1. Enron Wholesale Services

2. AC_01_EWS-1 Enron Wholesale Services Strong Execution in North America and Europe –Leading Market Position in Every Commodity –Most Valuable, Flexible Networks –Sustainable Competitive Advantages Actively Extending into New Markets and Industries –Japan –Crude and Products, Coal, Weather –Metals, Pulp, Paper and Lumber, Steel and Credit Leveraging New Technology Platforms to Accelerate Growth –Regional Networks and New Commodities Best Positioned Company for Long-Term Growth –Sustainable Growth Opportunities in Every Market Global Leader in Merchant Energy Services

3. AC_01_EWS-2 Regional Energy Networks Global Markets Crude & Products, Coal & Emissions, Weather, LNG Industrial Markets Pulp, Paper & Lumber, Metals, Steel Global Assets Asset Operations Worldwide Offices18 Employees1,520 Europe Enron Wholesale Services Australia Japan Enron Net Works Offices Power Marketing Activity Gas Offices11 Employees2,730 North America

4. AC_01_EWS-3 17,970 Power and Other Gas Physical Volumes (BBtue/d) 99,337 Financial Settlements (BBtue/d) 1997199819992000 27,308 32,429 51,715 196,148 75,266 49,082 Wholesale Services

5. AC_01_EWS-4 Volume Growth – North America 19992000 Natural Gas (Bcf/d) Power (Millions MWh) 13.9 24.7 381 579 +77% +52% 19992000

6. AC_01_EWS-5 Volume Growth - Europe 19992000 U.K. Power* (Millions MWh) Nordic Power* (Millions MWh) U.K. Gas (Bcf/d) Continental Power (Millions MWh) 53 113 7 46 1.5 3.1 31 77 19992000 557%148%113%107% *Financial and Physical Settled Volumes

7. AC_01_EWS-6 Wholesale Services Average Daily Transactions Traditional EnronOnline 0 2,000 8,000 4,000 6,000 NovDecJanFebMarAprMayJunJulAugSepOctNovDec 1999 2000 650 7,900

8. AC_01_EWS-7 Domestic Energy Marketers Enron’s Leading Market Position - 2000 (TBtue/d) DukeDynegyAEP Sempra 13.1 15.0 14.1 10.9 9.9 45.6 Enron FY00 Power Gas Aquila 41.7 13.3 13.2 12.3 PG&EReliant Coral Southern Source: Gas Daily, Power Markets Week, Oil Daily 19.2 Enron 3Q YTD

9. AC_01_EWS-8 International Energy Companies Enron’s Leading Market Position Natural Gas and Power (TBtue/d) Royal Dutch Shell Chevron EdF France 7.5 8.2 11.5 8.9 10.6 12.3 Enron 45.6 Source: Company Reports, Enron Analysis 6.3 RWE Germany Exxon Mobil BP Amoco 13.0 ENEL Italy Tokyo Electric Japan

10. AC_01_EWS-9 $968 Wholesale Services $654 Income Before Interest and Taxes Commodity Sales and Services Assets and Investments $2,260 $1,317 1997199819992000 (Millions) 48%36%72%

11. AC_01_EWS-10 Wholesale Market Dynamics Fundamental Structural Changes in Energy Markets –Tight Supply/Demand Balance –High Prices, Increased Volatility –Increasing Interdependence - Regionally and Across Commodities Continuing Deregulation and Liberalization –North America, Europe, Japan –Customer Driven Demand for Flexible Services and Lower Prices Old Economy Industries and Market Structures in Transition Impact of Technology Strong, Sustainable Growth Opportunities

12. AC_01_EWS-11 Robust, Flexible Network Scope and Scale Liquidity Market-Making Risk Management Technology Finance Enron’s Advantage Wholesale Merchant Opportunities Commodity Risk Management Benefits of Regional Arbitrage Cross Commodity Arbitrage Long-Term Origination Wholesale Outsourcing Asset Restructurings Structured Finance Enron’s Capabilities Enable Unique Value Creation High Value Applications

13. AC_01_EWS-12 Enron Wholesale Services Accelerating Growth Through Technology Regional Energy Networks –North America –Europe and Japan Video – Execution and Extension Business Expansion and Extension Overview of Today’s Presentation Louise Kitchen Dave Delainey John Sherriff Greg Whalley

14. AC_01_EWS-13