============= Page 1 of 9 ============= Kenneth L. Lay Balance Sheet Comparison November 30, 1999 . Current Assets 10/31/99 11130/99 3,189,963 4,058,890 Variance 868,927 Add'l monies invested Fl~~ CAPROCK `/ fr Cf+bt 10 Marketable Investments Com & Pref Stocks Executive Stock Options 83,123,750 69,926,613 (66,480) ENE dec $1.875 & CPQ _ inc $5.3125/sh from pr mo; 83,074 new ENE due exercise 98,487 sh of ENE-pay of loan 71,884,683 (11,239,067) ENE dec $1.875 & CPQ 30, COO inc $5.31251sh from pr mo; 200,000 ENE stock opt exer 69,993,093 Bonds 234,541 234,541 - Mutual Funds 7,946,866 8,256,344 309,478 Partnerships (Family)* 21,510,848 21,837,632 326,784 Long Term Investments 26,422,371 30,744,753 4,322,382 Property on Spring Street in Aspen Retirement Deferred Assets 12,968,300 12,842,875 (125,425) Personal Non Earning Assets 1,849,585 1,911,643 62,058 Furniture for Petite #3 & Hunt 95 Suburban Current Liabilities (51,961,732) (50,023,014) 1,938,718 Net-Payment of ENE loan wl stock & new borrowings for new invest. & expenses Long Term Liabilities (50,856,452) (50,228,074) 628,378 Net-Dec. in Deferred Tax Liab due to decrease stock opt. & new Spring Street loan Business Liabilities (122,762) (134,456) (11,694) NET WORTH $124,298,371 $ 121,312,430 (2,985,941) Ken has guaranteed an unsecured note in the amount of $350,000 maturing on December 7, 1999 with an interest rate of 6.5% at Bank of America for his sister, Sharon Lay. Ken and Linda have guaranteed a mortgage in the amount of $900,000 maturing on January 1, 2014 with an interest rate of 6.88% at Bank of America for their daughter, Robyn Vermeil. This loan is collateralized by property appraised at $965,000 as of December 9, 1998. Ken has also guaranteed two unsecured notes in the amounts of $185,000.00 maturing on May 27, 2000 and $1,200,000 maturing on June 25, 2000-both with an interest rate of 30-Day LIBOR (Daily floating rate) at Bank of America for his sister, Sharon Lay. Value based on FMV of partnership assets. No discount for partnership interest is shown. LAY-G39 0161 LBF002-00610 GOVERNMENT EXHIBIT 209 Crim. No. H-04-25 (S-2) ============= Page 2 of 9 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: November 30, 1999 December 19, 1999 Balance % of To tal Assets % of Workin g Assets ASSETS CURRENT ASSETS Cash on Hand: CASH ON HAND/SK 5.88 .0% .0% CASH ON HAND/PSTOKES 371.83 .0% .0% CASH ON HAND/MSTURGIS 186.82 .0% .0% CASH ON HAND/LEONA 231.63 .0% .0% Total Cash on Hand: 796.16 .0% .0% Checking Accounts: NATIONSBANK 0707 53,036.11 .0% .0% NATIONSBANKICONTRIBUTIONS 311.39 .0% .0% NATIONSBANK/LPL PROPERTIES -8,977.56 .0% .0% NATIONSB ANK/STOKE S 8,816.91 .0% .0% VECTRA BANK 5,638.57 .0% .0% UNITY 109-900 4,950.34 .0% .0% Total Checking Accounts: 63,775.76 .0% .0% Money Market Accounts: WASHINGTON