============= Page 1 of 9 ============= Kenneth L. Lay Balance Sheet Comparison October 31, 1999 Current Assets 9130/99 3,395,902 10/31/99 3,189,963 Variance (205,939) Add'I monies invested Marketable Investments Com & Pref Stocks 71,591,417 69,993,093 (1,598,324) ENE dec $1.125/sh & CPQ dec $3.75/sh from pr mo; $552,000 reclass. to LT Inv Executive Stock Options 87,594,948 83,123,750 (4,471,198) ENE dec $1.125/sh & CPQ dec $3.75/sh from pr mc; Bonds 134,541 234,541 100,000 Earthcare Co Debentures Mutual Funds 7,548,359 7,946,866 398,507 Partnerships (Family)* 22,221,743 21,510,848 (710,895) Long Term Investments 25,209,288 26,422,371 1,213,083 Trailside Apts, Reclass. from stocks & Huntingdon Retirement Deferred Assets 12,991,208 12,968,300 (22,908) Personal Non Earning Assets 1,657,073 1,849,585 192,512 3 Jeeps & Furniture for Huntingdon & Petite #3 Current Liabilities (50,070,841) (51,961,732) (1,890,891) Borrowings for new invest. & net expenses Long Term Liabilities (53,219,042) (50,856,452) 2,362,590 Dec. in Deferred Tax Liab. due to decrease stock opt. Business Liabilities (109,947) (122,762) (12,815) NET WORTH $128,944,649 $ 124,298,371 (4,646,278) 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 0170 LBF002-00601 GOVERNMENT EXHIBIT 208 Crim. No. H-04-25 (S-2) ============= Page 2 of 9 ============= November 18, 1999 Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: October 31, 1999 Balance % of Total Assets % of Work in; Assets ASSETS CURRENT ASSETS Cash on Hand: CASH ON HAND/SK 42.59 .0% .0% CASH ON HAND/PSTOKES 379.16 .0% .0% CASH ON HAND/MSTURGIS 186.82 .0% .0% Total Cash on Hand: 608.57 .0% .0% Checking Accounts: NATIONSBANK 0707 20,099.88 .0% .0% NATIONSBANK/CONTRIBUTIONS 211.39 .0% .0% NATIONSBANK/LPL PROPERTIES -41,560.02 .0% .0% NATIONSB ANK/STOKES 1,934.43 .0% .0% VECTRA BANK 9,933.34 .0% .0% UNITY 109-900 5,119.38 .0% .00.'0 Total Checking Accounts: -4,261.60 .0% .0% Money Market Accounts: WASHINGTON DC ACCT 90,000.00 .0% .0% Total Money Market Accounts: 90,000.00 .0% .0% Brokerage Accounts: GOLDMAN SACHS/GS-61 261,767.25 .1% .1% GOLDMAN SACHS/GS-42 67,344.52 .0% .0% SANDERS MORRIS MMA/SMM-JT 5,458.01 .0% .0% SANDERS MORRIS MMA/SMM-KLL 21.85 .0% .0% PAINE WEBBER MMA/PW-KLL 11.86 .0% .0% PAINE WEBBER CYPRESS/PW-98 6,026.89 .0% .0% PAINE WEBBER MMA/PW-94 -51,984.76 .0% .0% CHARLES SCHWAB-CYPRESS/SCH 2,210.99 .0% .0% WATERHOUSE SEC-MMA/WSI 1,013.99 .0% .0% Total Brokerage Accounts: 291,870.60 .1% .1% Savings Accounts: ENRON CREDIT UNION/ML 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 % < Page 1 > LAY-G39 0171 LBF002-00602 ============= Page 3 of 9 ============= Kenneth L. & Linda P. Lay November 18,1999 BALANCE SHEET ANALYSIS As of: October 31, 1999 Balance % of Tot al Assets % o f Working Assets ACCT RECV-RENT DEP (#1000) 2,102.08 .0% .0%1 ACCT RECV-S. HOBBS 150,000.00 .1°% 1% ACCT RECV-D. HOBBS 150,000.00 .1% .1% ACCT RECV-RRH (DICKEY) 135,000.00 .1% .1% ACCT RECV-BJONES 128,285.91 .1% .1 % ACCT RECV-JWALLS 3,768.62 .0% .0% ACCT RECV-JAL 22,878.89 .0% .0% ACCT RECV-E MCELROY 6,650.00 .0% 0".0 Total Short-term Receivables: 1,350,513.80 .6% .60,o Notes Receivable: FAM PTRNS ANNUITY-2JKLL 730,081.17 .3% .3% FAM PTRNS AN`NUTTY-2/LPL 728,707.10 .3% .3°0 Total Notes Receivable: 1,458,788.27 .6% .6% TOTAL CURRENT ASSETS 3,189,963.60 1.4% 1.4% MARKETABLE INVESTMENTS Enron Corp. S 48,198,626.51 Common Stock 7,780,972.59 Fayez Sarofim Mgmt.