4, Tr6nrntilstlon & Dltlbution Sotron Twnapwtatlooi SeMces Poland General Reds as (ron, Co~orate YoSt Tmnsmlsslon & blafrlbutfon Wholesale Energy Operations & Sorvfcea Nerd) Mte2toa Europe Global Markets Industisi Markets Enroot Networks Smth kne,ies India CALMS San Juan Gas APACHI En9fneeflag & Conafrueto Enron Global rmanco Enroo. Global ESP ACES New Power Cow Rhydim. Stnjoturod Tranta~on. (Tomas) ;Prepay. Redact to Corp & EES Other Total Wholesale ~~e~m' Op.. & Service. Button Energy Services Other Red.n from VA,oleaatc Briton Energy Services Enroot Broadband Services ENRON SOME BEFORE INTEREST & TAXES BY BUSINE~... UNIT * GlGoraotOCn.a.vlesrae) TOtal Year Plan 391.4 304,0 895.4 513.8 183.3 * 135.3 64.6 (5.6) 534.0 47.6 55.4 (4.3) ISA 90.0 151,0 19.5 25.0 45.0 * (54.5) 9.8 1,675.0 85.8 (1.2) 85.4 (29.8) Update 34.0 (11.5) as 616.9 59.5 (68S) (346) 4,5 (2191) (4 0,8) 6,6 0.9 (12.5) (45.5) 22.9 30.5 55.0 278.0 (135.0) (85.6) (12.3) (38.3) 404.6 (12.8) 16,4 11.6 ISA (15.4) floe P~mt A Fenctst ~ 381.4 336,0 (11,5) 7173 1,130.7 258.7 69.6 30.0 (5.1) 134.3 7,0 84.0 (4.0) 5.9 46.5 174.9 50.0 55.0 303.0 (139.0) 43.0 (98.1) (2,7) (46.1) 2,079.5 196.0 195.0 76.5 18.2 11.8 106.6 (60.0) 391.4 338.0 717.9 * 1.325,7 238.7 69.6 30.0 (5.1) 134.3 7.0 64,0 (4,0) 5.9 48.5 174.8 50.0 55.0 305.0 (139.0) 45.0 (98,1) * (2.7) (46.1) 2,274.6 -76.8 18.2 11.1 105.8 (60.0) Expterotlon & Production Corporate and Other MurL'c * Enon Renewable Enet9y Corp clean Poets Resco - Briton Inveshneot Portiers Corporate & Other Expenses Sfructired tonsoetfoots Bodes. to WIolesale & POG Th61 Corporate & Other Overview INCOME BEFORE iN'r., M.L & INC. TAXES Interest Expense, Not Dividends on Preferred Stodo atSut,Idlstiea Mbrorfty Internal PRE-TAX INOOME Ineon~o Tm Expense NET INCOME - RECURRING Anth,.dluUve prefered dividonda NET INCOME - RECURRING NON.RECURRIF4G TOTAL NETINCOME CILUTED BPS Rectndng' Non.reouvrtu TOTAL DILUTED BPS Avg ebres outandjng . DI laud Efioctlve Tax Rate. Recunlng Emtiga (192) 56.0 (132) (2.2) (180.m 45.0 (1232) (502) ~ (69.4) (2.0) 54.9 (1.6) (14.6) 0.3 (95.8) 12.5 Ito (142) (IA) (277.8) 57.5 (2484 (50.0) (50.0) (GSA) 64.9 (14.0) (IA) (SflJ) 57.. * 2.4 (3834) 98.1 (98.1) 2,404.1 191*, 2,695.9 isO - Z7AO.S 703.1 78.6 120.5 1,533.? 330.8 1.1723 147.4 to 18.9 24.4 81.4 60.0 1,1423 1114 350.5 77.8 139.4 1,528.4 303.9 t2242 145.0 inS) 41.4 ________ *6.0 1,224.2 (259) 830* 77.6 159.4 1,673.1 - 407.5 1,265.5 63.0 1,200.6 - (208.0) (308.0) $ 1,112* $ 111.4 41.224,2 $1331.7) 8 892.8 ---- $ 1.38 5 0.04 $ 1.38 T1~C = Bolt aol' $ 142 $ 142 $ 0.06 S (0.32) 865.1 '9,9% $ 1,48 (0.38) $ 1.10 813.6 24.4% Ian Actual .376.0 505.5 685.4 50±6 18±6 210.0 10.8 * 61.8 (8.8) 17.1 * 8±1 136.3 * 145 16.0 * 113.2 * 1,317.3 (86.4) 5.7 24.1 * 58.8 * (25.1) 24,3 (5.0) (176.7) * 54,4 50.7 (19*) 1,981.4 GSAA 76.0 135.3 1,1153 155.0 * 955* - 46.8 908.0 (841) $ 845.9 $ tie W.b6) $ 1.10 768.0 14214 .flbctttAb.aaWu.OY.g, ri 4-fl,.