Third Quarter 2001

Investor ReiSna Contacts:

ENROll CORP.
NYSE Stack Syntol: EWE
Common Dividend: $50
Shares Outstanding IDliuted): 759 MIllion
Internet Address: www.enron.con

Mark E. Koenig. two. Vice President
(7133 853-5981
Paula H. RIaker* Managing Director
(713) 553-7209

0
0
0
o r
~>

'-a
to

GOVERNMENT
  EXHIBIT
  4541





	     Definitions

Natural Gas
  Dlii    Uruish thermal unit. The mcneil of energy requfred to
	  raise the temperabne of one pound of water one degree
	  FalumAst
  M~tu    One slit. Eu. The standatd emit ci deify.,1 to' natural
	  gas, reprenotlng energy coeut.nt.
  Mel     ipso cesbJc bet A common measure of volume 6'
	  natural gas. Used lntwctuangeably with UMBtu. none
	  Mel' - one MUSh. alter extraction of natural gas IlqtMds.

Electricity
 kwh      KIlowatt-how. A standard wait of electric cinuemqsElon
	  corTepOndIng to image of one Ihousuud watts farm
	  hoit A tacatt Ughtbulb humbug to. 10 bows conawnes
	  one kwh.
 MWII     Megawatt-how. One thousand kwh
 MW       Megawatt. One thousand kwh?. owes %'fl (3.760 boon)
 OW       Gigawatt One thousand ia*t, for cite year

Common
 M
 MM
 U
 I
 C
 Id

Other

One Thousand
one WHon
One Billion
One Trillion
Equivalent Units
Per Day

851      Barrel (Ut oil)
MT       Uetdc Ton

Conversions
 tUMBles
 lBbl(cU)
 1~

I cubIc meter at gas
jUliet
i eel

*  292.7 kWh
*  5.46 MaiBtes of natural gas
-  3.785 Uen
-  .035 McI
- 10Db.
* vmtu

'V

0
0
C
or
t.01<
i-p

C

r





0
C
0


U,
to


							      ~NERARY





														 -J


			    Final 10/16/2001
							   Third Quarter Analyst Reviews
						      Houston, New York, Boston and ThIIadelphIa
							       October 16-19, 2001

			    MEK Pager:     800)901-5209
			    IRA Pager:     80O)9S74~67
			    DL Pager:      877/237-7732

			    Tuesd.y. October 36
			      9:00 a.m.    3rd Otr. Conference Call
					   Call inNwnbor: 7 19457-2657
					   Location: Mr. Lay's Conference Room
					   AntMess: Lay, Whuilcy. Finest, Causey, Keen, Koenig and Riebs

			      3:00 p.m.    Analyst Prnentatlon/Boardroorn. SO0 Floor
					   Lay, Whalley. Proven, Casey, Koenig and Riches

			      6:00 pan.    N5733 GulI.tre.am depn for Tcicrboro
					   Pilots: Jim Little and Don Martin
					   Lay, Richer, taboo, David axd Courtney Henold (cell: 7 131503-7832)
					   Dinner & Chene and Fruit Tray

					   NS73J Falcon 900 departs hr Teterboro
					   Pilots: Darvin Mitchell and Sage Ran.
					   Whulicy, Casey and Koenig
					   Dinner & Chess. and Prull Thy

			      9:31 p.m.    AariveTete*oro
					   FBO~ Jet Aviation-Avis
					   TeE 2011462-4000

			    Tranapofladon  Dokoy (718)292.1010)-Conlinned by John
					   Van scheduled forN57)3 Oulfttrrn
					   Sedan scheduled for N573J Falcon 900

			    Hotel:         Four Seasons (all chirps direct billed)
					   57 B. 57' Sweet
					   212/)38-5700,758-3711 (fax)
					   Reservation Contact Feud Dun (212)8934806)
					   K. Lay #858470,0. Whalley #858481, K. Casey #858479,
					   Ni. Koenig #858485. P. flicker #338501, B. Leobe #858512

			    Pilot's Notch  Manlot  Olenpointe
					   201/836.0600

			    Wednesday. October 17
			    Note: &y so Ateetin, suite 504 ut front desk.

		  1:1 31 Morran Investments Anatol Fevein t2l2/62244411+1         1:1 Salomon Smith Eaniavfflhv Nileg (21218t6.2807l
		  Breakfast- Four Seasons Hotel - Meeting Suit, 504 (S~ floor)    Breakfast- Four Seasons 5757 Reswsrant - Reservadon lbr 6
										  Attendees: flailet Koenig and Leboc

		  I :1 - Bane otAnurlcajWlIl Man (212/5834043~ + C. Call 450      1:) -TCW/Sbannon Cabin (2ISfl4AJOIfl + 3
		  Note: Walk to Bane o.fAmeflca         .                         Pour Seasons Hold - Meeting Suit 504 (5' Floor)
		  9 West 57', 30' Floor- Between 3 & 6                            Aundew Coasrey and Risker
		  Attendees: Loy, If ItoH sy. Koenig and Lab,.

			    OACoxporate\lnvestor Relations   emj1ea\200l~3rd Qir 200IAoc

												    LAY
												 000022522





			    Final 10/16i2003

		  * 31:30 a.m.-1:DO                                            12:00 mc,. - 1:15 n.m.
		   1:1 - Lunch - Goldman Spehu/David Fleitcher 121219024018b   1,2 - Lunch - KiDS Warburglflon Barone (2121713-3848)
		   Eric Mandslblalt and David Maccanonq                        Jnx.XuzlIt.i
		   Four Season Hotel- Meeting Suite 3M ~5b Floor)              1215 Ave of the Amedcn or6' Ave (between 51 & 52) 9~ floor-
		   Attendees: Lay, PA alley and Koenig                         -wili then he ahomito the 24'floor, Dining RoomS
									       rMigMAan to check-tn n5ecun(y lobby)
									       Attendees: Casey, Ricks and Lehoc

			      2:00p.m. -
			      3:00p.m.

					Thomas Schmitt. Jim Ferguson. Michael Sedpv
					Fran Catnip. Guru. Daliua. Al Harrimen and Tom Ran.

					   Pour Season, Hotel-Meeting Suite 504 (3' Floor)

					   Attendees: Lay~ flail9, Casey. Koe4 Risker and Lain

			      3:00 p.m.    ENE Midtown Presentation -Four Season, HoteVMetronolitsa Suit.

			      A:30p.m. -
			      6:00p.m.

					 57Ev: Sr SauL
					 Conwet: Sun Noocan (2121350.6301)
					 Atlendes: Lay Whailey Cawc~ Koenig. .Rlekn and Lebee

					 Cocktail tad Hon d'nvres - Four Season. Hotel

					 Madison ad Park Rooms (next to Metropolitan Suite)

			      6:15pm        Vadeparu forTertarhoro
					    Meet ire vupona non on it Sweet side.
					    Vat Lay, Whaiiey, Causcy, Koenig. Rieker and Leboc

			      7:15 p.m.     N5733 Gnlfstreamdepn Tetertoro for Boston
					    Passagcs: Lay, Rieker and Leboc

					    NS733 Falcon 900 departs Telextoro for floston
					    Passebgeu: Whailey, Causoy and Koenig

			      7:58 p.m.     Azrlvc Boston
					    FBO: Signatue Flight Support
					    toE: 617(569.5260 Fax: 569-1606

			    Transportatiow


			    Howl:

			  Pilot's Hotel:   Mutton Long Wharf


				 -         617/221-0800


			  O:lCorporneunvestor RelationsfldnersziuU00I~Srd Qtr ZOOI4oe

					 Carey vs (Accoue #433904, Con(#: 02684045)
					 611/6234700

					 Pour Season, Boston
					 200 Boylsion
					 Boston, MA 02226
					 Tel: 617538-4400. Razz 6J7I42~7ifl
					 K. Lay#ESSSI,O.Whuijey#93679640,K Causoy#943270S2
					 M. KoenIg #94795826, P. RAcker #81977433, Leboc *89875904

										   LAY
										000022523

-J

S

I





			    Final 10/16/2001


			    Thursday. October ID
			     7:00a.m.          Careyaedandepans4 Seasons (Coat 0: 01694046)
					       Passangen: Lay. Cmsseyandtoenig

			     ~:45 an -         1:1 -john Hancock FInancIal Servlen/Efleem Ford. (62715fl-96291 +6
			     9.00 am           John Detleclo * LW p Cr0. Deny K. Weleb - Sr. MD. Francis Peleon. Sr. MD.
					       Marorat Stanlaton - Sr. ND. Eileen M. Ford. - Director and William A. ICInsIev * MD
					       Plazas call Ellen Hopkins (637/572-9604) on arrival and ahewill nuct you
					       In the lobby to avoid your waiting in the Security line
					       200 Clarendon -John Hancock Tower
					       Attendees: Lox Cousey. Fo.stow and Koenig

			    9:30a.m.           Cucyaedandcputs4s.msons(Conf#: 01684047)
					       Passengers: JThaiIey, Stoker and tahoe

		     9:15 am. - 10:15 a.m.
		     1:1 ~Esser1nvhstTerttMQmt/Holland Ward (617/342.31631+5   121 -WelllnutonftomL.avedrsg(6171951-56221+9
		     Iii High Street, 29 Floor                                 75 State Strut Boston. MA

		     Attendees: Whaltry. Stoker and Leboc                      Attendee: Lox Casey and Koenig

			    10:30 tm.-         1:1 - Putnam Investmant4/RalIIk flalammni t617fl60.lAfll + 10/14
			    11:30a.m.          OnePostOfflc.Square, l?Floor
					       Attendees: Lax Jf'halley. Casey. Koenig. Rieker and Leboe

			    12:00 p.m.         Analyst MeetlnulLunch - Four Seasons Hoe.!
					       200 Boylaton- Contact Robin EI7/351-2023
					       Attendees: Lay. fla11ej~ Carey. Koen 1g. SIcker and tahoe

			     2:00 p.m.         In- Fidelity Mananjnent Sc Hnearch/T)onc Nion (6171563-59391 +14
					       One Federal Bunt, 33 Floor, Baton, MA 02130
					       Attendees: Lax fla11~ Caraey, Koenig. Sicker and taboo

					       Note: Puida Sigher will go en to other meetings ud return on her own to Houston

			     3:30 p.m.         1:1 - MFS tnvu.tment Manamnunt Dave Cavanauch (6171 954-5875
			     4:30p.m.          500 Boylaton, Boston, MA 02116
					       Astendw: Lay. flaUe~ Causq, Kaej4 Stoker and taboo

			     5:00 p.m.         N5733 Gultutream departs Boston Logan mu Airport for Philadelphia
					       Lay and Koenig

			     5:00 p.m.         NSISJ Falcon 900 departs Boston Logan Intl Airport (or Houston
					       Whalley, Caussy, Kicker and Leboc
					       Dinner

			     5:47 pa           N5733 GuIfutrea,mniw, Philadelphia
					       EDO: Intunabonal Atlantic Aviation
					       Tek, ZIS/492-7060

			    Transportation:    Careyvan (Ancoeinh712135, Cost! t 03684113)
					       620I59$.2800


			    OACOwWe\Invcauor AuIatiorus\1dneuricsl2O01~3rd Qfr 20014oc


												      LAY
												   000022524





			    Pinal 10/16/2001

			    HoteL          Porn Seasons Ptziladelpbia
					   One Logan Square
					   Phaduiphia, PA 19103
					   Tel: 21Sd963-1S00 Pux.~ 2IS/963-9506
					   Coot. N Lay 96141279 and Koaig 9257297
			    Pilors Hold:   Ahpon Minion

					   Tel: 215/492.9000

			     7:52 p.m.     NS7JJ Falcon 900 arrives bran bangai

			    Friday. October19
			    Transponarion  Carey Tab 610/595.2800 (Account #712135, Ccc! #: 01684112)
			     7:00 am.      Careysedan pIck-up and will provide flputation througbout day.

			     8:00 am.      hi - Rhltenhouse/Mark Hackett (610/92143001 +213
					   Two Kadnor Corporate Cent. Radnor, 4 floo~ PA 19087

			     10:00 mm.     1:1 - Delaware Invnhneni Advlwra/ Jail flaming St
					   Frauds Morris f215/255-i 4921
					   One Conmzrce Square. Thiladelphia, PA 19103

			     12:00 p.m.    Analvut Groun Lunch Meeting - Four Begins
					   One Logan Square
					   Contact Elizabeth Knox (215/963-1500)
			     2:DO p.m.     It) -Rover Asset Mannemant/CiIft Stern (2151 568-2126 + 10
			     3:00 p.m.     1650 Market Steel, One Liberty Place, 31' Floor

			     3:30 p.m

			    in - ~twx ~rnn rnr~rflrflTeIUtIJ.fZIaT
				     r

					  IOOOMarketSlreet... .aor

			     5:30p.m.     N5133 Gullaiream depn Atlantic Aviation - Philadelphia
					  Lay, Koenig, David and Courtney Herrold(celI: 713/3034852)
					  Dinner

			      7:27 pa.    Arrive Houston hangar
											  S


			    OAcorporateUnveseor ReiationsUtirnmieau0ofl3rd Qtr 2001 .doc
												thY


											     o0002 2525





			 10/16/20W


						      Enron Corp. SQ 2001
							 Enron Building
							   10116/01
							   Houston

			  ~,    Last Name          First Name                 Company                   Telephone
				AlAzrh             lilt            Pwdntlal Secudties                   7131646-5433
				Mggs               EDen            EdggsMsmgemmct&R.mrcbco.             713/651~15S9
				Cazpentu           Lela            AdU,Hanlamo&Cazpatcr                 7I3/621-11SS
				Cong               Sharon          Eden CapiwManagemezit                713407-1760
				Coale              Carol           Prudential Securitie.                713/646-5433
				flietert           Jeff            Simmons a Couay                      713/223-7828
				Dwivcdl            Vikas           PrudendulSecwitiea                   723/646-5433
				Euteibrook         Mask            RBCDain Rnwber Weasels               214/9t9-1408
				Potlowili          Rebecca         Howard Well                          713/393-4502
				Pdterg             Ie~ey           Priedberg Investment Mgxm.           713/622-2332
				Harper             Ted             Iron Dank
				Hohertz            Doug            The Mitchell Group                   733 /759-2074
				List               CarP            MeniliLynch                          713/759-2592
				Konicki            itt             Woodwaylinsncial                     733/683-7070
				Lawier             Cm              CrgditSubmFlrurflostn
				PdaIo              lean            Dzuco Inc.                           713/2234300
				McHewy             Adams           Inverness Coal, Inc.                 713/7854101
				Olson              John            Saz2denMorrlsMundy                   713/220-115I
				Peacock            Torn            Ddggs Management & Research Co.      713/6514589
				Robert             Jonathan        Howard Well                          713/750-6900
				Slivenaky          flm             Inverness Counssl Inc.               713/785-9101
				Tanner             Mona            Fridbcrg Invesunent Mgmt             713/622-2332

		      22


									      LAY
									   000022526

9





0
C
0
o r
to>

Cr
N)
-J


										I.





