============= Page 1 of 12 ============= 3 DG28 Equity E E EARNINGS E S T I M A T E S PAGE 1 OF 5 ENRON 8/25/97 WALL STREET ESTIMATES MEAN HIGH LOW NUMBER MEAN CHG EST LAST MNTH ($) FISC YR END 9712 2.23 2.60 1.85 17 -0.08 FISC YR END 9812 2.42 2.77 2.00 14 -0.12- QUARTER END 9709 0.46 0.60 0.35 9 -0.03 QUARTER END 9712 0.62 0.76 0.46 8 -0.01 NEXT 5 YR GRTH (16) 14.29 17.00 7.00 14 0.00 ALL ESTIMATES ARE FOR PRIMARY EPS FROM CONTINUING OPERATIONS Eloomberg-a1-1 rights rese_-ved. Frankfurt:69-920410 Hong Kong:2-521-3000 London:171-330-7500 New York:212 -316-2000 P,-nceton:609-279-3000 Singapore:226-3000 Sydney:2-9777-8600 Tokyo: 3-3201-8900 Sao Paulo: 11- 3048-4500 G262-465-2 27-Aug-97 13:22:54 BOA/FBI/LAY: 31114 -BF002-00363 ============= Page 2 of 12 ============= Page DG28 Equity E E EARNINGS ESTIMATE S PAGE 2 OF 5 ENRON 8/25/97 COMPANY VS INDUSTRY ---------- EPS GROWTH RATES -------- (CUR FY=9712) P/E ON LAST 5 YRS CUR/LAST NXT/CUR NXT S CUR YR ACTUAL ( o) (o) (%) YES (%) EPS COMPANY 15.7 -3.9 8.5 14.3 16.5 IND: OIL-PROD/PIPEL 11.1 4.8 12.4 12.0 16.1 (T=235) S & P 500 13.1 11.1 6.3 7.6 20.6 ------------------------------------------------------------ COMPANY/INDUSTRY 1.4 -0.8 0.7 1.2 1.0 COMPANY/S&P 1.2 -0.4 1.3 1.9 0.8 Bloombera-all rights reserved. Frankfurt:69-920410 Hong Kong:2-521-3000 I.ondon:171-330-7500 New York:212-318-2000 Prin eton:609-279-3000 Singapore:226-30D0 Sydney:2-9777-8600 Tokyo:3-3201-8900 Sao Pau1o:L1-3048-4500 G262-465-2 27-Aug-97 13:27:37 BOA/FBI/LAY: 31115 LBF002-00364 ============= Page 3 of 12 ============= 1 DG28 Equity H P C O M P O S I T E/ C L O S E/ P R I C E PAGE 1/ 3 ENRON CORP (ENE US) PRICE 37516 T $ DELAYEZ) HI 423a ON 6/13/97 RANGE '279? TO 8/7/97 PERIOD D (D-W-M-Q-Y) AVE 39.119 VL 1031950 T (T=Trri.R_Rid.A=Ask.W=Wa) LOW 355. C)N 8/15/97 DATE PRICE VOLUME DATE PRICE VOLUME DATE PRICE VOLUME F F 8/ 8 36'8 1735800 F 7/18 3812 1335000 T T 8/ 7 371 e 2292500 T 7/17 381516 1424100 W 8/27 37516 379100 W 8/ 6 37916 1419800 W 7/16 3814 4042300 T 8/26 37916 945800 T 8/ 5 38 1274592 T 7/15 39 4457900 M 8/25 361516 587200 M 8/ 4 37916 774000 M 7/14 4014 1493700 F 8/22 3634 543000 F 8/ 1 37'8 668300 F 7/11 40'e 929700 T 8/21 3614 703300 T 7/31 37'8 746900 T 7/10 41 759700 W 8/20 361516 658800 W 7/30 371316 890400 W 7/ 9 411e 837500 T 8/19 361116 1082200 T 7/29 37' e 873900 T 7/ 8 41' e 1411600 M 8/18 351316 827100 M 7/28 38 589500 M 7/ 7 4138 830300. F 8/15 L355e 807200 F 7/25 38'4 1344400 F 7/ 4 T 8/14 3614 942800 T 7/24 3858 1546200 T 7/ 3 411516 582600 W 0/13 367 16 647600 W 7/23 383 16 1953600 W 7/ 2 41'4 1247500 T 8/12 361 4 1393500 T 7/22 383 6 1972500 T 7/ 1 41' 16 2018300 M 8/11 363 4 885300 1M 7/21 371516 1709900 M 6/30 401316 1022000 8loniahero-a11 rights reserved. Frankfurt:69-920410 Hong Kong:2-521-3000 l.ondon:171-33G-7500 lev Ycrk:2.2-2_9-2000 Princeton:609-279-3000 Singaporc:226-3000 Sydney:2-9777-0600 Tokyo:3-3201-0900 