ENRON
EARNINGS RELEASE -EXTERNAL FORMAT
      *4abJdooaI3.e~snoted) -


		  Bec6ndgunr

Tmnmnuinlon &Dlslrlbuuon
   Enmn Tmnspofla~on Services
   Portland General
Total TrtnenhIsslon & DIsIrtbutlan

WIWISSC Energy Operudons & $ervlcn*
   -as
   Europe
   Global Markets
   Industzlal Markets
   Net Works
   LEGS
   Global Assets
   Retail Risk Nienagomont
   Oi)wWioInaIs
    Subtotal
   Global Finance
   GJomaI EU
   Prepays
   offer
Total Wholesale Energy Opt & Services

Enroll Energy Services

Enroll Broadband Servlves

Corporate and Oilier

   Enron Renewable Energy 0orp.
   Clan Fuel.
   Enmo frweslment Partners
   Co'porate & O¶,er hj,erises
   Stn,cW red Transactions
   Redact frun/to Wbolesele
Total Cerponle & Other

Cvortl.w

INCOME BEFORE INT., M.l. £ INC. TAXES
   Interest Ex~enss. Net
   Cividends wi Preferred Stod orsubslalafles
   Mlnodly Interest
PM-TAX INCOME
   Income Tax Expense
NET INCOME. RECURRING

DILUTED EPS
 Recuft~g
 NomuwAng
TOTAL DILUTED EPa

Avg slings outstanding . Diuted

Fifeedva Tax Rate. Reaming Earrings

  pill'

$   16.6

2001

idol    ~          ~Forecast
			F

	     £   70.1
_________        57.7

    78.8        134.4


   29U
    8.2.3
    54.6
    10.8
    (3.8)
    14.5
    85.8

536.5
39-9
 0.4
(14.1)
40.6
nv's

      959.6
      98,0
      54.8
      10.7
      (3,6)
      (4.9)
      41.1
    (800.0)
      119.0)
      518.3
      20.2
      13.8
      (35.0)
~.92
      501.1

	60*         46.0

       (29.5)

K.     (19.5)  .7,
     .4 02

	(2.6)
	(0.1)
       182.4).
	4.2

(100.2)

- 110

596.5

(13.0)


(25.3)-
 12,9
  2.7
 (0.1)
(95.9)
  4.2

1101.5)

180.0

748.0

     98.8      201.2
     17.1       16.2
     224        40A
    456.6      *88.2
    110.3      117.2-'
 $  349.3
-


 $   0.39   $   042

 $   0.30   $   0.42
- t -

    885.0      .800.0
    24.0%      24.0%

*$    2.0
    * 7.3
    * Es


     (32.8)
     (55.0)
     (24.6)
      2.0
     (1.0)
      5,3
     14.0
    100.0.


     (10.0)
      1.1
     (7.6)


     11.0

    (95.0)


     (5.3)

     (1.41


    146.0

    * 61.8
     10.7


     41.1
      98
$    313

S   0.03     4   0.45

$   0.03     4   048
-            -

		 894 0

		 24.0%

O~W'OQFbtCVOTJWt8Tu.wOP~at,flt.lZ,4O uu..*4')
"eat",-


									     .4-
								.4
										  -.5

							      GOVERNMENT
								EXHIBIT

							     [~J
								 4478
								CnmNo 1104-0025    1

							EC 001942686
								   1!
								       -.5.'-

       .4

  5. 78.1
     85.0
     1417


     928.1
     43.0
     30.0
     12.1
      (4.6)-
      0.5
     80.7
    (500.0)


     15.2
     15.6
     (42.6)

    *75.3

     S0.0

    (100.0)


  *  (20.3k
    * 7.6
    * 2.1.
 *  . (118)
 *   (96.9)
      4.2

    (108.2)-

    326.0

    799.8
    211.9,
     16.2
     40.4
    529.3..
    127.0
 $  402.3

SI wOO


   3%


     S.


   1%

  158%


  31%

   1%

	      A

  WA

  nfl


  32%

   2000.
  Actual

 5   77,3
     62.0
     Ilti


     311.2
     64.5
     (3.5)

     (TA)
   * 193
 4
     54.3


   458.0
     23.8
     7.0
     (11.5)
  -  (34.4)
  * 438.9

     2t3

     (8.0)


 *   (10.8)
     13.4
     9.0
  *  (12)
     (342).
     2A
 -   Al.?)
     16.9


   608A
   196.6
     20.8
     36.8
   383.3
     84.4
 * 268*


 $   034


     502.2

16.2%





      EIJRON
EARNINGS RELEASE EXTERNAL FORMAT
    (MtUn~DeJma.anepimnSed) . -

 - Second Qua nn

Forecast

$   787
    65,0
   143.7

    92S.~
     43.0
     30,0
     12.7
     (itS)
      0.5
     55.7
    (500.0)

    5562
    ~it2 K
     16.6>
    (42.8).
-s
    418.3
     'as

    (50.0)

2001

 lbnsmlsulon & Dittibuflon
   Enrm, Transportation Services
   Portend Gsrwat
 Total T,asisrnlsslofl a DIstrIbutIon
Wiwlmnla Ceergy Operations & ServIces
   Amrnlcas
   Eurupe
   OloMal MSrAOU
   lndustdel Markets
   Net Watts
   EEOS
   Global Assets
   ReId RISk Maoagemenl
   Other Whelesmle
   Suttotal
   Global Finance
   Global E&P
   Prepays
   Other
Total WhoIonic Energy Ups. & Servtcn