							  - -a------                                     S


			 10/16/2001

						      Enron Corp. SQ 2001
						    Four Seasons Hotel - NYC
							   10/17/01

				  Last Name           First Name                   Company                     Telephone
				  Ach                 Laurence         Tnhw Wort ham         -                 212/759-1755
				  Adelrnaa            hiwence          MorganStanley                           212fl614368
				  Albert              Craig            Tudorkvestnenl/Ospmie Fund              2121602-5012
				  Albert              An               Carl H. Pforahcimmr&Co.                 212/2234500
				  Aaanl               Dave             Citipoup Invcsmierns                    212/539402
				  Dabbar              Gaurav           CWC World Markets
				  Barth               Michael          Fulcra Global inert
				  Callan              Shannon          ThstCowyof the West                     213)244-0032
				  Christensen         Bob              First Albany                            212/273-7127
				  Cohen               Douglas          Morgan Stanley                          212/761-068
				  Cohen               Richard          StznSecwitieg                           212/841-3209
				  Chopin              &nj              Goldman. Sacts & Co.                    212/902-2298
				  Day                 Adrian           Global Suategic Masgement, Inc.         420/224-2885
				  Data                Paul             Value Linelac.                          112)907-1724
				  Diii!               Craig A.         Craig Dull Capftal                      212J501 -3743
				  ElIinghsus          Christopher      Wimains Capital Omup                    222/373-4234
				  Fisher              Ran              Stein Rae Invenust Counsel

				  Ficiacher           David            Goldman Sushi                           212/902-4531
				  Freeman             Charles          3. P. Morgan Scaritia Inc. (US)         212/648-7257
				  Frelinghuysen       Using.           Carl H. Pfotrheimer&Co,                 212J223-6500
				  Gabbay              eli                                                      212/622-6459
				  Gardner             Chile            Gilder, Gapes, Howe & Co                2121830-0627
				  Garvey              Michael          Angel; Gordon & Cc.                     212/692-2007
				  Graves              Ed               Daiwa Securities Co., Ltd.              212/612-6114
				  Griabert            Duane 1.4.       Sanford C. Bernstein & Co., LW          212flS6-4206
				  flatly              ThumP.                                                   2121708.9161
				  Howald              Gordon           Credit Lyonnais                         212/408-5853
				  Hove                AMen             DeutschflancAkxBron                     212/469-5319
				  Jackaca             Catherine        Tamer WorthasA Co~ny, Inc.              ZIZflS9*7755
				  Johnson             Rusty                   2a~wrMapinent, Li1.              902/218-7900
				  Jorachas            Prank            Rocketeiler & Cc.                       212/649-5643

											 LAY
										     C C' 0 0 2 2 5

I
I
I





				  Last Name          First Name                   Company                      Telephone
				  Jwkowicz           Thu             Fiat Albany                               212/273-7127
				  Kaukonen           ThU             Lord. Abbott & Conymny                    201/395-203
				  Krun~1ys           Jonas           Lincoln Capital
				  Lath               Joel            Ask Asset Management
				  Laochua            Emily
								     Warner. Stoft. Bear
				  Lancnic            Gene            IflGPurmanSelaCaplialMmnagement           212/30.5980
				  Laimer             Curt      -     CrcditSulssePbstflostonCozp.              212/325-4269
				  Levy               Andy            Wiper, Stots, Bear
				  Lindmner           Jason           Carson Group                              2121707-0680
				  Malin              Margot          Neuberaer&Bennan                          212/476-5944
				  Mmndemlult         Eno             OoldmanSacbs                              2121902-4581
				  Mcyerboeffer       Dale?.          MilienniumParweu                          2121841-4162
				  Middlemisa         David           INC Asset Management                      212/309-3433
				  Miballo            Ed              Ford Foundation                           212/573.5040
				  Muno               Orson           Munn. Burnhard and Associatea. Inc.       112/370.7300
				  Neumann            Dan             Bane of America
				  Pellechia          Ralph           Fitch IECA                                212/908-0586
				  Perry              John            John S. Herold. Inc.                      20313594339
				  Porter             Tim             Mark AssetMmnagemenaCorponuion            212/372-2300
				  Pulvirent          Stuart          Equinox CapItal                           212/2074142
				  Rhvacher           Brian           Morgan Stinley                            212/7614368
				  Reach              Melinda         Gilder, Capon. Howe & Co.                 212/830-0627
				  keeder             John            IfrflAssociatea                           212-583-0600
				  Salles             Philip          Credit Suisse First Boston Coup.          2121338-4221
				  Sarat              Seti            Douglas C. Lane & Ausoclws                212/262-7670
				  Saul               Stacy           George Weiss&Associates                   212/415-4566
				  Schmidt            Brian           SalomonSmithflamney                       212/816-2699
				  Settles            Kenneth         Neubeqer Hernia
				  Shisko             David           OaigbuillCapiral                          212/508-5743
				  Smith              i~iiT           Deutsche Bank lnternadonalLtd.            21214694446
				  Solsberg           Anita           Reliance Imumee                           212/909-1100
				  Stark              Jonrnhanfl.     VHS Waaturg                               212)713-2875
				  Snssberg           Sloven          Angelo. Gordon & Co., LI'.
				  Vulente            bunts           Benuardilereld&C                          2121371-3068

												  LAY
											      000022529

10/16/2001

'I





													     S


			 1O/16/2001

			      Last Name          First Name                  Company                       Telephone
			      Della Voip.        Vince           The YMCA R*Lirement Fund                  646/4Sa-2462
			      Yuchtich           Kathleen        W. H. Reavea & Ct, is,                    2Ot/332-4596
			      Washyohyn          William D.      Thbz W. ETiSWI & Co., Inc.                212/319-5872
			      Waterman           John            Ritteribouse Financial Services, Inc      610871.9300
			      Weubcr             Michael         INC Furman Belt Asset Management          212/3094345
			      Weizon             Hugh            Fitch, Inc.                               212/908.0746
			      Wideinan           DiM        -    Sanford C. Snatch & Co., LW
			      Wolff
			      Yanneilo

			  72


											  LAY
										      000022530





											   -A


		     10(16/200!


					  EmrOD Corp. SQ 2001 Luncheon
					       Four Seasons Hotel
						   10118101
						   Boston

				Last Name          Fin: Name                   Company~                       Telephone
				Allen              Busy              Fleet Investment Advisors                6171341-2213 .
				AmaM               ham               CoiigussAssetMngant                      6171428.4301
				Mnyowiy            Steve             United States Duel Co. of Boston         6171726-7000
				Austin             Mamkc             The Boston Company Asset Mgmt            6111722-7937
				Deal               Ocorge            BoatonPnlyOffice,LLC,The                 800)900-4401
				Bowers             David             Bvervnuliwwnenu                          617/210-3422
				Bran               Jacob             Nonhhmer(canMamgcwentCosp.               6l7/695.2100
				Coleman            Wendy             Independence Investment                  617/228-1109
				Ctac,              Miner             SeawurdMmnsgcmcntCorp.                   617/426-1196
				Onus               Paul              Fiduuiszy Trust Cc.                      617/574-3417
				Davis              Paul              DavidL.Babson&Co.                        6171761-3813
				Eddy               charles           Fiduciay Twit Cc.                        61 VS74-3417
				Evans              )aspusM.          HaitorCapltaiManageinat                  617/478-7221
				Pasclsrto          Cbuistopher       MehonPdvateAsxtMmnagemenz                617/248-3233
				Gerlich            Tense             PwedomCapitulManagemen: Corp             6171725-2234
				Onibman            Richard           Higjields Capital Mgmz                   617/850.7500
				Hemon              Audrey            ELM Management Company                   617/896-4248
				Hewin              Mike              Ccv. of Singapore                        7811fl9-5871
				Jiosgiand          CarhonO.          State Bust Sank and Tt Co. muon          617/664-3210
				Jacobson           John              HigbhddsCqimlMgmt                        617450.7300
				Joun, Jr.          Samuel B.         Trillium Asset Management Coip.          617/423*GGSS
				Kbalimn            Vfr               ZmichScudderlnvennu                      617/29*1000
				Lemmas             David             Cambridge last Company                   611/441-1327
				Madis              Kelly             LPL Financial Services                   800/775-4573
				Maloney            Mark              JobaHancockPunda                         617/375-1544
				Mayo               Pjcbasd           Granibas, Mayo, vanOtlarlooLLC           617/346-7W
				Mikula             Osryt             Eaton VanceMmgement                      617139141S3
				Mulligan           Nancy K           Northeast Inveaeat Management
				Noons              Sonata            Am2letonPaaen                            6171338.O700
				Penny              Lucas             Loomis, Saylca & Co.                     617/346-9787
				Phelps             Gregory K.        JohnHancock Funds                        617137S-1676

									 t Wi
								       000022531

I





												      .1


		      10/16/2001

			    Last Name            First Name                Company                 Telephone
			    Satiow               Las             EabsonUnitedlnycslnientMvuors     781443.1304
			    Itiposo              Luji            OmnettWehh&Koderlnc.              61712364fl0
			    DeRosc               Linda           Independenco Invaumet LW          617122*4701
			    Thin                 John            Gmotham.Msyo.vanOiterlooLLC       617/346.7526
			    Tunic                Ezncuon         Wellington Mmnagennt              61719514445.
			    Walsh                Dash            SIatoSuectReuearch                617/357.1335
			    Washburn             NI)        .                                      7811906-3250
			    Williams, Jr.        BenJamin 3.     Welch & Forte.                    6171523-1635
			    ZapohH               Walter          Appleton Paners                   617/3380700

		      39


										     L WI
										 000022532





					   Enron Corp. 3Q 2081 Luncheon
					       Four Seasons Hotel
						   10)19/01
						 Philadelphia

				Last Name           First Name                  Company                    Telephon.
				Miter               Sand             DOE Securities                        215/546-2300
				Cupenter            Darron L.        PNC Advisors                          215/585-5103
				Cecilia             Ernest B.        Davidson Capital Management           610/1544030
				Conrad              Sandra           Logan Capital Management              215-831-93)1
				DeSipie. CPA        Joseph           First IDVCSUKIC at Advisots
				Drew                Maria            Delaware Investmneot Advisers         215/255-8717
				Fraser              Jack             Seamark capital, I.. P.               414/840-1330
				Oases               Scott            Gardner Lewis Asset Mgnit             610I55S4~00
				Austin              Ohislalne        Vim Investment Advisors               215-670-3102
				Omsbera             lad              BlackRock                             302/797-2262
				(hewn               Lasryt           DuPoasCaplial Management              302/477-613)
				Gowen               Santa            Friess AssocIates                     3021657.540B
				Hammerschznid:      John F.          Turner Investment Partiers            610/408.3206
				floylt              TiM              LozancapitulManagement                215/851.9490
				Jennings            Keith            BtownsrotehhliarrimanaConwany         215/864-1354
				Jones               W.Dn,cc          Widm*nn. Siff&CO., Inc.               610/520-0500
				Joseph              Sabu             DOE Securities                        2151546-2300
				Lanyc               Steve            Delaware lnvnmnw                      215/253-8115
				Lawrence            LinonD.          Fore&ontCapitalAdvisora               2151496-4053
				Leigh               Michael          Tucker Anthony Sun                    215/357-1155
				Mancuso             town             GlcnmedeTnxstCoinpany                 2151419-6 034
				Meyers              Jim              Town Bridge Advisors                  610432-5259
				Pride               Jason            TheRirtenhouseTruatCowmny             610/9954715
				Rarer               Ted              RorerMsetMangemenr,LL.C               215/640-3182
				Wen                 Bob              Pint Union Secwisies                  6101378-3011
				Wiudham             Bryan            Phi Union Secwtics                    610/378-308l
				VanAilen            Jim              Janney MonigametyScort                2151665 -6514

											   LAY
										       00 00 2 2 53 3

10/1612001

26





0
0
0
or
N)>

Cr


						   1:1





		       Blackflook Profile


			I.'
			  I if 3 p Morgan Securities Inc.
				 Ownership data as or 06130101
				  Page 1 I Page 2

277 P5* AflflIfl

New Yoflr, NY 10172

Tel (212) 483*2323

On December 31. 2000. diMe ManMttaii
Corp. and J.P. Morgan & C.. merged to torn.
IP. Morgan O.au & Co. 2.P. Morgan Secinluen
Inc. Is tue brokerage/e~ulty research divblon
of J.P, Morgan ltwe$twnent Management. 2.9.
Morgan's larget aubsidlary Is tiorgan Guaranty
Tnt Company at flew Voric.

Fac (212) 648-5 104

 MEY CONTACTS
	 flame
AIWtOl Feygin
Kyle RUdOn
Gil Gabbay
lngrw MSIUI
 INDUSTRY WEIGHTINOS

Top 10 Holdings
Publishing
TeIcom-lntgrm
CoEnPiJtei' SftW.
Computer Sycs
Sick. cimology
Electflc Cos
ci1&GasIeFng
Comm-Speclality
Oil&Gas.lrnl
Finan-DvSfd

	 Title
Security Analyst
Vice PrtsIdeotdSeli*SIde
ASSOCISIU Analyst

	Phone
(212) 622*8448
(212) 648404S
(2fl) 6224459

Security Anaiyst/Sell.Side    (212) 648-7493

 SIP %Port$Chg      Top BUuya
 (37.1)   8.4   35,4 PubliShing
 (7.1)    6.8   ~Q,g Computer Syce
 (1.4)    BA   '25.3 Plnma.DvsM
 (4.8)    Si    33.7 AZIT-Offc Props
 (54)     4*     8.7 TScoM-Intgfl
 (2.0)    4.7   18.7 T~p 5 bUs
 (46.9)   4.7   15.6 TtIcoEnOIUWd
(120.5) , 4.5   11.4 Compgter5ftwr
 (0.9)    4.3   23.0 Hat Gas DS'*Pt
 (1.8)    3.7   23.0 tiemtnu
		    Hflcar.Hosp

PORTFOLIO CHARACURISnCS

Enron Corp
SIP 500
I.?. Morgan Securities Inc.
HOLDINGS (All Cap)

PIE  Yield   Price/Est Efl
27.7    L4
25.0    1.4
25.3    1.?

 5&P % Port $ Chg Total
(37.1)    8.4 35.4
 (4.8)    5.9 33.7
 (1.8)    3.7 23.0
 (NA)     3.3 22S
 (7.1)    6.8 20.9
 SIP % Port $ Gig
 (2.1)    1,5 -26.1
 (1,4)    5.1 .25.5
 (0.1)    0.1 .16.6
 (0.8)    0.9 .17.4
 (0.1)    0.0 .12.6

19.2
14.0
24.1

Style
Quanta von
Turn~ve,
* Cf StockS Held
?o4cNo Turnover
Equity luaU (5MM)

Core Growth
   Pa, sin
      Mien
      849
    157.4
      692

Investor Type       ftesemrch Finn
 POSITIONAL HISTORY
   Date       Position  Change   h Out
  Currant           VIA       NA   NA
 PEER OWNERSHIP
	   06/01     03/01    12/00
Top 10     ($1414)   (5MM)    (5MM)
AU              5.3       8.0      0.1
NRC             0.2       0.0      0.0
0Th             0.0       0.0      IA
		6        8.0      1.6

PORT DISTRIBUTION
 S41~alI      Mid
  17%         31%

Large
47%

US S Y' Cr Proj    ROE    0ebt/E~uIty   P/B Beta
	       17.3 10.1          79.7   2.8  0.9
	       14.9 20.5          54.?   4.2  1.0
	       16.7 15.7          30.9   3.4  1.0

AD3USTflENTS

H
'Os
TX
03921A142
AGC...

Tot.
MC..
Km..
145fl

$ Held
   17.7
   21.2
   28.9
   25.1.
   24.8
   22.6
   19.8
   19.3
   18.1
   17.0

$Chg   %Port
   35.3   B.)
   31.2   4.5
   13,3   4.3
   15.9   3.6
   22.6   3.6
   22.6   3.3
   3.2    2.9
   15.5   2.8
   0.0    2.6
   .7.1   2.S

P/E
  MA
 20.5
 11.4
  NA
 20.3
  HA
 10.2
 31.1
  HA
 41.4

Yield
   NA
   1.0
   2.6
   NA
   2.2
   NA
   0.7
   0.2
   VIA
   0.0

INVESTMENT APPROACH

Proj US
Growth
     NA
    15.4
     Si
     MA ACt...
    11.6 G1921A142
     HA
    23.2
    16.7
     NA
    16.4

Sells
VSTL
GPSI..

ccl
svGt.

  Buys      $ Held
H              52.7
105            31.2
59K...         22.6

$ tug
  25.3
  31.2
  22.1

% Port
   8.3
   4.3
   3.3

				    Proj EPS
		      PIE    Yield  Growth
			NA       HA       NA
		       20.3      1.0    15.4
			NA       VIA      HA
24.6    224     3.6    20.3      2.2    11.6
25.1    1L9     3,6     NA       MA       NA
				    Pro, Efl
    $ Gig  % Poit    P/E     Yield  Growth
      .27.5    0.0      PtA      tEA      NA
      -27.4    0.0      NA       NA       NA
      *19.4    0.0      lEA      NA       NA
      -17.0    0.0      HA       HA       NA
      -14.9    0.0      NA       HA       NA

$ Held
  0.0
  0,0
  ItO
  0.0
  0.0

C Copyrtght 2000 Thomson FlnanciaVCarson. All rights reserved.

kttpit/www.igchann.l.eom

		   http flww .hrchn?page=iosown&fonrnype=4 I &Lnanie-Enron%2OPect/920FR&insdd=IPMRGNOQ

											      LAX'
											   QOOC z2$t:

      Page 1 of 1


tL

10/1/2001





	       BlackBook Profile                                                   Page 1 ofa


		 Lw Banc of America Securities L.L1C.
			Ownership data as of 06/30)01
		 -..g   PagelIPaGe2

600 Montgomery Street

San Francisco. CA 94111-2777

tel (415) 627-2000

Powidet 1971. In kptcmter 2998,
NUIonsBabk Cmpomfloo and fl#nkA,nmnca
CrOtItiofl COmPISS Uwir inw~erto form
StatIc of A,nulca Coiporation. flstJonspmnc
HOntgOMrySJrItUi ni renamed Ban; Cf
Ameilti Securities In n.y 399. me in ice
conlldentlal filer.

rex 1415) 627-5791

KEY CONTACTS
	Name

Shelby Tucker
WIlliam Maze

Daniel lull,

lames toQuto

Title

VIce PreStdeflVSMS4de
Vice Presldent/SelI*Slde

INDUSTRY WEICKTINGS

Top 10 HoldIngs

HiU,Car-OrgVPh
Hld~car-flvsp
foods
Cmm.Spod.lIty
Flnan*Ovstd
QIlIGaS-Sycs
Hithcat-tvsfd
OIlIGaS-lnU
Gaming

	Phone
(212) 647-5085
(ala) 5834043

Senior Marimglng DiitCtor/ScB. (212) 3534030
Side
Security Aataiyut/Sd'SIte    (212) 1634523

 SW %Port$ Gig
 (5.4)   5.2  272.7
 (0.9)   6.1  204,6
 (iLl)   6.0   44.9
 (3.3)   5.0   60.0
(130.2)  4.9  140.9
 (Li)    4.6  -79.4
 (6.1)   4.1   17.1
 (1.1)   4.0 101:0
 (0.6)   4.0   68.5
 (54.5)  3.9  -26.4

TopS Buys
flkftC*r-Drp/Mi
Uflwdc
Cmm.Spedaflty
HRhW-Onfd
Iva-Comoncons
Top I Salle
Soinlwtduton
ComMa, Mitt?
TcIcum.Celi~frt
tmn-bn~
hate em