Sao Paulo :11-3046-4500 G262-465-2 27-Aug-97 13:23:10 BOA/FBI/LAY: 31116 LBF002-00365 ============= Page 4 of 12 ============= 2 dgp Eq ,; ty H D S 1 Type # to access client information I n s t i t u t i o n a l H o t ding s PAGE 1 Pct Latest F tFIDELITY MGT&RES FIDELITY MAGELLAN FU Mut Fund 3,962M 1.32 -575M :3/97 2DEAN WITTER DEAN WITTER DIVIDEND Mut Fund 3,050M 1.02 2/97 3;PUTNAM INVEST PUTNAM FUND FOR GROW Mut Fund 2,OSOM .68 -10,000 4/97 4~FIDELITY MGT&RES FIDELITY CONTRAFUND Mut Fund 1,843M .62 1,134 M 12/96 s,VANGUARD GROUP VANGUARD INDEX 500 Mut Fund 1,364M .46 192,905 12/96 6)FIDELITY MGT&RES FIDELITY GROWTH COMP Mut Fund 1,221M .41 773,100 5/97 7;FIDELITY MGT&RES FIDELITY ADVISOR GRO Mut Fund 1,120M .37 687,500 4/97 a:PUTNAM INVEST PUTNAM VOYAGER FUND Mut Fund 1,058M -35 .-592M 1/97 9:FIDELITY MGT&RES FIDELITY FUND Mut Fund 663,700 .22 663,700 12/96 lo)FIDELITY MGT&RES FIDELITY PURITAN FUN Mut Fund 625,100 .21 625,100 1/97 11UVANGUARD GROUP VANGUARD INSTITUTION Mut Fund 510,024 .17 75,505 12/96 12:SELIGMAN JW & CO TRI-CONTINENTAL CORD Mut Fund 500,000 .17 12/96 13AMER EXPRESS FIN IDS STRATEGY AGGRESS Mut Fund 481,200 .16 3/97 _iKEYCORP MUTUAL VICTORY DIVERSIFIED Mut Fund 460,700 .15 140,000 4/97 1SALLSTATE INS CO ALLSTATE INSURANCE C Sch-D 458,400 .15 -32,099 3/97 . indicates money Market Directory information available. Hit # and then IP to access. To search for institutional portfolios based on your criteria, type PSRT XO Bloomberg-all rights reserved. Frankfurt:69-920410 Hong Kong:2-521-3000 London:171-330-7500 New Yort:2-2 -'-19-2000 Princeton:609-279-3000 Singapore: 226-3000 Sydney:2-9777-9600 T_ckyo :3-3201-8900 Sao Paulo:11- 3048-4500 G242-465-2 27-hug-97 13:24:17 BOAIFB!/LAY: 31117 LBF002-00366 ============= Page 5 of 12 ============= C P Q L'S $ y 6 4 'B- 1 '-4 N --x-- Equity D E S DELAY 13:03 Vol 4,640,300 Op 6576 Hi 66 T Lo 64 T ValTrd 300.434m D E S C R I P T I O N Page 1 /10 C P Q U S 11) CN COMPAQ COMPUTER CORP CUSIP 204493100 Computers-micro u) HH Hoover's Handbook Compaq Computer Corporation designs, develops, manufactures and markets personal computers for professional users and consumers. The Company's products include portable, desktop, laptop, notebook personal computers and servers that are com- patible with IBM and all standardized applications software. STOCK DATA B)DVD DIVIDENDS - None 1)GPO Current Price $ 6416 Indicated Gross Yld 52Wk High 8/25 $ 6834 Dividend Growth 5YR 5 2Wk Low 9 / 5 $ 21516, Ex-Date Type Amt YTD Chng (115-55%) $ 3436 2)TRA 1 Yr Total Return 182.49% 7/29/97 SPLIT 5 for 2 3)CH1 Current Shares Out 691.20M EARN NGS Market Cap 44323.20M Trailing 12mo EPS $ 2.004 Float 682.66M 9)EE Est EPS 12/97 $ 2.570 siBETA Beta vs. SPX 1.14 1o)GE P/E 32.00 Est P/E 24.95 6iOCM Ootions avail & Stk Mar inable EPS Yr chancre 63.89% Bloomberg-all riancs reserved. Frankfurt:69-920410 Hong Kong:2-521-3000 London:171-333-7500 