============= Page 1 of 10 ============= Kenneth L. Lay Balance Sheet Comparison June 30, 1999 5128/99 6/30/99 Variance Current Assets 2,598,715 2,050,646 (548,069) Monies invested in stock, etc Marketable Investments Common Stocks 68,052,536 74,365,869 6,313,333 ENE inc $10.375/share from prior month Executive Stock options 71,103,520 92,523,939 21,420,419 ENE inc $10.375/share from prior month Bonds 134,541 134,541 - Mutual Funds 1,606,482 1,754,180 147,698 Partnerships (Family)' 19,641,631 22,519,992 2,878,361 Long Term Investments 21,495,200 21,908,810 413,610 Huntingdon, MILAND Investments, L.L.C. Retirement Deferred Assets 12,697,155 13,411,821 714,666 Personal Non Earning Assets 1,426,942 1,572,295 145,353 00 Mercedes S500V & Home Furnishings Current Liabilities (41,461,657) (42,758,215) (1,296,558) Long Term Liabilities (45,031,903) (55,304,180) (10,272,277) Inc. in Deferred Tax Liab. due to inc. stock opt. Business Liabilities (190,523) (203,033) (12,510) Rounding (36) NET WORTH $112,072.603 $ 131,976,665 19,904,026 CONTINGENT LIABILITIES: 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-G09 0015 LBF002-00946 GOVERNMENT EXHIBIT 239 Crim. No. H-04-25 (S-2) ============= Page 2 of 10 ============= Kenneth L. & Linda P. Lay July 26,1999 BALANCE SHEET ANALYSIS As of: June 30, 1999 Balance % of Total Assets % of Working Assets CURRENT ASSETS Cash an Hand: CASH ON HAND/SK 179.53 .0% .0% CASH ON HAND/PSTOKES 1,058.45 .0% .0% CASH ON HAND/JWALLS 11.92 .0% .0% CASH ON HAND/MSTURGIS 196.09 " .0% .0% Total Cash on Hand 1,445.99 .0% .0% Checking Accounts: NATIONSBANK 0707 -144,046.67 -.1% -.1% NATIONSBANK/CONTRIBUTIONS 211.39 .0% .0% NATIONSBANK/LPL PROPERTIES -756.23 .0% .0% NATIONSBANK-MO HH 6498 306.16 .0% .0% NATIONSBANK/STOKES 1,386.72 .0% .0% VECTRA BANK 1,399.66 .0% .0% UNITY 109-900 4.584.22 .0% .0% Total Checking Accounts: -136,914.75 Money Maiket Accounts: WASHINGTON DC ACCT 60.000.00 .0% .0% Total Money Market Accounts: 60,000.00 .0% .0% Brokerage Accounts: SANDERS MORRIS MMA/SMM-JT 1.39 .0% .0% SANDERS MORRIS MMA/SMM-KLL 21.54 .0% .0% PAINE WEBBER MMA 752.52 .0% .0% CHARLES SCHWAB-CYPRESS/SCH -1,117.14 .0% .0% WATERHOUSE SECURITIES 1.000.00 .0% .0% Total Brokerage Accounts: 658.31 .0% .0% Savings Accounts: ENRON CREDIT UNIONIKLL 43.67 .0% .0% Total Savings Accounts: 43.67 .0% .0% Treasury Bills: SAVINGS BONDS 2.400.00 .0% .0% Total Treasury Bills: 2,400.00 .0% .0% Escrow Account: ESCROW ACCT-MACON BLDGIMO 2.596.80 .0% .0% Total Escrow Account: 2,596.80 .0% .0% Short-term Receivables: ACCT RECV-TDH (AVALON) 171,550.04 .1% .1% < Page 1 > LAY-G09 0016 -BF002-00947 ============= Page 3 of 10 ============= July 26, 1999 Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: June 30, 1999 Balanc %,0 of Tot al Assets % of Work in; Ass et ACCT RECV-MXL 190,278.26 .1% .1% ACCT RECV-RRH (DICKEY) 