============= Page 1 of 8 ============= Kenneth L. Lay Balance Sheet Comparison September 30, 1999 S 8/31/99 9/30199 Variance Current Assets 3,608,565 3,395,902 (212,663) Add'l monies invested Marketable Investments Common Stocks 76,220,612 71,591,417 (4,629,196) ENE dec $.812/share from prior mo., (-) sh to Exchange Fund, (+) Manu. Var Annuity Executive Stock Options 90,734,843 87,594,948 (3,139,895) ENE dec $.812/share from prior month Bonds 134,541 134,541 - Mutual Funds 1,674,925 7,548,359 5,873,435 Add. of GS Exchange Fund Partnerships (Family)* 22,971,350 22,221,743 (749,607) ENE & Windmill Decrease Long Term Investments 23,605,802 25,209,288 1,603,486 Jester Apts, Blenheim Apts, Carson & Cyber Dialogue Retirement Deferred Assets 13,242,196 12,991,208 (250,988) Personal Non Earning Assets 1,637,264 1,657,073 19,808 Current Liabilities (44,622,418) (50,070,841) (5,448,423) Borrowings for new invest. & net expenses Long Term Liabilities (54,801,750) (53,219,042) 1,582,708 Dec. in Deferred Tax Liab. due to decrease stock opt. Business Liabilities (227,438) (109,947) 117,491 Payment of taxes with 1998 Form 1040 NET WORTH $ 134,178,493 $ 128,944,649 (5,233,844) Ken has guaranteed an unsecured note in the amount of $350,000 maturing on December 7, 1999 with an interest rate of 6.5% at Bank of America for his sister, Sharon Lay. Ken and Linda have guaranteed a mortgage in the amount of $900,000 maturing on January 1, 2014 with an interest rate of 6.88% at Bank of America for their daughter, Robyn Vermeil. This loan is collateralized by property appraised at $965,000 as of December 9, 1998. Ken has also guaranteed two unsecured notes in the amounts of $185,000.00 maturing on May 27, 2000 and $1,200,000 maturing on June 25, 2000-both with an interest rate of 30-Day LIBOR (Daily floating rate) at Bank of America for his sister, Sharon Lay. * Value based on FMV of partnership assets. No discount for partnership interest is shown. LAY-G39 0179 LBF002-00593 GOVERNMENT EXHIBIT 207 Crim. No. H-04-25 (S-2) ============= Page 2 of 8 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: September 30, 1999 October 18, 1999 Balance % of To tal Assets % of Workin g Assets SSETS A CURRENT ASSETS Cash on Hand: CASH ON HAND/SK 153.24 .0% .0% CASH ON HAND/PSTOKES 296.49 .0% .0% CASH ON HAND/MSTURGIS 186.82 .0% .0% Total Cash on Hand 636.55 .0% .0% Checking Accounts: NATIONSBANK 0707 65,366.22 .0% .0% NATIONS BANK/CONTRIBUTIONS 211.39 .0% .0% NATIONSBANK/LPL PROPERTIES -5,169.00 .0% .0% NATIONSBANK/STOKES 6,499.53 .0% .0% VECTRA BANK 13,729.34 .0% .0% UNITY 109-900 5,441.50 .0% .0% Total Checking Accounts: 86,078.98 .0% .0% Money Market Accounts: WASHINGTON DC ACCT 60,000.00 .0% .0% Total Money Market Accounts: 