New York:212-216-2000 Pr:nceton:609-279-3000 Singapore 226-JOSH Sydney:2-9777-8600 Tokyo:3-3201-6900 Sao Paulo:11-3046-4500 G262-465-2 27-Aug-97 13:24:39 BOA/FBI/LAY: 31118 -BF002-00367 ============= Page 6 of 12 ============= Page DG28 Equity D E S Hit 1 for a more detailed company management profile (MCAT). C P Q U S COMPAQ COMPUTER CORP Page 2 /10 20555 STATE HIGHWAY 249 T:281-370-0670 F:281-374 -1740 HOUSTON,TX 77070 http://www.compaq.com UNITED STATES TR AG Boston EquiServ e L.P. # OF EMPLOYEES 18,900 ECKHARD PFEIFFER PRESIDENT/CEO EARL L MASON SENIOR VP/CFO ANDREA BARTH SENIOR VP J DAVID CABELLO SENIOR VP/SECRETARY /GENERAL COUNSEL HANS W GUTSCH SENIOR VP MI CF.AEL HEIL SENIOR VP Type Common Stock PAR .01 MEMBER TICKER WEIGHT PRIMARY EXCHANGE NEW YORK S&P 500 INDEX SPX .627. COUNTRY UNITED STATES NYSE COMPOSITE I NYA .5 050 FISCAL YEAR END DECEMBER AMEX INSTITUTION XII 1.1000 SIC Code 3571 ELEC COMPUTER AMEX COMPUTER TE XCI 5.187. VALOREN 920123 CBOE TECHNOLOGY TXX 3.6140 SVM Code 511941 S&P INDUSTRIALS SPXI .7860 WPK Number 868576 S&P CAPITAL GOOD SPCAPC 2.8430 SEDOL 2214456 S&P HIGH TECH CO SPHITC 3.7320 Sicovam 923636 RUSSELL 1000 IND RIY .557% ISIN US2044931002 RUSSELL 3000 IND RAY .5010 Bloomberg-a11 rights reserved. Frankfurt:69-920410 Hong Kong:2-521-3000 London:171-330-7500 Ne. York :212-318-2000 frinceton:609-279-3000 Singaoore:226-3000 Sydney:2-9777-8600 Tokyo:3-3201-8900 Sao Paulo: 11-3048-4500 G262-465-2 27-Aug-97 13:24:45 BOA/FBI/LAY: 31119 i ornn7 nngFQ ============= Page 7 of 12 ============= Page R A T I O S CPQ US COMPAQ COMPUTER CORP FY END DEC 1996 * = Trailing 12 month DG28 Equity D E S Page 3 /10 = Last Ouarter O2e1997 ISSUE DATA PER SHARE DATA CASH FLOW ANALYSIS Price 641 e P/E 32.00 Trailing 12m EPS 2.00 Cashflow/net inc. 2.60 Div Yld .00 Trailing 12m DPS .00 Payout ratio .00 Price/Book 6.50 Book value/share 9.86 Csh gen/Csh req 9.96 Price/Sales 2.46 Sales/share 26.03 Dvd coverage Price/Cashflow 13.09 Cashflow/share 4.90 Cash-oper/sales 18.82 Market cap. 44323.20 Shares out 691.20 Eff int. rate 33.00 Price/FCF 14.55 FCF/share 4.41 GROWTH POTENTIAL PROFITABILITY STRUCTURE EPS Yr change 63.89 Operating margin 10.37 % '"Current ratio 2.33 Cap Yr change 31.14 Pretax margin 10.36 % "Quick ratio 1.73 BVPS Yr change 30.00 Return on assets 14.32 % `Debt to assets .00 R & D to sales 2.25 Return on equity 24.41 % `T debt-/Com eqty .00 Retention rate 100.00 Return on cap. 24.24 % A/R turnover 5.74 Sales Yr change 22.73 Asset turnover 1.97 Inv. turnover 8.41 Employ Yr change 10.82 Fin. leverage 1.71 Gross margin 23.17 Asset Yr change 34.64 Eff tax rate 30.01 % EBIT/int expense 18.96 Bloomberg-a1l rights reserved. Frank:urt:69-920410 Hong Kong:2-521-3000 London:171-330-7500 New York:212-31B-2000 Princeton: 609-279-3000 Singapore:226-3000 Sydney:2-9777-8600 Tokyo:3-3201-9900 Sao Pau1o:11-3048-4500 G262-465-2 27-Aug-97 13:24:50 BOA/FBI/LAY: 