4 ENRON EAruJINGS RELEASE - EXTERNAL FORMA 'p lMMDoNMDoflar..ornptasnolee)' First Quarter *Trunsmlsston & DIstributIon ~ Enron Trarmportalion Services Portland General Total Transrnlnlon & Distribution Wholesale Enevgy Operalions & ServIces Americas Europe Global Markets indusIrlal Markets Net Wodw Global Assets OIlier Wholesale Subtotal Glotni Finance Global E&P EES Wholesale books Prepays Other Total WhDlesale Energy ape. & Services Enren Energy Services Enron Broadband Services Corporate and Other Azurix Enrun Renewable Energy Corp Clean Fuels Enron Investment Partners Corporate & Other Exp~nsos Structured Transactions Redass lronvto Wholesale Total Ceiporate & Other Overview INCOME BEFORE INT., MI. & INC. TAXES Interest Expense. Net Dividends on Preferrud Stock of Subsidiaries * MInority Interest PR~-TAX INCaME income Tax Expense NET INCOME. RECURRING DILUTED EPS Recurring Non-recurrJng TOTAL DILUT!D EPS Avg Shares outstandIng Diluted Effoct[ve Ta~ Rate . Recurring Earnings Plan 130.0 100.0 230.0 265.5 80.5 45.0 8.5 (4.4) 88.1 (0.8) 482.3 49,5 2001 Update $ (43.8) Worecast $ 130.0 56.2 188.2 - 440.6 706.1 * 80.5 45.0 AS (4.4) 51.9 (20.0) * 887.6 25.0 * 15.0 -(135~0) (35.1) * (10:2). 721.2 (8.9) - 39.6 (38.2) (19.2) 3852 (24.5) 4:1 10.3 (135,0) (35.1) 105.5 808.9 48.5 (35~) (17.1) (10.0) (16.3) 40.1). ~ (81.6) 4.0 (115.7) '120.3 (14.4) (8.0) 0.2 (203fl. (35.0) (31.5) ~1&0) (10.1) (0.1) (81.6) 4.0 (101.1) (42.21 (143.3) - 22.4 A 771.1 203.2 184 -~ 23.8. 528.3 126.3. $ 400.0 a (22.4) 10 774.7 0.2 13.4 .(10.6) (2:5) $ (8.1) 0.45 $ $ 945 S - 8850 240% 203.4 * leA 37.2 515.1 123.8 S 391.9 .1 045 $ . 0,45 575.7 24.0% 2000 Actual V ito 105.3 233.2 * 137.5 61:7 50.0 ~. (14.2) 67.5 308.5 104.4 4.1 29.8 423.0 11.3 K (OAt) (6.0) 11.9 - (3.3) < (0.4). (35.7) 5,8 (11.4) (44.1) 612.7 16l.i 18.1 * ~349. 398.8 72.2 $ 328.4 = , It S c38~ $ 038 - 4 351 9 O Co 0ut.ocrv~c~c?Rtc!rn.,4ol.7,d ~.20 Etir$t .4 EfiS AV (2) r2nit'$AU rk&I * GO VERNMENT U *EXHIBITfl 4471 EC 001942510'. Gino. Growth .20% 12% 250V. ~26% 16% 29% 20% 18% ENRON .2001 Ori~RATING& STRATffGIC PLAN - POREI..tSTA INCOME BEFORE INTEREST & TAXES BY BUSINESS UNIT (MS'S of DMSSt .scerl as r,oW6) Plan $ 937.9 $47.6 270.0 Amedt~s Europe Otobal Martets Iridusil¶al Markets Not Wosts Global Assets Other WIlotessle Subtotal 103.8 276.9 3.1) 2,016.1 Effed of Asset SAIlS * liming $ * 51.3 61.1 * A4uuted Forecast $ . 957.9 341.6 270.0 10$~8 328.2 2,087.4 Other us (mania S. 840.4 (B2.8) 157.6 total A4usted Forecast S 1,788.2 * 547.6. - . 