-Com 3,176,793.50 Sanders Morris Mundy-Com 1,490,03 1.37 Cypress Asset Mgmt.-Com. 3,480,874.29 Goldman Sachs-Com 1,907,242.02 Goldman S achs-Internet 1,106,422.49 Paine Webber Managed 2,777,130.00 < Page 2 > LAY-G39 0172 i RFnrr-nnFnn ============= Page 4 of 9 ============= November 18, 1999 Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: October 31, 1999 Balance % of Total Assets % of Working Assets Vested Exec Stock Options: CPQ ESO 4-97 25000SH (98) 15,475.00 .0% .0% CPQ ESO 4-97 25000SH (99) 77,375.00 .0% .0% CPQ ESO 4-97 4370SH 48,528.85 .0% .0% CPQ ESO 4-98 2,424 SHS 11,356.44 .0% .0% ENE ESO 2-93 100,000 SHS 2,634,750.00 1.2% 1.2% ENE ESO 2-94 168,000 SHS 3,895,500.00 1.7% 1.7% ENE ESO 2-94 2,000,000 SHS 45,875,000.00 20.2% 20.4% ENE ESO 12-94 180,560 SHS 4,457,575.00 2.0% 2.0% ENEESO 12-94 84,670 SHS 2,090,290.63 .9% .90,/0 ENE ESO 12-95 162,512 SHS 3,392,844.28 1.5% 1.5% ENE ESO 1-96 147,700 SHS 3,184,042.75 1.4% 1.4% ENE ESO 12-96 88,965 SHS 1,634,954.29 .7% .7% ENEESO 1-97 113,090 SHS 2,000,279.38 .9% .90.'0 ENE ESO 1-97 595,000 SHS 10,857,262.50 4.8% 4.8°0 ENE ESO 1-98 63,592 SHS 1,264.049.98 .6% .6% ENE ESO 12-98 147,663 SHS 1,684,465.67 .7% .7% Total Vested Exec Stock Options: 83,123,749.77 36.6% 36.9% Preferred Stocks: OPENPLUS 7,500SH/SMM-JT 75,000.00 .0% .0% Total Preferred Stocks: 75,000.00 .0% .0% Corporate Bond-Convertibl: LAKEWOOD SPORT CONV/SMM-JT 52,250.00 .0% .0% LAKEWOOD SPORT-1/SMM-JT 52,250.00 .0% .0% LAKEWOOD SPRT CONV2/SMM-JT 30,041.00 .0% .0% EARTHCARE CO DEB/SMM-JT 100,000.00 .0% .0% Total Corporate Bond-Convertibl: 234,541.00 .1% .1% Mutual Funds: GS 1999 EXCH FND/GS 6,087,838.98 2.7% 2.7% TCW SELECT EQUITIES FUND 1,074,805.20 .5% .5% TCW MID CAP GRWTH/NB 784,222.16 .3% .3% Total Mutual Funds: '- 7,946,866.34 3.5% 3.5% Partnerships-other. KLL & LPL INVESTMENT PTRNS 20,863,855.00 9.2% 9.3% KLL & LPL FAMILY PTRNS 646,993.00 .3% .3% Total Partnerships-other 21,510,848.00 9.5% 9.5% TOTAL MARKETABLE INVESTMENTS-' 182,809,097.88 80.4% 81.1% LONG-TERM INVESTMENTS Residence: REAL ESTATE/HUNTINGDON 9,541,466.04 4.2% 4.2% < Page 3 > LAY-G39 0173 LBF002-00604 ============= Page 5 of 9 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: October 31, 1999 REAL ESTATE/LOOSCAN Total Residence: Real Estate Other Homes: REAL ESTATE/ASPEN REAL ESTATE/B-3431 REAL ESTATE/SPRING ST PIRATES' COVE LOTS REAL ESTATE/B-3429 REAL ESTATE/B-3433 REAL ESTATE/REBA REAL ESTATE/CREEKSTONE LOT REAL ESTATE/WESTGATE REAL ESTATE/2514 AVALON Total Real Estate Other Homes: Real Estate Active Rental: REAL ES TATE/ 174 1 S R REAL ES TATE/1852MAR REAL ES TATE/1856MAR REAL ESTATE/1918SR REAL ESTATE/KINGS REAL ESTATE/VIKING Total Real Estate Active Rental: Real Estate Passive: BLENHEIM APARTS, LTD. COLORADO OASIS LTD. CREEKSTONE SOUTH RICE PTRS LAKE CHARLES APTS., LTD. JESTER APTS PARTNERS,LP TRAILSIDE APTS, LTD. MILAND