DC ACCT 90,000.00 .0% .0% Total Money Market Accounts: 90,000.00 .0% .0% Brokerage Accounts: CHARLES SCH-CAPROCK/SCH-CR 756,358.18 .3% .3% CHARLES SCH-CYPRESS/SCH 2,401.49 .0% .0% GOLDMAN SACHS/GS-61 180,942.81 .1% .1% GOLDMAN SACHS/GS-42 73,519.37 .0% .0% PAINS WEBBER MMA/PW-KLL 11.86 .0% .0% PAINE WEBBER CYPRESS/PW-98 8,731.14 .0% .0% PAINE WEBBER MMAIPW-94 834.41 .0% .0% SANDERS MORRIS MMA/SMM-JT 1,680.67 .0% .0% SANDERS MORRIS MMA/SMM-KLL 21.94 .0% .0% WATERHOUSE SEC-MMA/WSI 1,013.99 .0% .0% Total Brokerage Accounts: 1,025,515.86 .5% .5% Savings Accounts: ENRON CREDIT UNION/KLL 43.96 .0% .0% Total Savings Accounts: 43.96 .0% .0% Treasury Bills: SAVINGS BONDS 2,400.00 .0% .0% Total Treasury Bills: 2,400.00 .0% .0% Short-term Receivables: ACCT RECV-TDH 390,000.00 .2% .2% < Page 1 > LAY-G39 0162 LBF002-00611 ============= Page 3 of 9 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: November 30, 1999 ACCT RECV-TDH (AVALON) ACCT RECV-MKL ACCT RECV-RENT DEP (#1000) ACCT RECV-S. HOBBS ACCT RECV-D. HOBBS ACCT RECV-RRH (DICKEY) ACCT RECV-BJONES ACCT RECV-RV ACCT RECV-JWALLS ACCT RECV-JAL ACCT RECV-E MCELROY Total Short-term Receivables: Notes Receivable: FAM PTRNS ANNUITY-2/KLL F.AM PTRNS ANNUITY-2/LPL Total Notes Receivable: TOTAL CURRENT ASSETS MARKETABLE INVESTMENTS Enron Corp. Common Stock Fayez Sarofim Mgmt.-Com 'Sanders Morris Mundy-Com -,Cypress Asset Mgmt.-Com. J Goldman S achs-Com JGoldman Sachs-Internet JCaprock Capital Advisors Paine Webber Managed Vested Exec Stock Options Preferred Stocks: INDX SOFTWARE 18587/SMM-JT Balance 171,550.04 190,278.26 2,102.08 150,000.00 150,000.00 135,000.00 128,075.07 67,702.00 3,333.74 22.878.89 6,650.00 1,417,570.08 730,081.17 728.707.10 1,458,788.27 4,05 8,890.09 S 45,348,956.67 9,573,101.58 3,185,348.50 1,535,880.45 3,605,058.27 2,035,292.10 1,341,507.20 23 8,467.44 2,93 8,000.00 71, 884, 682.90 50,000.89 < Page 2 > % of Total sets .1% .1% .0% .1% .1% .1% .1% .0% .0% .0% .0% .6% .3% .30% .7% 1.8% 6NF to N, '1 0% December 19, 1999 % of Working ssets .1% .1% .0% .1% .1% .1°0 .0°0 .0% .0" 0 .0°0 .6°0 .3% .3 1.8% .0% LAY-G39 0163 LBF002-00612 ============= Page 4 of 9 ============= December 19,1999 Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: November 30, 1999 Balance % of Total Assets % of Working Assets OPENPLUS 7,500SH/SMM-JT 75,000.00 .0% .0% Total Preferred Stocks: 125,000.89 .1% .1% Corporate Bond-Convertibl: LAKEWOOD SPORT CONV/SMM-JT 52.250.00 .0% .0% LAKEWOOD SPORT-IISMM-JT 52,250.00 .0% .0% LAKEWOOD SPRT CONV2/SMM-JT 30,041.00 .0% .0% EARTHCARE CO DEB/SMM-JT 100,000.00 .0% .0% Total Corporate Bond-Convertibl: 234.541.00 .1% .1% Mutual Funds: GS 1999 EXCH FND/GS 6,217,430.14 2.8% 2.8% TCW SELECT EQUITIES FUND 1,127,272.73 .5% .5% TCW MID CAP GRWTH/NB 91 1.640.66 .4% .4% Total Mutual Funds: 8,256,343.53 3.7% 3.8% Partnerships-other. KLL & LPL INVESTMENT PTRNS 21,184,679.00 9.6% 9.6% KLL & LPL FAMILY PTRNS 652,953.00 .3% .3% Total Partnerships-other. 