270.0 63.0 103.8 245.4 2.B25.O Global Finance ~GEP FES Wholesale books Pro pays SIJUCIUI'~ Transaciloos & Other Subtotal Wholesale Enron Trsnsportal[on Se.vIcos Poruand General Subtotal Transniisskm & DistrihuIion tES EBS Az Ifl I K EREC tea., Fuels Enran InveslrnaiA Partners Corporale and Other Overview tncone before lot & Inc Taxes Financing RelMed Expense lj,come 'lax Expense TOTAL N87 INCOME-RECtJRRZNG Ai¶tl-diIutlve preferred dividends TOTAL NET INCOME-RECURRING Non-Recurring Net Income TOTAL NET INCOME DILUTEC Efl Recuning Non-recurring TOTAL DILUTED EPS Avg shores oul.lrndog .Dhlidie,J C~1c¶we to, flo~o . nec,.r,fl~ EarnI%s 200.0 4.7 15.3 200:0 20.0 (40.0) 20:0 (135.0) (iSts) 293.2 2.345.? 390.0 - ~oo:o 490.0 269.0 (85.0) (75.4) 110.0) (30.6) (0$) (226.6) (300) 26880 GOSA 480.0. 5 1,522.4 1,522.4 68.6 91.8 §2.8 30.0 188.4 ?94 8 $ (80.~ (Boa) 15224 (80.1) $ 171 $ (009) $ 1.71 _____ 4.5 »=40% 240% (1682) 293.2 2,412.3 390.0 191.8 581.8 269.0 (66.0) (15.4) (10.0) (30,6) - (0.5) (floe) 2.055,0 950.0 4563 $ t,al.r 1,441.7 $ 182 $ 1.62 PA~0 $4 0% 1145.0) 437.6 (44.0) (25.0) (17.3) (8.0) (54.0) 2793 135:2 34.6 $ iota 5.0) (I 68.3) 148.2 2 .84 9. 9 390.0 191.8 551.8 225.0 (9 0.0) (92.7) (18.0) (30.6) (0.5) (200.8) 3,134.3 .1. 093. 2 489.9 1,551.2 108.5 1,551.2 1,551 2 -1' 109 6 _____________ $ 013 $ ~*,. 2.75 * $ - 9.~3 .~ 1 __ 1.75 at~ 0 240% .> 46w. EC001942511 ENRON- - 2001 Or5RATING & STRA~2GIC PLAN* FOREL. .ST INCOME BEFORE MTERE$T &TAXESBY BUSINESS UNIT (MIfllocsotDotn. ettWl ss',*d) Effect of Asset Sehs Plan S 9S7.9 ~$ . - Americas Europe Glotml Markels industrial Markets Net Warts Global AsSets Other Wld caste Subtotal 347.6 270.0 Sac 103.0 275.9 2,016.1 51.3 -51.3 A4usted Forecast $' nfl 347.8 270.0 83.0 103.8 328.2 .0.?) 2,087.4 Otttet, AdjuatmeMs. *ovtrnal ~S 1.059,2 - Other A.quslnIents- Invrmentul $ (218.6) (¶00.0) ,~ (82.0) 070,4 (118,8) Global rinance EGEP EES Wbdesate books Pie pa ye Stiuclured Transactions & OIlier Subtotal Wholesale Fore,, transpostation Services Podland Gerieril Subtotal Trarnn,isslon & Disbtatlon EES Azurix EREC Clean Fuels Enron Investment Partners Coporale anti Other Overview Income below Inn & Inc Taxes flnancing Related Fxpente Intogne Tax Expense TOTAL NET INCOME-ftECURRIHG AnlI-dIluilys preferred dividends TOTAL NET INCOME-RECURRING Non-Recurring Nd Income TOTAL NET INCOME OILUTCO OS flecusrivig Noniecurring TOTAL CILUTFO EPS Avg bt*oso4JlstaM,rQ O4uted Elter,tvn Tux Rite ROCurw,g E,wiirg, 200.0 4.7 (168.3) 293.2 2245.7 390.0 