INVESTMENTS LLC J.T.FAM,SR. INVEST., LTD. W.E. TRADE INVESTMENTS LTD : _ W.A.REHAUSENLOT INV LTD Total Real Estate Passive: Farming Interests: 11ACRES ILLINOIS Total Farming Interests: Other Investment-Passive: CAPRICORN INVESTORS II LP CAPRICORN INVESTORS III November 18, 1999 Balance % of Total Assets % of Working Assets 1,282,327.75 .6% .6% 10, 823, 793.79 4.8% 4.8% 2,863,697.02 1.3% 1.3% 447,544.79 .2% .2% 728,346.45 .3% .3010 299,742.66 .1% .1% 695,917.34 .3% .3% 831,240.06 .4% .4%%0 492,639.61 .2% 2% 1,679,069.25 .7% .7% 283,195.50 .1% .10o 283.421.38 .1% .1 % 8, 604, 814.06 3.8% 3.8 9'o 147,309.00 .1% .10,/0 104,044.97 .0% .0% 167,250.00 .1% .1% 242,622.73 .1% .1% 190,000.00 .1% .1% 60,000.00 .0% .0% 911,226.70 .4% .4% 225,000.00 .1% .1% 254,888.00 .1% .1% 300, 000.00 .1% .1% 240,000.00 .1% .1% 400,000.00 .2% .2% 500,000.00 .2% .2% 170,000.00 .1% .1% 252,450.00 .1% .1% 227,700.00 .1% .1% 105,930.00 .0% .0% 2,675,968.00 1.2% 1.2% 4,500.00 .0% .0% 4,500.00 .0% .0% 562, 622.00 .2% .2% 15,000.00 .0% .0% < Page 4 > LAY-G39 0174 LBF002-00605 ============= Page 6 of 9 ============= November 18, 1999 Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: October 31, 1999 Balance % of Total Assets % o f Working Assets CARSON PRIV CAP EUROPE LP 300,000.00 .1% .1% CORPORATE OPPT FUND/SMM-JT 225,000.00 .1% .1% KESTREL VENTURES, LLC 59,920.00 .0% .00.'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% .00,/0 ENVIR OPP 500,000SH/SMM-JT 398,500.00 .2% .2% ENVIRON OPP FUND II/SMM-JT 154,000.00 .1% 1 % Y2K ENERGY CO., LTD. 1,110,000.00 .5% .5% MV PTRNS-CYBER DIALOGUE 346,500.00 .2% 20./0 Total Other Investment-Passive: 3,402,068.00 1.5% 1.5110 TOTAL LONG-TERM INVESTMENTS 26,422,370.55 11.6% 11.7% RETIREMENT/DEFERRED ASSETS IRA: FIDELITY MAGELLAN/KLL-PW 58,332.88 .0% .00.0 Total IRA: 58,332.88 .0% .0% IRA/Spouse: FIDELITY MAGELLAN/LPL-PW 58,387.42 .0% .0% Total IRA/Spouse: 58,387.42 .0% .0% Keogh Account: SCUDDER GRWTH & INC/KLL 344,813.15 .2% .2% SCUDDER INCOME/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, 56 0.00 1.3% 1.3% ENRON SAVINGS ROIPW401K 3,249,674.44 1.4% 1.4% ENRON SAVINGS 401(K) 727,864.53 .3% .3% ENRON ESOP 6,369.23 .0% .0% FID GROWTH CO 401(KYKLL 16,402.93 .0% .0% FID OTC 401(K)/KLL 11,072.74 .0% .0% FID OVERSEAS 401(K)(KLL 19,463.07 .0% .0% FID MAGELLAN 401 (KYKLL 50,012.39 .0% .0% Total Retirement Plan: 7,042,419.33 3.1% 3.10/6. Deferred Compensat'n Plan: ENRON DEFERRED COMP-85 3,178,450.76 1.4% 1.4% ENRON DEFERRED COMP-94 771,385.52 .3% .3% ENRON PHANTOM STOCK DEF 421,928.51 .2% .2% ELI LILLY DEFERRED COMP 1,043,779.34 .5% .5% Total Deferred Compensat'n Plan: 5,415,544.13 2.4% 2.4% < Page 5 > LAY-G39 0175 LBF002-00606 ============= Page 7 of 9 ============= Kenneth L. & Linda P. Lav BALANCE SHEET ANALYSIS As of: October 31, 1999 Balance- % of Total Assets TOTAL RETIREMENT/DEFERRED ASSETS 12,968,300.48 5.7% TOTAL WORKING ASSETS 225,389,732.51 99.2% 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°'0 97 SUBURBAN CHEVY 29,393.30 .0% 00 MERCEDES S500V 98,701.59 .00.'0 00 YELLOW JEEP WRANGLER 22,778.61 .0% 00 SILVER JEEP WRANGLER 22,822.50 .0% 00 RED JEEP WRANGLER 