135,000.00 .1% .loo ACCT RECV-BJONES 128,699.27 .1% 1 0,0 ACCT RECV-JW ALLS 5,370.96 .0% .0%0 ACCT RECV-JAL 22.878.89 .00/0 .0% ACCT RECV-E MCELROY 7.S50.00 .0% .0% Total Short-term Receivables: 661,627.42 .ago % 30 Notes Receivable: FA.M PTRNS ANNUITY-2/KLL 730,081.17 .3% 3%0 F..M PTRNS AI\INUITY-2/LPL 72 ?0- 10 .3 %o .3 %' Total Notes Receivable: 1.158.788.27 .6% 6%0 TOTAL CURRENT ASSETS 2.050,645.71 .9%0 9% MARKETABLE INVESTMENTS Enron Corp. S 56,441.753.25 Common Stock 9,629,992.61 Fayez Sarofim Mgmt.-Com 3,161,481.25 Sanders Moms Mundy-Com 2,075,491.62 Cypress Asset Mgmt.-Com. 2,912,650.40 Goldman Sachs-Com 144,500.00 Vested Exec Stock Options: CPQ ESO 4-97 25000SH (98) 38,287.50 .0% .0% CPQ ESO 4-97 25000SH (99) 191,437.50 .1% .1% CPQ ESO 4-97 4370SH 68,466.98 .0% .0% CPQ ESO 4-98 2,424 SHS 22,415.94 .0% .0% ENE ESO 2-93 100000 SHS 5,456,000.00 2.4% 2.4% ENE ESO 2-94 84000 SHS 4,053,000:00 1.8% 1.80,% ENE ESO 2-94 1000000 SHS 47,750,000.00 20.7% 20.9% ENE ESO 12-94 90,280 SHS 4,626,850.00 2.0% 2.0% ENE ESO 12-94 42.335 SHS 2,169,668.75 .9% .9% ENE ESO 1-95 55385 SHS 2,893,866.25' 1.3% 1.3% ENE ESO 12-95 81,256 SHS 3,544,386.72 1.5% 1.6% ENE ESO 1-96 73 850 SHS 3,323,250.00 1.40,0 1.5% ENE ESO 12-9644,483 SHS 1,718,378.29 .7% .8% LNE ESO 1-97 56,545 SHS 2,106,301.25 .90,'0 .9010 ENE ESO 1-97 297,500 SHS 11,415,075.00 5.0% 5.0% ENE ESO 1-98 31,796 SHS 1,323,667.48 .6% .6%0 ENE ESO 12-98 73,831 SHS 1.822.887.39 .3% .80,/0 Total Vested Exec Stock Options: 92,523,939.05 40.2% 40.5%'0 < Page 11 > LAY-G09 0017 LBF002-00948 ============= Page 4 of 10 ============= July 26, 1999 Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: June 30, 1999 Balance % of Total Assets % of Working Assets 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% Total Corporate Bond-Convertibl: 134,541.00 .1% .1% Mutual Funds: TCW SELECT EQUITIES FUND 1,029,090.91 .4% .5% TCW MID CAP GRWTH/NB 725.088.71 .3% .3% Total Mutual Funds: 1,754,179.62 .8% .8% Partnerships-other KLL & LPL INVESTMENT PTRNS 21,847,333.00 9.5% 9.6% KLL & LPL FAMILY PTRNS 672.659.00 .3% .3% Total Partnerships-other. 22.519.992.00 9.8% 9.8% TOTAL MARKETABLE INVESTMENTS 191,298,520.80 83.1% 83.7% LONG-TERM INVESTMENTS Residence: REAL ESTATE/HUNTINGDON 8,750,550.23 3.8% 3.8% REAL ESTATE/LOOSCAN 1.282.327.75 .6% .6% Total Residence: 10,032,877.98 4.4% 4.4% Real Estate Other Homes: REAL ESTATE/ASPEN 2,863,697.02 1.2% 1.3% REAL ESTATE/B-3431 444,903.63 .2% .2% PIRATES' COVE LOTS 297,101.50 .1% .1% REAL ESTATE/B-3429 693,276.17 .3% .3% REAL ESTATE/B-3433 736,591.81 .3% .3% REAL ESTATE/REBA 492,639.61 .2% .2% REAL ESTATE/MO 450,734.32 .2% .2% REAL ESTATE/CREEKSTONE LOT 1,679,069.25 .7% .7% REAL ESTATE/WESTGATE 283,195.50 .1% .1% REAL ESTATE/2514 AVALON 280.334.43 .1% .1% Total Real Estate Other Homes: 8,221,543.24 3.6% 3.6% Real Estate Active Rental: REAL ESTATE/1741SR 