Spreadsheet: sara_shackleton__36501__ENE MTM 0630 revised 2
Sheet: Put Options

 | ENRON CORP - PUT OPTIONS CALCULATIONS (Input worksheet)
 | 1999
 | Quarter
 | Fiscal |  | 0
 | PUT OPTION INFORMATION
 |  |  |  |  |  |  |  |  |  |  |  |  | Quarter |  |  |  | Fiscal
 |  |  |  |  |  |  |  |  |  |  | Post-split |  | Post-split |  |  |  | Post-split
 |  |  |  |  | Option |  | Percent |  | Post-split |  | Put Options |  | Put Options |  | Total |  | Put Options |  | Total
 | Exp Date |  | Date |  | File # |  | Exercisable |  | Strike Price |  | Outstanding |  | Outstanding |  | Value |  | Outstanding |  | Value |  | Premium Received
 |  |  | Pre 1996 JEDI |  |  |  |  |  | 47.58776423 |  | 0
 |  |  | 1996-02-28 00:00:00 |  |  |  |  |  | 57.89 |  | 0
 |  |  | 1996-03-31 00:00:00 |  |  |  |  |  | 58.61 |  | 0
 |  |  | 1996-06-30 00:00:00 |  |  |  |  |  | 64.17 |  | 0
 | 1999-12-15 00:00:00 | UBS | 1997-12-11 00:00:00 |  | 135 |  | PHY with Cash Option |  |  |  | 0
 | 2000-03-15 00:00:00 | UBS | 1997-12-11 00:00:00 |  | 136 |  | PHY with Cash Option |  |  |  | 0
 | 2000-04-15 00:00:00 | UBS | 1997-12-11 00:00:00 |  | 137 |  | PHY with Cash Option |  |  |  | 0
 | 2000-05-16 00:00:00 | UBS | 1997-12-11 00:00:00 |  | 138 |  | PHY with Cash Option |  |  |  | 0
 | 2000-06-20 00:00:00 | UBS | 1997-12-11 00:00:00 |  | 139 |  | PHY with Cash Option |  |  |  | 0
 | 2000-09-15 00:00:00 | UBS | 1997-12-11 00:00:00 |  | 140 |  | PHY with Cash Option |  |  |  | 0
 | 2000-12-15 00:00:00 | UBS | 1997-12-10 00:00:00 |  | 141 |  | PHY with Cash Option |  |  |  | 0
 | 2001-09-15 00:00:00 | UBS | 1997-12-11 00:00:00 |  | 142 |  | PHY with Cash Option |  |  |  | 0
 | 2002-02-15 00:00:00 | UBS | 1997-12-11 00:00:00 |  | 143 |  | PHY with Cash Option |  |  |  | 0
 | 2002-03-15 00:00:00 | UBS | 1997-12-12 00:00:00 |  | 144 |  | PHY with Cash Option |  |  |  | 0
 | 2002-06-17 00:00:00 | UBS | 1997-12-15 00:00:00 |  | 145 |  | PHY with Cash Option |  |  |  | 0
 | 2003-07-14 00:00:00 | [NAME] | 1998-07-13 00:00:00 |  | 147 |  | PHY |  |  |  | 6006402 |  |  |  |  |  |  |  |  |  | 59343251.16
 | TOTAL
 |  |  |  |  |  |  |  | Value of Options "in the money" using  Quarter Mkt Price of
 |  |  |  |  |  |  |  | Value of Options "in the money" using  YTD Mkt Price of
 |  |  |  |  |  |  |  | Spread (between Exercise Value and Period Market Price)
 | Divided by:
 |  |  |  |  |  |  |  | Value of Options "in the money" using  Quarter Mkt Price of
 |  |  |  |  |  |  |  | Value of Options "in the money" using  YTD Mkt Price of
 |  |  |  |  |  |  |  | Dilutive Effect (in shares) of Put Options
 | Note: Contracts settle Physical.  [NAME] spoke with [NAME], he said should settle physical with a cash option.
 | ORIGINAL [NAME] POSITIONS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Fiscal
 |  |  |  |  |  |  |  |  |  |  | Post-split |  |  |  |  |  | Post-split
 |  |  |  |  | Option |  | Percent |  | Post-split |  | Put Options |  |  |  |  |  | Put Options |  | Total
 | Exp Date |  | Trade Date |  | File # |  | Exercisable |  | Strike Price |  | Outstanding |  |  |  | Premium Paid |  | Outstanding |  | Value
 | 1999-12-15 00:00:00 | SBC | 1993-12-15 00:00:00 |  |  |  | PHY with Cash Option |  | 47.4 |  | 70187 |  |  |  | 717781.2
 | 2000-03-15 00:00:00 | SBC | 1994-03-15 00:00:00 |  |  |  | PHY with Cash Option |  | 50.38 |  | 67551 |  |  |  | 642524.63
 | 2000-04-15 00:00:00 | SBC | 1994-04-15 00:00:00 |  |  |  | PHY with Cash Option |  | 48.16 |  | 71073 |  |  |  | 589905.9
 | 2000-05-16 00:00:00 | SBC | 1994-05-16 00:00:00 |  |  |  | PHY with Cash Option |  | 45.88 |  | 74654 |  |  |  | 556172.3
 | 2000-06-20 00:00:00 | SBC | 1994-06-20 00:00:00 |  |  |  | PHY with Cash Option |  | 48.13 |  | 71212 |  |  |  | 576438.35
 | 2000-09-15 00:00:00 | SBC | 1994-09-15 00:00:00 |  |  |  | PHY with Cash Option |  | 47.05 |  | 425268 |  |  |  | 4045030.14
 | 2000-12-15 00:00:00 | SBC | 1994-12-15 00:00:00 |  |  |  | PHY with Cash Option |  | 44.05 |  | 227650 |  |  |  | 1880084.84
 | 2001-09-15 00:00:00 | SBC | 1995-09-15 00:00:00 |  |  |  | PHY with Cash Option |  | 52.53 |  | 187083 |  |  |  | 2351680.08
 | 2002-02-15 00:00:00 | SBC | 1996-02-15 00:00:00 |  |  |  | PHY with Cash Option |  | 57.889 |  | 568718 |  |  |  | 8057067.72
 | 2002-03-15 00:00:00 | SBC | 1996-03-15 00:00:00 |  |  |  | PHY with Cash Option |  | 58.61 |  | 171854 |  |  |  | 2180409.65
 | 2002-06-17 00:00:00 | SBC | 1996-06-17 00:00:00 |  |  |  | PHY with Cash Option |  | 64.168 |  | 1067953 |  |  |  | 13487285.23
 | TOTAL