21,970.05 .0% Total Automobile(s): 374,934.38 .2% Home Furnishings: HOME FURNISHINGS/HUNT 852,480.62 .4% HOME FURNIS HINGS/LO OSCAN 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 FURNISHINGSB-3433 73,057.99 .0% HOME FURNISHINGS/SPRING 1,100.00 .0% Total Home Furnishings: 1,352,465.66 .6% 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 1,849,585.04 .8% TOTAL ASSETS 227,239,317.55 100.0% LIABILITIES CURRENT LIABILITIES Credit Cards: AMER. EXPRESS/RL -26,018.06 AMERICAN EXPRESS -41,495.95 < Page 6 > November 18, 1999 of Working Assets 5.8% 100.0% .0% .0% .0% .0% LAY-G39 0176 LBF002-00607 ============= Page 8 of 9 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: October 31, 1999 Balance % of Total Assets % of Worki ng Assets MASTERCARD 5551 4,272.72 .0% .0% NEIMAN MARCUS 1314 -46,658.66 .0% .0% NEIMAN MARCUS 7487 -213.57 .0% .0% VISA GOLD 4151 5,244.87 .0% .0% Total Credit Cards: -104,868.65 .0% .0% Notes Payable: CHASE BANK LOC 6,767,000.00 3.0% 3.0% COMPASS BANK LOC 4,489,871.12 2.0% 2.0% ENRON CORP. LOAN 4,000,000.00 1.8% 1.8% NATIONSBANK $37.5M NON PUR 25,859,999.56 11.4% 11.5% PAINE WEBBER-LOC/PW-97 9,374,790.10 4.1% 4. %,%u ACCT PAYABLE (ST)-ENRON 41,506.11 .0% .0% Total Notes Payable: 50,533,166.89 22.2% 22.4% Security 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 MARG-FS/GS 1,531,608.56 .7% .7% Total Margin Acct Liability: 1,531,608.56 .7% .7% TOTAL CURRENT LIABILITIES 51, 961, 73 2.00 22.9% 23.1% LONG-TERM LIABILITIES Home Mortgage: NATIONS BANK/LOOSCAN NATIONS BANK/HUNTINGDON NATIONSBANK/HUNT #2 LIEN NATIONSBANK/HUNT #3 LIEN Total Home Mortgage: 627,389.98 .3% 4,430, 695.70 1.9% 497,135.57 .2% 498,025.80 .2% 6,053,247.05 2.7% November 18, 1999 .3% 2.0% .2% .2% 2.7% Other Real Estate Mtge: NATIONS BANK/ASPEN 1,537,822.79 .7% .7% CITICORP MORTGAGE/B-3431 220,228.89 .1% .1% NATIONS BANKILOTS 105,000.00 .0% .0% NATIONSBANK/B-3429 247,767.96 .1% .1% NATIONSBANK/B-3433 533,821.35 .2% .2% NATIONSBANK/REBA 324,822.16 .1% .1% NATIONSBANK/2514 AVALON 225,000.00 .1% .1% NATIONSBANK/CREEKSTONE LOT 1,200,000.00 .5% .5% Total Other Real Estate Mtge: 4,394,463.15 1.9% 1.9% < Page 7 > LAY-G39 0177 LBF002-00608 ============= Page 9 of 9 ============= November 18, 1999 Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: October 31, 1999 Balance % of Total Assets % of Worlang Assets Investment Liabilities: NATIONS BANK/WESTGATE LOT 191,250.00 .1% .1% Total Investment Liabilities: 191,250.00 .1% .1% 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 WITHHELD-EE (HH-CO) Total Employer Taxes/Bus: Accrued FICA Tax/Business: FICA PAYABLE-ER (TX) FICA PAYABLE-LPL ER(TX) Total Accrued FICA TaxBusiness: TOTAL BUSINESS LIABILITIES TOTAL LIABILITIES NET WORTH TOTAL NET WORTH TOTAL LIABILITIES AND NET WORTH 40,217,492.40 17.7% 17.8% 40, 217, 492.40 17.7% 17.8% 50,856,452.60 22.4% 22.6% 28,005.29 .0% .0% 3,187.40 .0% .0% 54,756.14 .0% .0% 5,200.00 .0% .0% 355.20 .0% .0% 63.40 .0% .0% 91,567.43 .0% .0% 28,007.16 .0% .0% 3,187.40 .0% .0% 31,194.56 .0% .0% 122,761.99 .1% .1% 102, 940, 946.59 45.3% 45.7% 124,298,370.96 54.7% 55.1% 227,239,317.55 100.0% < page 8 > LAY-G39 0178 LBF002-00609