============= Page 1 of 13 ============= Ken and Linda Lay Balance Sheet Comparison March 31, 2001 EVE $ 68.5000 $ CPQ $ 20.2000 ' $ Current Assets 2128/01 11,831,066 Marketable Investments Com & Pref Stocks 167,503,316 Executive Stock Options 136,758,048 Bonds 907,551 Mutual Funds 6,969,297 Partnerships (Family)* 29,565,131 Long Term Investments 53,112,675 58.1000 18.2000 3131/01 Variance 13,142,195 1,311,129 Add'I monies in brokerage accts due to stock opt exercises-result of mkt conditions, Inc. AIR Inv. Ptr. 144,684,122 (22,819,194) 99,198,785 (37,559,263) 55,000 ENE stock opt exec under plan 921,145 13,594 6,250,103 (719,194) 23,769,506 (5,795,625) 53,419,961 307,286 SRE Properties, Haines Aparts.t J.T. FAM, Sr. Invest., Capicomll Retirement/Deferred Assets 58,542,436 51,382,905 (7,159,531) Personal Non Earning Assets 3,669,177 3,562,821 (106,356) Cars written down to approximate blue book value Current Liabilities (77,943,507) (78,026,057) (82,550) Long Term Liabilities (114,584,123) (91,022,183) 23,561,940 Decrease in Def. Tax Liability due to mkt & stock option exe both under plan & gifted (45,000) Business Liabilities (296,291) (309,302) (13,011) NET WORTH $ 276,034,776 $ 226,974,001 (49,060,775) * Value based on FMV of partnership assets. No discount for partnership interest is shown. NOTE: Net Worth of $226,974,001 does not reflect 1,523,300 unvested Enron stock options and 151,948 restricted shares of Enron Corp. Based on a FMV of $58.10/share as of 3/31/01, these options are valued at $23,317,805 and the restricted shares are valued at $8,828,179 totaling $32,145,984. The total value less deferred tax liability of 40% would add approximately $19,287,590 to the bottom line. LAY-G32 1336 LBF002-00778 GOVERNMENT EXHIBIT 225 Crim. No. H-04-25 (S-2) ============= Page 2 of 13 ============= Ken and Linda Lay Balance Sheet Comparison March 31, 2001 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 guaranteed three secured notes in the amounts of $250,000 and $275,000 maturing on October 23, 2001 and a construction loan in the amount of $1,230,000 maturing on January 17, 2003 for his sister, Sharon Lay. These loans all have an interest rate of 30-Day LIBOR + 1.5% and are collaterized by residential real estate. He has also guaranteed an unsecured note in the amount of $50,000 for Sharon Lay Productions, Inc. which matures 2/21/02. Linda has guaranteed a note secured by a 2000 Toyota Avalon in the amount of $26,949 and a note secured by a 2001 Toyota in the amount of $19,381. Linda has guaranteed a note in the amount of $130,000 maturing November 28, 2005 with an interest rate of 8.15% for Randy Gray. This loan is secured by residential real estate in Galveston. The outstanding commitments