 SIP %PorttCho
 (0,91    6.1 206.6
 (3.4)    6.3 172.7
(130,2]   4.9 240.9
 (2.1)    4.0 101.0
 (3.2)    2.6  84.7
 SIP %Port$Chg
 (0.6)    2.8 .110.4
 (0.3)    0.9  48.6
 (0.4)    0.3  -87.7
 (2.3)    4.6  .79.4
 (0.3)    0.7  41.6

style
OrlOIltatiOn
Turnover
S of Stodcs Held
P0,00* Turno.er

Specialty
 Pasitte

Eqvlty han (8MM)
lilvUtor Type       AtSflrch Firm
 POSInONAL HISTORY
  Date        Position  Otange
 Cunent           26,350       0
 04/30/01      . 26,380   -2.284
 03/31/01       4 28460 -1,194.205
 1201/00       2,222,665 1.127,865
 09/30/00           .0    -7,087
 06/20/00         7,05?    6.687
 03/32/00           400  -29.604
 22/32/99         30.000  30,000
 09/30/99            0         0
 PEER OWNIRSNEP
	 06/01    0~/01
	 (8MM)    (5MM)

TopiC
en'
WMS
DY,'
'jaG
lila
DUIC
KMZ
KG
ABS

1.036
230.1

4,251


% Out
  0,00
  0.00
  0.00
  0.18
  0.00
  0.00
  0.00
  0.00
  0.00

	   12/00   09/00
	   (5MM)   (SliM)
1.3     1.7  101.7     0.0
3.5     9.3    2.3     1.5
3.0     6.1    4.4     3,4
2.3     0.0    0.0     0,0
2,2     1.7    0.6     0.0

1,3    2.1
0.4    0.3

0.1     1.7
1.5     0.0

0.3    0.5    0.0    0,3

	    0.3    '.8    0.1    0.1
0           0.0    0.0    4.2    0.7
Total      13.2    24.8  13.3    7.9

											  PORT DISTRIBUTION

 PORTFOUO CNARACT2RIS1IcS

Enron Corp
SIP 500
Smnc of Ane,lca SecuritIes LLC.
 HOLDINGS (All Cap)

	 $ Meld
$CA        252.7
PitA       186.0
0.3        173.0
HOG        167.2
TX         157.2
	   153.6
SW         146.3
AMY        139.3
StE        133.4
MI.        126.8

$ Chg
  45.5
  146.5
  149.4
   0.0
  62.1
  153.0
  *91.0
  138.5
   0.2
  10.1

% Port
   1.9
   4.4
   4.1
   3,9
   3.,
   3.6
   3.4
   3.3
   3.1
   3.0

P/B  Yield  Price/eat UPS

27.7    1.4
25.0    1.4
27.4    1.0

P/I
 25.3
 24.1
 31.1
 17.5
 11.4
  NM
 24.9
 24.6
 SI,'
 29.4

Yield
   0.2
   1.4
   0.0
   0.0
   2.6
   0.0
   0.9
   2.0
   1.5
   0.9

19.2
24.0
26.4

Proj BPS
Growth
    14.6
    16.4
    as.,
    14.1
    La
    22.8
    14.3
    12.2
    25.1
    10.8

 Buys
PItA
Os
CX
SHY
HZ

 Sells
Inc
081.1.
SW
Sot
Thu

INVISTHENT APPROACH

BPS SYrGrPwj    ROE

$ Held
 184.0
 173.0
 153.5
 139.2
  72.4

$ Held
  34.7
   2.6
 146.1
   0.0
   0.0

$ Chg
  186.5
  269.4
  153.0
  131.5
  70.9

$ Gig
  -141.3
  41.3
  *91,0
  -66.4
  -60.4

Small
8%

Mid       Large
18%       74%

	   Debt/Equity  P/ft Beta
17.5  10.1          79.7 2.8  0.9
14.9  20.3          54.7 4.2  1.0
18.0  15.5  e.      30.7 3.5  1.1

			 Proj VS
		   Yield Growth
		      1.4     28.4
		      0.0     28.9
		      0.0     22.6
		      2.0     12.1
		      2.5     14.4
			 Pro) BPS
		   Yield  Growth
		      0.3     17.5
		      0.0     20.1
		      0.1     14.3
		      HA      NA
		      5.1     8.3

% Port
   4.4
   4.1
   3.6
   3.3
   1.7

% Port
   0.5
   0.1
   3.4
   0.0
   0.0

P/B
 24.1
 31.1
  NM
 24.6
 Its

P/i
 35.0
 37.2
 24.9
  NA
 13.7

 Copyright 2000 Thoansoft Finsndal/Carson. All rights reserved.

http~ j/www.Ircha nnel.cow

	     hltp:llw.. ./Lrclm?pagc=iosown&fwmtype=41 &lname.Enron%20?etA2OPR&instids.MNTGMROO
								  LAY
							       CO (in t'ir
								 .4., CC-at.

ADJUSTHINTS

10/9/2001





		       BlackBook Profile


			  raw TCW Asset Management Company
			  fflP   OwnerShip dat, as ci 06/30/Cl
			   -*    Page 1 I Page 2

665 South Elgueros Street

LOS Angeles, CA 90017

Ttl 1213) 244-0000

Fax (213) 344.0755

 KEY CONrACrS
	Name
SMCflOOfl Calan
1cM Campagnolo
Brian BeltJ,et
 INDUSTRY WEIGHTINGS
Top 10 HoldIngs
DlOtfthflOlOQy
Conicuter SAvir
SemlcoMucto's
Electronks
Ths-Ptop&Cn~tv
Intenlet
Sra~Ccn,mCoos
IV, Radio, Cabi
Compute' nrdwr
Compoter SvcS

Founoet 1971.ThefltmMasuWdiu.Yof
The TCW Group, Inc. Affihistes include Thzst
Company of tile West, 1'CW F~utd5 Mgmt.,
Inc. and C*nflefltsi Asset Management
Corp. Latin Amuitan investmend we
managed out at New York. In july 2001,
Societe General. aC4ulred #51% Sta, in the

finn,

'Title

   Managing Otrector
   SCnC Vice President
   Managing Dflctor

SIP %Poft$Ci,g TopSluye
(10.4)  10.1 86,3 CompiftuSftwt
(2.2)    9.7 230.7 flaiflhS

(5.6)    1.1 Ste O,emlcals
(13.6)   5.6 43.1 C*mputar-PMlph
(69.9)   3.1 69.2 Top 5 Sells
L&7)     4.5 72.5 Dflhcr.PflSw
(tO)     4.0 23.7 AeW-Spec App
(1.2)    3.9 3'.9 Nit GM Ost~PL
(2.9)    33  18.1 Yelcom-ce~WN
		CIngQme, F~an

PORTFOLIO CHARACTERIS'rIVs

	Phone
(III) 2fl.00fl
(ii)) 244-0124
(113) 244-0079

S&P % Poet
(32)    9.7
(2.0)   0*
(2.1)   7.1
(0.2)   0.9
(3.5)   1.5
SIP q~ Port
(0.2)   03
(0.8)   0.2
(0.6)   0.6
(0.3)   0.2
(2.8)   2.3

$ Clog
220.7
220.3
132.9
117.5
113.6
$ Oig
-192.1
.441
*622
.49.4
.47.9

Style

Core Growl),

OrIent Otto
turnover

* oP StockS Held
Portfolio Turnover
Equity Assets (INN)

Active

Mod

  61$
 48.2
30,395

Investor Typo     lnflstmeht AivIsen
 POSITIoNAl. muon

 Date

06/30/01
03/31/01
12/31/00
09/3(v0o
04/30/00
03/31/00
12/32/99

Position
3340.000
3,444.044
4.707.121
 402,374
 358A77
 405,035
 373.111
 266.107

Chahge     %Out
  215.954    0,49
* 1.263,076  0.44
4,304,248    0,63
  44.797     0.05
  -46,938    0.05
  31,924     0.05
   7,004     0.05
-3,762,693   0,05

 PEER OWNERSHIP
	06/01 03/01   12/00 09/00
Top 10 (1MM) (1MM) (INN)   (4MM)
SHE      159.1 273.5   33.5 -31.4
MIR       6.6    6.8   14.1  0.0
ASs       3.0    3.5    3.9  5.6
ON        0.0    2.4    0.0  0.0
Total     9.6   12.6   20.2  6.0
 Porn OZSTRIBIJTION

Small
8%

Mid        Large
18%        73%

			    Gnrot cow
			    S&P 500
			    TCW Asset Manhoeinent Company
			     HO WINGS (All Cap)

			    P0k
			    scm.
			    MXIM
			    CELL
			    ONA

			    NSF?

			    QCOM
			    P.,,.

				    $ Held
				    1,675.7
				    1,183.3
				      940.9
				      SI?.:
				      767.3
				      736.2
				      734.8
				      724.5
				      703.6
				      64Z.6

					   $ Chg
					     33.9
					     127.7
					     eo.s
					     76.6
					     42.8
					     )0.4
					     87.3
					     56.8
					     ?7.6
					     *50.7

						 % Port
						     5.5
						     3.9
						     3.1
						     2.7
						     2.5
						     2.S
						     2.4
						     2.4
						     2.3
						     LI

			 INVESfl4ENT APPROACH

							     P/S  Yield  Price/at 59$   UPS 5 Yr Sr Proj   ROE
							     27.7   1.4          19.2              17.5 103
							     23.0   1.4          24.0              14.9 203
							     37.4   0.3          38,5              23.7 18.4

							 PIE
							   32.3
							   32.9
							   36.2
							   27.2
							  292.5
							   12.1
							   41.4
							   Ste
							  257.9
							   12.2

							       Yield
								  0.2
								  0.0
								  0.0
								  0.0
								  0.0

								     Proj UPS
								     Growl).
									 12.2
									 42.3
									 27.3
									 20.1
									 as..

								  0.1     13.6
								  0.0     16.4
								  0.0     27.3
								  0.0     28.9
								  0~3     19.5

								   ACJUSTMV4TS

										     $ Held
										       32.9
										     1,185.3
											'7.7
										       734.6
										       193.1

										     $ Held
											 0.0
											 0.0
											 0.0
											 0.8
										       169.1

									     unP
									     Sill.
									     csx
									     NSF?
									     ccu

									      Sells
									     CDT
									     VIA,
									     ROIAX
									     HER
									     Sill

											   $O~     %POrt
											     132.9     0.4
											     127.7     3.9
											     87.7      02
											     87.3      2.4
											     81.9      0.8

											   SOig    %Port
											     '97.9     0.0
											     '73.1     0.0
											     41.8      0.0
											     .71.2     0.0
											     62.O      0.6

													Det.L'E*uIty  P/S Beta
														70.7    2.8 0,9
														54.7 4.2    1.0
														51.9 4,0    1.3

															Proj EPS
													       Yield    Growth

													 P'S
													  14.3
													  32.9
													  30.5

														  1.5    lii
														  0.0    42.3
														  2.1    13.3

													  41.4    0.0     16.4
													   NM     0.0     26.3
														       Pro) EPS
														y~e4a  Growth

													 P/B
													  22.0

														  0.0    36.6
													   NA     0.0    27.3
													   NM     0.0     NA

															13.6
															17,5

													  15.4     1.2
													  27.7     1.4

			  TCW manges smail*, mid' and large-cap ,trategles, as well as growth and value. The firm focuses en companies
			  whose stocks are undenalued due to simm macro trends or company-specifIc developments, whIch hive signiflcantly
			  enhanced the outlook for profit gmwth, The Investment process begins with a weekly review and projection of overall
			  economic arid financial market conditions by the Equity Policy Committee. This top-down review Is Intended to evaluzce
			  the environment in which businesses and the financIal markets will be operating, as well as to Idenwy those industries
			  and specific Companies that are being affected both positively and negatively. Statistical valuation benchmarks and
			  ratios ale employed to gauge whether current manteL prices are appropriate In view of the projected rewards and risk.
			  Portfolios generally contain, but are not limited to, between 100450 securIties.
			  Investment Criteria:
			  1) Balance sheet strength:
			  2) Proven manhoemmnt team;
			  3) DomInant market position;
			  4) New product end matteL lnaovavOn;

		 hupJ/w../irchn?page=iosown&fonntypo~41 &Iname-Enron%2oPcers&instid-TCWSSTOO 30/15 '2001

												LAY
											    000022537

   Page 1 o(2


~k7fl~kt1.
-C-
.!1. ~""~AL

0

9





			 BlackBook Profile                                                                Page 2o(2

			 .fl w,I...~qh., ~Whb~b~'~3 -I- *d,umvtg.tIa.

			 6) HIgh return 041 hsstts and equity;
			 7) SustalniWe. .bove-.vertga gmwV~ expectatIons.
			 Sell CfIteila:
			 1~ OecIIne o?15% (mm purchaSe pitt or msrl,t cycle high,
			 OedsIon-Malcing Process:
			 The Internal nnmrft staff @135 qulty analysts, zogether with the five members of the Iaroecap equity team, develop
			 investment ideas through their own field rthtarth. Street h~puts, and other sources,

C CopyrIght 2000 Thomson PIrtancIuI/Chrton. All flghts reserved.

tattptljnwjrchumi,Liou,

									LAY
								      000022538
		 http://w. ../frcbn?paau=iasowi&fornltypu.41 &lnamrEnron%2Opcers&imtid=TCWSSTOO 10/1512001

It
)





		      BlackBook Profile


			I.
			 L W Goldman Sachs & Company
				 Ownerib p Oh  as or 06(30/01
				  Page lIPage=

Doe New Votk Plan

NeW York, NY 10004

Tel (2)2) 902-WOO

P8K (222) 902-1512

 KEY CONTACTS
	 Name
David PIelter
David HiccanOne
HOW O~oI
Neal Roy
 INDUSTRY WEIGHflNGS
Top 10 HoldIngs
mv Barilrjfiroker
Klflflr Otis/Pb
nat Gas 0W-Pt
Entertalnwent
complitir Mw,
Consunier I'rnan
Electric Css
1,,s-MuIcpUne
fllthC*t.DvStd
Fin sri ~flvSld

Founded: 1869. Goldman Laths Isa leading
global lnvesm,ent buitt.g and s.cwlUa. finn.
providIng AM i$5fl o$l.w.sung. advlsoiy,
and financing servIces. Mar more than a
century as a private partnership. Goldman
Laths beta',,. a publIc company Iri 1999. In
the sumrv%et @12001, the finn acquired Epoch
Partners.

tie

Speclaity

odentadon

Passive

Turnover

* Cl Stocks Held
Podovo Turnover
eQuity ~aaeu (SHIfl

Investor Type

Title

Phone

Managing OJrector/Sd.Sidc  (212) 9024018

Vice P,tsld.nt'SelI'SIde

(112) 902-0324

Security AAIIflVSII-Sldg    (312) 90l~41S9

     WI PrOSldenVSMl-SIds

S&P %Porttchg TopSBaaya
(2.2)   9.1  -67.2 HltJ,u,'OqtJPh
(0.9)   6.3  651.4 RetaIl-Oah, St
(4.4)   Ii   215.1 IeastgOnsM
(2.1)   5.8  *123 computsSftwr
(1.2)   5.3  357.7 Hat Gas DW.Pt
(5.5)   4.?  '47.0 TopS 5Mm
(1.8)   4.4  46.3 Mum-Industry
(1.42   4.2  19.2 Cgn,putjflirtw
(LI)    4.1  .12.7 Personal Cars
(1.9)   3.8   1.9 Compttur-tietvfl
		  Ehe~'oolc

(212) 902.3472

	SIP % Port $ Chg
	(0.9)    4.3 651.4
	(2.0)    2.5 501.8
	(2.2)    2.0 398.1
	(1.2)    5.3 35 7.?
	(6,6)    6.0 215.1
	58$ % Port $ ~w
	(0.2)    13 .S27.2
	(0.8)    2.7 ~376.1
	(1,21    0.9 .488.1
	(0.4)    0.5 -443.0
	(1.3)    1.5 .141.1

	     1,284
	     65.0
	    20,447
Research fl~i.

POSITIONAL HIStORY
 Date      Position    Change  % Out
Current    7,400,000    610,367  0,99
06/fl/OX   6.749,633   US$632    GAO
03/31/01   4,990,981   -915,818  0.65
12/11/00   5,805.799    ~26,106  0.77
09/39/00   5,332,901     .3,848  0.78
04/30/00   5,836,713    229,671  0.78
03/31/00   5.607.082   -2fl.447  0.73
13/31/99   5,g02fl9    1,356,232 0.79
P21K OWNERSHIP

06(01
($HM)
 331.4
  82.1
  55.'
  16,2

Top 10
HE
Kl41
Will
ABS
vco
HIR
Dug'
DVII
0            0,3
TAP          0.0
Total      166.?

(5MM)
 284,2
  62.4
  9t9
  20.1

12/00
(5MM)
 482.7
  45.0
  77.6
  42.0

09/no
(5MM)
 311.1
  27.5
 103.2
  49.4

4.2     4,5    0.3    0.2
3.5     3.9    6.6    5.6
2.?     3.3    2.5    2.2
2.0     2.3    5.0    3.6

0.0

  0.0
226.4

PORT CISTRISUflON

Sn,a II
 4%

1.6

1.4

 0.0     0.5
190.7  195.3

Mid        Large
11%        83%

 PORTFOLIO CHARACTERXSnCS

Enron CG.
S&P 500
Goldman Laths & Comp*,y
 HOLDINGS (All Cap)

PIE  Yield    PrlceIBst En
27.7    1.4
23.0    1.4
30,5    0*

l9.2
24,0
n.e

EPS 5 Yr 6rPm)    ROE

	    Debtdequity   P/8 Beta
17.8  10,1           79.)  2.8    0.9
14.9  20.5           54.7  4.2    1.0
P.S   22.0           25.7  4.8    1.2

ADIUSTNENTS

		       C
		       MRS
		       GIN
		       AIC
		       VIA B
		       AS?