- ECOOiginso 4. N Oevsfl Growth 5% 73% 253% 3eV. 2% WA 3214 2514 I'COVERNMENTI EXHIBIT 14468.1 1104002$ 3rd CE AdJufl,¶enb Forecast 10312 - 103.2 - 103.2 52.0 332 U.S - aLa 1554 33.3 lilA - 193.6 95.1 aO.O 315.1 43.3 SI.7 75.0 34.1 - 34.7 20.4 9.6 15.0 6.2 21.2 1961 (157.5) 392 ~1) - (0.1) 37.4 (iflS) 17.8 as Ito 132 30.0 43.8 1±1 17.5 29,6 - (1±7) (12.7) 45,0 - 45.0 (29.0) (2.0) (37.0) 33.8 (3.2) - (ISO) (tSr) 604.8 91.5 396.3 __________ 13.0 15.8 ItO 18.0 (2A~ 37.t __________ (8S~ (28~ - . 26.3 (1.~ (14.4~ 11.6 1.2 .1~ 1> I ENRON UNIT - INTEREST & TAXES By BUSINESS 009*99 flnfl.nhinItfl & DISfrtbtJUOn Eiflt Trws~csflUon SoM~s Portland Gonemi _______ _______ _______ Total Trunomlflon & flIsflgtfon _________ _________ -7% WItOlesul, Energy Operations & Services NatO, America Europe Global Mattel; FMustIM Ma,*ets ~&on Netwults Bourn Mneflea idle Ceuitrol Atitslca, D~ & Jwnra Sen Juan Gas APAC',41 ~ngh,eeTh,g & Constnjctloo Ergot, Global Pfranc. ~flr~ Okbal E&P New Pc~ Corp W1Y%M ~tuctwed Trnns.dIo~,s (Tonics) P.wavs - Redas toVrtm Om~ (1±2) Reds:, toflS Briton ThwdbaM Gatos sos ThtlIWhotenEe Energy Op.. S. ServIces ________ _______ _______ 201% etmi' eflet~v Srnvk 2.0 - 16.8 10.3 amer - ItO (U) Rost fi~n W,olesaIe 37.0 3.2 - 2001, Energy SeMen Its _________ _________ _________ 37.0 TA z74% SnrOfl Broadband Services Cowomt. and Olin Anrtt (Its) amnRenowflIe~storgycorp - Its Clean Fuels (5.1) Resec 31.5 ErWi hwesmwt Psitn (V.9) c.t~.t. &ems xn.mn (7&Sj (43.5) Stnaartd Trmaocdons 2.7 ItS A colas. fr~mUo ~wJesolo _________ _________ _________ __________ 14.7 TotMCorpor.~&Oilnr (93.2) 0.8 Overview _______ _______ _______ _______ _______ INCOME BEFORE *4T.V M.Lc.rA,~ ages 473.8 78% b#ht~sflMe,N0t me.? 118.6 168% Dividend, a, Pre~eurtd Stock of S.zbsIdImies ISA ItS Mint' Interest 30.2 _______ _______ 42.0 PRS-TAX maCBE 400.6 1St? en Income Tax Expense - _______ ______ US ______ 35.5 NET 17400W. MCW4flING 5453 Issi 24% MU.41ftJ6VS pretend dMdamda - - - 16.3 NET it.topa - 229.9 NET INCOME. HON-RECURRING ________ ________ NEt INCOME _______ * 239J n DILUTED EPS Rewnirig $ O.~ NoO4evuntig __________ _________ _________ TOTAL DILUTED SF8 S cii Avg shares cMb,aia - Oibtd 8761 7K? 2tcctteTa~ Role- RecurThig 2a~tga 3t4% 12.1% ta.ifltWCC1flCflC~I~nt4 Dial. t~ SI t~AM * (OS) (ga.z LI I'") 3.2 243.7 3.0 194 - 392.6 tO 93.0 1.9 - 299.6 6.1 2StE - (232) - aLa - (14.4) (50.0) (80.0) 145.0 jac los.? 412 F ECOOIg1715l (US) (128.S~ 2.7 (143.2) Mu 248.7 30.2 64U 138,6 -Wv BA 505.7 - 20A 320.0 -_-~ -sa 96.6 105,6 202.2 'as 41.8 s9.1 11.2 19.2 (2.1) 1.9 11,1 (2.9) TB clan 43.0 (ZtO) (3.2) 791.3 1399 a AGtMtI 196.0 510.1 75.0 347 EOA 21.2 38.3 CM) - 17.9 - 17.0 - 4aJ - 2SA 195,0 210 21.0 $ 0.06 S (US) (ISA) 20.3 (12.9) (31.7) 120.0 (120.0) . - $2989 $61 $305.? $ (287.7) $ O~34 1. 