for various investments total $ 19,973,385. LAY-G32 1337 LBF002-00779 ============= Page 3 of 13 ============= List of Outstanding Commitments As of March 31, 2001 Total Outstanding PERSONAL Commitment Total Invested Commitment Capricorn Investors Il LP Capricorn Investors III LP Carson Private European Fund Chase Cap Ptrs Private Eq Fund Corporate Opportunities Funds Environmental Opportunities Fund Environmental Opportunities II Fund Genesis Park LP Lazard Technology Partners II LP Murphree Venture Partners V, LP SRE Properties Partnership No. 1, L.P Sterling Group Partners I, L.P. Vanguard VII LP Westbridge Ventures, L.P. SUBTOTAL List of Scheduled Commitments: Houston NFL Holdings (Offset by Credit Facility at Bank of Am) TOTAL 500,000 500,000 - 750,000 402,811 347,189 1,625,000 1,137,500 487,500 5,000,000 1,806,313 3,193,687 750,000 375,000 375,000 500,000 475,000 25,000 400,000 168,000 232,000 500,000 500,000 1,000,000 327,162 672,838 500,000 100,000 400,000 2,500,000 1,084,912 1,415,088 2,500,000 2,500,000 3,000,000 600,000 2,400,000 1,000,000 249,917 750,083 $ 20,525,000 $ 7,226,615 $ 13,298,385 11,675,000 5,000,000 6,675,000 $ 32,200,000 $ 12,226,615 $ 19,973,385 LAY-G32 1338 _BF002-00780 ============= Page 4 of 13 ============= April 19. 2001 Kenneth L. & Linda P. Lav BALANCE SHEET ANALYSIS As of: March 31, 2001 Balance ASSETS CURRENT ASSETS - Cash on Hand: CASH ON HAND/SK 76.08 CASH ON HAND/PSTOKES 439.57 CASH ON HAND/MSTURGIS 455.76 CASH ON HAND/LEONA 381.63 CASH ON HAND/PRAKER 219.33 CASH ON HANDBVLILT 27.76 Total Cash on Hand: 1,600.13 Checking Accounts: BANK OF AMERICA 0707 15,127.53 BANK OF AMER/LPL PROP 6,443.98 BANK OF AMER/STOKES 4,528.20 CHASE BANK CHECKING 821.80 VECTRA BANK 2,709.83 UNITY 109-900 2,231.25 Total Checking Accounts: 31,862.59 Money Market Accounts: WASHINGTON DC ACCT 90,000.00 Total Money Market Accounts: 90,000.00 Brokerage Accounts: CHARLES SCH-CAPROCK/SCH-CR GOLDMAN SACHS/GS-61 GOLDMAN SACHS/GS-42 MORGAN STANLEY MMA/MS-36 PAINE WEBBER MMA/PW-22 PAINE WEBBER CYPRESS/PW-43 PAINE WEBBER HB/PW-65 PAINE WEBBER EGA/PW-11 PAINE WEB BER TCW CE/PW-71 PAINE WEBBERTOW MC/PW-72 Total Brokerage Accounts: 80,307.07 59,023.47 187,639.15 216,95 2.70 1,120,916.58 11,080.71 45,731.51 131,275.84 18,560.68 33,456.82 1,904,944.53 Savings Accounts: ENRON CREDIT UNION/KLL 45.45 Total Savings Accounts: 45.45 Treasury Bills: SAVINGS BONDS 600.00 Total Treasury Bills: 600.00 Page 1 LAY-G32 1339 LBF002-00781 ============= Page 5 of 13 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: March 31, 2001 Balance Short-term Receivables: ACCT RECV-KLL & LPL INVEST 2,535,000.00c ACCT RECV-TDH 500,000.00 ACCT RECV-TDH (LOOSCAN) 1,000,000.00 ACCT RECV-MKL 150,000.00 ACCT RECV-MKL (OVERBROOK) 1,309,400.00 ACCT RECV-RENT DEP (#1000) 2,102.08 ACCT RECV-RENT DEP (#811) 1,058.33 ACCT RECV-S. HOBBS 75,000.00 ACCT RECV-D. HOBBS 75,000.00 ACCT RECV-RRH 20,000.00 ACCT RECV-RRH(DEL MONTE) 1,535,786.52 ACCT RECV-RRH (DICKEY) 135,000.00 ACCT RECV-BJONES 104,305.10 ACCT RECV-RV 94,610.12 ACCT RECV-ELV(FL) 580,000.00 ACCT RECV-ELV(TX) 790,242.27 ACCT RECV-G KINNEAR 625,000.00 ACCT RECV-JANE TRAN 25,000.00 ACCT RECV-E MCELROY 2,150.00 ACCT RECV-RANDY GRAY 3,800.00 ACCT RECV-S. ADARO 6,900.00 ACCT RECV-A. PHILLIPS 37,000.00 ACCT RECV-JIM EMERSON 18,000.00 ACCT RECV-P TERRAZAS 14,000.00 ACCT RECV-T. ZILBERFARB 15,000.00 Total Short-term Receivables: 9,654,354.42 Notes Receivable: FAM PTRNS ANN UITY-2IKLL 730,081.17 PAM PTRNS ANNUITY-2/LPL 728,707.10 Total Notes Receivable: 1,458,788.27 TOTAL CURRENT ASSETS 13,142,195.39 Page 2 April 19. 2001 P~I_y C~-y LAY-G32 1340 3F002-00782 ============= Page 6 of 13 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: March 31, 2001 Balance MARKETABLE INVESTMENTS Enron Corp. Common Stock Fayez Sarofim Mgmt.-.Com Sanders Morris Mundy-Com Cypress Asset Mgmt.-Com. Goldman Sachs-Com Goldman Sachs-Internet Caprock Capital Advisors Harris Bretall PaineWebber Core Hold. TCW Core Equity TCW Mid Cap Equity Morgan Stanley & Co. Eagle Global Privately-Held Stock Vested Exec Stock Options: CPQ ESO 4-97 5000SH (98) CPQ ESO 4-97 25000SH (99) CPQ LSO 4-97 4370SH CPQ ESO 4-98 2,424 SHS CPQ ESO 4-99 2,953 SHS ENE ESO 2-94 15,492 SHS ENE ESO 12-95 203,140 SHS ENE ESO 12-96 118,620 SHS ENE ESO 1-97 113,090 SIIS Page 1 S 107,704,037.00 9,235,424.00 2,900,147.41 264,151.18 3,055,176.69 1,922,873.87 570,630.83 595,954.81 209,589.55 3,647,656.84 558,504.15 1,289,672.23 841,051.70 1,069,582.00 10,819,668.28 10,850.00 54,250.00 44,486..60 9,114.24 18,751.55 640,594.20 7,930,585.60 4,334,374.80 4,054,276.50 April 19, 2001 LAY-G32 1341 _BF002-00783 ============= Page 7 of 13 ============= April 19, 2001 rienneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: March 31, 2001 Balance ENE ESO 1-97 1,275,000 SHS 46,422,750.00 ENE ESO 1-98 127,184 SHS 4,838,079.36 ENE ESO 12-98 442,988 SHS 13,099,155.16 ENE ESO 12-99 650,000SHS 13,591,500.00 ENE ESO 1-00 384,617 SHS 4,150,017.43 Total Vested Exec Stock Options: 99,198,785.44 Treasury Bonds: US TREAS 0% 11-27/SCH-CR 49,500.00 Total Treasury Bonds: 49,500.00 Corporate Bond-Convertibl LAKEWOOD SPORT CONV/SMH-JT LAKEWOOD SPORT-1 /SMH-JT LAKEWOOD SPRT CONV2/SMH-JT EARTH CARE CO DEB/SMH-JT EARTH CARE CO 1534SIVSMH-JT EARTHCARE CO 2531 SH/SMH-JT EARTHCARE CO 2594SH/SMH-JT EARTHCARE CO 2688SH/SMH-JT EARTH CARE CO 2756SH/SMH-JT EARTHCARE CO 1 SH/SMH-JT EVELOCITY CORP NOTE NO. 1 EVELOCITY CORP NOTE NO. 2 FLASHFIND CORPORATION FLASHFIND