		       FAt
		       ADP
		       NOT

				 S Meld
				  1,168.8
				   871.1
				   824.3
				   821.0
				   724.2
				   688.9
				   685.4
				   666.3
				   643.0
				   634.4

					 $ CIg
					     -4.8
					    12.0
					     1.7
					     La
					     1.2
					    2?.?
					   653.4
					    32.7
					    64.6
					    40.6

						% Port
						    3.7
						    4.2
						    40
						    4.0
						    3.6
						    1.4
						    3.4
						    3.3
						    3.2
						    3.1

		   INVESTI4ENT APPROACH

		       C CopyrIght 2000 Thomson PlnanelaVCarson. All rights reserved.

												     http://www.ivchaan.l.corn

									     LAY
									  000022539
	       http://w.../irchn?page=iosown&ronntype=4 I &nne=Enon%ZOPeor/.20Fft&inslid-GLDMNSOO  10/9/2001

     Page 1 of I


1.

I

P/E
 16.6
 30.5
 43,5
 30.4
  NA
 21.1
 21.5
 15.2
 13.9
 41.9

Yield
   I.'
   1.0
   0.0
   0.2
   0.0
   1.7
   2.2
   1.3
   0.8
   0.5

Proj ePs
Growth
    14.2
    19*
    22.5
    14.5
    27.3
    12.4
    11.8
    14.5
    15.3
    17,4

 Lily.
MIX
wIlT
VIA
MS FT
'WY

 Salle
01
IBM
csc~
G
El.

$ Meld
  685.4
  sot,
  400.0
  291.1
  486.)

S Meld
   48.5
   40.4
   55,3
   64.3
   47.6

$ CIW
 653.4
 492.7
 295.9
 346.9
  97.9

$ Chg
 .81?.?
 -593.,
 .3957
 -260.2
 *22 1.5

% PM
    1.4
    2.1
    2.0
    1.9
    2.4

% Port
    0.2
    0.1
    0.3
    0.3
    0.3

P/S
 31.5
 33,3
 17.2
 4 IA
 18.1

PIE
 30.8
 21.4
2014
 29.4
 29.1

Y,eld
   2.2
   0.6
   2.9
   0.0
   0.0

Yield
   I.'
   0.6
   0.0
   2.1
   0.5

Proj EPS
Grovvtl,
    11.8
    14.2
    10.6
    16.4
    16.2
Proj EM
Grown,
    15.7
    13.1
    21.4
    10.3
    13.2





		  Blackflook Profile

	  UBS Warburg LLC
  IN      Ownership data as oF 06/30/01
   -      PagelfPag*2

299 Pitt Avenue

New Y04C, NY 10171.0034

Tel (312) 821.4000

Pounded, 1832. The firm is a su.bsldlery Of VOl  Style
AG. A1ter~lt mergerbetuttn USS and 58cm
1998, U. l*we*n,ent kM*bg division wee
renhmet waiting 011100 Ash. U.C. On M*V 1.
2000, Wrntvrq Owon Read UJI.ngad Its name
to 1)85 Witting. Co November 3. 2000, VOl
acOIjlrtd Palnewebbe,.

Fax (212) 821.2255

 KEY CONTACTS
	Name
ftnald Barons
Janice YaAAtllo

R.ii Esguiwi
 INDUSTRY WGIG1IflNGS
Top 10 Holdings
HIv~car.DrgVPh
CompiAer Sftv,r
MuftJ'lflduSt4
Computer Krdwr
Food;
OiI&Gas.lnti
8.nlcs-140A5Y Or
enhvulninene
Sentonguctori
i,w BsRiQBtoker

Tine

Phone

Min*gIng OItector/SelI4idC   (212) 713-3S48

Vice PrtsldentdSeIl.SIde
Director Slit!. Equity

S&I' % Port
(1.0)   4.5
(1.4)   6.4
(0.9)   6.3
(1.7)   5,7
(3.6)   5.4
(1.0)   4.9
(1.0)   3.3
(1.1)   10
(0.9)   3.0
(0.7)   l.a

$ Dig  Top S Buys
  265.5 Foods
-1,264.9 HItftw-Ofgs/PI1
  .56.4 Bofllnment
 '344.0 ASIkohdS
  803.1 CIectic Cos
 426.3 Top 5 5.13*
  315.3 Ccm~umr SAw,'
  208.3 OMLOus-InU
   81.7 fltCom-CSU/Wfl
   98.0 COmputer Hntnr
       iv, tao, Cabi

(212) 713-3677

(222) 71343S3

      S&P% Port
      (3.6)   5.4
      (1.0)   8.5
      (LI)    3.0
      (2.7)   1.0
      (0.9)   2.3
      SlIP % Port
      (1,4)   4.4
      (1.0)   4.9
      (0.4)   0.3
      (1.7)   5.7
      (2.2)   1.5

$ Dig
  805.1
  268.5
  208.3
  172.0
  110.2
$ Chg
-1,244.9
 -626,3
  492.2
 -344.0
 .325.6

Specialty

one ntaoi,
Tumovir
* of Stocks Neld
rortioflo Turnover
E4uity Asses (9MM)
Invetor 'Type       ft.swch Firm
  POSITIONAL HISTORY
   Date        Position Chahge
  Current      0,100,000  435.088
  06)30/01     7,464.912 -214,710
  03/31/OL     7.879,622 2,690,055
  12/31/00     5,189,556 -2,245,308
  0*30/00      7,434,874  -20,014
  06/30/00     7.454.888  145,545

teEn OWNERSHIP

Top 10
ENS
OUK
ASS
0

0Th
ICKI
kG
NAG
TV
Total

06/01
(5MM)
 276.3
  33.3
  24,7
  21.9
  20.3

oval
(5MM)
 457.8
  29.9
  23.9
  Is.,
  19.5

12100
(5MM)
 431.4
  21.1
   7.6
  12.0
   7.6

Pa selve
 High
 1,403
 143.1
22,979

% Out
  I.06
  1.02
  1.03
  0.69
  0.99
  0.99

09/00
(5MM)
 051.5
  22.9
  22.6
   9.9
  14.8

6.4    16.3   6.3     0.3
10.1    Wi    32.2    32.3
4.6      4.5   9.1     7.9

 03      0.0    0.0     0.0
 0.2     0.4    0.0     0.3
132.1  123.7   97.7   111.1

PORT DISTRIBUUON
 small        *4)4
  3%          7%

 PORTFOUO CHARACTERISTICS
			P/B  Yield
Enron Corp               27.7   1.4
SlIt 500                 25.0   1.4
UBS Wflui   LIt          26.0   1.3

Prlce/Est EPS

HOLDINGS (All Cap)

old.
OAT,
MIII
GE
aSIC
Wa
line
ENS
ItOH
C

$ Held
  797.5
  771.4
  641.2
  547.6
  537.4
  407.8
  395.4
  276.)
  354.2
  351.9

$ Cri9
 -127.3
  756.0
-1.383.1
  *98.0
  365.0
 -199.7
  56.6
  -10,5
  '60.2
  78.0

We Port
   3.'
   2,5
   2.9
   2.5
   2.4
   2.9
   La
   1.7
   1.6
   1.6

Pie
 27.2
 28.6
 41.4
 30.9
  NA
 18.5
 31.0
 27.7
 14.8
 16.6

Yield
   0.0
   Ii,
   0.0
   I.E
   idA

19.2
24.0
fl.2

Proj IPS
Groutfl
    20.1
     HA
    6.4
    13.7
     NA

2.6      9.0
0.3     17.3
1.4     17.5

SPS S Yr Gr Proj

Large
90%

ROE     DeW/Equity   P/B  Beta

17.5  10.1
14.9  20.5
~.Z   21.9

A03 U ST P4 5 N TB

 Buys
OAT.,
asK
VT
AOL
ORG.

	      sells
	     HEFT
1.1      7.7 B~
1.4     14.3 LI4C A
	     von
	     WA

SHeld   $Chq
  772.4   75&0
  537.4   365.0
  317.2   178.6
  250.6   170,5
  252.6   1323

$ Held
 541.2
 202.2
 1St6
   4.3
 401.8

INVESTMENT APPROACH

$ trig
-1,383.1
 -642.2

 .249.6
 -In.,

% Port
   3.5
   2.4
   1.4
   1.1

P/E
  20.6
  HA
  14.1
  NM

1.1    27.9

% Port
   2.9
   0.9
   0.7
   0.0
   1.9

P/e
 41.4
 16.0
  NM
  HA
 18.5

79.7  2.8    OS
34.7  4.2    1.0
32.7  42     1.0

	Proj EPS
	Gro*th
	     NA
	     NA
	    14.5
	     HA

Yield
   LI
   NA
   3.4
   0.0

     0.0    24.8
	Proj BPS
Yield   0,oMh
     0.0    15.4
     2.8    8.0

0.0      NA
I.)    24.0
2.8      9.0

		       C Copyright 2000 Thomson Flnandiaycarson. All rights reserved,

												      hltp:Ijwww.i'channel.cow

											 LAY

										     000022540

		  ht:p'f/ww farcbn?page=iosown&fonnt~c~4 I &lnnnonEnron%20Pe09/.2OFR&inshidrDLLNRDOO  10/8/2001

Page lot 1

A





0
0
0
0 C'

tO <
I-"

I-.


										   lb





											     Page I of 2
		  BlackBook Profile


		   Iarg!av.231
		    Lv Alliance Capital Management LP.
			   Ownerthip data as of 06130101
			   Page II Pa9e2

1345 Aveflut @1 tj,g A*,eflcas

New Yost, NY 10105-0096

Tel (=12) 969'1000

Fax (212) 969.2118
 KEY CONTACTS
	 Name
A~nZe Thao
SUMMC LIJIt

paut Mama.
 INOUSTRY WEIOHW4GS
Top 10 HoldIngs
NgIV.ind~fly
H mica r.Drg S/ P h
Thu SmnkJBroker
ComI,ute, Shwr
9.nktHosieY Cr
mt.  loment
lv, RadIo, Cab
OU&Gs..Iflfl
Coasumer Allan
RUll.Dept St

 Sounded: 1962. ALliance Capital M.nggme.fl
 t.P. Is. s'jbsldszy of MA Finandal, Inc.,
 fos'mefly lb* lwjikflhe Life Aisurmncy Sod ety
 or u.e Ucited lUte, a subsijaty ci MA*UAP.
 'The firm manages the Alliance Funds. Gui
 October 2,2000, AllIance Cap4UI Cr4 ulrtd
 Sanford C. Santa.


Title

     vice President
     Vice President
     OirettM f ScaM E.~ultY
     Rewire

SIP %PortSCbg Top5Buys
(0.7)   3.0 -244.0 CornNt.? MWT

(0.8)   3.3 623.6 0lI&GaI*Svcs
(0.6)   2.6 2,171.2 0Ii&Gas-In~
(0.6)   2.6  96.9 Ccoip.AarSvu
(0.9)   2.4 '114.9 Top S Sells
(3.0)   2.0 842.3 tsmpJtAr4detWrk
(0.4)   1.9 1,174.4 Vomputer-Pmflplt
(2,1)   1.6 128.8 Comm. Iq.flm
(3.8)   7. 904.5 Eiecn#w
		 Sent ntnws

1222) 949-1174
(212) 969-2410
(212) 969-1146

SIP %
(0.6)
{o.6)
(0.7)
(0.4)
(0.9)
SEP %
(0.7)
(0.5)
(0.6)
(1.3)
(0.4)

Port $ O'~
 2.6 2,171.2
 4.3 1,268.4
 0.5 1420.4
 1.9 1,174.4
 1.1 1,015.6
Port $d~
 0.9 -1,522.5
 0.2   .819.0
 0.9   -803.3
 1.5   .480.0
 1.)   .444,8

Style
OtlmntiuM

Cat Grmfl

Attfl

turnover

Mod

* Of Stocks timid                    2,987
Peace. Turnout,                      56.3
Etulty ASMO (5MM)               394,915
Isivesto.- type       lr,vesvnert: Mvlscn
 POSZTIONAL HISTORY
    Date        Position  Change   % Out
 Qiwent         40,000.000 14,814.362 5.23
 06/30/02       23,185,616 6.409.253 3.36
 03/31/01       18,fl6,165 7,974.862 2.50
 12/31/00       10,801,402 7,870.591  1.44
 09/30/00        2,930,812   433.450 0.29
 04/20/00        2.497.362 -231,637  0,33
 03/32/00        2,788,399 '1.487,215 0.37
 12)31/99        4,274,214   303,948  0.57
 0/30/99         3.772.255   229,834  0,50
 PEER OWNERSHIP
	 06/01      03/01  12/00   09/00
Top 0 (5MM)        (5MM)  ($104)  (snM)
ShE      1,236.6 1,090.1     897.9   256.8
AU       1,169.3 1,116.9   1,003.6   937.7
OVid     2,024.9      809.3  614.2   424.0
011K           131.2  209.4  181.5   292.)
P~0             49.5  111.6 . 310.3   17.5
MM              37.0   1.4    2.6      0.0
WMU             35.8  45.6   40.3     38.8
0               31.7  42.7   45.1     21.3
		14,2  24.9   11.6     13.3

041
Lap
NAG
Total

	 3.8    6.2     6.3   0.4
	 5.2   2t6      1.4   1.7
     2,569.9 2,437.1 2,217.0 1,457.1
PORT DISTRIBUTION

 PORTFOLIO CHARACTERISTICS

in roll Cot~
SIP 300
Alliance Capital Management LP.
 HOLDINGS (All Cap)

C
Pr,
GE
AOL
MW?
'Ye
KU
KS!
PHA
Ala

$ Held
9,092.4
7,021.2
5.58 1.0
6,527.0
5.79 2.7
5,758.9
5,051.5
4.6523
4,887.0
4,383.4

$ dig
-523.6
 415.9
 346.9

2,474.4
  20.9
  85.4
 757.1
 616.0
 739.9

% Port
   2.3
   1.8
   1.7
   1.7
   1.5
   IS
   1.3
   1.3
   1.2
   1.1

P/e Yield  Price/Eat US

P/C
 16.6
 32.5
 30.8
  NM
 41,4
 20.1
 20.5
 43.3
 24.1
 30.4

27.7   4
23.0   1.4
27.5   2.3


 Yield
     1,4
     LI
     1,6
     0.0
     0.0
     0.1
     1.0
     0.0
     1.4
     0.1

19.2
24,0

	   Small
	    1%

EPSSYrGrPrO)   1108

26.8

Pm) OS
Growth
    14.3
    20.4
    Is.,
     NA
    16.4
    19.2
    Its
    23.6
    11.4
    24.5

17.5  10.1
14.9  20.5
16.5  Iti

ACZUSTI4ENTS

 Buys
85FF
LOS
O4~K
AWE
an
 Sells
oco
'tic
HOSe
cact

* Held
5,792.7
1,613.2
2,905.5
3,101.3
1,123.2

$ Held
2,762.6
   0.0
  513.8
1,441.3
  716.1

$ ala
2 .4 74.4
 987.0
 832.9
 tOLl
 791.5


.1,426.3
 .8u.2
 .831.t
 -394.5
 ~563.8

% Port
    1,5
    0.4
    0,8
    0.8
    0.)

% Poet
    0.7
    0.0
    0.1
    0.4
    0.2

 Mid        Large
 9%          89%

OebuEquity  P/B  Beta
       79.7  2.8  09
       54.7 4,2   1.0
       30,8  3.8  1.2

	     Proj PS
      reid   Growth
	  0.0     14.4
	  1.0     15.4
	  0.0     16.1
	  0.0     31.0
	  0.1     20.5
	     Proj PS
	     Growth
		  23.4
		    NA
		  23.7
		  12.9
		  24.5

PIE
 41.4
 20.5
  NM
  NH
 25.0

P/B
201.0
  NA
 22.6
 15.0
 27.9

Yield
   0.0
   NA
   0.0
   2.0
   0.0

											 LAY
										      000022542

											       10/9/2001





-A

BlackBock Profile

Page2of2  2

		      INVESTMENT APPROACH
		     Equity pt'cducts include Large Cap., Urge/Medium Cap,, Research Values, Disdplined Growth, Hudson River Growth,
		     DIsciplined Core, Convertible Serwities, Aggressive Growth, Style Wilts (Passive), Enhanced Index, Global EquIty,
		     internatIonal Equity and Emrlng Markets. The Urge Capltibhatlon Growth Equity strategy begins with the AlIlance I0O,
		     from which companies with supeflor relative fundamental strength, earnings momentum, end attractive wluatlons are
		     chosSA to f&iii the Favortd 25. Focus is on short*tenn relative valuation. Large and Medium Capltaiizaklon grovat funds
		     seek companies with prospective earnings momentum across the capitailzatlon spactmm. Hudson River Growth EquIty
		     Invests in companies with tue potential for strong earnings growth, thong and stable cmpouste management, high ROE,
		     ann aofld balance shut The Aggressive Growth Strategy looks fur dynmits Of change that will acceleute earnings
		     growth above market expectations. It looks for emerging industry leaden, with an emphesi. on small and inI&slze
		     companies. Dlsdpllned Growth uses the security scoring system to evaluate momentum end vaiuations. Research Value
		     Equity seeks stocks with strong management, above*averuge industry positions, excellent balance sheets, and me ability to
		     demonstrate superior earnings growth. The firm looks twin annualized expected total return that is ether greater than
		     18% or twice the expected S&P SOO rewin.