100.0 490.0 209.0 (68.0) (784) (10.0) (30.6) (0.5) (226.6) 2,606.6 603.4 480.8 $ 1,522.4 * 1,522.4 $ 1.71 $ 1.71 15.3 66.6 91.8 90.8- 30.0 188,4 294.6 (25.5) $ (807) (80.7) 200.0 ?0.0 (166.3) 293.2 2,412.3 390.0 191.8 581.8 269.0 (65.0) (75.4) (10.0) (30.6) (220.6) 2,855.0 455.3 $ 1,4412 1,441.7' $ -(0.09) 'S 1.62 $ * 11.61 nasa anso 240'. ' ?JO' '»=40% (40.0) - ' . (200.0) (I4S.O~> 491A (44,0). (25.0) (¶7.2) * (8.0) (33.0) ~64.l (53.8) 180.0 20.0 (135.0) (168.3) 148.2 '-2.849.9 390.0 late 501.8 - .225.0. (90.0) - . (92.7) - - (16.0) (30.6) (0.5) (37.0; - 't1200.6) (84.8) 3,134.3 135.2 1,093.2 - 489,9 S - (167.2~ 7 8, - 1,551.2 (1672) 1,551 2 1.881 2 032 8 (DIR) S 176 $ ITS 67.4 $ 276.7 - 276.7 -. . . 276.7 S - 0.32- 8850 C'' 240". 805.0 24.0% I' ECO§1942512 To*aI Adjusted Forecast $ 1,798.3 347.6 270.0 03.0 i. 103.8 245.4~ - (3.1) 2,825.0 A ENRON 2001 OPERATING & STRATEGIC PLAN ENRON AMERICAS~ Schedule C Reserves '311/01 Specific Reserves - California Credit Specific Transactions Volatility Gain on Sale of Peakers SUPPLEMENTAL INFORMATION (Milhims of 0o$Ia~,) let Qir $ 1,100.0 (400.0) (a A (150.0) (300.0) 225.0 HPL Additional Overperforrnance-ENA Availabte for Earnings To cover overview & additional EPS Net remaining (Raptor cover, etc.) 225.0 $ 700.0 (440.6) $ 2S9.4 Current Stalus: Assumes $16~ million margin for March to hit or#ginal plan for 01. Assumes ENA wilt hit origlial02 03 & 04 plan (left $692.4 million) a) Assumes 30% recovery on Z$556innlion of negative CTC receivable b) Assumes anyamount funded with wnew monef. ocm~oPsr~c1,~oTArcsnI~oI4IwrL4w. . ,.aflt 43LAI~I.V% flWI 6.4544 N 4. Year $ 1,100.0 - (400.0) (150.0) - - (b 855.0 (100.0) 225,0 $ 1,330.0 (840.4) $ 469.6 1 EC 001942513 1. V... ENRON 2001 OreRATING & STRATEGIC PLAN - FOREt. ,ST ?NCOME BEFORE iNTEREST & TAXES BY BUSINESS UNW (Md,.~nS of 00MA13. oc~V n nc~d) Eflectof Asset Sates Mm. Americas Europe Global Markets Industrisi Markets Net Work~ Global Assets Other biilavlesale * Svb total Global Finance EGEP EES Wholesale bOots Prupays Structured Tmnsaclions & Other Subtotal ~1,olessh EnwnTrsnsportatbi Ser*n Portland General Sittolal Tsnnsrnisaion & Ois1,jtuuon EES £96 AzurLx ER6C Ctean l'usls Enron Investment Padnars Co.porale end Other Overview Income betois let & Inc Taxes Financing Related Expense Inonreolax Expanse TOTAL NET INCOME-RECURRINII AnU.dIlulIv. preterred dividends TOTAL NET INCOME.AECURRING Non-Recuffing Net Income TOTAL NET INCOME DILUTED El's Recurring Non*recuning TOtAl. DILUTED El'S $ 957.9 $ - 341.6 4. 