CORP NOTE 3/01 Total Corporate Bond -Convertib 1: 52 250.00 52,250.00 30,041.00 100,000.00 1,534.00 2,531.00 2,594.00 2,68 8.00 2,756.00 1.00 150,000.00 150,000.00 250,000.00 75,000.00 871,645.00 Mutual Funds: GS 1999 EXCH FN D/GS 5,204,263.52 TCW SELECT EQUITIES FUND 623,578.97 TCW AGRESSIVE GRWTH/NB 374,760.00 TCW AGRESS GRWTH LT 47,501.05 Total Mutual Funds: 6,250,103.54 Partnerships-other. KLL & LPL INVESTMENT PTRNS 22,473,286.00 KLL & LPL FAMILY PTRNS 1,296,220.00 Total Partnerships-other: 23,769,506.00 TOTAL MARKETABLE INVESTMENTS 274,823,660.52 LONG-TERM INVESTMENTS Residence: REAL ESTATE/HUNTINGDON 10,105,973.71 Page 4 LAY-G32 1342 LBF002-00784 ============= Page 8 of 13 ============= Kenneth L. & Linda P. Lav BALANCE SHEET ANALYSIS As of: March 31, 2001 Balance Total Residence: 10,105,973.71 / RearEstate Other Homes REAL ESTATE/ASPEN 2,868,193.52 REAL ESTATE/ASPEN2 5,624,064.33 REAL ESTATE/ASPEN3 6,251,793.78 PIRATES' COVE LOTS 299,742.66 REAL ESTATE/B-3431 447,544.79 REAL ESTATE/B-3429 695,917.34 REAL ESTATE/B-3433 859,357,60 REAL ESTATE/REBA 492,639.61 REAL ESTATE/CREEKSTONE LOT 1,705,419.25 REAL ESTATE/WESTGATE 284,873.38 REAL ESTATE/2514 AVALON 283,421.38 Total Real Estate Other Homes: 19,812,967.64 Real Estate Active Rental: April 19, 2001 REAL ESTATE/174 ISR 147,309.00 REAL ESTATE/I852MAR 104,044.97 REAL ESTATE/1 856MAR 173,048.67 REAL ESTATE/I918SR 243,875.17 REAL ESTATE/KINGS 190,000.00 REAL ESTATENIKING 60,000.00 REAL ESTATEiMEXICO MO 240,026.00 REAL ESTATE/2403AVALON 944,179.00 Total Real Estate Active Rental: 2,102,482.81 Real Estate Passive: 13LENHEIM APARTS, LTD. 225,000.00 COLORADO OASIS LTD. 223 ,44 8.00 CREEKSTONE SOUTH RICE PTRS 291,800.00 CREEKSTONE WALNUT LP 750,000.00 DYMAXION APARTMENTS, LTD 22,422.00 HAINES APARTMENTS, LTD. 100,000.00 J ESTER APTS PARTNERS,LP 470,413.00 J.T.FAM,SR. INVEST., LTD. 492,988.00 LAKE CHARLES APTS., LTD. 240,000.00 MILAND INVESTMENTS LLC 878,370.60 NOLANA, LTD. 186,000.00 SRE PROPERTIES PTRNO. 1 1,084,912.33 TRAILSIDE APTS, LTD. 500,000.00 W.E. TRADE INVESTMENTS LTD 266,527.00 W.A.REHAUSENLOT INV LTD 117,302.00 Total Real Estate Passive: 5,849,182.93 './ Page 5 LAY-G32 1343 ============= Page 9 of 13 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: March 31, 2001 Balance Farming Interests: II ACRES ILLINOIS 4,500.00 Total Farming Interests: 4,500.00 Outer Investments: BROADWING, LLC 100,000.00 CAPRICORN INVESTORS II LP 618,540.00 CAPRICORN INVESTORS III 404,163.00 CARSON PR1V CAP EUROPELP 1,113,318.00 CHASE CAP PTRS PRV FUND 1,881,665.29 CORPORATE OPPT FUND/SMH-JT 339,000.00 - CHAMPION L.L.C/SMH-JT 96,812.00 - CON-EQUIP LLC/SMH-JT 100,000.00 CON-EQUIP II LLC/SIMIH-IT 43,600.00 ENVIR OPP 500,000SH/SMH-JT 242,500.00 ENVIRON OPP FUND