147,309.00 .1% .1% REAL ESTATE/ 18 5 2MAR 104,044.97 .0% .0% REAL ES TATE/ 18 5 6MAR 167,250.00 .1% .1% REAL ESTATFJ1918SR 237,328.00 .1% .1% REAL ESTATE/KINGS 188,000.00 .1% .1% REAL ESTATE/VIKING 60.000.00 .0% .0% Total Real Estate Active Rental: 903,931.97 .4% .4% < Page 12 > LAY-G09 0018 LBF002-00949 ============= Page 5 of 10 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: June 30, 1999 July 26, 1999 1 e % of T otal Assets % of Worl dn; Assets Real Estate Passive: COLORADO OASIS LTD. 347,990.00 .2% .2% CREEKSTONE SOUTH RICE PTRS 300,000.00 .1% .1% SEAWALL APARTMENTS, LTD. 140,51 1.00 .1% .1% LAKE CHARLES APTS., LTD. 240,000.00 .1% .1% MILAND INVESTMENTS LLC 170,000.00 .1% .1% J.T.FAM,SR. INVEST., LTD. 242,550.00 .1% .1% W.E. TRADE INVESTMENTS LTD 217,800.00 .1% o .1% W.A.REHAUSENLOT INV LTD 100.980.00 .0% .0% Total Real Estate Passive: 1,759,83 1.00 .8% .8% Farming Interests: 11 ACRES ILLINOIS 4.500.00 .0% .0% Total Farming Interests: 4,500.00 .0% .0% Other Investment-Passive: BRUIN INTERESTS, L.P. 44,581.25 .0% .0% CAPRICORN INVESTORS II LP 561,018.50 .2% .2% CAPRICORN INVESTORS III 15,000.00 .0% .0% CORPORATE OPPT FUND/SMM-JT - 75,000.00 .0% .0% KESTREL VENTURES, LLC 60,000.00 .0% .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% .0% Total Other Investment-Passive: 986.125.75 .4% .4% TOTAL LONG-TERM INVESTMENTS 21,908,809.94 9.5% 9.6% RETIREMENT/DEFERRED ASSETS IRA FIDELITY MAGELLAN/KLL 59.327.25 .0% .0% Total IRA 59,327.25 .0% .0% IRA/Spouse: FIDELITY MAGELLAN/LPL 59.401.71 .0% .0% Total IRA/Spouse: 59,401.71 .0% .0% Keogh Account: SCUDDER GRWTH & INC/KLL 387,521.56 .2% .2% SCUDDER INCOME/KLL 23,565.43 .0% .0% SCUDDER ST BOND/KLL 25.154.57 .0% .0% Total Keogh Account: 436,241.56 .2% .2% Retirement Plan: ENRON-RETIREMENT 2, 961, 560.00 1.3% 1.3% ENRON SAVINGS 401(K) 4,051,840.14 1.8% 1.8% < Page 13 > LAY-G09 0019 LBF002-00950 ============= Page 6 of 10 ============= July 26, 1999 Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: June 30, 1999 Balance % of T otal Assets % of Workin g Asset ENRON ESOP 8,168.51 .0% .0% FED GROWTH CO 401(KYKLL 13,734.37 .0% .0% FED OTC 401(K)/KLL 9,846.78 .0% .0% FID OVERSEAS 401(K)/KLL 16,385.88 .0% .0% FED MAGELLAN 401(K)KLL 4 77') .0% .0% Total Retirement Plan: 7,107,308.29 3.1% 3.1% Deferred Compensat'n Plan ENRON DEFERRED COMP-85 3,178,450.76 1.4% 1.4% ENRON DEFERRED COMP-94 638,799.84 .3% .3% ENRON PHANTOM STOCK DEF 863,665.86 .4% .4% ELI LILLY DEFERRED COMP 1.068.625.73 .5% .5% Total Deferred Compensat'n Plan: 5.749.54).19 2.5% 2.5% TOTAL RETIREMENT/DEFERRED ASSETS 13.411.821.00 5.8% 5.9% TOTAL WORKING ASSETS 228,669,797.45 99.3% 100.0% PERSONAL/NON-EARNING ASSET Automobile(s): 90 JEEP WRANGLER 6,825.00 .0% 90 RANGE ROVER 13,600.00 .0% 92 4WD JEEP CHEROKEE 11,750.00 .0% 93 MERCEDES 600SL 63,975.00 .0% 90 SUBURBAN 8,600.00 .0% 96 RANGE