C CopyrIght 2000 Thomson FInancIal/Canon. All rights reserved.

httpd/wvcw.Iichannetcom

										      LAY
										   000022543

		 htp://ww.Jirchn?pageaiasown&formtyp~41 &InarEmon%ZOPeer%20pR&insUdaAtLNCCoo  10/9/2001

I





		   BlackBook Profile

	 3ohn Hancock Financial Services, Inc.
	 OwnenI,19 data as of 06/30/01
	  PageliFagel        -

101 HuntingtOn Avenue

Boston, MA 02199.7603

Tel (61?) 3751500

Fax (617) 375.1700

 flY CONTACTS
	Name
Gregoey Phelps
Mart Maloney
William Stamen

Founded: 1862. 3aM Hancock Snmncis
Services, Inc.,i pubulcIy*trSde4 compa.y, La
me parent eollWalY Of I flunWt of
subsIduailtI. These indude John Hancock
Aivisens. John n.j-cock Life Inseance
Company, ant Sve,elgn Asset Management.

	 Title
vice PresIdent
Research OllI0r
hccutln Vice Neildes

John DeCIttlo              Executive Vice Ptesiotftt
 INDUSTRY WuIGIITINOS
Top 10 HoldIngs          S&P % Part$ Otg TopS Buys
Bartlcs4eglonal          (33.8) 8.7 -27.7 Sarda-MsJ Rig
Sanks*Maj leo            (3.2) 8,7  137.9 Semlconductore
1.w IanleJ&oker          (2.3) 3.6  -3.0 TV, Ridlo, CaN
Flna,vovufd              (2.4) 4.7  .70,2 IMSOWU
Bees-Money 0'            (1.4) 4.4 -249.0 lflad4rAb.Un#
canwutrSftm              (0.9) 4.2  -StY TepSSMls
eect,milw                (1.41 4.0  119.6 Smna~MoneyCw
SM,Cos                   (8.0) 3.0  29.6 Cunputsrsvcs
Hultl4ndustiy        .   (0.5) 3.3  32.8 bwHaogemenc
hectic Con               (1.4) 3.3  10.8   ~lnpqloumm
					 flnhn.DvVd

	Phone
(517) 375-1675
(62.7) 375.1544
(617) 37543~
(117) 572-5000

       SW % Port $ Chg
       (3.2)   8.7 137.t
       (0.8)   2.8 124.5
       (4.8)   3.2 220.0
       (3.4)   4.0 119.6
       (0.9)   2.2  67.7
       SIP %Port $Chg
       (1.4)   4.4 -149.0
       (0.8)   LO -215.6
       ~1.7)   0.5 *8S.9
       (0.3)   04  -71.5
       (2.4)   4.7  70.2

PORTFOLIO CNARACTIRIS1ICS

Style                          Core Value
C$SItSUO.,                        Active
Turnover                            Nod
* of Stocks Held                    956
Porvoto Turnover                    53.9
LQOIIYAJSI. (8MM)                 18.532
Investor Type         IASUISOC4 C..or.anles
  POSITIONAL HISTORY
     Date       Position Change   % Out
  Current       2,100,000  1.919,232 0.28
  041)0/01      . *i00,flB 114,419  0.02
  01/31(01        "66.Z.44   24,OZs 0.01
  12/31/00         41,423    29.734 0.01
  09/WOO           11,687 .    -6   0.00
  05/30100         11.693  '215,431 0.00
  03fl1/00~       227.125  227425   0.03
  12/32/99             0          0 0.00
  09/)0/99             9          0 . 0.00
  Pill OWNIRSHIP
	  06/01    03/01   12/00  09/00
Top 10 (5MM)       (5MM)   (1MM)  (5MM)
iKE             9.9    3.0   3.4     tO
diJK         19.5     22.1   22.4   26.9
0            27.0     24.2   27.3   24.6
ASS             4.1    7.3   10.0    4.9
HER             3.3    0.0   0.5     0.0
DYN             2.0    0.0   2.4     4.2
WHO             0.4    1.3   0.0     0.0
TIP             0.0    0.2   2.6     2.0
PCO             0.0    0.0   0.0     2.3
Total        46.5     56.2   63.4   64.9
  PORT DJSTRZIUTION
     Small           Mid       Large
       16%           22%       62%

Cr11-on Corp
5&9 500
John Hancock Financial Services. Inc.
 HO WINGS (All Cap)

	 $ Held
C          371.1
	   275.0
FY18       234.5
GE         245.4
WFC        240.3
AIG        214.2
TYC        210.6
	   207.5
FBF        195.9
887        185.0

$ Chg
  25.0
  50,0
  713
   .3.3
   .5.'
  ~2.8
   4.8
  -11,6
  -29.0
  27.7

% Port
   2.0
   '.5
   1.4
   1.3
   1.3
   1.2
   1.1
   1.1
   1.1
   1-fl

P/E
 16.6
 15.9
 30.0
 30.8
 18.3
 30.4
 20.1
 16.0
 15.9
 16.0

P/E  Visit  Price/En PS    EPS 5 Yr Ge Pvoj  ROE
27.7   1.4          19.2              17.5    10.1
25.0   1.4                            14.9 20.5
23.7   1.4                            16.8 17.1

Yield
   1.4
   1.6
   1.4
   1.S
   2.3
   0,2
   0.1
   3.1
   1,6
   2.6

P,.j PS

    14.3
    14.0
    14.3
    15.7
    12.0
    14.1
    9-a
    12.2
    20.7
    11.4

    24.0
    22.9
ADJUStMENTS

$ HeLd
  129.0
  138.8
  234.3
  115.0
  275.0

$ Held
   71.7
   37.3
   40.2
    33
    9*

 Buys
ASK A
pile
Fry'
PU
PHil

 S.".
lEFT
STY
MC
CD
PIW

$Chg  :%Port
  82.3     b.s
  73,4     0.7
  71.3     1.4
  59.4     0.7
  10.0     1.5

-100.3
-64.0
-80.3

.47.1

% Port
   0.4
   0.2
   0.2
   0.0
   0.1

DCbUE4~ulty  P/B Beta
       79.7   2.8  0.9
       54,7   4.2  1.0
       25.3 3,6    1.1

P/B
  NA
 16.O
 30.0
 2.5.1
 15.9

P/B
 41.4
 26.0
 13.5
 22.1
 36.7

Yield
   0.0
   2.9
   1.4
   1.3
   LI

Yield
   0.0
   0.4
   3.6
   0.0
   0.0

Proj EPS
Growth
    NA
    10.3
    14.3
    24.5
    14.0
Proj BPS
GrowTh
    16.4
    14.1
    9.9
    14.7
    18.5

											 LAY
										      000022544

		   bLip /Mw ./hrchn?page-iosown&foamIypot4l &Inamc'Enron%2OPeex%2OFR&instid-JHNlINCOI  I 01*2001

Page 1 of 2





		     BlackBook Profile                                                                        Page 2 of 2


		       INVESTMENT APPROACH
		      The firms Investment approach utilizes a combination of top-down and bottom-up analysis. Sector analysis focuses on the
		      general economic envIronment, the outlook for real economic growth In the U.S. and abroad, trends and developments
		      within specifle sectors and the Outiock for flterest rites and the securities markets. Stock selection Is bottom-up. The firm
		      invests In companies across all market-caps (marshy not inlero-cws). Country allocation mid InternatIonal exposure Is
		      contIngent upon the firms top-down, maug analysis ci the world markets.
		      lnvntmtnt Criteria:
		      1)1.0w P/B relative to the market;
		      2) Low P/B relative to the market;
		      3) HIgh earnings growth;
		      4) Product Innovation;
		      5) DomInant market Share;
		      6) Strong team mans cements
		      7) Mieti capItalIzatIon requirements.
		      Sell Criterlit
		      1) Decline In fundamentais;
		      2) Shrnp decline in stock pica.
		      Dedslonlaklng Process:
		      Seventy percent at research Is generated Internally by analysts and porVollo managers. These research efforts are
		      corn pleinented by meetings with company management. Portfolio managers have discretion onr buy and sell decisions.

C Copyright 2000 ThomSon Flnanclavcarson. All rights reserved.

http: Uwww.irchnr,d.corn

											 LAY
										     000022545
		  hltp:/Iww..Jircbxapage=iosown&rormtype=4 1&Iname-Enron%2OPeer%20PR&instid=J1fl'IHflCO I   10/9)2001

a

t





			BlackEock Profile


				   Essex Investment Management Company, L.LC.
				   Ownership date as oP 06/30/01
				   Page 1   Page 2

223 sigh Street

soston. MA 02130-2702

Tel ~617) 142-3200

Vex Oil) 342.3280

 KEY CONIACTS
	 Name
COIIA Mcflay

joseph McN.y

lCJtfltqrly MOI%tto

ft. Daniel Retkham
INDUSTRY WEIGHTINGS

Top 10 HoldIng.
Contpvter ftwr
rnotecbnology
Internet
Hllhar~0vgs/Ph
Power Prod.kidp
CoVVINttr-NtWflk
tlllhcat.Ptd/Spp
*0Il&GMSytS
Svts-CommCo.~t
531 GaS 051,41

Founded: 1976. In Mardi 1998, AfihIlaNt
MarIboen Group (A140)J meqid ExIts
Investmgflt Man gt.t.ntwfl toe stirs
subhidlerlag to I.- lint lnvetmeI%t l4ovnt.
tIC. The sutceiW firm Ii 66% OV.Md by MW
and 12% owi,d by Eases. The Irma managn
W,e law Paflonflant* Fund. Li.,e Mdgd
NOd.

Title

Prin trail
O~II,ibSA

P$nctpai

'nfl"-

Phone

(617) 342-3222

(617) 342-3298
(617> 342-2220
(617) 342-3268

SIP % Port) Chg TopS Buys
 (2.9)  lii   228.1 computer 5Mw
 (6.8)   4.6   18.7 Con,putet-Utwvt
(81.4)   5.9  101.2 Internet
 (0.8)   5.1  -34.5 Comotif Ilitvvr
(12.3?   4.5  .71.8 Slntoles
 (3.4)   4.0 116,9 rapS Sells
 (2.9)   3.8   10.7 odJ&Gas-ShP
 (5.4>   3.6  '51,2 Thlc*m-lnlrtd
 (6.1)   3.0   lAS PQwetPJod.lflCp
 (21)    2.7 * '11.5 04I&Gwlvcs

Bloc qrip&Ccmp

 SAP % Poet * Chg
 (2.9)   13.1 229.3
 (2.4)    4.0 116.9
(81.4)    55  103.2
 (0.4)    1.5 62.9
 (2.1)    1.3 42.1
 SIP % Port $ O'g
 (5.2)    2.6 .156*
 (0.12    0.5 -119.6
(12.2)    4.5 .71.8
 (5.4)    3,6 -11.2
 (0.4)    0.1 -28.0

style
OuleMauon
Thins vet
C dStoa Held

Aggrn, Cr.
    Aaive
     high
     366   a

POIVOIIOTUfl.5Y5t                 no.9
Equity AjiS (OHM)                 4,616
mnVOSI'TyW           Inbefla,tflt Advlsos
  POSIUONAL HISTORY
    Cite    Position     Change  % Out
  cuotot          10.039        0  0.00
  06)30/01        10,039     3,049 0.00
  01/31/01         6.990   -995,557 0,00
  12)31)00       992.547   -453,5)0 0.11
  09/30/00   1,446~057     991,721 0.19
  06130100       434,332   296,135 0.06
  03131/00       158,197   142,295 0.02
  12t31/99        15,902        690 0.00
  09130/99        25.222        22 0.00
  Pitt OWNERSHIP

Top 10
En'
HIS
VMS
no
Dy"
ICMI
mix
AS
Total

06/01   03/01  12/00
(5MM)   (5MM)  (5MM)
   0.5     0.4    823
 129.7   174.1    91.5
  66,9    98.2    81.1
  64.3   131.4    31.4
  42,4    44.4     6.8
  20,9    32.9     8.9
  14.7    14.7     1.4
   0,0     0.2     0.0
 349.0   495.9  220.8

PORT DISTRIBUTION
  Smell        Mid
  11%          31%

09/00
(INN)
 126.7
 114.6
  52.2
  49.0
   0.3
   0.0
   1.2
   0.0
 217.5

Large
58%

 PORYPOUC CIIARACrERXSTICS

E'.ron Corp
SIP 500
Essex Investment Mwagenhwtt COOtMnY, LLC.
 HOLDINGS (AU Cup)

tisrr
0Pwv
HIR
VRTS
VMS
BOX
AMOS
Pr!
AOL
SRW

S Held
 171.1
 159.4
 129.7
  97.6
  96.5
  Its
  89.8
  86.2
  82.6
  824

$0.0
   I?.)
   12.0
  -39.0
   454
  '15.0
   *8.7
  '11.2
    3.0
    4.l
   11.9

% Port
   2.4
   2.5
   1.9
   1.5
   1.5
   1.2
   1.3
   1.3
   1.2
   14

42.4
 NH
16.?
 NH
 NM
22.4
54.1
32.1
 NM
72.1

yield
   0.0
   0.0
   0.0
   0.t
   0.0
   1.1
   0.0
   14
   0.0
   0.0

P/~ Yield ?dce/Est EPS   EPS 5 Yr Gr Proj ROE Debtfllulty P/K Beta
27.7   IA         it?              17.5 10.1         79.7 2.8 0.9
25,0   1.4        24.0             14.9 20.5         54.7 4.2 1.0
30.4   0.5        20.2             21,4 14.0         37.1 3.9 1.1

Proj EPS
Growth
    16.4
    46.5
    22.4
    45.2
    41.4
    12.1
    20.1
    20.6
      PtA
    41.6

ADJUSTMENTS

 Buys
HYSH
VRTS
'Nm
CENZ
WEAN

 Sells
MC
AlA
Q
Vj~0M
lilA

S Held
  70.2
  07.6
  50.0
  21.4
  46.8

$ Held
  40.1
  51.7
   2,0
  21.6
  129.7

$019   %Port     PIE
  57.2     1.1    95.9
  45.1     1.5     NM
  34.9     0.9    111,9
  31.1     0.5    76.5
  27.4     0.7     NM

$ ChQ
  -15.4
  '42.0
  '42,1
  .42.2
  '39.0

% Port
    0.9
    0.8
    0.0
    0.3
    1.9

PIE
  7.4
  6.2
 43.5

Yield
   0.0
   0.0
   0.0
   0.0
   0,0

Yield
   0.4
   1.2
   0.2

Proj EPS
Growth
    40.0
    45.2
    24.3
    22.9
    51.0
Proj EPS
Growth
    IL,
    16.6
    28.6

11.4     0.0    13.3
16.2     0.0    22.4

												 LAY
											     000022546

		   htp:/Jww..fxrchzOpage=iosown&fonntypets4 I A  mesEnron%2OPeer%2OPR&insddtBSSXWVOO    10/9/2001

PageIota

L .1 2.: .~Y.

I





		    BlackBook Proflic                                                                        PagcZof2


		      INVUflUNT APPROACH
		     Esser tnv.stment 4.nagement uses bottoin'up aruaiysls, however top-down macroeconomIc factors are also considered.
		     Fundamental research, based on Qualitative analysis. is used to Identity companies with a strong market position within
		     their industry, emphasis is placed on high quality companies with Inatusing EPS growth. The finn Invests across a broad
		     range of market-caps. Technical analysis defines entry and exit points.
		     investment Criteria:
		     1) Strong management;
		     2) increasIng market share;
		     3) MinImum 20% Increase In revenues and earnings growth rates.
		     Seli CriterIa:
		     1) Low ranking within the proprietary model;
		     2) Slowdown in earnings;
		     3) Increased competitIon.
		     Decision-MakIng Process:
		     The investment Committee sets the overall policy and must approve changes in the approved list. Porifollo managers have
		     the discretion to invest according to the buy Hat, end they meet regularly with analysts to view the economic outlook,
		     market trends, as weli as industry and sector protpects. Interns research arid rnetlngs with company management drive
		     the investment process,

C CopyrIght 2000 Thomson FInanclaVCorton. AU rights reserved,

hItp://vawirchnn.I.com

											LAY
										     00 002254

		 http://ww../irchn?paseriosown&rormtypes4l &InsmeaEnron%2Opecy%201R&instid=ESsxwvoo  10/9/2001





	      BIackBonk Profile


		    Wellington Management Company, LLP
		    Ownership data as of OSjSOjOI
		    Page  Page 2

75 State Street

Boston, n& 021094809

Tel (617) 931-5000

Pounded: 1928. Wefllngtoo Haaagen~ent
Company, UP It me, employee.m.ned
panAtral~ offer$rigt ra*'oe of lnnhtmnen
Style; for mutuif Arnt tpoilWfl. tn-exempt
investors and Individual dents. Investment
proIE%slOn.Is MS beatS iii toiton, NA,
bdnor, PA and SIaqap&e.