IUSMH-JT 76,400.00 HOUSTON NFL HOLDINGS 2.5% 5,000,000.00 INDX LLC/SMH-JT 10,928.57 - KESTREL VENTURES, LLC 42,441.59 LAZARD TECH PTRS II LP 327,162.00 LOMBARDI LLC/SMH-JT 40,83150 MURPHREE VENTURE PTRS LP 100,000.00 MV PTRNS-CYBER DIALOGUE 346,500.00 MV PARTNERS 250,000.00 SANDERS OPPORTFUND/SMH-JT 884,999.50 TACONIC CAPITAL PTRS LP 2,676,074.00 TCW WESTBRIDGE VENTURES 249,917.00 VANGUARD VII LP 600,000.00 Total Other Investments: 15,544,853.45 TOTAL LONG-TERM INVESTMENTS 53,419,960.54 RETIREMENT/DEFERRED ASSETS IRA: PAINE WEBBER-IRA/KLL-PW 42,403.45 v Total IRA: 42,403.45 IRA/Spouse: PAINE WEB BER IRA/LPL-PW 42,434.40 Total IRA/Spouse: 42,434.40 Retirement Plan: ENRON-RETIREMENT 4,220,212.93 ENRON SAVINGS RO/PW401 K 4,74 1,947.70 Page 6. April 19, 2001 LAY-G32 1344 _BF002-00786 ============= Page 10 of 13 ============= Kenneth L. S: Linda P. Lay BALANCE SHEET ANALYSIS As of: March 31, 2001 Balance ENRON SAV RO MMA/PW40I K 63,514.56 KEOGH MMA/PW-18 2,292.21 KEOGH MUNDER TECH/PW-18 151,032-35 ENRON SAVINGS 401(K) 1,074,399.73 ENRONESOP 7,049.85 - FIB GROWTH CO 401(K)/KLL 17,930.00 FID OTC 401(K)/KLL 9,428.99 FID OVERSEAS 401(K),'KLL 20,740.00 FID MAGELLAN 401(K)/KLL 52,391.91 MANULIFE ANN KLL/PW-R 2,791,827.85 MANULIFE ANN LPLJPW-R 2,499,209.81 Total Retirement Plan: 15,651,977.89 Deferred Compensat'n Plan: I-ING PLAN-85 ENRON DEFERRED COMP-85 ENRON DEFERRED COMP-94 ENRON PHANTOM STOCK DEF ELI LILLY DEFERRED COMP TCW DEFERRED COMP Total Deferred Compensat'n Plan: TOTAL RETIREMENT/DEFERRED ASSETS 83,604.00 3,737,057.12 1,151,343.00 29,290,028.99 1,373,279.27 10 ,776.82 35,646,089.20 51,382,904.94 PERSONAL/NON-EARNING ASSET Automobile(s): 90 JEEP WRANGLER 5,700.00 92 4 WD JEEP CHEROKEE 7,400.00 93 MERCEDES 600SL 40,000.00 95 LT SUBURBAN CHEVY 13,000.00 96 RANGE ROVER 30,000.00 99 MERCEDES ML430 39,000.00 97 SUBURBAN CHEVY 15,000.00 00 MERCEDES S500V 75,000.00 00 MERCEDES ML55 73,348.19 00 MERCEDES G500LWB 149,176.18 00 YELLOW JEEP WRANGLER 20,400.00 00 SILVER JEEP WRANGLER 20,400.00 00 RED JEEP WRANGLER 20,400.00 01 GMC DENALI 47,272.40 01 GMC YUKON 1,000.00 01 GRAND CHEROKEE 37,801.28 Total Automobile(s): 594,898.05 Home Furnishings: Page 7 April 19, 2001_ LAY-G32 1345 ============= Page 11 of 13 ============= kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: March 31, 2001 Balance HOME FURNISHINGS/HUNT 2,101,387.62 HOME FURNISHINGS/ASPEN 138,984.11 HOME FURNISHINGS/B-3431 163,984.20 HOME FURNISHINGS/B-3429 80,833. 