0.01 $ 0.35 $ 0.34 8 001 S 025 - a 23.7% S O.4t $ 0.02 'W.V Fourth Quarter 2000, 'IL' ENRON CORP. Table 2. - Results by Segment (Unaudfted: in millions, except per share amounts) 4 ~- Total IS IT: TransporWion end Diettibution: Transportaflon Services Portland General Wholesale Energy Opelations and Services Retail Energy Services Broadband Services Corporate and Other IBIT Intarest end Related Charges, net *DMdends on PreThrred Securities * of Subsidiaries Minority Interests In come Tax Expense Net Income Preferred Dividends (u): Second Preferred Stock Series B Preferred Stock Earnings on Common Stock $ 103 $ 86 791 22 (32) (128) 842 247 19. 30 199 347 * 12 (353) (281). 27 (308) 5 - S 16 - 16 $ 326 $ (308) $ 18 = = Average Number of Shares Used: Basto Diluted (a) - 790.7 Earnings per Common Share: Basic 'Diluted (a) The Second Preferred Stock and the Series B Preferred * 0.02 .,. $ 0.41 $ (0.39) $ _________ =__ -r - Stock were boTh anti-diluflve ~n the fourth quarter of 2000. 4. 4 4- 4 ~' ECOO1g1TiS2 4 -A; Recurring Non- Rewiring 103 88 191 94. (32) (481) 661 *247* 1~ 30 226 39 790.7 747.0 790.7 S - .4. c. 4' ENRON CORP. - Table 2c Results by Segment (Unaudited: In millior,s,'except per share amounts) Recurring Non- Recurring 2000 Year Total IBIT: Transportation and Distribution: Transportation SeMoes * Portland General Vvhotesale Energy Operafions and Services Retail Energy Services Broadband Services Corporate and Other met Interest and Related Charges, net DMdends on Preferred Seduritles of Subsidiaries * Minority Interests Income TarExpense Net Income Preferred Dividends (a): Second Preferred Stock - Series B Preferred Stock Earnings on Common Stock. Average Number of Shares Used:~ * Basic Diluted (a) .4.' $ 391's 327 2,274 92 - (60) * (283) * 2,741 851 78 *1 39 407 * 1,268 18 * * 55 '4 '*1~' 812 = Earnings per Common Sham: Basic Diluted (a) The andes B Preferred Stock was anti-dilutive Si. - $. .4 l.A In 2000. 4 St '4. ..............'4 * :4 -'-.4, 72 >a53) (281) 391 327 2,274 184 - * (60)' * (636) 2,460 851 78 139 434 958 * .27 ________ * (308) 18 * . - . 65 S. (308) 5 875 t = 7.... 736.0 = 813.6 8136 = at $ tIS (0.38) 5 1.10 -,. 