Fax (617) 9514230

KEY CONTACTS
       Name

Kilt RMdtSI

Title

Senior vice President

Vice PraulieM

 INDUSTRY WE)GImNGS
Top 10 HoldIng.
nithear-0,ps/Pfl
0 ISO as-Inn
NuW.lAdgstry
mv Btalqflroker
HItJlear-Dvsfd
Computer Sftrn
IleWit CO.
Blottchr.oIgoy
Computer Hrtw
O'ieffiICais

EU %Portschg Toplbuya
(1.1)   7.1  533,8 HUIU-Indusby
(0.8)   4.2  422.0 CoctptAUSAwf
10.6)   4.1 1,304.6 IV, bOb, Call
(0.9)   3.9   45 FlriIn.Ovitd
(1.01   3.9  270.1 flnhs*Mooay~
(0.6)   3,5  962.0 TopS kill
(1.2)   2.9   44.2 alIoss-livi
(3.0)   2.9 183.9 Foods
(0.8)   LI   *flE.7 computer Syc
(LI)    tO   336.4 unawanu
		  ~Kooshld*Noildtwa

	 phone
(SI?) 951-3239
(dl?) 911-5409

50 %
(0.6)
(0.8)
(3.9)
(0.9)
(0.4)
50%
(0.8)
(0.5)
(1.1)
(0.5)
(0,9)

Port $Chg
 4,1 1,504.8
 3.5  962.0
 LB   894,9
 ~.8  460.1
 1,9  650.5
Port $ Org
 4.2 -633.0
 0.7 -344.8
 1.3  318.S
 0.3 -307.2
 1.2  .20.2

Style
ogle niation
Thn,0ct
D~! Stocks Held
PfloMo Turnover
EquIty Assets ($MM)

Core Value
   Active
    Mod
   1,745
    48.9
  II 6, 4 62

Inveflorlype       Investment Advisors
 POSITIONAL HISTORY

 Date
Cantor
06/30/01
0302101
12/311 00
09/20/00
06/30/00
02/31/00
12/31/99
"non.

Position
1,000,000
  141,000
  419.530
1,498316
2,563, SIt
2.462.026
2.350,386
2.095586
2,518,356

 PEER OWNERSHIP
	06/01  03/01
Top 10 (4MM)   (4MM)
8141       7.9    264
DUK      560.5   857.0
D         51.2    ItS
	  35.3    50.6
HaG        7.2    14,
WItS       2.5

MM!
Tip
ico
Hit
MS
Total

Wiange    % Out
  839,000   0.13
 -325,550   0,02
4,097,066   0.07
-1,366,900  020
  201,490   0.38
  311,560   0.36
  254.660   0.11
 -422,500   0.28
.1,339,100  0.34

12/Va
(4MM)
 124.4
 456.1
  81.5
  48.3

09/00
(5MM)
 230.9
 504.7
  59.8
  37.1

	      0.0    0.0
       11.9  24.0    15.3
0.4    0.4    4.6    11.8
0.2    0.2    0.2    0.1
0.0    0.0    7.6    4.9

  0.0     3,9
  0.0    35.0
657.5   751.5

1.0    0.0

  0.0
421.3

PORT DIStRISUflOIt
 Smali       MW
   5%        14%

  0.0
643.7

Large
78%

PORTFOLIO CHARAcTERISflCS

lnrG.i Corp
SIP 500
WeOlogror, ?danaflinevt Company, LI)
 HOLDINGS (Alt Cap)

C
'HA
XOM
MSFT
AA
CE
IBM
AOl.
2PM
AlT

S Held
4.1075
3,115.9
3,059.7
2,8)3.1
2,339.0
2.331.S
2,135.3
7,071.2
1,929.7
1,844.5

S Cbg
  102.9
  274.9
  424.2
  126.5
  -29.1
  806.5
  144.8
  -26.8
  521.1
   36.7

% Port
    2.6
    to
    2.0
    1.8
    1.5
    1.5
    1.4
    1.3
    1.2
    1.2

PIE
 ItS
 24.1
 14.8
 41.4
 21.0
 30.;
 21.4
  UN
  NA
 31.1

P/E Yield  Pulce/Est Efl    ifS S Yr Or Proj  ROE  OebvEquity  P/B beta

27.7   1.4
25.0   1.4
24.3   1.3

Yield
   1.4
   1.4
   LI
   0.0
   1.6

    floj EM
    Growth
	14.3
	16.4
	 7.7
	16.4
	15.1
tO      15.1
0.4     13.1
0.0      HA
33      11.5
1.7     12.6

19.2
24.0
24.2

17.5 10.1
14.9 20.5
15.4 185

A03 U SIN EN IS

 Buys
as
HOT
'PM

rvC
 Sells
MCD
51.8
coca
UD,
SI'

$ Held
2,331.5
 74.0
1,929.7
3,49.7
1,120.5

$ Held
 163.2
  81.2
 277.4
  24,2
  20.6

sag
 806.5
 986.4
 121.5
 424.2
 412.3

% Port
    1.5
    0.4
    1.2
    2.0
    0.7

sQig     %Port
 -378.9      0.1
 -369.8      0.1
 *338.2      0.2
 -315.3      0.0
 .321.5      0.0

79.7   2.8  0.9
5.4.7  4.3  1.0
27.!.  3.8  1.1

		Proj (PS
P/E    Yield    Growth
 30.8       1.6     15.7
926.1       0.9     16.2
   HA       3.5     11.5
 14.8       1.1     7.7
 20.1       0,1     19.2
		Proj (PS
P/E    Yield    Growth

'I,,
16.7
 8.0
 6.5
28.4

0.7     U.S
2.6     9.4
2.6     LI
1.0     13.6
0.8     173

									     LAY
									  000022548

		http://w.. Jirchn?page=iosown&formtyp.041 &Iname'.Erwon%2OPeer"/e2OFk&Lnstid=WLLNGTQO  10/9/2001

A

Page 1 of 2

V





		     BjackBook Profile                                                                                   Page 2 of 2


		       INVESTMENT APPROAtH
		      Wellington Management Company, LLP's Investment aporoach tails Into three general platforms: traditional portfolio
		      manager, analyst managed, avid Intersection. The phetfornu are supported, and In some cases managed by, the firm's large
		      global Industry resWCti group, Including research .sslstaots. economists, and flders. The research group utITl~es technical,
		      quantitative and s~daIky research analysis. In the traditional portfolio manager pibtfonhl, a portfolio manager or team will
		      use the research resources of Wellington to build a portfolio. The analyst-managed platform involves direct portfolio
		      management by the finns global and regional Industry analysts, within their specific areas of coverage. The Intersection
		      platform uses fundamental research from the analysts, along with stock selection froni proprIetary acuity models. Global
		      industry and regIonal analysts use a combinatIon of valuation and growth measures. Appkd valuation and growth measures
		      may differ by Industry, regIon of the wodd, and Style, though all equity analysts rely on company meetings and extensive
		      fundamental research. The firm manages assets across the market-cap and style spectrum, and for U.S., Europe, Japan,
		      Asia, emerging rorceti, and global and InternatIonal portfolios.
		      Declsion*Maldng Process:
		      Investment decisions are made withIn each portfolio manager team, or by the analyst In the case of analyst managed
		      pcrJollos. Equity portfolios are saNely managed on a bottom-t basis relying heavily on proprIetary fundamental research.
		      Some portfolios may also Incorporate top-dbwn acNe sector and/or country selection as well.

C CopyrIght 2000 ThomsOn FlflanclavCarsoft. All rights reserved.

http: fjmvw.ischannlsom

										      LAY
										  000022549

											       1019/200

		  I

6





		    Blacknook Profile                                                                 Page 1 of 2


		       ir Putnam Investment Management, Inc.
			      Page Ii Page 2

One Po~ 0111cc Squere

Bonn, MA 02110

Tel (617) 760-2000

Tat (617) 760.2275
KEY CONTACTS
      Nan,.
Inc narthua
Banjit A*JAITImnI
INDUSTRY WIRONTINGS

Top 10 HoldIngs
HlLhC at' Org.) Ph
MtAti.fflCOStfl
Compute' S*twr
mv *ank/Groktr
En La rtain meat
5IKR&rI 01091
Com,utI, 14,0*1
HIthcr*Dvsjd
EIecttoflIa
OiiIGasdnd

Pounded: 1937. Put,arn Ii  wbsI@Uy Cl
Harsh &tQLannan Co., EM. taJw,t *997, SW
fin,, began iuwdvlslng Jhptnest pension
6ands on behelfof fl~oooUte Irlsinflcs.Jn
Dec. 2000, the flrn teared en aillenci wit?,
AomschhId Aunfla Asset Naa.sm*nt fM Ut
OIQETIt. ttthtr Intl. porVoilos.

Title

Senior Vice PnsJd.rn
Vice Presld.rht

SIP % Port
(0.7)  3.0
(0,4)
(0.9)
(0.6)
(0.8)
(2.1)
(0.6)
(0.6)
(1.7)
(0.4)

soig TopSUuys
  7.8 Campoter I*dv.r

4.2  -396.2
4.0   '61.6
2.7   76$.'
2.2 '1,011.2
2.0 -1,054.0
2.0 1,174.9
2.0   -StI
tO    915.0
2.0 -1,062.1

 PORTFOLIO CHARACTERISTICS

Enron Corp
SIP 300
Putnam Investment Man#gemmot, Inc.

Computer-ftevwtt
Electronics
C.tisumer Pine.,
RetaIl'IAdg Suop
Top S 5.lls
OiILGfl.mnb
urogecnnoioy
frtalt.lament
T.korn.LocSl
OolnMr.Pmtph

	Phone
(617) 760-1040
(fill) 7604497

      S&P% Port    sQig
      (0.6)   2.0 1,114.9
      (0.6)   0.7  1,063.7
      (1.7)   2.0   916.0
      (1,4)   1.1   679.4
      (0.6)   0.1   793.5
      5&P%Port $Chg
      (0.4)   2.0 .1,062.1
      (22)    2.0 -1,054.0
      (0.8)   Li -1.013.2
      (0.3)   1.1  -711,0
      (0.5)   0.2  .670.2

Style

Cat Growth

OfltntaVv.'

AWvt

Turnover

Mod

* of 513cM Held
Poctollo rgrnon,
E~Wty AleC ($1414)
II.VeSIOI TyPe
 PoSITIONAL flfflORy

 Date
Ojnunt
0*/30)01
03)31/01
0/31)00
09/30/00
06)30/00
03/31/00
la/n/It
09/ 30/99

Position
23,500.000
26.481,742
19A 19 .4 55
17,149,66*
16. 845,220
26,158 .7 08
11,347.292
13.224,687
12,898,158

 PEER OWNERSHIP
	 06/01   03/01
Top 10 ($MMj     (5MM)
tHE      1,300.3 1,2.51.1
1411       446.6  445.7
0Th        412.9  314.2
013K       294.2  415.8
AS         226.2  215.4
WItS       169.3  306.4
o          142.6  172.0
	   20.4    27.6
KMI         5.7    13.3

 1,769
  351
333,431

Rslvestmttt Aivisors

    Change    %Out
    -2.161,742   112
    6,662,283    3.53
    2,269,791    2.44
      604.441    2,34
      706,312    2.25
    4,621,416    215
    4,877,395    1.61
      326,519    1.76
    .8,817,581   1.22

12/00
(INN)
1,468.8
  167.3
  263.6
  448,6
   19.7
  312.1
  190.1.
   23.6
   19.7

09/00
(INN)
1,477.8
   24.9
 207,0
 454.6
   28.9
 241.5
 213.1
 108.2
   15.1

NRG          1.2   18.8    0.0    0.0
TV           0.0    0.0    0.0    0.0
Total    1,719.4 2,070.2 1,444.7 1,294.2
 PORt DISTRIUUIION

Small
2%

PIE  Yield  Prica/Est PS   SF5 S Y, Or Proj   ROE

27.7   1.4
itO    1.4
10.3   1.1.

HOLDINGS (All Cap)

HIP?
C
'Ft
XCI.'
MaX
AOt
aid
140
VIA B

$ Held
7,060, 7
6,364.0
4,304.0
4,256.9
3.199.4
3,547.2
2,354.7
3,138.1
3,052.9
2,B27.6

$ O~g
  .205.3
  194.8
  438.7
  -63.6
  .374.1
  .43.4
  '318.7
  53.4
  493.9
  -711.6

% Port
    2.1
    I.'
    IA
    1.3
    1.1
    1.l
    1.0
    0.9
    0.9
    0.8

PIE
 30.8
 41.4
 U.'
 32.5
 *4.8
 21.5
  tin
 29.5
 12.3
  NA

Yield
   1.6
   0.0
   '.4
   1.1
   LI
   2.2
   0.0
   1.4
   4.5
   0.0

Proj EPS
Growth
   15.7
   16.4
   24.3
   20.6
    '.7
   11.8
    NA
   14.1
    9,3
   27.3

19.2
24.0
28.8

17.5  10.1
14.9 20.5
17.9 20.4

AO3US1~MENTS

 Buys
KIT
csco
LOW
PcS
NW

 Sal,.
VIA B
Inc
zinc
AGC
Wit

$ Held
  770.3
2,554.0
2,156.1
  734.0
1,6I6.1

$ Meld
2-sit'
  246.5
1,117.0
  516,9
  487.9

* 019
 770.]
 744.3
 730.4
 631.2
 634,6

$ Chg
 -711.6
 .329.2
 -436,9
 '4 74.2
 '442.5

% Port
    0,2
    0.5
    0.6
    0.2
    0,5

% Port
    0.8
    0.1
    0.3
    0.2
    0.1

Mid        Large
12%        84%

Oebt/tciuity  P/B Beta
       79.7    2.6 0.9
       54.7 4,2    1.0
       25.3 4.3    1.1

	       Proj PS
	       Growth
		   14.5
		   25.4
		   21.3
		   41.3
		   19.5
	       Proj PS
	       Growth
		   27.3
		   23.7
		   17.5
		   11.6
		   12.4

P'S
 fl-v
282.0
 31.9
  NH
 13.1

PIE
  idA
 22.6
 35.0
 20.3
 13.0

   0.0
   0,0
   0.2
   0.0
   0.3

Yield
   0,0
   0,0
   0.1
   2.2
   2.5

												LAY
											    00002255~
		    lntp:/Iw.. .Iirchn?pagcsiosown&rormtypes4I &lname=Enron%2OPeorVo2OFR&insdd=PTNMCMOO   10/9/2001

I
p





													   Pagc2of2   -
		    BlackBook Profile


		      INVESTMENT APPROACH
		     Domestic equity management is approached using three different iryles~ Core Growth, Specialty Growth, and Basic Value.
		     Quantitative screens narrow an Initial uMnne of 5000 stocks to 200, using appropriate measures for each of the three
		     groups. These are ranked into quintlies, based on earningr mommMwTt, financial strength, valuation, and dividend factors.
		     The portfolio manaeers for the different equity groups perfonn fundamental researth on the Stocks that have passed the
		     qtjantitativt screen. The Basic Value approach examines P/B, P/sales and yield, trying to find stocks thit are hsndasvalued
		     but are poised tore turnaround. Typical turnaround situations emphasiflO are changes In management, changes In strategy
		     (cost cuwng, expanding Product line, etc.). or a turn towards postitive ash flow. The Specialty Growth apprsc?~ Is an
		     aggressive approach which seeks stocks with exceptloflul earnings growth potential. The Core Growth approach looks for
		     companies with strong Roe and ROIC, supcnor management, solid balance sheets and excellent products that assure
		     market leadershIp. The firm also Invests in international equities.
		     DaclsionJ4aklftg Process:
		     The firm uses both Internal and external restaith. Research Is conducted from Puu,anrs offices in Boston, London and
		     Tokyo. A list of about 200 approved stocks Is generated at the company level for each type of fund, and individuat portfolio
		     managers may buy only stocks on this list. Each product I'd a lead manager, but almost ait of the equity funds are team*
		     managed.

C CopyrIght 2000 Tbemsori Flnanclal/Carson. All rights reserved.

http:I/maiw.Inharniei.com

											     LAY
											 000022551

		  hstp://w. ../irchzl?page=iosown&formsype-4 1 &lname=Enron%2OPeewczoFR&instid=vrNwcMoo   10/9/2001

p





			BlackEock ProfiLe


			     In.'.
				   PJdaflty Management & Research
				   Ownership data as of 06/30/01
				   Page IlPage 2

One Federal isitet

loston, MA 02110-1003

Tel (617) 563.7000


 KEY CONTACtS
	Name
 INDUSTRV WEXGHTNOS

ht <41?) 47&4325

Top 10 HoldIngs
Muld.lnduttiy
Computer Sftwr
Hltistsr-Orgs/fl.
In.' bealcjhroker
OniOn- Intl
FinaTh.Ovsfd
SemIcontLJctcJI
Blotectinolo~y
ComoutcrH.*w
tmnits-Money or

Ednrt C. Johnso4 EU Ownsa cooflhllng
IntereSt in the line. Tht firm manages the
Fidelity Fund.. Fidelity Tht.rnatloo,l Ltd.
(U.K.), Fidelity Znvestnier,t Maoagtment Ltd.
(Hong Kong) end Fidelity japan assist with
(cr4191 lnvettnte,t. Fidelity Investment
Canada LW. lie bwlneu developmtntarnl.