15 HOME FURNISHINGS/B-3433 101,410.86 HOME FURNISHINGS/ASPEN2 236,641.69 HOME FURNISHINGS/ASPEN3 553.86 Total Home Furnishings: 2,823,795.49 April 19, 2001 Oilier Vehicles & Equip: BW 21' OUTRAGE BOAT 49,327.00 DUFFY 18'-I 19,098.00 DUFFY 18'-II 19,098.00 HURRICANE 19' 22,695.14 SPIRIT CANOE 406.43 SUPER SPORT BOAT 1997 33,502.74 Total Other Vehicles & Equip: 144,127.31 TOTAL PERSONAL/NON-EARNING ASSET 3,562,820.85 TOTAL ASSETS 396,331,542.24 LIABILITIES CURRENT LIABILITIES Notes Payable: CHASE BANK LOC 10,200,000.00 COMPASS BANKLOC 3,489,871.12 ENRON CORP. LOAN 1,100,000.00 BANK OF AMER $40M NON 19,994,39 1.70 PAINE WEBBER-LOC/PW-42 27,037,407.75 ACCT PAYABLE (ST)-ENRON 567,556.27 Total Notes Payable: 62,389,226.84 Security Deposits: SEC DEPOSIT/Z-1918SR 850.20 SEC DEPOSIT/Z- 185 6 MAR 125.00 SEC DEPOSIT/Z-MCDUF 400.00 Total Security Deposits: 1,375.20 Margin Acct Liability: PAINE WEBBER MARGIN/PW-44 1,642,437.89 PAINE WEBBER MARGIN/PW-33 13,993,016.79 Total Margin Acct Liability. 15,635,454.68 TOTAL CURRENT LIABILITIES 78,026,056.72 Page 8 LAY-G32 1346 LBF002-00788 ============= Page 12 of 13 ============= ,.%eunetlr L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: March 31, 2001 LONG-TERM LIABILITIES Home Mortgage: BANK OF AMER/HUNTINGDON BANK OF AMER/HUNT#2 LIEN BANK OF AMER/HUNT #3 LIEN Total Home Mortgage: Other Real Estate Mtge: Balance 4,358,364.67 489,394.96 490,548.50 5,338,308.13 April 19, 2001 BANK OF AMER/ASPEN 1,504,245.99 CITICORP MORTGAGE/B-3431 185,894.34 BANK OF AMER/B-3429 239,033.37 BANK OF AMER/B-3433 524,364.80 BANK OF AMER/REBA 318,426.83 BANK OF AMER2514 AVALON 225,000.00 BANK OF AM/ASPEN2 4,271,384.15 BANK OF AM/ASPEN3 5,503,568.99 BANK OF AMER/2403AVALON 839,872.36 Total Other Real Estate Mtge: 13,611,790.83 Investment Liabilities: BANK OF AMER/CREEKSTONE 1,200,000.00 BANK OF AMERJGALV LOTS 93,498.49 BANK OF AMER/WESTGATE LOT 191,250.00 BK OF AM/CREDIT FACILITY 5,000,000.00 Total Investment Liabilities: 6,484,748.49 Deferred Tax Liabilities: DEF TAX LIAR-STK OPT ONLY 65,587,33 5.20 Total Deferred Tax Liabilities: 65,587,335.20 TOTAL LONG-TERM LIABILITIES 91,022,182.65 BUSINESS LIABILITIES Employer Taxes/Bus: MEDIC WITHHELD-EE (TX) SOC SEC WITHHELD-EE (TX) MEDIC WITHHELD-LPL EE(TX) SOC SEC WITHHELD-LPL (EE) FIT WITHHELD-EE (TX) FIT WITHHELD-LPL EE(TX) SIT WITHI~ELD-EE (HH-CO) Total Employer Taxes/B us: 62,615.53 6,137.04 8,332.10 852.48 137,153.44 15,746.00 528.00 231,364.59 Accrued FICA Tax/Business: MEDIC PAYABLE-ER (TX) 62,615.53 Page 9 LAY-G32 1347 I ornn) nn-7S20 ============= Page 13 of 13 ============= ..enneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: March 31, 2001 Balance SOC SEC PAYABLE-ER (TX) 6,136.93 MEDIC PAYABLE LPL ER(TX) 8,332.10 SGC SEC PAYABLE LPL ER(TX) 852.48 Total Accrued FICA Tax/Business: 77,937.04 TOTAL BUSINESS LIABILITIES 309,301.63 TOTAL LIABILITIES 169,357,541.00 NET WORTH TOTAL NET WORTH 226,974,001.24 TOTAL LIABILITIES AND NET WORTH 396,331,542.24 Page 10 April 19, 2001 LAY-G32 1348 LBF002-00790