income *1 * 0 - Prlot Forecast 76.9. 5.7 - 32.5 '> 37.7. EEStargetadjforal (Tax§35%) 4.6 0.0 1.6 3.0 Variance . 0.0 - ft0'~ >0.0 0.0 Other c.a 0.0 0.0 . * 0.0 Current Forecast r 80.6 67 341 40.1 1 K Enron Networks 2001 FIRST QUARTER FORECAST (Millions of Dollars) Income Before tat. Expense & Income Taxes~ Interest Expense 3rd Party Interest expense Intercompany capital charge expense (Income) Otiw Intercompany interest expense (inccme) Other - Including capitalized interest Preferred Stock Pm-tax Income Income Tax Net income before Financing Costs * INCOME DEFOREINTERtSrEXPENSE ANDINCOME TAXES INCLUDES OUTSIDE (NOT INTERCOMPANY) INIEAEST INCOME. A C .tS~JPqea. ob F.~.i pM,, IJ)IAOI 335PM r EC 001942603 let Conner Variance rmm Forecast Plan Plan Plan (4.7) (4.7) 0.0 0.0 0.0 0.0 0.0 0.0 ~0,0 *0.0 0.0 - 0.0 0.0 0.0. 0.0 00 0.0 0.0 0.0 0.0 0.0. 0.0 0.0 0.0 (1.6) . (IC) 0.0 0 (3.1) (3.1) 0.0 0 1. Variance Exulanations theme greater than $1.0) ., Interesi . Net iBIT Expense - taxes income Plan - (4.7) 0.0 (1.6) (3.1) Variance 00 1~ 0.0 .~ 0.0~ 0.0 Variance 0.0 0.0 , 0.0 0.0 Other 0.0 0.0 &0 . 0.0 Current Forecast . (4.7) 0.0 (1.6) j3.1) 4 C 44 t Enron Global E&P 2001 FIRST QUARTER FORECAST - (Millions of Dollars) Income Below lnL Expense & Income Taxes' Interest Expense 3rd Party interest expense Intercompany capital charge expense (income) Other intercompany Interest expenSe (income) Other - includihg capitalized interest Minority Interest - Pre-taK income Income Tax 1st Qusitar 'Variance Revised Prior From Prior Foretasi Forecast Pomcost Plan 10.0 10.0 0.0 - 4.7 4 0.0 0.0 0.0 0.0 on n.e 0.0 on (11.0) (11.0) 0.0 (11.4) 00 0.0 0.0 0.0 0.0 00 0.0 . 00 21.0 21.0 0.0 18.1 10.2 10.2 0.0 - 8.7 10.0 - 10.8 0.0 7.4 4. Net income before Financing Costs -4-- INCOME REFOREINIflES?EEPENSE ANDINCOMETAXESINCLUOSOUrSIVE(NOTItJTERCOMPARYI t '1JThREST INCOME. . . . . -I. C~ttLWThOfliA* .I4L.~M qt2~tUS MOPM 4' S IC EC 001942604 V Variance Explanations (items greaterthan $1.0) 'lnteaest Net IBIT Expense Taxes Income Prior Forecast 10.0 (11.0) 10.2 .. 10.8 Variance .. 0.0 00 .~ 0.0 0.0 Variance 0.0 0.0 . 0.0 0.0 Other .0.0 00 0.0 0.0 Current Forecast 10.0 (11.0) 10.2 10.8 ______________ = 4,.. I I- Enron Globsi Markets 2001 FIRST QUARTER FORECAST (Millions of Dollars) Income Before tnt. Expense & Income Taxes * Interest Expense 3rd Party lr~terest expense Intercompany capital charge expense (income) * Other Intercompany interest expense (income) Other - induding capitalized interest Minority Interest Pro-tax income Income Tax' Net Income before FInancIng Costs * INCOME SUOR~ INTEREST EXPENSE AND INCCME TAXES INCLUDES OUTSIDE INOT INURCOMPANY) INTEREST INCOME. C~ruhw~IoO. EGM4ctk~tWa1i S4'IC'flI PM 4. EC 001942605 1st Quarter Variance -. Revised Prior From Prior. Forecast Forecast Forecast Plan 46.0 45.0 0.0 45.0 0.3 0.3 0.0 *0.3 - ~ 0.0 0,0 0.0 0.0 0.0 O0 0.0 0,0 0.0 0.0 * 44.7 44.7 0.0 44.7 153 153 0.01 15.3 m 294 294 0.O~ <29.4] = _ Variance Explanations (Items greater than $1.0~ loterest Not. 1817 Expense Taxes Income Prior Forecast 45.0 0.3 15.3 - -29.4 Variance 0.0 0.0 0.0 -0.0 Variance 0.0 0.0. 