4 Elizabeth Ivers@ENRONt 03(2312001 05:00 PM To: Kenneth Lay/CorpIEnron~ENRON, Jeff SkiI~ing(Corp1Enron@ENRON,. Paula RiekerfCorp/Enron@ENRQN, Mark Koenig/CorpIEnron~ENRON, Scott Vond~rheid~ICorp1Enron@ENRON Kathryr(CorbaiIyfCorp/Enron~ENRON Rosalee Fieming/Corp1Enron~ENRON, Shorn SeralCorp/Enron@ENRON, Joannie Wilriamson/CorplEnron@ENRON, Yarleni Mendez/Corp/Enron~ENRON, Laura Valencia(CorplEnron@ENRON Lisa GiUette,'HOU/ECT@ECT. PriyaJaisinghanhfNNEnron@Enron, David Leboe/i-IOUIECT@ECT cc: Subject: ENE Friday Peer Group Report Enron & PeerGroup Relative PriceEarnings Ratios Euron S&P 500 Index NASDAQ Index Energy Peers Communications Peers Attached are the Friday peer group reports: DO NOT UPDATE LINKS WHEN THE FILE Please call if you have any questions. Friday 03123/01 IS OP ENEDI ENEOS23O1 xis MlpO323.xls Investor Relations TOTAL RETURN Current Quarter- Year-to- Week to-Date Date -4.4% -28.4% -28.4% -0.9% -13.4% - -13.4% 2.0% -21.9%~ -21:9% -5.0% -9.8% -9.8% -5.1% t393% .393% I GO VERN *EXHrnj~infl *4400~fl I~I PIE EPS Latest Growth 12n,os Enron. Recunin Diluted EPS ENE $ 59.40 $ 1.74 34.1 [ 18.6% 10.9% £ 2.06 28.8 s & p soo Index NASDAO Index Energy Peer Grouo ASS Corp. Dominion Resources Duke Energy Dynegy El Paso Kinder Morgan NRG Energy Inc PG&E SPX S 1.140 CCMP $ 1.929 ASS 0 DUK DYN SF0 KMI NRG PCG MIR TRP WMB Mirant Corp Transcanada Pipeline Williams Company $ 43.98 $ 59.65 37.88 46.50 62.00 $ 49.80 29.25 $ 10.65 $ 29.34 $ 11.95 $ 40.39 Energy Peer Group Average Enren First Call Consensus Mean Estimate -ugh Eatmato Low Esfimate Con,nlunicatiena Peers Akamor Digital lslanr InterNap Williams Communicstionr Level3 Global Crossing Qwest Communications Peer Average Ceni pony The New Power Company AKAM ISLO NAP WCG LVLT GX 0~ $ 8.53 $ 1.75 $ 1.53 S 9.80 $ 16.06 $ 14.50 $ 35.25 $ 0.1% $ 63.89 17.8 N/A N/A Consensus SF3 PIE 57.20 19.9 N/A N/A 28.8% 23.0% 11.9% 28.7% 22.3% 39.1% 19.1% L9% 61.2% 3.6% .16.9% $ In 23.4 S 4.10 14.5 $ 2.35 16.1 £ 1.84 25.3 $ 3.29 18.8 S 1.78 28.0 $ . 1.31 22.3 $ 2.73 3.9 $ 1.58 18.6 0.86 13.9 $ 1.43 28.2 19.4 20.2% 5.9% 13.2% 11.2% 9.7% 14.2% 15.9% 2.8% 13.7% 6.0% 12.3% $ $ $ S $ S S $ $ $ 2.43 18.1 4.48 13.3 2.84 14.3 2.23 20.9 3.06 . 16.1 2.18 22.8 1.64 17.8 3.05 3.5 1.83 16.0 0.88 13.6 2.04 19.8 16.0 Shams (MMt 108 80 140 68 367 886 1.656 NPW $ 5.85 Total Return Current Quarter- Year. Week to-Date to-Date -4.4% -28.4% -284% 0 8% .0.9% -13.4% .134% 1.38% * 2.0% -21.9% -21.9% 0.31% .7A% .208% .20.8% 0.0% .0.9% -10.0% -10.0% 4.3% -2.9% -10.5% -10.5% 2.9% .0.4% -16.9% -16.9% 0.6% .1O.1%-13.1% .13.1% 14% .1.0% -4.5% . .4.5% 0.4% .5.2% 5.2% 5.2% 0.0% -6.7% 46.8% -46.8% 11.3% -04% 3.6% 3.6% 0.0% -3.2% . 