Title

SU%Port$Chg      TopSbuya
(0.9)   6,8 .1,757.4 SleW-rb
(1.4)   6.2 1,860.5 S.mkonduct*ii
(0.6)   5,2 -440.4 Computer Sftwr
(1.0)   4.2  321* Comms6~ulpm
(0.8)   4,1 499,7 Unterthlnmeht
(1.9)   3.9 -2,533,8 Top 55.11.
(1.1)   3.6 1,929.1 Ansn.Dvdd
(3.4)   3.3  227,7 ofliGas-iva
40.9)   1.9 .149.2 14*-Industry
(0,9)   2.9  211.2 OIlISSflIP
		 .wFrvp&Cjty

  Phone

5&P%Port ittig
(2.2)    2.3 3,403.2
(1.1)    2,6  1,939.1
(1.4)    6.2  1,860.3
(1.3)    iS 1,741.0
(1.0)    2,8  2,211.5
5&P%9on       ICtig
(1.9)    3,9 -2,551.8
(2.8)    1.9 .2,070,2
(0.9)    6,8 -1,757.4
([.3)    0.4  .812.4
ci~n     0.4  402.7

style

CARP

Oflentstlofl

Turnover

Active

Hod

So? Swdc. Held
P00db Turnover
Equity Assets ($1414)
lArsa type
 POSITIONAL HISTORY

 Cake
cgwent
06/30/01
03/3 1/01
IVJ 1/00
09/20/00
06/30/00
03/31/00
12/32/99
09/30/99

2,644

		41,9
	   497,917
1.westment Advisors

    Change    % Out
    -4.49U04    1.80
     .930,779   zac
    '1,405,997  2.23
     -821,100   2.54
    2,441.750   2.11
      -99,862   2.22
    3.326,734   2.34
    -2,656,739  1.67
    -4,230,211. 2.22

Position
12,000,000
16.496,906
17,435.463
1%04 1,682
19,862,782
2Z421.0*2
17,520*64
13,994.110
16,450,849

 PEER OWNeRSHIP
	 06/01  03/01
Top 10 (81*1)   (5MM)
EN!        810.0 1,011.0
All        707.0  757.8
ICM*       113.1  242.7
DUK        93.1   110,7
0Th        90.0   294.6
TAP        84.6    76,2
WMB        47.3   141.7
o          29.1    It?
HIR        27.8     9.6

EO~
PCO
Total

12/00
(5MM)
1,582*
1,425.9
  420.2
  276.1
  866.3
   40.8
   97.6
  120.6
   21.9

el/Go
(5MM)
1,740.5
2,527.3
 311.5
 191.1
1,626.7
   3.1
 109.4
  81.3
   0.0

   6.3    7.1     6.7   8.7
   3.4    3,7    96.~  164.6
1,203.5 1,742.3 3,426.6 5,328.2

 PORTPOUO CIIARACIERISflCS

Cnn tort
SI~P 500
Fidelity Management & Anearch

P/I  Yield  Prke/Est US     EPS 5 Yr Ge Ptoj  ROE

27.7   1,4
23.0   1.4
28.3   1,2

HOLDINGS (All Cap)

8SF?
CE
C
XOH
FilM
PM
MO
AOt
biTt
Ala

$ MeLd
*070,7
14*20.1
10,476.2
9,102.5
9,474.2
9,468.0
8,183.4
7,175.8
7,107.9
4,366.1

* O.g
2,316.9
.1,311.0
  41.4
 -902.2
*2.183.2
  '49.4
 * 179.4
1,143.6
I.035.7
  2*4.3

% Port
   3.2
   3.0
   2.1
   'S
   IS
   1.9
   1.6
   1.4
   1.4
   1.3

41.4
30.8
16.6
14.8
15.9
22.5
12.3
NM
35.0
10.4

Yield
   0.0
   1.4
   1.4
   1.1
   1.6
   1.1

19.2
24.0
27.8

Proj US
Growth
    1.6.4
    13.7
    14.3
     7.7
    4.8
    20.6

17.3  10.1
14.9 20.3
16.9  20.2

ADIUSTF4ENTS

 Buys
1457?
AOL
'Pitt
a
AMP

4.5      9,3  sell.
0.0      MA CI
0.3     17.5 FIlM
0.2     )4.5 LLY
	     SOP
	     XCII

$ Meld
16,070.7
7,175.e
7.1075
3.063,4
3,403.5

S held
24,828.1
9,474.2
3,618.6
Z433.)
9,703.5

$ trig
2,116.9
1,143.8
1,053,7
1,009.8
 865.2

S CI'g
.1,391.0
-1,133,3
-1,089.7
 475.1
 -902.2

% Port
    2.2
    1.4
    1.4
    0.6
    0.7

44 Port
    2,0
    1.9
    0.?
    0.1
    1.9

	       Large
	       84%

tebt/Equity   P/B Beta
       79,7    2.6 0.9
       14.7    4.2 1.0
       32.0    3.9 1.1

	       Proj Efl
	       Growth
		   16.4
		    NA
		   12.5
		   10.3
		   14.5
	       Proj US
	       Growth
		   11.7
		   145
		   13.3
		   12.5
		    7.'

PIE
 41.4
  Nil
 35.0
 29.4
 27.7

P/E
 30.8
 13.9
 24.7
 23.9
 14.3

Yield
   0.0
   0.0
   0.3
   2.1
   1.6

Yield
   1.6
   1.6
   1.4
   1.7
   1.1

									  LAY
								       000022552

		http:IIvrw.../irchn?page=iosown&forrntypr4l &lnamel=Enxon%ZOPe&/o2OFR&insdd=PDLTYMVO 10/9/2001

     Page 1 of 2


2. .~

a

4
j

PORT DISTUSUnaN
 Smell       Hid
  316        13%





		      Blatkflook Pxoflle                                                                       ?ngc2of2


			INVESTMENT APPftOACH
		       The Investment process for Fidelity's equity disciplInes Is based on ftindamantal analysis. Analysts ussess a sto*s potential
		       Investment return based on dividend and nrnIn~ outlook. Quantitative screens supplement bottom-up eQuity research.
		       Fidelity ultimately seeks superior projected long-term earnings growth and short-term momentum. The tEem prefers
		       companies that are not followed Closely by Other lIVCitOr. Stacks diet appear &itiictlv@ Under ~TO~ Metary valuation
		       discIplInes are purchased. Cue to Its large asset size, the firm often holds large positions. Its active trading patterns often
		       affect price, partlculafly for less liquid lnvestmeots.
		       Sell Criteria:
		       1) perceived deterioration in tile company or Industry ?undamentals;
		       2) ReductiOn In earnings or dividend growth forecasts;
		       3) Price appreciation causes excessive valuation.
		       Oecislon-I4aklng Process:
		       Fidelity's equity division consists of eight groups: Quantitative; Structured Investment; Income Growth; Asset Allocation
		       ?ncome; Inte'viatlonhl; Capital Appreciation; Growth; and SpecIalized Growth. Portfolio managers conduct research specific
		       to their products Investment strategy. The researeh staff supports the managen across dlsclplines. Because the firm places
		       emphasis on visits wIth management, each manager receives a copy of what franspired between a Fidelity manager and a
		       corporate manager.

Q copyright 2000 Thomson Flnanclaljcarson. All tights reserved.

hltp://wwwJzehasnei.com

										LAY
									     o00022553

		 http://ww. ~ 10/9/2001

I
I





		      Blackflook Profile                                                                       Page 1 of 2


			  *    ~ MFS Investment Management*
				 Ownership data as or 06130101
				  Page II Page 2

													      C 4 4*';

Fa4it~dC4: 2924. Fonnrly ,lss*clwmefl
Financial Services, MFS Invsment
Management manages t~e lIFt Family a?
Funds and nw,,trous NFl finite. MFS Isp
subsidiary of Sw, We Assurnfl C.n,panv of
Canada (U.S.) Financial Servkes MOIdmn0S and
parent company of MrS Inflhtutional Advisors,
Inc., Mrs Intl (Ut) Ltd. and Venus Inn.
Hgnt, Inc.

Title

	Phone
(617)9144375
(617) 954-5392

Analyst
Security Analyst
l,fln,SUonlI E~Aty Research (617) 934-7433
Analyst
Director of tntemaUanM     (617) 954-3760
AesntU,

DavId Antor.eIlI
 INDUSTRY WEIOIiTINOS
Top 10 HoldIngs        S&P % Port $ OtQ Tops Buys
Computer Sltwr         (2,2)  9.7   418.3 ulectonlcs
HIthcar'OrosIPh        ~0.8)  5.4 1,026.9 Con,ms Egulpm
Muid-Industty          (0.7)  5.0 .575,4 H4Thw-Drgr/Pfl
TV, Radio. Cal         (6.3)  4.2   473.6 1n~ flnlqfieeIwr
Eeecuonla              (3.1)  3.6 1,215.2 BIatactinology
OlILGes-Syce           (5.1)  3.4   -SIB top 5 ISIs
ComAt,ttr Eva          (2.6)  .3.2  .60.2 *irn4ndusny
Comm. Equlpm           (1.9)  3.1 1,089.2 HIthCIt-OWfd
Flnan.Dn?d             (1.5)  LB -577.0 Lodfrng44otuls
11w BanIcIBroker       (0.7)  2.9   620.3 Con'puw-7detwric
					 RetaIl.O,aln St

5SF % ~oft
(3.1)   3.6
(1.9)   3.1
10.8)   5.4
(0.7)   2.9
(1.5)   1.1
Sap 'It Port
(0.7)   5.0
(0.2)   1.1
(0.2)   0.1
(1.7)   2.0
(0,2)   0.5

$ Chg
1,316,2
1,069.2
1,028.9
 620.3
 604.1
$ O,Q
*875.4
*733.1
-4*9.2
44 2.9
.399.4

5171a
Ofle$btstIon
rumo~er
* of Stocks Held
eor*tlo turnover
Equity Asia (3MM)

Care drove

 Active
  High
  648
  70.0
204,513

Inyuitor Type       Investtntflt Advisors
 POSITIONAL HISTORY
  Oste         Position Change   % Out
 Ctjnnt        4,100,000  282.880 Dlii
 *10101        5,021. 120 1,841MG 0.78
 03/)1(01      3A75,4.~0  224.214 0.53
 12/21(00      3.751,246  274.425 0.30
 09flW00       3,374,841 . 706.265 0,45
 06/10/00      2.590.576  482.870 0.35
 0213fl00      2.107.706  -6=1,524 0.28
 12431499      2.729,230 2,327.530 0.36
 09/30/99       391,700   120,900 0.05
 PEER OWNEMIIIP

Tap 18
IN!

vyn
WHO
0
atm
N~G
KNI
mA
KG
Total

06/0!
(5MM)
 285.6
 494.9
 470.1
 235.6
 77.0
 118.5
  27.0
  18.3
   1.2
   0.0
1,152,4

03/02
(3MM)
 531,0
 652.8
 471.9
 391.9
 193.1
 165.8
 2.09.1
  62.4
  30.8
  13.3
2,091.1

PORT OISTRXBUTION

12/00
(3MM)
 311.6
 975,'
 4)4.1
 298.4
 121,1
 111.7
  61.1
  43.7

09/00
(3MM)
 295,9
3,072,4
 156.9
 400.6
   6.2
 155,5
   0.0
  47.4

  10.2    0.0
  19,4    14.8
2,075.5 1,866.7

 PORTPOUO CHARACrtRlSflCs
Enron Corp
up 100
MrS lnvtsttnent Management
 HOLDINGS (All Cap)

GAct
TIC
VIAL
MSFT
IRE
C
AMP
0E
sw-I
ILY

$ Maid
2.223,9
2,155.7
2,039.4
1,901.0
1,675.5
2,659.6
1,518.0
1,401.2
1,258.4
1,347.9

$ Chg
  39.6
  -99.0
  59.0
497.0
-175.1
  228.3
  .5.2
  .81.7
-121.4
1,258.4

% Port
   2.1
   2.1
   1.,
   1.5
   1.4
   1.5
   1.4
   I.)
   1.3
   La

Yield   Pilce/Est US

PIE
27.7   1.4
23.0   1.4
28.)   0.B

Pt's
 27.9
 20.1
  NA
 41.4
 15.5
 164
 27.7
 30.8
 18.1
 it,

Yield
   0.0
   0.1
   Ok
   0.0
   1.)

Proj UPS
Growth
  24.6
  19.2
  27.3
  16.4
  14.5

1.4     14.3
1.6     24.5
1.4     15.7
0.0     16.2
1.4     13.3

19.2
24.0
28.1

VS S Yr Or Proj    ROE

A DI U ST MU Nfl

 buys
lIT
GD?
50MW
AD!
HER

 Sells
HEFT
SHY
Un
WHY
16*4

$ Meld
1.3*7.0
 861.3
 605.3
 852,3
 664.1

$ Held
1,902.0
 429*
1,059.8
 366.3
 867.1

$Ch~
1,258.4
 663.0
 140.8
 427.7
 fle.'.

$ Chq
-897.0
*747.0
   1.9
-483.1
-473.4

Small
3%

Hid        Large
14%        83%

	   Debt/Equity  P16 Beta
17.5  10.1         79.)  2.8  OS
14.9  20.5         14.7  41   1.0
19.3  17.4   -     35.7  4.0  1.2

% Port
   1.3
   0.8
   0.4
   0.8
   0.6

14 Port
   1.5
   0.4
   1.0
   0.3
   0.8

PIE
 26.7
 22,0
 n.a
 32.9
 15.4

PIE
 41.4
 24.6
 27.8
 33.3
 21.4

Yield
   1.4
   0.0
   0.0
   0.0
   1.2

Yield
   0.0
   2.0
   1.3
   0.6
   0.6

Proj EPS
Growth
    13.3
    16.6
    20.2
    24.7
    12,6
Proj Efl
Growth
    16.4
    2.2
    14.4
    14.3
    12.1

									      LAY
									   000022554

		 htsp:/Iw. .Jirc~?pageiosown&fo~typeA I &Iname-Enron%2OPeetA2Ofl&irntid=MSSCNSOO  10/10/2001

00 floyleton Street

Boston, *4A02116-3741

1-el (EIfl 954-3000

F.~ (617) 9S4~659t

 KEY CONTACTS
	Name
David Cavanaugh
claud Cavis

Simon Todd

I
I





		    BlackEcok Profile                                                                       Page 2 ot2


		      INVESTMENT APPROACH
		     HPS Iciveiflent t4anagement eniphislits growth stocks, though Its funds encompass a wide range or investment styles. Its
		     process begins with an analysis oV the larger stocks Lii the S&P 500. Appropriate securities are idaatir,ed through
		     fw,damenthl analysis and technical screens of dividend gmiith, cash flow, earnings growth and ROE. Portfolio positions are
		     derived from this stock selection process In combInation with the finns economic overview,
		     Oedslen.Making Process:
		     The Research Cepaitment is a key cont,tutr to the e4ulty Investment PfOCVS of Nfl, providing a balance of intensive
		     security research and broad industry penpectives. Analysts provide purchase and sale recornmenoatlons, regorts on the
		     economy and observations as to the Gttfectlnncss OF the secuilties inukets. They elm rnovlde the framework within which
		     portfolio managers construct their poittollog. Dafly matings allow for an intervhange of current views on investments and
		     portfolio strategy. Portfolio managers are rEsponsIble for dEJect client contact. The Chier Equity Officer reviews aD accounts
		     weekly. At the same time, peer review by portfolio management teams allows managers with simIlar investment
		     parameters to comment on the investment sbbtepy or each portfolio. At least outs yehfly, portfolio managers meet with
		     the Portfolio Re~law Committee where they are required to explain their investment strategy.

C copyright 2000 Thomson Finmndal/Carson. Al lights reseNed.

http:j/wv~w.lachunnel.com

									    LAY
									 000022555

	       bit p:IIw..Jirchn?paze=iosown&ronntype4l &lname-Emon%2OPect/.20FR&instid=MSSCHSOO  10/10/2001

S





			 BlackBook Profile                                                                              Page t of 2


			    gin? Rittenhouse PJnanclal Services, mc.
			    y591      Ownership data as of 06/3 0101
			     .~.,,    Page 1 I Page 2

Foun4ed~ 1979. In 1997, Sittenheus. Pln.ncIaI
Services. Inc. became en MdepeAflnt
iobsiUlmv oljohn Nuvetn. The tm's
SubIIdI*fle5 Indude: ffittn.hous Financial
Surylces Innstineot A4vIsory an~ Rfttmnaoose
Capital Management.

StyLe

Orteritaton
Turnover

toss Gto*tk,

Sot Stocks Held
PorUbila Turnover

EgsAty Assets (en H)

Fat (SIC) 293.24-44

 KEY CONTACTS
	Name
John Wttni,*n
George Cannel?
Vincent HcNlchoI
Donovan Grown
 INDUSTRY WEWHTINGS

Top 10 holdIngs
MultJ-tnduStty
nlcncae' tsp/Ph
Jns.MiM.Ufle
Personal Care
Computer Sftwr
Reuli-Oaln St
Rtbil.DtUQ St
PlnmnDvtd
RetsIl:aIdg Supp
Computer Hrdwr

	       'Title
   Managing Direst.,
   Via President
   Vice President
   Vice Praltant

SIP %PortSChg Top Levy.
fl.3)   10.4 235.9 Rgtall-O,alnSt
(1.5)   9.3  .72.7 RateS-Drug St
(2.1)   3.3   39.8 HulU*Thdwuy
(7.2)   LI    39.4 Ccnneierflnan
(1.2)   3.3   44.0 AetaiI4ldg Su~p
(2.0)   5.2 404.7 Top S Sells
(10,3)  5.9  145.6 Ivgt-Not*cobS
(2.4)   4.5   32.6 Sin~i4tujbg
(3.1)   4.5  1CM nWiw-DrgWPh
(1.2)   4.1   30.6 S.inlconduflort
		  Telcom- Local

 PORTFOLIO CHARACTERXSTICS

enron Corp
S&P 500
Rlttenho,jse FThanCUl Services, Inc
 HOLDINGS (All CaN)

Ga
MG
CL.
PFE
FIlM
mc
HO
MSFT
ADP
WAG

* Held
 877.5
 314.8
 8*7.7
 795.4
 737.2
 711.4
 465.5
 614.0
 647.9
 S92.8

S Gig
  35.2
  39.6
  39.4
  36.7
  32.8
 101.1
  87.1
  20.1
  28.8
 -18.4

% Port
   S's
   3.3
   5.3
   3.2
   4.8
   4.7
   4.4
   4.0
   4.0
   3.,

INVESTMENT APPROACH

	Phone
(610) 971-9300
(610) 972.9300
(620) 971-9300
(650) 971~93O0

       SIP % Port $ Gig
       (2.0)   5.2 404.7
      (10.3)   5.0 1464
       (1.5)   204 135.9
       (3.8)   1.1 134.1
       (3.3)   4.3 100.8
       S&P % Port $ Dig

       (2.1)   2.9 -293.3
       (1.5)   9.6 -73.7
       (0.8)   2.7 -27.1
       (0.0)   0,0  -1.2

P/E  Yield  PrIce/En Efl

17.7   IA
25.0   1.4

19.2

24.0
.37.2

38.3   0,7

P/t
 30.5
 30.4
 10.0
 32.3
 15.9
 20.1
 40.3
 41.4
 31.9
 41.5

Yield
   1.4
   0.2
   LI
   El
   IA
   03
   *3
   0.0
   0.0
   0.4

Proj 95
Gmwtli
   IS.?
   54,5
   12.7
   204
   14.0
   19.2
   20.5
   14.4
   15.3
   27.7

Active
 LOW
  68
 28.2.