21,837,632.00 9.9% 9.9% TOTAL MARKETABLE INVESTMENTS 172,139,812.53 77.6% 78.3% LONG-TERM INVESTMENTS Residence: REAL ESTATE/HUNTINGDON 9,609,512.35 4.3% 4.4% REAL ESTATE/LOOSCAN 1,282,327.75 .6% .6% Total Residence: 10,891,840.10 4.9% 5.0% Real Estate Other Homes: REAL ESTATE/ASPEN 2,863,697.02 1.3% 1.3% REAL ESTATE/B-3431 447,544.79 .2% .2% REAL ESTATE/SPRING ST 5,062,926.88 2.3% 2.3% PIRATES' COVE LOTS 299,742.66 .1% .1% REAL ESTATE/B-3429 695,917.34 .3% .3% REAL ESTATE/B-3433 , _ 847,695.60 .4% .4% REAL ESTATE/REBA 492,639.61 .2% .2% REAL ESTATE/CREEKS TONE LOT 1,679,069.25 .8% .8% REAL ESTATE/WESTGATE 283,195.50 .1% .1% REAL ESTATE/2514 AVALON 283,421.38 .1% .1% Total Real Estate Other Homes: 12,955,850.03 5.8% 5.9% Real Estate Active Rental: REAL ESTATE/1741SR 147,309.00 .1% .1% REAL ESTATE/1852MAR 104,044.97 .0% .0% REAL ESTATE/1856MAR 167,250.00 .1% .1% < Page 3 > LAY-G39 0164 LBF002-00613 ============= Page 5 of 9 ============= December 19,1999 Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: November 30,1999 Balance % of Total Asset % of Worki ng Assets REAL ESTATEJ1918SR 242,622.73 .1% .1% REAL ESTATE/KINGS 190,000.00 .1% .1% REAL ESTATEIVIKING 60,000.00 .0% .0% Total Real Estate Active Rental: 911,226.70 .4% .4% Real Estate Passive: BLENHEIM APARTS, LTD. 225,000.00 .1% .1 % COLORADO OASIS LTD. 254,888.00 .1% .1% CREEKSTONE SOUTH RICE PTRS 300,000.00 .1 % .1 % LAKE CHARLES APTS., LTD. 240,000.00 .1% .1 % JESTER APTS PARTNERS,LP 400,000.00 .2% .2% TRAILSIDE APTS, LTD. 500,000.00 .2% .2% MILAND INVESTMENTS LLC 170,000.00 .1% .1% J.T.FAM,SR. INVEST., LTD. 252,450.00 .1% .1 % W.E. TRADE INVESTMENTS LTD 227,700.00 .1% .10/0 W.A.REHAUSENLOT INV LTD 105,930.00 .0% .0% Total Real Estate Passive: 2,675,968.00 1.2% 1.2% Farming Interests: 11 ACRES ILLINOIS 4,500.00 .0% .0% Total Farming Interests: 4,500.00 .0% .0% Other Investment-Passive: CAPRICORN INVESTORS II LP 562,622.00 .3% .3% CAPRICORN INVESTORS III 15,000.00 .0% .0% CARSON PRIV CAP EUROPE LP 300,000.00 .1% .1% CORPORATE OPPT FUND/SMM-JT 225,000.00 .1% .1% KESTREL VENTURES, LLC 59,920.00 .0% .0% USA CAFE LLC/SMM-JT 30,526.00 .0% .0% CHAMPION L.L.C/SMM-JT 100,000.00 .0% .0% CON-EQUIP LLC/SMM-JT 100,000.00 .0% .0% ENVIR OPP 500,000SH/SMM-JT 335,000.00 .2% .2% ENVIRON OPP FUND II/SMM-JT 120,800.00 .1% .1% Y2K ENERGY CO., LTD. 1,110,000.00 .5% .5% MV PTRNS-CYBER DIALOGUE 346,500.00 .2% .2% Total Other Investment-Passive: 3,305,368.00 1.5% 1.5% TOTAL LONG-TERM INVESTMENTS 30,744,752.83 13.9% 14.0% RETTREMENT/DEFERRED ASSETS IRA: FIDELITY MAGELLAN/KLL-PW 58,332.88 .0% .0% Total IRA: 58,332.88 .0% .0% IRA/Spouse: FIDELITY MAGELLAN/LPL-PW 58,387.42 .0% .0% LAY-G39 0165 LBF002-00614 ============= Page 6 of 9 ============= December 19, 1999 Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: November 30,1999 Balance % of Total Assets % of Working Assets Total IRA/Spouse: 58,387.42 .0% .0% Keogh Account: SCUDDER GRWTH & INC/KLL 344,813.15 .2% .2% SCUDDER INCO ME/KL L 23,603.07 .0% .0% SCUDDER ST BOND/KLL 25,200.50 .0% .0% Total Keogh Account: 393,616.72 .2% .2% Retirement Plan: ENRON-RETIREMENT 2, 961, 560.00 1.3% 1.3% ENRON SAVINGS RO/PW401 K 3,097,107.56 1.4% 1.4% ENRON SAVINGS 401(K) 69 7,190.81 .3% .3% ENRON ESOP 6,070.21 .0% .0% FID GROWTH CO 401(K)/KLL 16,402.93 .0% .0% FID OTC 401(K)/KLL 11,072.74 .0% .0% FID OVERSEAS 401(K)/KLL 19,463.07 .0% .0% FID MAGELLAN 401(K)/KLL 50,012.39 .0% .0% Total Retirement Plan: 6,858,879.71 3.1% 3.1% Deferred Compensat'n Plan: ENRON DEFERRED COMP-85 3,178,450.76 1.4% 1.4% ENRON DEFERRED COMP-94 796,385.52 .4% .4% ENRON PHANTOM STOCK DEF 402,119.66 .2% .2% ELI LILLY DEFERRED COMP 1,096,701.98 .5% .5% Total Deferred Compensat'n Plan: 5,473,657.92 2.5% 2.5% TOTAL RETIREMENT/DEFERRED ASSETS 12,842,874.65 5.8% 5.8% TOTAL WORKING ASSETS 219,786,330.10 99.1% 100.0% PERSONAL/NON-EARNING ASSET Automobile(s): 90 JEEP WRANGLER 6,825.00 .0% 92 4WD JEEP CHEROKEE 11,750.00 .0% 93 MERCEDES 600SL 63,975.00 .0% 95 LT SUBURBAN CHEVY 21,365.22 .0% 96 RANGE ROVER 43,525.00 .0% 99 MERCEDES ML430 52,693.33 .0% 97 SUBURBAN CHEVY 29,893.30 .0% 00 MERCEDES S500V 98,701.59 .0% 00 YELLOW JEEP WRANGLER 23,259.26 .0% 00 SILVER JEEP WRANGLER 0 23,303.14 .0% 00 RED JEEP WRANGLER 22.450.70 .0% Total Automobile(s): 39 7,741.54 .2% Home Furnishings: HOME FURNISHINGS/HUNT 882,827.73 .4% < Page 5 > LAY-G39 0166 LBF002-00615 ============= Page 7 of 9 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: November 30, 1999 December 19, 1999 Balance % of T otal Assets % of Worki ng Assets HOME FURNISHINGS/LOOSCAN 42,025.59 .0% HOME FURNISHINGS/ASPEN 138,984.11 .1% HOME FURNISHINGS/B-3431 163,984.20 .1% HOME FURNISHINGS/B-3429 80,833.15 .0% HOME FURNISFUNGSB-3433 81,961.40 .0% HOME FURNISHINGS/SPRING 1,100.00 .0% Total Home Furnishings: 1,391,716.18 .6% Other Vehicles & Equip: BW 21' OUTRAGE BOAT 49,327.00 .0% DUFFY 18' ELECTRIC BOAT 14,131.25 .0% LYNN SAILBOAT 1,400.00 .0% HURRICANE 19' 22,695.14 .0% SPIRIT CANOE 406.43 .0% WATERWHEELER MK III 722.44 .0% SUPER SPORT BOAT 1997 33,502.74 .0% Total Other Vehicles & Equip: 122,185.00 .1% TOTAL PERSONAL/NON-EARNING ASSET 1,911,642.72 .9% TOTAL ASSETS 221,697,972.82 100.0% LIABILITIES CURRENT LIABILITIES Credit Cards: AMER EXPRESS/RL -26,018.06 .0% .0% AMERICAN EXPRESS -41,495.95 .0% .0% MASTERCARD 5551 4,272.72 .0% .0% NEIMAN MARCUS 1314 -46,658.66 .0% .0% NEIMAN MARCUS 7487 -213.57 .0% .0% VISA GOLD 4151 5,244.87 .0% .0% Total Credit Cards: -104,868.65 .0% .0% Notes