3.9% 3.9% 6.7% .4.3% , 1.5% 1.5% 1.5% .5.0% -9.8% -9.8% 2.6% eta uni Current puane,. Year. Dividend flea to-elate tO-UStO tijid 3.8% -59.5% -59.5% 0.0% -11.1% -56.9% -56.9% 0.0% -9.3% -78.9% .78.9% 0.0% .9.7% -16.6% .16.6% 0.0% .8.5% .51.0% .51.0% 0.0% 1.3% 1.3% 1.3% 0.0% .4.3% -13.8% .13.8% 0.0% -5.1% -39.3% 49.3% .0.0% eta Corn drain . usa r- ear- Dividend Wet to-vane to-vats Yield 8.3% .40.4% 40.4% 0.0% * Revenue estimates based on fiscal year lather than calendarycar -, Consensus inforniatton Is not avaijable ror 2001 Enron & Peer Group Relative Price Earnings Ratios Company Closing Symbol Price Consensus EPS 2001 00)01 ROE 2002 Friday 03123101 Dividend Yield 2000 -senses i4eviMMi Mutt $ 82.3 11.2 56.0 2.5 $ 67.6 3.4 $ 2258.9 0.3 $ 1.125,3 5.2 $ 4.8000 2.1 $ 18,997.0 3,1 1001 ConSOntli, ROy (MMj MOO 189.4 4.9 Aol A Master Limited Partnerships Relative Current Yield and Payout Ratio Closing Svri.p~l Price Annual Current Distribution Yield Spread Total Return Payout Current Quarter- Year- Ratio Week to-Date to-Oate Northern Border NBP $34.85 $2.80 8.03% 273 103% -1% 13% 13% EOTT Ene EDT $15.78 £1.90 12.04% 673 292% 1% -1% -1% Anierigast" APU $2010 $2.20 10.95% 564 222% 1% 24% 24% Buckeye BPL $31.00 $2.40 7.74% 243 89% 0% 9% 9% El Paso Energy Partners EPN $30.68 $2.30 7.50% 219 548% -3% 14% 14% Ferreligas ~ FGP $18.34 $2.00 1224% 693 256% -2% 24% 24% Genesis (3) GEL $5.53 $0.80 (3) 14.47% 916 N/A .2% 58% 58% Kaneb (PP $33.66 $2.80 8.32% 301 102% 0% 9% 9% Kinder Morgan KMP $59.01 $3.40 5.78% 45 107% 1% 6% 6% Lakehead 11W $42.99 $3.50 8.14% 283 145% 0% - 6% 8% Plains All Amer. PAA $22.75 $1.85 8.13% 282 110% 3% 21% 21% TC PIpelines TCLPz $21.56 $1.90 8.81% 350 91% -4% 14% 14% TEPPCO TPP $25.60 $2.10 8.20% 289 97% 0% 6% 6% Peer Grou AV . 9.11% 381 181% .1% 18% 18% U.S. Treasury 30 Year tFiscal year ending September30 2~ FlscI year tiMling July 31. 02. l8754~ 5.31% -1% Return (3) Restructuring approved by unltholders i2fl'iOO. Annual distribution reduced to $0.80 per year. Special distrIbution of $0.28 paid to unitholders of record fl/IS/GO. Analyst AG. Edwards B of A Montgomery CIBC Oppenheimer Dam Rauscher First Union Goldman Saths INGQligh VId) Lehman Bros. Merrill Lynch. Morgan Stanley DW Salornon Smith Barney UBS Warburg (PaineWebbert * Rating Buy Buy Buy Buy Rec. List Outperform Aoce~mu late Neutral Outperform Buy Consensus 'First Call Consensus Not officially covered, but has internal note in system. 2001 EPS' $ 2.53 $ 2.65 $* 2J0 $ 2.70 $ 2.56 $ 260 $ 2.57 $ LOG $ 2.60 $ 2.55 $ 2.60 2002 EPS $ 2.75 $ 4.80 $ 2.68 $ $ $ $ Target $ $ 34.00 38.00 2.88 $ 38.00 2.76 $ 37.50 2.65 $ 33.00 2.10 $ 35.00 $ 37.50 Rating 2001 EPS Hold No Covg. No Covg. Buy.Aggsv. No Covg. Buy Outperform AccuntJBuy No Covg. Neutral Buy $ 2.60 $ 2.72 $ 36.14 $ 0.60 $ $ 0.59 $ $ 0.60 $ $ 0.60 $ 0.60 $ 2002 EPS' 0.65 0.85 0,65 $ $ 0.85 $ 17.00 $ 19.00 $ 0.60 $ 0.65 $ 18.00 Company Friday 03/23101 2% Return 2% -Urn Northern Border EDiT Energy N4 4 Taroet 20.00 16.00