4. .4 '4 * 4- 4, U- 4. K I EC g~i9i1i53 4, ENRON 4th Quarter Diluted Earn2ngs per Share (Mifflons of Delete) Rect~iring $ 0435 Pran Over performance Non- Recurring $ - 0.05 EES non-recunirtg Sale of TNPC ($lZlmm pmt~d$76mm attertax) Write-affs ($49mm pretaxt$3lmm after tax) 0.09 (0.04) Write-down Agosba Investment to $ 100mm C$4aOmm for Agosba & $iOOrnm write -off of services business) (Total of $353rnm net to ENE) P OAa tnPGwtc~owv3m*c~~n.pa.2~t 10Q11O~2SM4 (GAO) Total $ 0.35 0.05 0.09 (0.04) (GAO) $ 0.05 $ (0.35) = 4 EG DDI917154 s ENRON Wholesale Overperforniance (Estimated) (Millions of coirms) - Pre Tax Over Target Schedule Creservas Less required rese~es WA Other transactions Prudency First Gas Holdings Culiba Possible Offsets Corporate Thx Cushion Net - AfterTax $ 65 1,000 *1,065 265 100 ~435 so 40 '~ 870 50 g~ $~ j48 I *~ - -C O~C~ora4e1GPGfln~OqAOTflPCSTh4tOoilDn~nt updtln2,dsjOnr 1IStOI 1028J 4 t EC 001917155. EPa 123 32 91 50 $ 41 0.14 0.03 0.11 0.06 $ 0.06~ N ENhON )NOO7II& BEFORE iMEMBI &TAXfl BY BUSINESS UNIT T.mnunltalon a WstrIbi4loo Ens Ga.P~tInt Pflnd AMUcCul6wCni TCI TflftstuIsulon & DltMbtOco ITholestla Eneruyopmnflona & Sefles GIO8UIMSIOIS ITIdOSIJ1IINStATh n-t Sos An,ugIa inS. CAlMS * ssna APACK) * SI9Thaa1&VWI6kUt¶W9 Site, G1 Flna~ SaP Snyan 0.oaw,4 ScMcaa fludacs teem Co~ Redsnlo 058 R.o,mnlzstkm re,,tdetu flqflcfl&Sflms. total WTIonI. Energy on. & Services eaten Entosy Sunless Mhtc*hts,.stME5S 5.eUnt ~mt~top. Efl~ 8,osdb.itS S.Mceu Stploratlon & Pro4uctlwt capotet. andotber Bvcntts.b(eSonjyc~ Osan Foot. burn Saran lrn.stnnt Pattiors Vc~nfl&O9r~q~no. fitudwtd T,mnactnu Pad... to.nIo 750 Peas. hue Total Cwpcc.t. & Gino, OnM INOOSIE BS0RE MT.. MI. & INC. TAA~S k,lw.sIF4n..NhI flh*lwwls w~ AsSerted SIOd~ &ta5.~ PS-TAX INCOME fist,. Ta Bq'e.n NET IWcOME-REVURIO 'AQ,k.t,g OtIdaid. NTINCOMS Or n$dITalIve p.rf dMdcfl 1072.1. MET INCOME OI4DMOVS Pith?. Wv. on ~s ?tinbineint*s -SiMS ErWin Ta Stab- Rtnw*u Es'r&rgt lstQuefl., EndOgarI., I I lniOgeular I AtbO,n,ttt TSlTear I --29W! 1959 label 0 AotUt 1271 127.5 128.2 116.8 125.0 912 411.50 - - nir mn 137.5 1252 121.0 @7.7 60.7 89.9 60.0 38.1 (141) (2.4) - 37.0 382 38.0 11.4 8.1 (Sq 25.7 7.3 14.1 9223 ItS) .~1 (4.3) (4.4) 204 3.4 42 34.3 1044 37.3 42.0 4.1 3.7 - (41) (24 a, - - 141 tfl') (8.0) - 77.4. 2.4 (40.83 (8.6) - 1.7 - 17.0 - - 418.7 292.0 202.5 7.7 0.0 (32.83 0.2 - VI as . - 16.3 9.6 464.11 (5.3) till) - (6.0) (6) 10 12$ 16.6 13.4 (04 (14 1.2 (04) (1.4) (474 (48) (374 4.8 13.0 7.0 Ill - -~U7..0 ~ (44.2) (31.4) 213 - 04.3 624* 302.4 532.7 154.3 154.0 174.6 10.0 192 15.0 84.0 29.4 32.6 3943 300.7 712 53.0 55.3 331.5 307.9 233.4 - 13.0 -I 337.5 212* 2534, - . (131*) =1 12.3 4ti 72.S~ 62,0 644 582 130.3 103.6 18.81 9812 157.8 %574I 64,6- 3 SiSi 454 27.3 -~ *O~1 (24) - 322 390 49.8 (4.4) 6.0 (0.3) 213 22.1 17.7, (023 (7.3) (2,4) (15) 0,4 g~ 193 18.2 171 23.6 37.7 31.9 7.0 1.0 - (16.1) (21) ¶91 - - 0.1 (17.53 48.7) - 2.7 2,4 10.2 0.5 (17.8) . 