ROVER 43,525.00 .0% 99 MERCEDES ML430 52,693.33 .0% 00 MERCEDES S500V 98.701.59 .0% Total Automobile(s): 299,669.92 .1% Home Furnishings: HOME FURNISHINGS/HUNT 695,922.26 .3% HOME FURNISHINGS/LOOSCAN 42,025.59 .0% HOME FURNISHINGS/ASPEN 141,939.13 .1% HOME FURNISHINGS/B-3431 158,645.29 .1% HOME FURNISHINGS/B-3429 86,172.06 .0% HOME FURNISHINGS/B-3433 25.735.92 .0% Total Home Furnishings: 1,150,440.25 .5% 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% < Page 14 > LAY-G09 0020 LBF002-00951 ============= Page 7 of 10 ============= July 26, 1999 Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: June 30, 1999 Balance % of Total Assets % of Working Assets Total Other Vehicles & Equip: 122.185.00 .1% TOTAL PERSONAL/NON-EARNING ASSET 1.572.295.17 .7% TOTAL ASSETS 230,242,092.62 100.0% LIABIL CURRENT LIABILITIES Credit Cards: AMER EXPRESS/RL -26.018.06 .0% .0% AMERICAN EXPRESS -41,495.95 .0% .0% MASTERCARD 5551 4,117.11 .0% .0% NEIMAN MARCUS 1314 -388.62 .0% .0° o NEIMAN MARCUS 7487 -213.57 .0% .0% VISA GOLD 4151 4.861.71 .0% .0% Total Credit Cards: -59,137.38 .0% .0% Notes Payable: CHASE BANK LOC 3,792,000.00 1.6% 1.7% COMPASS BANKLOC 7,989,871.12 3.5% 3.5% NATIONSBANK S37.5M NON PUR 29,389,999.56 12.8% 12.9% ACCT PAYABLE (S1)-ENRON 13 9.424.15 .1% .1% Total Notes Payable: 41,311,294.83 17.9% 18.1% 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 1,504,231.94 .7% .7% Total Margin Acct Liability. 1.504.231.94 .7% .7% TOTAL CURRENT LIABILITIES 42,758,214.59 18.6% 18.7% LONG-TERM LIABILITIES Home Mortgage: NATIONS BANK/LOOSCAN 629,968.42 .3% .3% NATIONS BANKIHUNTINGDON 4,446,413.57 1.9% 1.9% NATIONSBANKJHUNT #2 LIEN 498,816.31 .2% .2% NATIONSBANK/HUNT #3 LIEN 499.648.13 .2% .2% Total Home Mortgage: 6,074,846.43 2.6% 2.7% Other Real Estate Mtge: NATIONS BANK/ASPEN 1,542,840.00 .7% .7% CITICORP MORTGAGE/B-3431 220,228.89 .1% .1% < Page 15 > LAY-G09 0021 LBF002-00952 ============= Page 8 of 10 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: June 30, 1999 July 26, 1999 Balance % of T otal Assets % of Worl anQ Assets NATIONS BANK/LOTS 108,750.00 .0% .0% MACON BLDG. & LOAN/MO 109,930.85 .0% .0% NATIONS BANKB-3429 249, 684.40 .1% .1% NATIONS BANKS-3433 535,894.33 .2% .2% NATIONS BANK/REB A 326,224.73 .1% .1% NATIONSBANK/2514 AVALON 225,000.00 .1% .1% NATIONS BANK/C REEKS TONE LOT 1,200.000.00 .5% .5% Total Other Real Estate Mtge: 4,518,553.20 2.0% 2.0% Investment Liabilities: NATIONSBANK/WESTGATE LOT 191.250.00 .1% .1% Total Investment Liabilities: 191,250.00 .1% .1% Deferred Tax Liabilities: DEF TAX LIAB-STK OPT ONLY 44.519.530.40 19.3% 19.5% Total Deferred Tax Liabilities: 44.519.530.40 19.3% 19.5% TOTAL LONG-TERM LIABILITIES 55,304,180.03 24.0% 24.2% BUSINESS LIABILITIES Employer Taxes/Bus: FICA WITHHELD-EE (TX) 49,377.53 .0% .0% FICA WITHHELD-LPL EE(TX) 2,912.80 .0% .0% FIT WITHHELD-EE (TX) 