0.0 0.0 Other 0.0 0.0. 00 0.0 Current Forecast .. 45.0 0.3 ItS 29,4 - Enron Investment Partners 2001 FIRST QUARTER FORECAST (Millions of Dollars) Income Before InL Expense & Income Taxes * Interest Expense 3rd Pa~*~nteres~ expense Intercompany capital charge expense (Income) Otter Intercompany interest expense (income). Other* including capitalized interest Minorltjinterest Pre-tax income Income Tax Net income before Financing Costs .4 INCOME BEFORE INTERESr EXPENSE ANO INCOME TAXES INCLLOU OUTSIOE(NOTIKTERCOMPANYI INTERn? INCOME. mud 2,' ~4 4 -4 t -~ 1~* 4 1st Quarter t 'Variance Revised Prior .. From prior Forecast Forecast -Forecast Plan (0.1) (0.1) 0.0 OS 0.0 00 0.0 0.0 o:s 0.3 ~0.0 00 0.0 00 0.0 0.0 0.0 0.0 . 0.0 bo' 0.0 0.0 0.0 .........AL (0.4) (0.4)' - 00 * 00 (0.1) (0,1) 0 44L~L I Virlance Exnlanatlpns Iltems greater than $1.O~ -, Interest ,. Net lilT Expense -Taxes t Income Prior Forecast (0.1) 0:3 (0.1) - (a.3) Variance -. ~. o.o 0,0 0.0 1 0.0 Variance o.o*~ 0.0 0.0 0.0 Other . . o.o 0.0 - '0,0 0.0 Current Forecast . .. a -. (0.1) *0.3 (0.1w . 0.3 1' -t EC 001942606 .1 Financing Expenses - 2001 Forecast vs Plan RESULTS OF OPERATIONS (Muons of Ddar~) - Internet Exp - Fhunce Co qnly Plan ~ Fotecast - Vattsnc. change hi Starting Balance a Mix Timing of Asset Sales, etc Convortlble Bond Other JAN 45.2 46.0 as MAR lstQtr 63 7 47.8 0.8 (4.1) (2.8) 0.8 (6.1) Internet Expense - All Plan Forecast Vafle no. Finance - bterestal Elekiro Irterest at Poiflari General Other 141 64.9 0.8 4.3 4-3 'V MinorIty Interest Plan Fwecast 70.8. 64.7 (8.1)- (0.0) - (LI) 4.3 4.3 51.4 48.7 0.9 (0.8) (2.8) 0-fl (Li) 68.3 65.6 (2.7) 0-0 (27) 151 29.3 .1-i 142.4 2.5 - Removed purchase of Rawhide (4.9) .f Sod tiiing of. Elekiro. P68 & L EGEPQndIa) Cash -' (8.0) 202.2 185.2 (8.0) (tO) 23.8 38.0 Plan asswi,ed plydown Sale mgved to July changed per Taz Dept - 14.2 14.2 4 flhIaliVl .2118 PM I-.- ½ C'.' q~. C, C) Lw Vaula no. Rawhide Eleklro Cia ro tee Ot& 14.2 14,2 "SN,, 'tazus stintS r areas torts onto, 000565 0*100 00W, cnn aoOOS 051945 'wilt cites (floss 01045 . ic-sets ottesg mt-un- across * oct-ga sass: sasss ms sn-tat eta-en miss! titan 510451 SLeet SWtSt earn flint -5- - . . *~0~ I Cflfl - flrifl HVO!S ia'L ttttCS Grist OWnS aOVLW firm 0W15. arIa ISCIC Otlat tAOs. flOP Wi'S tWill - OSSUS flits inn sac's t~L-s 15mg anoN c-curs ,-~s i-sac sean's s,sto oust store (Sorb 1514'. *500 c~or*, *OOt~i - *W~W. 019i 6~ !!~fl ~00C %0g,255 520% 0-nra, ra'o~ *rs (00*5 SWG Oa'OS F * astir *'int tat!! - tarn ten-u em-sc (Inn o-wrs. torn PPwSt Ida 9tn~ IttCtt (Stilt Iflow dEsflt IWEG touts *Mnr VMSn ewe. C?Oc'b fCAi' tilttd L*LS0* I.WCC daiWt tUJtlt (gait Cant t*tE4t V5*CLS *a,ttt - am,. - torso, dtdii4 saW a~MSL . 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