Enron Energy Services

Earn,, Broadband Services

CoWwate and Other
   Azuflr
   Enroii Renewable Energy Corp
   Clean Fuels
   Enron hiVeuIri~erit Partners
   Cospomle & Ciher Expenses
   Sbuctjred Transactions
   Reciass r~,;to Wholesale
tat Cevponto & Giber

Overview

INCOME BEFORE FlU., M.D. £ INC. TAXES
   Interest Expense, Net
   0~vIderids on Praremnd Stock 6( SubsIdIarIes
   Mlnodwhlierest
PRE-TAX iNCOME
   income Tax Expense
NET INCOME. ReCURRING

DILUTED BPS
 RscuMng
* NoiHecurdno
TOTAl. DILUTED BPS

Avg shns otflstendIng - OliLud
Efl.~tk. Ir Rate. Reoirfr,g taming5

________    itet      -~e.it~


$  76.8    $   78.7   $  - 2.0
	       37.7        tS
   78.8       134.4        9.3

294.8
82.3
64.6
 10.8
 (3.8)
 14.5
85.8

 (2.41
556.3
39,6
 0.4
(34.7)
45.6
687.5

50,0

(29.5):


(ISA)
*oj       A
 (2.6)
 (0.1)   .'Y -
tB2A).

  4.2

4100.2)

 950,5
 98.0
 54.6
 10.1
 (3,8)
 (4.0)
 41.7
(800.0)
 (19.0)
 5342
 25.2

 13.0

 (35.0)

 501.4

 40.0

 (15.0)


 (25,3)
 12.0
  2.7
 jo/ti
 (95.9)
  4.2

(101.5)

   13.0         180.0

   598.5        748.0

   99.8         201.2
   17.1          18.2
   22.4     .   40.4
   4506         488.2
		lilt
1  3493      $  $71.0


$  0.39   .. $  .0.42

*  0.39      S  0.42

   5550         U0O

24.0%

    (32.6)
    (55,01
    (24.8)>
     2.0.
     (1.0K
     5.3
    14.0
    100.0
-'La
    (10.0)
     I.?
     (7.5)


    11.0
     4.
    (35.0)


       -         (213)
     (5.3)        7.6

    (1.4)         2.1
		  11.5)
       -         (06.9)
		  4.2


    96.0         276.0

    51.6         7994

    10.7         211.9
       *    -     10.2
	   e     40.4
		 Bats
__________       127.0

	     $   402.3

     41.1
      90
 $   313


 $   0.03

a

24.0%

$   0.46

$   0.45

    304.0
    24.0%

2*

o .~..crv$-ap'owcsrtwo uVam .An.gn.o .a ret
'2S401 SCALA

01 v.05
Growth


   3%


   9,'

  165%


 '51%

  .8%
  r
  50%

  J8%


  11%

     2001
     Actual

   S.  77.5
       82.0
      139.3


      331:2
       64.6
   K   p.5)

       (7.8)
       19.3
       64,5


      466,0
       23,0
	7,0
      (17.6)
      (34.4)
      4$;,,.
       232'

       (tO)

      (10,6)
       134
.4   vO,0
       (1.2)
      (34 2)
       42.4


      USA
      195.6
      .20.8
      38.0
      3533
      64.4
   S -288.9

   5<

n~.
      8022

'-'U',

 4

A'

4.


     EC 001942687

I..





	  -    Highly Confidential
		 June 28, 2001
		 (In millions)

Wholesale hard look (to go for quarter)

Overview
 Current shortfall
Projected hatlist
Retail addhlonal charges

 Current Shortfall - Adjusted

Reserves that must turn

Valuation reserves

EES reserves now booked
* Reserves Available

					* $ 395.0

					    326.0


					* (200.0)
				       *    :31.0


					    (50.0)

					  (402.0)

					  (319.0)


					    ,  '

Cushion - projected remaining valuation reserves

						     721.0


						    (169.0)
						     552.0


						    (7.71.0)


						   5(219.0)

							   C-.,


							   4


Note~ California credit reserves at begi nning' and end of quarter = p50MM

		       .4

O.~U&~OPOFlMCf~QTRFCS12nd6IflFc,t 828.XJMcDIW4*t'

EC 001942588

4





																			      '4
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   ENRON
Overview - 2Q 2001

 1<


 *       r

(Millions ol Debit)

A.


  4   4.


44

2nd Quatter Anticipated Overview - MaylEarly June S

Updated Activity:
		      -C

Add Wonal EBS Shortfall fSO to $SOMM)

		      a
Stock book Ioss~

Reptor credit shortfall

     2nd Qtr
     -2001
.97 Pro-Tax
   ~tI.,.

     Income
41
 A       1800
	  35 0

	  35.0
	 250.0

    A


½~~
...

			9
		  "A


				'C


		    '1~

	It.

IA


       A,


	     A                 A

50.a

10.0

10.0

-        'A

	    Other
	    End of Quarter Anticipated Overview Range
				      IA
												11
					    -~

					    *                                 -A
									     AC.,


				      A                                       Al
														 A?


					 -SI.         .


					       *7


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	  0B~O1O59AU                                                              -~
												      -A


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 -jjc.0
I.

											    *
						   80

										9
									4'     ~AA


				     A.                    t--1..                                    C

									fI

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			      4~
									    1                    -A


											  A


				     

Nt  tA.

 ~7j4

 -             A                ~*


				     4.11      *A~

			      .1   9
			    * .
			    * ,  ~1M                                                                                                I'    ~- ~** ½

										  EC 001942589

												 it

1st CE Overview

Increase EPS tram $0.42 to $0A5

EBS potential shortfall

     AC


A'--.

    V.