60,000.00 .0% .0% Brokerage Accounts: GOLDMAN SACHS/GS-61 272, 618.15 .1% .1% GOLDMAN SACHS/GS-42 75,447.47 .0% .0% SANDERS MORRIS MMA/SMM-.IT 91,780.49 .0% .0% SANDERS MORRIS MMA/SMM-KLL 21.77 .0% .0% PAINE WEBBER CYPRESSIPW-98 -2,961.51 .0% .0% CHARLES SCHWAB-CYPRESS/SCH 785.94 .0% .0% WATERHOUSE SEC-MMA/WSI 1,013.99 .0% .0% Total Brokerage Accounts: 438,706.30 .2% .2% Savings Accounts: ENRON CREDIT UNION/KLL 43.96 .0% .0% Total Savings Accounts: 43.96 .0% .0% Treasury Bills: SAVINGS BONDS 2,400.00 .0% .0% Total Treasury Bills: 2,400.00 .0% .0% Short-term Receivables: ACCT RECV-TDH 390,000.00 .2% .2% ACCT RECV-TDH (AVALON) 171,550.04 .1% .1% ACCT RECV-MKL 190,278.26 .1% .1% ACCT RECV-S. HOBBS 150,000.00 .1% .1% ACCT RECV-D. HOBBS 150,000.00 .1% .1% < Page 1 > LAY-G39 0180 LBF002-00594 ============= Page 3 of 8 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: September 30, 1999 October 18, 1999 Balance % o f Total Assets % o f Working sse s ACCT REC V-RRH (DICKEY) 135,000.00 .1% .19% ACCT RECV-BJONES 123,390.28 .1% 1 go ACCT RECV-JWALLS 4,200.62 .0% .0% ACCT RECV-JAL 22,878.89 .00.'0 .0% ACCT RECV-E MCELROY 6,950.00 .0% .09/0 Total Short-term Receivables: 1,349,248.09 .6% .6% Notes Receivable: FAM PTRNS ANNUITY-JKLL 730,081.17 .3% .30./0 FAM PTRNS ANNUITY-2/LPL 728,707.10 .3% .30,/0 Total Notes Receivable: 1,458,788.27 .6% .6° o TOTAL CURRENT ASSETS 3,395,902.15 1.5% 1.5% MARKETABLE INVESTMENTS Enron Corp. S 49.556,154.98 Common Stock 9,113,856.06 Fayez Sarofim Mgmt.-Com 2,932,324.45 Sanders Morris Mundy-Com 1,793,885.79 Cypress Asset Mgmt.-Com. 2,703,565.99 Goldman Sachs-Com 1,747,451.96 Goldman Sachs-Internet 1,072,302.30 Paine Webber Managed 2,671,875.00 Vested Exec Stock Options: CPQ ESO 4-97 25000SH (98) 34,225.00 .00,/0 .0% CPQ ESO 4-97 25000SH (99) 171,125.00 .1% .1% CPQ ESO 4-97 4370SH 64,916.35 .0% .0% CPQ ESO 4-98 2,424 SHS 20,446.44 .0% .00,/0 ENE ESO 2-93 100,000 SHS 2,747,250.00 1.2% 1.2% ENE ESO 2-94 168,000 SHS 4,084,500.00 1.8% 1.8% ENE ESO 2-94 2,000,000 SHS 48,125,000.00 20.7% 20.9% ENE ESO 12-94 180,560 SHS 4,660,705.00 2.0% 2.0% ENE ESO 12-94 84,670 SHS 2,185,544.38 .9% .9% ENE ESO 12-95 162,512 SHS 3,575,670.28 1.5% 1.6% ENE ESO 1-96 147,700 SHS 3,350,205.25 1.4% 1.5% ENE ESO 12-96 88,965 SHS 1,735,039.91 .7% .8% ENE ESO 1-97 113,090 SHS 2,127,505.63 .9% .9% ENE ESO 1-97 595,000 SHS 11,526,637.50 5.0% 5.0% ENE ESO 1-98 63,592 SHS 1,335,590.98 .6% .6% ENE ESO 12-98 147,663 SHS 1,850,586.55 .8% .8% Total Vested Exec Stock Options: 87,594,948.27 37.7% 38.0% Corporate Bond-Convertibl: LAKEWOOD SPORT CONV/SMM-JT 52.250.00 .0% .0% LAKEWOOD SPORT- 1lSMM-JT 52,250.00 .0% .0% LAKEWOOD SPRT CONV2/SMM-JT 30.041.00 .0% .0% Total Corporate Bond-Convertibl: 134,541.00 .1% .1% Mutual Funds: Page 2 LAY-G39 0181 LBF002-00595 ============= Page 4 of 8 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: September 30, 1999 Balance % of Total Assets GS 1999 EXCH FND/GS 5,890,507.00 2.5% TCW SELECT EQUITIES FUND 957,402.60 .4% TCW MID CAP GRWTH/NB 700,449.77 .3% Total Mutual Funds: 7,548,359.37 3.3% October 18, 1999 % of Worlanc Assets 2.6% .4% .3% 3.3 °io Partnerships-other. KLL & LPL INVESTMENT PTRNS 21,558,347.00 9.3% 9.4% KLL & LPL FAMILY PTRNS 663,396.00 .3% .3°,% Total Partnerships-other. 22,22 1,743.00 9.6% 9.6% TOTAL MARKETABLE INVESTMENTS 189,091,008.17 81.4% 32.0% LONG-TERM INVESTMENTS Residence: REAL ESTATE/HUNTINGDON 9,391,172.71 4.0% 4.1 %,%o REAL ESTATE/LOOSCAN 1,282,327.75 .6% .6% Total Residence: 10,673,500.46 4.6% 4.6% Real Estate Other Homes: REAL ESTATE/ASPEN 2,863,697.02 1.2% 1.2°,/0 REAL ESTATE/B-3431 447,544.79 .2% .2% REAL ESTATE/SPRING ST 726,846.45 .3% .3% PIRATES' COVE LOTS 299,742.66 .1% .1% REAL ESTATE/B-3429 695,917.34 .3% .3% REAL ESTATE/B-3433 827,400.90 .4% .4% REAL ESTATE/REBA 492,639.61 .2% .2% REAL ESTATE/CREEKSTONE LOT 1,679,069.25 .7% .7% REAL ESTATEIWESTGATE 283,195.50 .1% .1% REAL ESTATE/2514 AVALON 283,421.38 .1% .1% Total Real Estate Other Homes: 8,599,474.90 3.7% 3.7% Real Estate Active Rental: REAL ES TATE/ 174 1 S R 147,309.00 .1% .1% REAL ESTATE/1852MAR 104,044.97 .0% .0% REAL ESTATE/1856MAR 167,250.00 .1% .1% REAL ESTATE/1918SR 242,622.73 .1% .1% REAL ESTATE/KINGS 190,000.00 .1% .1% REAL ESTATENIKING 60,000.00 .0% .0% Total Real Estate Active Rental: 911,226.70 .4% .4% Real Estate Passive: COLORADO OASIS LTD. 254,888.00 y .1% .1% CREEKSTONE SOUTH RICE PTRS 300,000.00 .1% .1% LAKE CHARLES APTS., LTD. 240,000.00 .1% .1% JESTER APTS PARTNERS,LP 400,000.00 .2% .2% MILAND INVESTMENTS LLC 170,000.00 .1% .1% < Page _ 3 > LAY-G39 0182 LBF002-00596 ============= Page 5 of 8 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: September 30, 1999 October 18, 1999 Balance % of Total Assets 0/ of World ng Assets J.T.FAM,SR. INVEST., LTD. 252,450.00 .1% .1% W.E. TRADE INVESTMENTS LTD 227,700.00 .1% .1% W.A.REHAUSENLOT INV LTD 100,980.00 .0% .0% Total Real Estate Passive: 1,946,018.00 .8% .8% Farming Interests: 11ACRES ILLINOIS 4,500.00 .0% .0% Total Farming Interests: 4,500.00 .0% .0% Other Investment-Passive: BLENHEIM APARTS, LTD. 225,000.00 .1% .1% CAPRICORN INVESTORS II LP 562,622.00 .2% .2% CAPRICORN INVESTORS 111 15,000.00 .0% .0% CARSON PRN CAP EUROPE LP 300,000.00 .101/0 .1% CORPORATE OPPT FUND/SMM-JT 225,000.00 .1% .1% KESTREL VENTURES, LLC 59,920.00 .0% .0% USA CAFE LLC/SMM-JT 30,526.00 .0% .0% CHAMPION L.L.C/SMM-JT 100,000.00 .0% .0% CON-EQUIP LLC/SMM-JT 100,000.00 .0% .0% Y2K ENERGY CO., LTD. 1,110,000.00 .5% .5% MV