270.0 63k 103.8 278.9 51.3 (3.1) _____________ 81.3 15.3 (188.3) A - 293.2 ~ 2,245.1 68.6 390.0 100.0 / 490.0 289.0 (65.0) Pp.4) (10.0) (30.6) (0.5) * (226.8) (30.01 . 30.0 2.6866 - 106.4 663.4 At 294.8 - 480.0 ~' (255) 6 1,522.4 .4 . (80.7) 91.8 7' 91.8 (80.7) 1, 522.4 S t7l~ S. (0.09) 51.71 $ . (0.09) 2.016.? 200.0 41 Adjusted Forecast $ . 957.9 347,8 A. 270.0 - 83.0 'A. 103.6 .,3282 A. ~7iL 20674 200.0 2o.o (168.3) 2912 2,412.3 390.0 * . r * 191.1 Sal .8 289.0 (65.0) (76.4) (10.0) 1 (30.6) (0.6) (226.6) 2.85 5.0 9Sa.0 465.3 1,441.7 1,441.7 1,441.7 $ 182 $ A 182 Total - Other A4usted ~Adlustinents Forecast $ 1,060.2 ~82.8) $. 2,018.1 347.8 I 270.0 * 63.0 103.8 245.4- 977.4 3,044.8 (40.0) 160.0 20.0 (135.0) (168.3) 148.2 3.089.? (135.0) (145,0) ~. 6!flA * 300.0 _____________ 191.8 -- 581.8 (44.0) (2~.0) (17.3) (8.0) (84.0) A. 499.1 135.0 87.4. 278.7 278.7 276.7: $ 033 0.33 225.0 (90.0). (92.1) (30.8) (0.5) (290.8) 3,354.1 1,053.0 542.? 5 4,729.4 1,718,4 1,718,4 $ 105 $ 195 Avg shores ojtstM~tljig . rneceelsx flnIe* RftcanIn~j FAming. - ,,,oI ,~wJ 50 240% . fl%~ U- 4-- Sseso 240% - .S8$0 USSQ A A 240% A EC001942514 4 t - A -' M ENRON 2001 OrERATiNG & STRATEGIC PLAN - FORE...AST INCOME BEFORE INTEREST & TAXES BY BUSINESS UNIT (M5on. ci Qolipt mesa., ~o4t~) Pin Americas Europe Global Martels Industrial Markets Net Wor*s Global Assets OUter Wholesale tobtctal Global F'manca EGEP 82S Whdesale boOs Ptepays Slructqjrod Transactions & Other Subtotat ~iotesele $ 957.0 $ 341.8 210.0 sa.o 103.8 278.9 2S18.1 Effect of Assel Sat,. TbrfM 51.3 51.3 200.0 4) 15.3 A4nied - Forecast $ 951.9 3.47.8 210.0 63.0 103.8 328.2 (3.1) 2,061.4 200.0 20~D Other A~usflents- Original $ Other A4ustmentS Incr.mental Total Adjusted Forecast 1,059.2 $ 1.0 $ 2018.1 * . S471 (100.0) 100.0 270.0 - - 63.0 - - 103.8 245.4 - (3.1) 101.0 3,044.8 (82.0) 876.4 (40.0) (200.0) (180.3) 203.2 2,346.7 66.6 (168.3) 203.2 2,4 12.3 (145.01 491.4 65.0 168.0 100.0 20.0 (l3S~) * (168.3) 145.2 3.0692 Emvn Transpc.laUon Services Pmlland General Subtotal Trw~smlsslon & OIst;httios, EBS tzur¶, EHEC Olsen Fuels Emon blvestnient Partners Ooperate and OIlier &mrvievt Income bairn, In! & Inc Taxes Financing Related Expense Income Tax Erperisa TOTAL NET INCOME-RECIJEtRING Mu-dilutive preferred dMdends TOTAL NET INCOMI-RECIIRhING Non-Recuning Nd income TOTAL lIET INCOME 390.0 109.0 490.0 Th9;D (65.0) (75.4) (10.0) (30.8) (0.5) (226.8) 2.666,6 583.4 460.6 5 1,5224 1,522.4 91.5 91.8 30.0 1854 294.6 (25.5) (80.7) (80,72 