31120 LBF002-00369 ============= Page 8 of 12 ============= Page DG28 Equity D E S SHAREHOLDER INFORMATION Page 4 /10 COMPAQ COMPUTER CORP LATEST PUBLIC OFFERING Date of offering 12/83 Shares offered 6.00m Split Adj: 90.00m Share Price $ 11.00 Split Adj: _73 Lead Manager L.F. ROTHSCHILD & CO. Type Common Stock INSIDER TRADING INSTITUTIONAL OWNERSHIP Net $ Value Buys and Sells As Of 8/20/97 # of Buyers 341 (1985 - Present In Dollars) # of Sellers 251 Lowest activity 11/94 -44.OOMLN # of Holders 629 Highest activity 3/92 10.37MLN Shares Held 537.21MLN Mean: -5.08MLN °s Shares Out. 78.34 Most recent 45 days -6.76MLN Shares Sold 28.22MLN 3loomberg-all rights reserved. Frankfurt:69-920410 Hong Kong:2-521- 3000 London: 171-330-7500 New York: 212- 318-2000 Princeton:609-279-3000 Singapore:226-300D Sydney:2-9777-8600 Tokyo:3-3201-8900 Sao Pau1o:11-3 048-4500 G262-465-2 27-Aug-97 13:24:52 BOA/FBI/LAY: 31121 LBF002-00370 ============= Page 9 of 12 ============= Page C P Q U S COMPAQ COMPUTER CORP Nit sa 1 es 6000 4000 .........:......... :........ 2000 0 MAR90 MAR92 MAR94 MAR96 DG28 Equity DES Page 5 /10 .80 .60 .40 .20 .00 - 20 EPS ,v+u ------- - ---- -- ------- MAR90 MAR92 MAR94 MAR96 YR 01 02 03 04 YR 01 02 03 04 1997 4805.0 5012.0 997 .54 .30 1996 4205.0 4001.0 4481.0 5422.0 996 .34 .39 .50 .66 1995 2959.0 3501.0 3594.0 4701.0 995 .32 .36 .36 .12 1994 2278.0 2499.0 2838.0 3251.0 994 .32 .31 .30 .36 1993 1611.4 1632.3 1746.2 2201.1 993 .16 .16 .17 .Z3 1992 783.0 827.0 1067..1 1422.6 992 .07 .05 .08 .15 1991 970.8 717.8 709.4 873.4 1991 .17 .03 -.11 .11 1990 872.2 862.2 863.0 1001.5 990 .14 .16 .18 .20 Net sales amounts in mil or s, per snare amounts in a. Bloomberg-all ri ghts reserved. Frankfurt:69-920410 Hong Kong 2-521-3000 London: 171-330-7500 New York ~212-31B-2000 Princeton L09-279-3000 Singapore 1226-3000 Sydney:2-9777-8600 Tokyo:3-3201-8900 Sao Paulo+11-3049-4500 6262-465-2 27-Aug-97 13.2459 BOA/FBI/LAY: 31122 -BF002-00371 ============= Page 10 of 12 ============= Page DG28 Equity D E S Hit 1 for more income statement information (CH2). I N C OME STATEMENT (Mil of $ ) Page 8 /10 C P Q U S COMPAQ COMPUTER CORP Net sales 7191.0 10866.0 14755.0 18109.0 Cost of goods sold 5493.0 8139.0 11367.0 13913.0 Sell, gen & adm exp 1006.0 1461.0 2105.0 2319.0 Operating inc(loss) 692.0 1266.0 1283.0 1877.0 Interest expense 41.0 62.0 81.0 91.0 For exchange L (G) 15.0 46.0 33.0 14.0 Net non-op L (G) 20.0 -14.0 -19.0 -104.0 Income tax expense 154.0 305.0 399.0 563.0 Reserve charges (cr) .0 .0 .0 .0 Income bef XO items 462.0 867.0 789.0 1313.0 XO L(G) pretax .0 .0 .0 .0 Tax effect on XO items .0 .0 .0 .0 Minority interest .0 .0 .0 .0 Net income (loss) 462.0 867.0 789.0 1313.0 Tot cash pref. dvd .0 .0 .0 .0 Tot cash comm. dvd .0 .0 .0 .0 Avg # shares for EPS 635.3 671.5 594.0 695.8 EPS before XO items .727 1.292 1.152 1.888 EPS aft XO items .727 1.292 1.152 1.888 0 ioom cerg-all rights reserved. Frankfurt: 69-920410 Hong Kong:2-521-3000 London: 171-330-7500 New Ycr ::212-3i5-2000 i':-inc eton:609-279-3000 Singapore:226-3000 Sydney:2- 9777-8600 Tokyo:3-3201-8900 Sao Paulo:11-304B-4500 G262-4 65-2 27-Aug-97 13:25:07 1 BOA/FB!