PTRNS-CYBER DIALOGUE 346,500.00 .1% .2% Total Other Investment-Passive: 3,074,568.00 1.3% 1.3% TOTAL LONG-TERM INVESTMENTS 25,209,288.06 10.8% 10.9% RETIREMENT/DEFERRED ASSETS IRA: FIDELITY MAGELLAN/KLL 58,189.46 .0% .0% Total IRA: 58,189.46 .0% .0% IRA/Spouse: FIDELITY MAGELLAN/LPL 58,262.50 .0% .0% Total IRA/Spouse: 58,262.50 .0% .0% Keogh Account: SCUDDER GRWTH & INC/KLL 344,813.15 .1% .1% SCUDDER INCO ME/KLL 23,603.07 .0% .0% SCUDDER ST BOND/KLL 25,200.50 .0% .0% Total Keogh Account: 393,616.72 .2% .2% Retirement Plan: ENRON-RETIREMENT 2,961, 560.00 1.3% 1.3% ENRON SAVINGS RO/PW401K 3,341,214.56 1.4% 1.4% ENRON SAVINGS 401(K) 748,367.76 .3% .3% ENRON ESOP 6,548.65 .0% .0% FID GROWTH CO 401(K/KLL 15,308.01 .0% .0% < Page 4 > LAY-G39 0183 LBF002-00597 ============= Page 6 of 8 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: September 30, 1999 Balance % of Total Assets FID OTC 401(K)/KLL 10,775.63 .0% FID OVERSEAS 4 01(K)/KL L 17, 63 5.19 .0% FID MAGELLAN401(K)/KLL 48,337.45 .0% Total Retirement Plan: 7,149,747.25 3.1% October 18, 1999 of Worldne Assets .0% .0% .0% 3.1% Deferred Compensat'n Plan: ENRON DEFERRED COMP-85 3,178,450.76 1.4% 1.4% ENRON DEFERRED COMP-94 746,385.52 .3% .3% ENRON PHANTOM STOCK DEF 433,813.82 .2% .2% ELI LILLY DEFERRED COMP 972,741.73 .4% .4% Total Deferred Compensat'n Plan: 5,331,391.83 2.3% 2.3% TOTAL RETIREMENT/DEFERRED ASSETS 12,991,207.76 5.6% 5.6% TOTAL WORKING ASSETS 230,687,406.14 99.3% 100.0% PERSONAL/NON-EARNING ASSET Automobile(s): 90 JEEP WRANGLER 6,825.00 .0% 92 4WD JEEP CHEROKEE 11,750.00 .0% 93 MERCEDES 600SL 63,975.00 .0% 96 RANGE ROVER 43,525.00 .0% 99 MERCEDES ML430 52,693.33 .0% 97 SUBURBAN CHEVY 29,893.30 .0% 00 MERCEDES S500V 98,701.59 .0% Total Automobile(s): 307,363.22 .1% Home Furnishings: HOME FURNISHINGS/HUNT 757,233.27 .3% HOME FURNISHINGS/LOOSCAN 42,025.59 .0% HOME FURNISHINGS/ASPEN 138,984.11 .1% HOME FURNISHINGS/B-3431 163,984.20 .1% HOME FURNISHINGS/B-3429 80,833.15 .0% HOME FURNISHINGS/B-3433 44,464.23 .0% Total Home Furnishings: 1,227,524.55 .5% Other Vehicles & Equip: BW 21' OUTRAGE BOAT 49,327.00 .0% DUFFY 18' ELECTRIC BOAT 14,131.25 .0% LYNN SAILBOAT 1,400.00 .0% HURRICANE 19' 22,695.14 .0% SPIRIT CANOE 406.43 .0% WATERWHEELER MK III 722.44 .0% SUPER SPORT BOAT 1997 33,502.74 .0% Total Other Vehicles & Equip: 122,185.00 .1% TOTAL PERSONAL/NON-EARNING ASSET 1,657,072.77 .7% TOTAL ASSETS 232,344,478.91 100.0% < Page 5 > LAY-G39 0184 LBF002-00598 ============= Page 7 of 8 ============= October 18, 19911 Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: September 30, 1999 Balance % of Total Assets % of Working Assets I I'I S CURRENT LIABILITIES Credit Cards: AMER. EXPRESS/RL -26,018.06 .0% .0% AMERICAN EXPRESS -41,495.95 .0% .0% MASTERCARD 5551 4,117.11 .0% .0% NEIMAN MARCUS 1314 -46,65866 .0% 0% NEIMAN MARCUS 7487 -213.57 .0% 0% VISA GOLD 4151 5,244.87 .0% .0% Total Credit Cards: -105,024.26 .0% .0% Notes Payable: CHASE BANK LO C 7,167, 000.00 3.1% 3.1% COMPASS BANK LOC 5,489,871.12 2.4% 2.4% ENRON CORP LOAN 2,000,000.00 .9% .9% NATIONSBANK537.5MNONPUR '27,059,999.56 11.6% 11.7% PAINE WEBBER-LOC/PW-94 6,889,319 35 3.0% 3.0% ACCT PAYABLE (ST)-ENRON 41,506.11 .0% .0% Total Notes Payable: 48,647,696.14 20.9% 21.1% S ecunty, Deposits: SEC DEPOSIT/Z-1918SR 1,550.20 .0% .0% SEC DEPOSIT/Z-1856MAR 125.00 .0% .0% SEC DEPOSIT/Z-MCDUF 150.00 .0% .0% Total Security Deposits: 1,825.20 .0% .0% Margin Acct Liability: GOLDMAN SACHS MARE FS/GS 1,526.343.64 .7% .7% Total Margin Acct Liability: 1,526,343.64 .7% .7% TOTAL CURRENT LLABILITIES 50,070,840.72 21.6% 21.7% LONG-TERM LIABILITIES Home Mortgage: { NATIONS BANK/LOOSCAN 627,389.98 .3% .3% NATIONS BANK/HUNTINGDON 4,430,695.70 1.9% 1.9% NATIONSBANK/HUNT #2 LIEN 497,13 5.57 .2% .2% NATIONSBANK/HUNT #3 LIEN 498,025.80 .2% .2% Total Home Mortgage: 6,053,247.05 2.6% 2.6% Other Real Estate Mtge: NATIONS BANK/ASPEN 1,537,822.79 '.7% .7% CITICORP MORTGAGE/B-3431 220,228.89 .1% .1 % NATIONS BANK/LOTS 105,000.00 .0% .0% < Page 6 > LAY-G39 0185 LBF002-00599 ============= Page 8 of 8 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: September 30, 1999 NATIONS BANK/B-3429 NATIONSBANK/B-3433 NATIONS BANK/REB A NATIONSBANK/2514 AVALON NATIONSBANK/CREEKSTONE LOT Total Other Real Estate Mtge: Investment Liabilities: NATIONSBANK/WESTGATE LOT Total Investment Liabilities: Deferred Tax Liabilities: DEF TAX LIAB-STK OPT ONLY Total Deferred Tax Liabilities: TOTAL LONG-TERM LIABILITIES BUSINESS LIABILITIES Employer Taxes/Bus: FICA WITHHELD-EE (TX) FICA WITHHELD-LPL EE(TX) FIT WITHHELD-EE (TX) FIT WITHHELD-LPL EE(TX) SIT WITHHELD-EE (MO) SIT WITHf-IELD-EE (HH CO) Total Employer Taxes/Bus: Accrued FICA Tax/Business: FICA PAYABLE-ER (TX) FICA PAYABLE-LPL ER(TX) Total Accrued FICA Tax/Business: TOTAL BUSINESS LIABILITIES TOTAL LIABILITIES NET WORTH TOTAL NET WORTH TOTAL LIABILITIES AND NET WORTH' October 18, 1995 Balance of Total Assets % of Worlan e Assets 247, 767 96 .1% .1% 533,821.35 .2% .2% 324,822.16 .1% .1% 225, 000.00 .1% .1 1,200,000.00 .5% .5% 4,394,463.15 1.9% 1.9% 191,250.00 .1% .1% 191.250.00 .1% .1% 42,580,081 60 18.3% 18.5% 42, 580, 081.60 18.3% 18.5% 53,219,041.80 22.9% 23.1% 25,018.47 .0% .0% 2,868.66 .0% .0% 48,945.82 .0% 0% 4,680.00 .0% .0% 355.20 .0% 0% 190.20 .0% .0% 82,058.35 .0% .0% 25,020.34 .0% .0% 2,868.66 .0% .0% 27,889.00 .0% .0% 109,947.35 .0% .0% 103,399,829.87 44.5% 44.8% '128,944.649.04 55.5% 55.9% 232,344,478.91 100.0% < Page 7 > LAY-G39 0186 LBF002-00600