390.0 191.8 581 8 269.0 * (55.0) (75.4) (10.0) * 130.8) (0.5) (226.6) 2.8D5.0 058.0 455.3 $ 1,441.7 1,441.7 1,441.1 (44.0) (25.0) (17.3) (8.0) (33.0) 364.1 81.4 $ 216.7 216.7 * 300.0 * 191.8 - 681.8 * 225.0 - (90.0) (921) - (Ito) * (30.6) - (0.5) (31.0) (290.8) 135.0 135.0 $ 3.354.1 1,003.0 542.? $ 1,110.4 1,flSA 276 7 - 1,718.4 - O1LUTEO EPS Recurring Non- recurring TOTAL DILUTED UPS Avq i"arn OaA0fl4Ing . EIttc~tqe tt.~ t~a - ¶½t~,*~ ErAn~ 13o~ A $ EC 001942515 $ IM $ ¶71 $ 10.09) -S $62 a $ 1.62 nsa S 033 $ 033 S £ 24 0% 88~ C Z4 0% see a 2J IYY. 5 195 $ 195 ns 0 24 0% 24 0% e~s a 24 0% I 4 Schedute C Reserves - 3/1/01 ENRON 2001 OPERATING & STRATEGIC PLAN ENRON AMERICAS SUPPLEMENTAL INFORMATION (MW,ons ol Dc4Iars) 1st Ott $ 1,100.0 Specfflc Reserves - Cslifomia Credil Specific TransacUons Volatility (400.0) (150 .0) (300.0) 225.0 Gain on Sale of Peakers IIPL Addluonal Overperfornwnce-ENA 225.0 (a & Year 7$ 1,100.0 (400.0) (150.0) - (b 655.0- (100.0) 225.0 Available for Earnings $ 700) To cover overview & additional EPS Net remaining (Rnptor cover, etc.) 4. (440.6), $ 259A 1' Gunent Status: Assumes $165 miflion margin for March to hit original plan tar 01. Assumes ENA Will hit original 02. 03 & 04 plan (IBIT $69Z4 million) a) Assumes 30% recovery on -4550 millioi, otne~aUv~ CTC receivable. b) Assumes any amount funded with bew monef.,-~ 4 OiCci~c.~$eOPGfln~CfpAOIrUsnl ,lOI~RACFur,. re.ise~33l .~jAn,evit*s-. 3,74rn144M* * .4. EC 001942516 I.- $ 1,330.0 {i,o6o.2J $ 269.5 Cs 4, A I - .4 ENRON * EARNINGS RELEASE - EXTERNAL FORMA rM (I~l[Thorn n~ Otliars, e~oopI pa oatS) First Quarter TransmissIon & DIstribution ~nronTmnspouiation Sei-vkes Portland General Total Tranamlssloti & Distribution Wholesale Energy Oporatlons& Services Americas Europe Global Markets Indusirlal Marke(s No! Woiks Global Assels Other Wholesale Subtotal Global Finance Global fl&P EES Wholesale booXa Prepays Other Total Wholesale £nergy Ops. & Services Eriron Energy Services Enron Broadband ServIces Corporah and Other A,urix Erufln Rarenabla Energy Corp Clean Fuels Enron Investment Partners Corporate & Oilier Expenses Structured Transactions Reclass fronvic Wbotesele Total Coporat& & Other Overview INCOME BEFORE fliT., MI. & INC. TAXES interest Expense. Net DMdends on Proferred Slack of Subsidiaries Minority Interest PRE-TAX INCOME Income Tax Expense NET iNCOME - RECURRING DILUTED EPS Recurring Non~recurrIng TOTAL DILUTED EPS Avg sflnres outstanding - Dfluted Effeclivo Tax flato - Reclining Eam~,g~