92,734.51 .0% .0% FIT WITHHELD-LPL EE(TX) 4,843.00 .0% .0% SIT WITHHELD-EE (MO) 682.80 .0% .0% SIT WITHHELD-EE (HH-CO) 190.20 .0% .0% Total Employer Taxes/Bus: 150,740.84 .1% .1% Accrued FICA Tax/Business: FICA PAYABLE-ER (TX) 49,379.40 .0% .0% FICA PAYABLE-LPL ER(TX) 2„912.80 .0% .0% Total Accrued FICA Tax/Business: 52.292.20 .0% .0% TOTAL BUSINESS LIABILITIES 203.033.04 .1% .1% TOTAL LIABILITIES NET WORTH 98,265,427.66 42.7% 43.0% TOTAL NET WORTH 131.976.664.96 57.3% 57.7% TOTAL LIABILITIES AND NET WORTH 230,242,092.62 100.0% < Page 16 > LAY-GO9 0022 LBF002-00953 ============= Page 9 of 10 ============= Kenneth L. & Linda P. Lay SUMMARY BALANCE SHEET As of: June 30, 1999 CURRENT ASSETS Cash on Hand $ 1,445.99 Checking Accounts -136,914.75 Money Market Accounts 60,000.00 Brokerage Accounts 658.31 Savings Accounts 43.67 Treasury Bills 2,400.00 Escrow Account 2,596.80 Short-term Receivables 661,627.42 Notes Receivable 1.458.788.27 TOTAL CURRENT ASSETS MARKETABLE INVESTMENTS Enron Corp. $ 56,441,753.25 Common Stock 9,629,992.61 Fayez Sarofim Mgmt.-Com 3,161,481.25 Sanders Morris Mundy-Com 2,075,491.62 Cypress Asset Mgmt.-Com. 2,912,650.40 Goldman Sachs-Com - 144,500.00 Vested Exec Stock Options 92,523,939.05 Corporate Bond-Convertibl 134,541.00 Mutual Funds 1,754,179.62 Partnerships-other 22.519.992.00 TOTAL MARKETABLE INVESTMENTS LONG-TERM INVESTMENTS Residence S 10,032,877.98 Real Estate Other Homes 8,221,543.24 Real Estate Active Rental 903,931.97 Real Estate Passive 1,759,831.00 Farming Interests 4,500.00 Other Investment-Passive TOTAL LONG-TERM INVESTMENTS RETIREMENT/DEFERRED ASSETS IRA S 59,327.25 IRA/Spouse 59,401.71 Keogh Account 436,241.56 Retirement Plan 7,107,308.29 Deferred Compensat'n Plan TOTAL RETIREMENT/DEFERRED ASSETS PERSONAL/NON-EARNING ASSET Automobile(s) $ 299,669.92 < Page 1 > July 26, 1999 $ 2,050,645.71 191,298,520.80 21,908, 809.94 13,41 1, 821.00 LAY-G09 0023 LBF002-00954 ============= Page 10 of 10 ============= Kenneth L. & Linda P. Lay SUMMARY BALANCE SHEET As of: June 3 Home Furnishings Other Vehicles & Equip TOTAL PERSONAL/NON-EARNING ASSET TOTAL ASSETS LIABILITIES CURRENT LIABILITIES Credit Cards Notes Payable Security Deposits Margin Acct Liability TOTAL CURRENT LIABILITIES LONG-TERM LIABILITIES Home Mortgage Other Real Estate Mtge Investment Liabilities Deferred Tax Liabilities TOTAL LONG-TERM LIABILITIES BUSINESS LIABILITIES Employer Taxes/Bus Accrued FICA Tax/Business TOTAL BUSINESS LIABILITIES TOTAL LIABILITIES TOTAL NET WORTH TOTAL LIABILITIES AND NET WORTH 1,150,440.25 122.185.00 July 26, 1999 1.572.295.17 S 230,242,092.62 $ -59,137.38 41,311,294.83 1,825.20 1.504.231.94 42, 75 8,214.59 $ 6,074,846.43 4,518,553.20 191,250.00 44-519,530.40 55,304,18 0.03 $ 150,740.84 52.292.20 203.03 3.04 $ 98,265,427.66 $ 131.976.664.96 $ 230,242,092.62 < Page 2 > LAY-G09 0024 LBF002-00955