Payable: CHASE BANK LOC 4,767,000.00 2.2% 2.2% COMPASS BANK LOC 5,689,871.12 2.6% 2.6% NATION SBANK $37.5M NON PUR 27,659,999.56 12.5% 12.6% PAINE WEBBER-LOC/PW-97 10,426,105.21 4.7% 4.7% ACCT PAYABLE (ST)-ENRON 41,506.11 .0% .0% Total Notes Payable: 48,584,482.00 21.9% 22.1% Security Deposits: SEC DEPOSIT/Z- 1918SR 1,550.20 .0% .0% SEC DEPOSIT/Z-1856MAR 125.00 .0% .0% SEC DEPOSIT/Z-MCDUF 150.00 .0% .0% Total Security Deposits: 1,825.20 .0% .0% < Page 6 > LAY-G39 0167 LBF002-00616 ============= Page 8 of 9 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: November 30,1999 December 19, 1999 Balance % of T otal Assets % of Worki ng Assets Margin Acct Liability: GOLDMAN SACHS MARG-FS/GS 1,274.77 .0% .0% PAINE WEBBER MARGIN/PW-99 1,540,300.42 .7% .7% Total Margin Acct Liability: 1,541,575.19 .7% .7% TOTAL CURRENT LIABILITIES 50,023,013.74 22.6% 22.8% LONG-TERM LIABILITIES Home Mortgage: NATIONS BANK/LOOSCAN 626,795.56 .3% .3% NATIONS BANK/HUNTINGDON 4,427,130.84 2.0% 2.0% NATIONSBANK/HUNT #2 LIEN 496,756.43 .2% .2% NATIONSBANK/HUNT #3 LIEN 497,661.76 .2% .2% Total Home Mortgage: 6,048,344.59 2.7% 2.8% Other Real Estate Mtge: NATIONS BANK/ASPEN 1,534,341.00 .7% .7% CITICORP MORTGAGE/B-3431 220,228.89 .1% .1% NATIONS BANK/LOTS 105,000.00 .0% .0% NATIONS BANK/B- 3429 247,305.01 .1% .1% NATIONS BANKS-3433 53 3,342.26 .2% .2% NATIONS BANKIREB A 324, 49 5.20 .1% .1% NATIONSBANK/2514 AVALON 225,000.00 .1% .1% NATIONS BANK/CREEKSTONE LOT 1,200,000.00 .5% .5% BANK OF AM/SPRING ST 4,325,000.00 2.0% 2.0% Total Other Real Estate Mtge: 8,714,712.36 3.9% 4.0% Investment Liabilities: NATIONS BANK/WESTGATE LOT 191,250.00 .1% .1% Total Investment Liabilities: 191,250.00 .1% .1% Deferred Tax Liabilities: DEF TAX LIAB-STK OPT ONLY 35,273,766.80 15.9% 16.0% Total Deferred Tax Liabilities: 35,273,766.80 15.9% 16.0% TOTAL LONG-TERM LIABILITIES 50,228,073.75 22.7% 22.9% BUSINESS LIABILITIES Employer Taxes/Bus: FICA WITHHELD-EE (TX) 30,669.42 .0% .0% FICA WITHHELD-LPL EE(TX) 3,506.14 .0% .0% FIT WITHHELD-EE (TX) 59,900.51 .0% .0% FIT WITHHELD-LPL EE(TX) 5,720.00 .0% .0% SIT WITHHELD-EE (MO) 355.20 .0% .0% SIT WITHHELD-EE (HH-CO) 126.80 .0% .0% Total Employer Taxes/Bus: 100,278.07 .0% .0% LBF002-00617 < Page 7 > LAY-G39 0168 ============= Page 9 of 9 ============= Kenneth L. & Linda P. Lay BALANCE SHEET ANALYSIS As of: November 30, 1999 Accrued FICA Tax/Business: FICA PAYABLE-ER (TX) FICA PAYABLE-LPL ER(TX) Total Accrued FICA Tax/Business: TOTAL BUSINESS LIABILITIES TOTAL LIABILITIES NET WORTH TOTAL NET WORTH TOTAL LIABILITIES AND NET WORTH 30,671.29 3,506.14 34,177.43 134,455.50 100,385,542.99 121,312,429.83 221,697,972.82 < Page 8- > December 19,1999 % of Total Assets % of Worici ng Assets .0% .0% .0% .0% .0% .0% .1% .1% 45.3% 45.7% 54.7% 55.2% 100.0% LAY-G39 0169 LBF002-00618