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FINANCIAL REVIEW

CONTENTS
21 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 27 FINANCIAL RISK MANAGEMENT 29 INFORMATION REGARDING FORWARDLOOKING STATEMENTS 29 MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING 30 REPORTS OF INDEPENDENT PUBLIC ACCOUNTANTS 31 ENRON CORP. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENT 31 ENRON CORP. AND SUBSIDIARIESCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 32 ENRON CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET 34 ENRON CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS 35 ENRON CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY 36 ENRON CORP. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 52 SELECTED FINANCIAL AND CREDIT INFORMATION (UNAUDITED)ENRON ANNUAL REPORT 2000

1

Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following review of the results of operations and financial condition of Enron Corp. and its subsidiaries and affiliates (Enron) should be read in conjunction with the Consolidated Financial Statements.

Net income includes the following:
(In millions) After-tax resultsbefore items impacting comparability 2000 $1,266 1999 $ 957 1998 $ 698

RESULTS OF OPERATIONS Consolidated Net Income
Enron’s net income for 2000 was $979 million compared to $893 million in 1999 and $703 million in 1998. Items impacting comparability are discussed in the respective segment results. Net income before items impacting comparability was $1,266 million, $957 million and $698 million,respectively, in 2000, 1999 and 1998. Enron’s business is divided into five segments and Exploration and Production (Enron Oil & Gas Company) through August 16, 1999 (see Note 2 to the Consolidated Financial Statements). Enron’s operating segments include: Transportation and Distribution. Transportation and Distribution consists of Enron Transportation Services and Portland General. TransportationServices includes Enron’s interstate natural gas pipelines, primarily Northern Natural Gas Company (Northern), Transwestern Pipeline Company (Transwestern), Enron’s 50% interest in Florida Gas Transmission Company (Florida Gas) and Enron’s interests in Northern Border Partners, L.P. and EOTT Energy Partners, L.P. (EOTT). Wholesale Services. Wholesale Services includes Enron’s wholesale businessesaround the world. Wholesale Services operates in developed markets such as North America and Europe, as well as developing or newly deregulating markets including South America, India and Japan. Retail Energy Services. Enron, through its subsidiary Enron Energy Services, LLC (Energy Services), is extending its energy expertise and capabilities to end-use retail customers in the industrial andcommercial business sectors to manage their energy requirements and reduce their total energy costs. Broadband Services. Enron’s broadband services business (Broadband Services) provides customers with a single source for broadband services, including bandwidth intermediation and the delivery of premium content. Corporate and Other. Corporate and Other includes Enron’s investment in Azurix Corp.(Azurix), which provides water and wastewater services, results of Enron Renewable Energy Corp. (EREC), which develops and constructs wind-generated power projects, and the operations of Enron’s methanol and MTBE plants as well as overall corporate activities of Enron.

Items impacting comparability: (a) Charge to reflect impairment by Azurix (326) Gain on TNPC, Inc. (The New Power Company), net 39Gains on sales of subsidiary stock MTBE-related charges Cumulative effect of accounting changes Net income $ 979

345 (278) (131) $ 893

45 (40) $ 703

(a) Tax affected at 35%, except where a specific tax rate applied.

Diluted earnings per share of common stock were as follows:
2000 Diluted earnings per share (a): After-tax results before items impacting comparability 1999 1998

$ 1.47...
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