/LAY: 31123 LBF002-00372 ============= Page 11 of 12 ============= Page DG26 Equity D E S Hit 1 for more balance sheet information (CH3). B A L A N C E S H E E T ( Mil of $) Page 9 /10 C P Q II S COMPAQ COMPUTER CORP 12/95 12 96 12/95 12 96 Cash & near cash 745.0 2920.0 Accounts payable 1379.0 1961.0 Marketable sec .0 1073.0 ST borrowings .0 .0 Acct & notes rec 3141.0 3168.0 Other ST liab 1301.0 1891.0 Inventories 2156.0 1152.0 Cur liabilities 2680.0 3852.0 Other cur assets 485.0 856.0 Current assets 6527.0 9169.0 LT borrowings 300.0 300.0 Other LT liab 224.0 230.0 LT inv't & LT rec .0 .0 Noncur liabilities 524.0 530.0 Total liabilities 3204.0 4382.0 Depr fixed assets 1767.0 2036.0 Non-depr fixed ass 214.0 183.0 Preferred equity .0 .0 Accum depreciation 871.0 1047.0 Minority interest .0 .0 Net fixed assets 1110.0 1172.0 Share cap & APIC 890.0 1107.0 Retained earnings 3724.0 5037.0 Other assets 181.0 185.0 Shareholder equity 4614.0 6144.0 Tot liab & equity 7818.0 10526.0 Total assets 7818.0 10526.0 ST part of LT debt .0 .0 Shares out 667.8 684.0 # treasury shares .0 .0 Amt treasury stock .0 .0 9lcomberg-all rights reserve d. Frankfurt:59- 920410 Hong Kcr.g:2-521-3000 London:171-330-7500 New Ycrk:2' 2-319-2000 Princeton:609-279-3000 S ingapore:226-3000 Sydney:2-9777-8600 Tokyo:3-3201-8900 Sao Paulo: 11 -3 048-4500 G262-465-2 27-Aug-9 7 13:25:12 a BOA/FBI/LAY: 31124 LBF002-00373 ============= Page 12 of 12 ============= Page DG28 Equity D E S Hit 1 for more cash flow information (CH6). C A S H F L O W SUMMARY ( Mil of $) Page 10/10 C P Q U S COMPAQ COMPUTER CORP Net i:nccne (loss) 462.0 867.0 789.0 1313.0 Deprec & amort 156.0 169.0 214.0 285.0 Other non-cash adj 12.0 -47.0 362.0 155.0 Chg in non-cash we -390.0 -1090.0 -422.0 1655.0 Cashflow-operating act 240.0 -101.0 943.0 3408.0 Disp of fixed asst .0 .0 .0 Capital expenditures -145.0 -357.0 -391.0 -342.0 Sale LT invest .0 .0 .0 .0 Purchase LT invest .0 .0 .0 .0 Other investing acts .0 -51.0 -312.0 -1121.0 Cashflow-investing act -145.0 -408.0 -703.0 -1463.0 - Dividends paid .0 .0 .0 .0 Inc(dec) ST borrow .0 .0 .0 .0 Increase: LT borrow .0 300.0 .0 .0 Decrease: LT borrow .0 .0 .0 .0 Inc capital stock 142.0 100.0 79.0 112.0 Dec capital stock .0 .0 .0 91.0 Other financing acts 33.0 -47.0 -45.0 27.0 Cashflow-financing act 175.0 353.0 34.0 230.0 Net changes in cash 270.0 -156.0 274.0 2175.0 °_loomberg-a1l rights reserved. Frankfu rt: 69-920410 Hong Kong: 2 -521-3000 l.ondcn:171-330-750u New York; 212-319-200'_ Princeton:609-279-3000 Singapore:226-3000 Sydney:2-9777-8600 Tokyo:3-3201-8900 Sao Paulo; 11-3048-4500 G262-465-2 27-Aug-97 13:25:1116 BOA/FBI/LAY: 31125 LBF002-00374