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Financial Forecast Assumptions
Enron Corporation (ENE)
(Dollars and Shares in Millions, Except Per Share Amounts)

 Actual Forecast
  12 Months  
12/31/98  		 12 Months  
12/31/99  		 12 Months  
12/31/00  		 6 Months  
06/30/01  		   12 Months  
12/31/01  		 12 Months  
12/31/02  		 12 Months  
12/31/03  		 12 Months  
12/31/04  		 12 Months  
12/31/05  
 
Year-to-Year Change in Net Sales NA   28.3%   151.3%   NA    100.0%   50.0%   30.0%   20.0%   10.0%  
 
Gross Margin % 12.3%   9.6%   5.1%   3.2%    3.2%   3.2%   3.2%   3.2%   3.2%  
 
Operating Expenses as % of Net Sales 7.9%   7.6%   3.2%   2.0%    2.0%   2.0%   2.0%   2.0%   2.0%  
 
Other Income (Expense) $50   $851   $298   $283    $0   $0   $0   $0   $0  
 
Interest Rate on Borrowings NA   NA   NA   NA    9.0%   9.0%   9.0%   9.0%   9.0%  
 
Interest Rate on Subordinated Debt NA   NA   NA   NA    12.0%   12.0%   12.0%   12.0%   12.0%  
 
Income Tax Rate 19.9%   10.4%   30.7%   23.6%    40.0%   40.0%   40.0%   40.0%   40.0%  
 
Cash $111   $288   $1,374   $847    $0   $0   $0   $0   $0  
 
Number of Days Sales in Accounts Receivable 33.8   32.3   44.4   22.9    44.4   44.4   44.4   44.4   44.4  
 
Number of Days Cost of Goods Sold in Inventory 6.8   6.0   3.6   1.7    3.6   3.6   3.6   3.6   3.6  
 
Other Current Assets $2,415   $2,821   $15,784   $11,983    $15,784   $15,784   $15,784   $15,784   $15,784  
 
Intangibles $1,949   $2,799   $3,638   $3,527    $3,638   $3,638   $3,638   $3,638   $3,638  
 
Investments $4,433   $5,036   $5,294   $5,934    $5,294   $5,294   $5,294   $5,294   $5,294  
 
Other Assets $6,378   $7,610   $14,447   $16,866    $14,447   $14,447   $14,447   $14,447   $14,447  
 
Current Maturities $0   $0   $0   $0    $0   $20   $20   $20   $20  
 
Number of Days Cost of Goods Sold in Accounts Payable 31.7   21.7   37.3   18.2    37.3   37.3   37.3   37.3   37.3  
 
Number of Days Operating Expenses in Accrued Expenses 179.5   206.7   249.7   173.5    249.7   249.7   249.7   249.7   249.7  
 
Taxes Payable $0   $0   $0   $0    $0   $0   $0   $0   $0  
 
Other Current Obligations $2,511   $1,836   $10,495   $7,470    $0   $0   $0   $0   $0  
 
Other Current Liabilities $0   $44   $4,277   $1,820    $0   $0   $0   $0   $0  
 
Term Loan $7,357   $7,151   $8,550   $9,355    $6,403   $5,122   $3,842   $2,561   $1,281  
 
Subordinated Debt $0   $0   $0   $0    $0   $0   $0   $0   $0  
 
Other Long Term Obligations $3,144   $3,430   $3,318   $3,298    $0   $0   $0   $0   $0  
 
Other Liabilities $5,694   $6,471   $13,759   $14,686    $0   $0   $0   $0   $0  
 
Common Stock $5,117   $6,637   $8,348   $9,416    $6,255   $6,255   $6,255   $6,255   $6,255  
 
Preferred Stock $132   $1,130   $1,124   $1,116    $0   $0   $0   $0   $0  
 
Other Equity $(232)   $(846)   $(1,196)   $(1,758)    $0   $0   $0   $0   $0  
 
Treasury Stock $(195)   $(49)   $(32)   $(861)    $0   $0   $0   $0   $0  
 
Capital Expenditures (Net) NA   $(1,880)   $1,547   $(1,172)    $1,547   $1,547   $1,547   $1,547   $1,547  
 
Dividends as % of Net Earnings 58.9%   52.3%   53.4%   30.9%    0.0%   0.0%   0.0%   0.0%   0.0%  
 
Depreciation (Net) NA   $(1,904)   $485   $(170)    $485   $485   $485   $485   $485  
 
Estimated Borrowing Base as a % of Accounts Receivable 80.0%   80.0%   80.0%   80.0%    80.0%   80.0%   80.0%   80.0%   80.0%  
 
Estimated Borrowing Base as a % of Inventory 35.0%   35.0%   35.0%   35.0%    35.0%   35.0%   35.0%   35.0%   35.0%  
 
Estimated Borrowing Base as a % of
      Property, Plant and Equipment (Net)		 50.0%   50.0%   50.0%   50.0%    50.0%   50.0%   50.0%   50.0%   50.0%  
 
Common Shares Outstanding (Fully Diluted) 695   769   814   882    814   814   814   814   814