============= Page 1 of 15 ============= EXH004-00687 Enron Corp. Board of Directors Meeting IR Slides August 13, 2001" EC004393393 BOD 08-10-0' ============= Page 2 of 15 ============= 2001 YTD Total Return to Shareholder (Through 8108101) -62% En ron DJA S&P 500 Energy Peers NASDAQ E0004393394 Broadband Peer Group BOD 08-10-0 EXH004-00688 ============= Page 3 of 15 ============= Merchant Energy Peers 2001 YTD Total Return (Through 8/08/01) 7 %U A O -35% -36% -37% -48% .~o ~0 5 O E0004393395 BOD 08-10-0' EXH004-00689 ============= Page 4 of 15 ============= Relative Valuation (PIE Ratio*) December 31, 2000 50x *Based on 2001 EPS Estimates =XH004-00690 August 8, 2001 Enron S&P 500 Peer Group E0004393396 BOD 08-10-( Enron S&P 500 Peer Group 24x 23x ============= Page 5 of 15 ============= Recent Investor Concerns California India o Enron Broadband Services -} Cash Flow & Financing Vehicles o "Trading" in Enron's Business Model s Insider Stock Sales Progress on International Asset Sales E0004393397 Boo 08-1o-o1• EXH004-00691 ============= Page 6 of 15 ============= California o Receivables Exposure -Fully Reserved -Active PG&E Creditors' Committee Member =~ Potential Wholesale Refunds -Minimal Enron Amounts Cited -Possible Net Amount Owed to Enron Contempt Issue -Enron Stance Centered Around Due Process -Near Resolution/ Compliance No Impact Expected on 2001 Earnings Results E0004393398 Bob 0a-10-01• EXH004-00692 ============= Page 7 of 15 ============= India Dabhol Power Update => 740 MW Phase I Operational; 1,444 MW Phase 11 95% Complete; Construction Suspended ~} Customer Has Multiple Defaults and Has Repudiated the Contract = Owners and Lenders Pursuing Well-Defined Contractual Remedies - Declared Political Force Majeure - Initiated 6-Month Cure Period - Continued Enforcement of Contractual Rights =} $875 Million Total Investment by Enron E0004393399 BOD 08-10-0 =XH004-00693 ============= Page 8 of 15 ============= Enron Broadband Services General & Administrative C (Millions). ($73) 2Q01 Actual EXH004-00694 OStS 4Q01 Est. Target Level Quarterly E0004393400 BO D 08-10-01- ============= Page 9 of 15 ============= Cash Flow From Operations (Millions) LReported in. Financial Statements ItA 770 $1,640 r $651* ($900) Cash Flow Impact of Deposits }- 3 First Half $1,880 [1997 :::::19:98 1999 2000 2001E irs a *Excluding J-Block Settlement =XH004-00695 ($2,300) 1997 1998 1999 2000 2001 Firs-t-HaIf E0004393401 BOD 08-10-0' ============= Page 10 of 15 ============= Cash Flow from Operations Excluding Deposits (Millions) $2,899 $3,000 6 First Half $651* $1,640 $1,228 I "Excluding J-Block Settlement E0004393402 BOD 08-10-01 EXH004-00696 ============= Page 11 of 15 ============= Off-Balance Sheet Transactions Funding Cost-Effectively Expands Enron's Credit Capacity -Primarily Reflects Whitewing and Marlin Issuances =~ Eliminating Related Party Relationship with LJM Primarily Supported by Asset Values; Secondary Support from Equity-Backed Commitments E0004393403 BOD 08-10-01 EXH004-00697 ============= Page 12 of 15 ============= Contrasting Business Approaches Example: Providing Reliable Power Supply Utilities r. Merchants Retail Customer G Utility Customer Plant Merchant Role Power Market Aggregate Cheapest Power from Numerous, Deep Market Sources E0004393404 Source from Dedicated Plant Aggregate Power from Market Sources BOD 08-10-01- EXH004-00698 ============= Page 13 of 15 ============= En ron's Unique Network Alternatives Example: Providing Reliable Power Supply Aggregate Cheapest Power from Numerous, Deep Sources Contract for Capacity; Aggregate Cheapest Gas Supply Build Plant; Aggregate Cheapest Gas Supply Influence Demand ECO04393405 BOD 08-10-01 EXH004-00699 ============= Page 14 of 15 ============= Largest Shareholders* (As of June 30, 2001) Name Janus Capital Corp. Putnam Investment Management, Inc. Alliance Capital Management L.P. Fidelity Management & Research Smith Barney Asset Management Government of Singapore Investment Corp Northern Trust Global Investments Merrill Lynch Asset Management AIM Management Group UBS Warburg LLC Dresdner RCM Global Investors American Express Financial Advisors MS Dean Witter Advisors Rorer Asset Management Deutsche Asset Mgmt. Ltd. (Morgan Grenfell) Goldman Sachs & Company Banc of America Capital Management Robur Kapital Forvaltning A.S. Evergreen Institutional (First Union NBC) American Century Investment Management *Excluding Index Funds Change From Shares Held Location 3/31/01 42,000,000 Denver (6,000,000) 26,000,000 Boston 7,000,000 .19,800,000 New York 5,800,000 16,000,000 Boston (3,500,000) 14,000,000 New York - 13,700,000 Singapore 5,570,000 9,600,000 Chicago 200,000 9,500,000 Plainsboro 1,775,000 9,500,000 Houston 1,500,000 8,000,000 New York 3,000,000 6,700,000 San Francisco 100,000 6,350,000 Minneapolis (7,100,000) 6,100,000 New York 200,000 6,000,000 Philadelphia (200,000) 5,600,000 London 4,800,000 New York (200,000) 4,500,000 St. Louis 700,000 4,400,000 Stockholm - 4,300,000 Charlotte - 4,200,000 Kansas City (4,700,000) BOD 08-10-01 E0004393406 EXH004-00700 ============= Page 15 of 15 ============= Analyst Recommendations Firm Name Rating I Target Price Bank of America Montgomery Securities Dan Tulis/Wiil Maze Strong Buy CIBC Oppenheimer Bill Hyler Buy CS First Boston Curt Launer Strong Buy Dain Rauscher Wessels Mark Easterbrook Strong Buy Edward Jones Zach Wagner Buy First Albany Bob Christensen Strong Buy Goldman Sachs David Fleischer Buy J.P. Morgan Anatol Feygin Buy Lehman Brothers Richard Gross Strong Buy Merrill Lynch Donato Eassey Buy Morgan Stanley Dennis Higgins Buy Prudential Securities Carol Coale Buy Salomon Smith Barney Ray Niles Buy Simmons & Co. Jeff Dietert Buy U.B.S. Warburg Ron Barone Strong. Buy A.G. Edwards Mike Heim Accumulate Bear Stearns Robert Winters Attractive Commerzbank Securities Andre Meade Accumulate Howard Weil Rebecca Followill Accumulate Bernstein Duane Grubert Hold Sanders Morris John Olson Hold $ 60 $ 65 $ 84 $ 76 $ 80 $ 68 $90 $ 72 $ 75 $85. $ 55 $ 75 $55. $ 70 $ 55 $ 98 $ 70 $ 76 BOD 08-10-01 E0004393407 EXH004-00701