16.0 437.9 3423 iar 23.3 10.9 (38.2) - (0,1) 16 22.3 (8*7 (1 19.6 (104 (0.4) 42.7 15.4 9.8 291. (0.9) 13.{ 0.0 7-9 (94 (3.~ (1.2) (64 (14 (33.9) (482) (584 42.4 15.0 7.1 -fl -~ -P 10.2 (31.1) 183 143.1 606.9 532.7 480.5 195.3 173.4 174.5 201 19.2 15.9 33.8 29.4 nO 353.5 330.7 252.5 64.5 722 30.0 283.1 257.5 2*21 280.1 242.9 201-7 2009 1999 ASSISt 91St Al 85.0 65.6 64* 732 50.4 52.4 ~W 346.9 127.5 1505 81.0 39.0 19.2 (11.6) 34.4 44.2 *(43) 424) - 18.6 * 05.0 023' 7.3 0.3 2.0 151 17.0 (9.9) (14 (8.2) (¶23 (14 6.8 32.5 19.1; 2.9 37.~ 642 91 6.9 8.7 (5.2) (2.0) 192 - -- 38.2 (25.7) (8.3) (784 2.4 (16.1) - (24 :2 232.5 48.0 _____ 3780; 30.0 254 (10.7) (0.4) 1.0 30.0 25.0 (17.7) (29.0) (8.7) - . 32.7 (244) * 48.8) (0.91 3.3 0.0 2.6 (0.7) 40.1) (6.1) (84 (34 - 454 1.1 (0.3) (04 (117.8) (46.6) (42.t( 18 - 2,4 ~ia -~ 19.1 (127.2) (50.1) (22.83 55.3 086.4 085.8 657.3 247.0 191.1 168.7 19.7 19.2 18.9 33.3 29.9 382 ~-3iu- -3m-. 'Sn 72.3 713 4132 211.9 201* 223.3 155 16* 291.8 246* 201.8 * . . 08s 2806 ¶079 Foment Obo AsSess 1032 1462 08.6 53.3 73.2 103.5 ¶86.5 2194 203,2 8101 05.0 582 75.0 76.1 41.6 34.? 36.0 - 30.0 204 - 21.2 (24) - 19.5 207.6 98.1 0.3) 35.4 11.2 (0.1) 0.0 192 - - 12.11 15.9 710 11 17.0 36.1 11.1 43.6 37.8 (34 291 0.9 7* 115.0) (14 (14 - - 30.0 (31.0) (8.4) 2.4 5(327 (61) - - -SL 701.3 (08.9 13.6 43.7 10.3 10.0 (0.7) (0.83 1.2 37.0 43.0 ij (31.7) 6,7 - '0.0 (3.8) (194 28.3 29.8 14.4 - (2.2) (1.6) (¶44) (52) .(6.13 - - 01,0 (04) . (24) (120) (36.03 (434 2.7 16.0 12.3 .JIdk. ~ (143.2) (4.6) 6.6 - (162.8) - - 641.9 675.2 473,1 248.1 164.6 1181 194 19.2 18.3 30.2 37.5 42.0 546.0 442.8 2932 198.5 97.4 332 3401 -~ 347.1 330.2 238.4 2060 . 1909 ThThel ?~ 394.4 SSIA 379.0 330.0 804.0 3061 (11.5) - 111.9 LISA ________ '~7; ~1 162.5 00.0 138.3 30.0 64.6 - (5.7) (0.03 1843 984.0 210.0 7.0 47.8 10.8 54.0 58.4 81.6~ (40) (4.5) (9.8) 6.0 ISA 27.1 48.5 900 62.1 -174.9 151.0 125.5 60.0 19.6 14.8 (48.1) (7.8) 55.4 110-S (35.1) (341) 0.1 9.8 (78.7) (114 - - (04 * 234.0 70.0 162 2.2741 1.075.0 1.2911 73.8 as (594) * 19.8 nr _ (50.0) (25.6) 04.4 (50.4) (192) 24.1 36.5 632 60.3 (14.8) (133) 135.1)' (327.6) (1916) (178.7) b7.S* 43.0 111 - A& 7~7~ (298.4) (0232) 0.2- 08.1 - 2,740.9 2.40(1 1,961.6 9915 7034 634.4 77.6 781 78.0 1394 1201 iso 1,073.1 1,503.7 1,110 9302 169.0 AIMsr1.ivas 950 - 10.6 45.9 1,265.8 1,1121 608.0 337.5 292.0 ,j~ 229.1 242.9 207.7 291.9 248.8 274.4 847.1 330.2 251.4 12853 1.112* 543.9 - - C -n ~ 0.40 027 0241 $ 0.00. *38.0 liii 7442 ten nAn 17.4% 0.34 031 021 T~ $ 031 -o 754.9 flt6 162% 'in ion 0.34 0.30 0.26 * - 0.69 rw rur__ 801.9 6685 IOtA 155% flAt) tiS1~ -_ -I. $0.49 $0.40 r!3r rr4i- j-~j- 8782 0323 7107 8834 intl 720* 384% 'iAn It.1~ 7446. 325% ~4.2% U-- - tan 0.40 0.40 0.31, lAS 1.35 1.18 'Co In Jc~. 'a .0 '0~ NJ.'