15,248

Investor Type                                                                             Investment Aflhsors
  POSITIONAL HISTORY
    bate       Position                                                                      Change  % Out
  Ojnnt        6,600.000                                                                      5,376,379 0.91
  04/30/01     1,421,421                                                                      1.423,421 0.19
  03131/01                                                                                 0         0 0.00
  22/31/00                                                                                 0         0 0.00
  09/30/00                                                                                 0         0 0.00
  06/30/00                                                                                 0         0 0.00
  0341/00                                                                                  ft        0 0.00
  12/32/99                                                                                 0         0 0.00
  09/30/fl                                                                                 0         0 0.00
  PEER OWNERSHIP
	 06/01                                                                          03/01 12100  09/00
Yop 10 (5MM)                                                                            (5MM) (5MM)  (5MM)
tILE         69.9                                                                          0.0   0.0   0.0
IVISS          0.0                                                                         0.0   0.3   0.4
Tag                                                                                              0.3   0.4 0.0 0.0
  PORT DISTRIBUTION

Small
0%

EPS 5 Yr Gr Proj   ROE
		17.5 1.0.1
		14.9 20.5
		17.3 15.2

ADJUSTMENTS

 Buys
'TOT
wHy
LvS
us
lye

 Sells
KO
WFC
SOP
nfl
WAG

$ Meld
  212.9
  574.5
  165.0
  476.?
  711.4

S Held
  3 17.8
  449.1
  237.3
  397.0
  592.8

 212.9
 191.8
 145.0
 134,1
 101.1

SOig
 243.5
 -193.3
 *131.1
  24.4
 ~18.4

iS Port
    1.4
    3.8
    1.1
    1.1
    4"

iS Port
    2.2
    2-9
    1.6
    2.6
    3.9

 Mid         Large
 0%          100%


Debt/Equity  P/S Beta
	79.7 2.8  0.9
	34.7 4.2  1.0
	36.2 3.5  1.2

	       Proj VS
       Yield   Growth
	   0.5    14.6
	   04     #4.3
	   04     13.3
	   1.0    19.8
	   0.2.   19.2
	       Proj EPS
       Yield   Growth
	   1.3    12.7
	   2.3    12,9
	   1.,    12.5
	   0.3    21.0
	   0.4    27,7

P/E
 24.2
 33.3
 1.0
 20.3
 20.1

P/E
 28.)
 15.3
 23.9
 46.0
 41.5

The Inns top-down Investment strategy Is hIghly conservatIve and avoids volatIlty. 'The firm prefers high-yield companles~
but considers dividend yield growth tome ImportAnt Wan current yield (share bwbeeJcs are viewed positively). Th. firm
limIts posItions over 4.3% of a com~anrs floe to lOiS of Vie pOI*IIO. ftlmemhouse looks for companies that are consistent,
predictable earnings growers. The firm likes compartle. that grow its earnIngs about the same rate In percentage terms
every year. regardless of the economIc envIronment. I~nfly, the firm looks for companies growIng consistently In (hi 12'
:5% tinge. Consistent earnings performance Is consIdered extremely Important. The firm avoids companies with
dusap pointing earnings In recent years unless men are strong witigaung ractors.
lnvCStflieflt Criteria:
1) "A' at higher ranking from S & P;
2) CensIswnt earnings growth;                                                               LAY
										       000022556

		   htrp://ww..Jircbn?paseaiosown&eormtypes.4 I &InamneEnron%ZOPeer%2OPR&insti&RTtNHSOO  10/8/2001

Two bdnor Corporate Canter

ftadr.or, PA 14087-45fl
7*1(510) 971.9300

I





		      Blackflook Profile                                                                      Page 2 of 2


		      3) Pays a divl4enfl;
		      4) Minimum $5 billion market CapltAliZStJOfl;
		      5) 10-year history of operating earnings.
		      Sell Criteria:
		      1) Unsustainable groMi.;
		      2) Equities that underper?orn~ the market bY 25% or morn one roUlno 12 month basis;
		      3) PositIon exceeds 5% of total portfolio.
		      Decision Maldng Process: The firm uses an lnnsbnent SelectIon Committee which makes alt Investment decisions.

@ Copyright 2000 Thomson Flnanclal/Carson. All rights reseNed.

http:I/www.Itchartnel.com
		    .9

									      LAY
									   000022557

		http:/Iww.../irchn?pasc=iosown&formtypec4l &I~ame-Enron%20Pccth20FR&Lnstid~RTtNHS00  I 0/8/200!

j





			BlackBook Profile


				   Delaware Investment Advisers
				   Ownersti
					  p data as of 06/30/01
			      M    Page 1 I Page 2

Otte Conflerce Square

Phlitdtiphil, PA 191*3-7042

Tel (itS) 255-2323

Fec (223) 253.1218

 KEY CONTACTS
	  Home

Francis Moms
Brian Hannbn

1. Paul Dotes

INDUSTRY WEZGNTXNGS

Top 10 Holdings
PIr,sn -OwEd
Banks-Money Or
Sanks~MaJ Rej
hkotecflnology
Computer Sftwr
Rests-sIn
HIthcar.0rnhF1~
OthLGas.lnU.
lAs.flop&CSJty
Computer SvcS

founded: 1972. The fln.i muolges mutual
funds fer Deia*bre Management Company, a
s..bsldlmy Of UW Delaware Group, which is
vltimately a part ci Lincoln Waboasi Cn.
Delaware IMemnatlcnul AdviSers, lid. Is an
affiliate, managing global and lntutl.tlOtUl
portfolios. 1~ the 1.1 of 200*, the fIrm merged
with Vantage Inveaflent Advisors.

Title

Ph Ccc

Vice PresidenVCor. f~ully    (215) 253-1492

     *. pruCdsct
     Director of
     Rtmntthj4ianfltatlv@

S&P %Pors$Chg Top Betays
(3.1)   6.2  -6.3 BIflkS'MQflty W
(1.2)   AA  195.8 Hhlhcmr-flrgsjab
(1.3)   3.4 -43.5 IV, 1*010, ClOt
(3.7)   3.5  60.0 OIISGas-Svw
(0.7)   3.1 .104.2 3ernIcond~,ct#s
(5.3)   3.1 -ItS Top S Sells
(0.5)   3.0 167.5 HalOas DC-SI.
(0.')   2.9  4.0 Consumer Ran
(7.6)   2.7  37.6 Cempt.AerSftwr.
(2.23   *A  -20.8 l4gdlhfliy
		Iflurifits

(215) 253-137*

(315) 233-2882

       S&P % Port S Chg
       (1.2)    4.0 191.8
       (0.5)    3.0 167.3
       (3.2)    2.1 130,8
       (2.8)    Ii 101.0
       (0.4)    1,5 100.2
       SI.? % Port $ Chg
       (0.9)    0.6 .220.5
       (0.2)    0.1 -111.2
       (0.))    3.1 -106.2
       (2.4)    1.3 -103.5
       (5.Sj    3.1 -89.6

Style

Ortentailon

Yield

Active

Turnover
ear Stacks Held
PmVoDo Turnover
Eqfly Assets (4MM)

High
#73
74.3

15,878

IIIVS5WTYM         1,WCSUThCnI Advisors
  POSItIONAL HISTORY
    Date     Pocidon  Change    *A OtnI
  CU,nftt     528,330           0 0.07
  04/30)01    526.330   -26,000   0.07
  03/31/01    554,330   .48,900   0.07
  12/31/00    403.450   -21,000   0.08
  fl/3D/CD    424.450   237,500   0.08
  06/30/00    386.930   207,511   0.05
  03/31/CO    179.439   122,739   0.02
  12/31/99     46,700    -2.300   0.01
  09/30/It     49,200   .773,008  0.01
  PEER OWNERSHIP
	 06)01   03/01  12/00   09/00
Top 10 (5MM)     (5MM)  (5MM)   (1MM)
IN!         26.0   32.2  50.2     54.7
O          104.5   139.0 46.8    123.6
CIII        93.7   153.9 255.7    150.2
WiSe        64.1   79.4  21.1     37.9
ABS         31.0   63.1  71.3     49.1
DYN          9.8   13.1  74.6     76.4
SlAG         1.9    0.5   0.3      0.0
KG           1.4    1.3   4.7     37.3
NIt          00     2.8   0.0      0.0

1(141         0.0
Total       326.4

  0.1     0.0    0.0
432.5   473,6  5=3.4

PORT CISTRZBUTION

Small
 74'

~ORTPOUO CHARACTERISTTcS

Mid        Large
24%        *9%

Etron Corp
58.5 500
Ociaware Investment Aivisers
 HOLDINGS (All Cap)

	 S litlO
FIlM       223.3
JP*4       202.6
XL         189.6
X014       185.9
so~        iea.o
BAC        166.2
	   139.3
I8M        258.0
cci.       117.6
	   149.9

$ cb0
    8.4
  202.5
   24.6
  -is-a
  iai.2
   -2.4
   -2.5
   .7.3
   -2.4
   21.4

	    P/I  Yield    Prlce/ftt BPS
	    27.7     1.4
	    23.0     1.4
	    24.3     1,4

			 Proj en
% Pwt    P/I    Yield    Growth
    1.4    15.9      IA      24,0
    1.3     NA       2.5     11.5
    t2     14.5      2.2     12.5
    1.2    14.8      2.1     7.7
    1.1    itO       1.7     22.5
    1.0    13.3      3.6     9.9
    IA     15.6      3.6     10.7
    1.0    21.4      0.5     13.1
    2.0    20.2      1.3     12.9
    0,9    18.3      1.8     11,7

19.2
24,0
23.5

BPS 5 Yr Gr Proj    ROE

17.5  10.1
24.4  20.3
13.6  15.4

ADJUSTMENTS

 Stays
'PH
SOP
MWD
PG
DOW

 Sells
'PG
Wa-.
61137
'Ax
HI

$ Held
  202.6
  "B.C
  114.7
  123.2
   59.5

5 Held
   13.l
    6.5
    4,3
   ".3
   37.9

$ CthQ
  202.6
  141.3
  88.6
  70.7
  62.8

$ dig

 -100.3
  -814
  .79.4
  -72.1

% Port
    1.3
    1.1
    0.7
    0.8
    0.4

% Port
    0.1
    0,0
    0.0
    0.4
    0,2

Debt/Equity   P/B  BC.
	79.7   2.8   0.9
	34.7   4.2   1.0
	26.7   3.8   2.1

	       Proj EPS
	       Growth
		     11.5
		     12.3
		     14.4
		     10.4
		      9.5
	       Proj BPS
		Growth
		     15.4
		      9.6
		     25.8
		     14.3
		     14.6

P/C
    114
  233
  11.7
  24.2
  25.6

PIE
  14.1
  11.9
    NM
  32.0
  15.5

Yield
   3,3
   a.?
   1.7
   2.0
   3,5

YIeld
   1.7
   2.4
   0,0
   1.1
   1.5

											LAY
										    000022558

		   http:llw.../irchn?page-iosowxi&fonntypea4l &Iname~Enron%20Peer%20FR&instid~DLWRNVO0   30/8/2001

    Page 1 of 2


4 Lt"J'.~

I
f





													     Page2 of 2
		      BlackBook Profile


			NVESTHINT APPROACH
		       Domestic po~tfOhos Include Defensive/Core Gqufly Cwlth a large-cap vain/yield bias) and Aggressive Equity (with a small-
		       cap growth onergatlon). for the Celensive Equity portfolio (01.4's core strategy), the firm screens roy secunties with a yield
		       above the S&P 300 and in&*et-flps above $750 million. The equity universe Is Separated into ID sectots, S of which are
		       further subdivided. Deaware also reviews company nianagement~ valuation, relative yield, SIlty @1 the dividend, Industry
		       end company prospects, earnings trends and overall lrwcstment risk. Yield criteria inset relative to the market arid spreads
		       are based on environmMtii variables (level of Interest rites and yields, market valuation and economic environment).
		       Investment Criteria:
		       I) Minimum yield of approx. 105% of the market yield.
		       2) PorroIlo managers reich a consensus on stock.
		       Sell Criteria:
		       I) Decrease in dividend;
		       2) VIolates minimum yield re4ulrement;
		       3) DeclIne of 30% from cost.
		       Decision*Maldng Process:
		       Portfolio managers (who serve as sector analysts) form the lswestment Strategy Coiiiinlttn. They Sri responsible for
		       establIshIng yield targets and ensuring each portftlios sector weights are withIn 1% of the tactical sector targets. Research
		       efforts, which are BD% Internal, Include meetings with company management.

		       C CopyrIglQ 2000 Thomson FInancIal/Carson. All rights rosiNed.

											       httpfljwww.irchaanel.cem

									  4.


									      LAY
									   000022559


		 httplfw..fircbn?page=iosown&ronntype=4 I &Iname=Emon%ZOPeer%2OFR&instid"'DLWRNVCO  10(g/2001





		      BlackBook Profile                                                                             Page 1 of 2


		       pusls&r.IY
				 Rorer Asset 14.nagement, L.LC.
			 nfl'    Ownership data as of 06/30101
			  t9     PapeljPage2

															-....3/C.

		     1650 Market Stnet

		     Philadelphia, PA 19103.7301

		     Tel (215) 168-2126

		     Fa* (215) 168.2)76

			KEY CONTACTS
				Name

		       Robert Leinld,#fl'

		       Otitord Storms
			INDUSTRY WIIOBTINOS
		       Top 10 HoIdifigs
		       Retaii.81dg SIJDp
		       enre'tuln.,ent
		       ins- Multi
		       APOSPW
		       Hat Gas 0W-Pt
		       OlI&Gas4nd
		       MltJ,cat4vstd
		       flhtliQr.X0Sp
		       IN-takers
		       Consuitig, Man

							    Founded: 1976. On January 7, 1999, Affiliated
							    MMSQ&1 &9J74A14G) squired m 65% stake
							    In the flint, with the pd*ildnis retaining its
							    remaining 31%. They service both institutional
							    SlId Individual dish is.

										  StYle

											Otlentition

											Turnover

													    aMP

														    Active

														     lMqh

												 DOE Stocks fluid

											 Portfolio Turnover

											 Equity Assets (9MM)
											 InvestorType

							    Title

						 PrIndDal/SenIor Security

						 DIrector of ReselIth

					      169 %Pors$Chg TopSBuys
					       ~S.9)   aM  404.9 Ratail-flidgSuw
					       (2.8)   7A   44.2 comMerSva
					       (Li]    7.0  fLU Semlconducton
					       (8.73   6.9  32.8 P1nan~Ovsfd
					       (7.0)   6.4  33.7 mv Bmnhqa,oker
					       (1.2)   La   20.5 TopS Sails
					       (1.5)   5.7  68.3 HiUlcar'Pr*Sw
					      (12.4)   4.9  25,0 Tckom-Uttgrtd
					      (12.6~   4.4  24.1 Cs,p,n l~uipm
					       (4.8)   4.0  22.0 BioteetInology
								 Lelwre lire

		      PORTPOUO CHARACTER1STICS

		     F.nrwi Corp
		     SltP $00
		     Rote? Asset Mtcaoernent. LLC.
		      HOLDINGS (All Cap)

		       LOW
		       HCA
		       MMC
		       VIA S
		       (RB
		       PEP
		       GD
		       AOL
		       Alt
		       SIR

			    $ 11514
			      878.7
			      $33.0
			      479.7
			      465.9
			      437.8
			      434.3
			      428.7
			      404.7
			      396.9
			      387.1

				   $ CIIO
				    410.9
				     26.0
				     24.5
				     23.5
				     22.0
				     21.9
				     24.7
				     20.8
				     73S
				     20.4

					 44 Port
					    8.0
					    .4.9
					    4.4
					    4.2
					    tO
					    4.0
					    3.9
					    3.7
					    2.6
					    3.1

								     Ph One
							     (215) 640-3181
							     (215) 5652126

								    SW 44 port $ dig
								    (5.9)   8.0 404.9
								    (2.0)   2.4 262.4
								    tO.?)   2.2 253.3
								    (LB)    3.6 186,5
								    (0.8)   3A 128.6
								    SIP 44 Port $ dig
								    (0.1)   0.1 -177.7
								    (2.7)   24 '111,0
								    (0.0)   0.0 -iCOS
								    (0.0)   0.0  .54
								    (0.0)   0.0  *5.O

							PIE  Yield  Mee/Est EPS

						P/E
						  31.9
						  35.3
						  21.9

						    27.7   1.4
						    21.0   1.4
						    27.6   1.3

							  Yield
							      0.2
							      0,2
							      2.3

						   NA      0.0
						  20.5     1.0
						  29.8     1.2
						  15.2     1.4
						   NM      0.0
						  53.1     2.2
						  17.2     2.9

							    Pm) PS
							    Growth
							       21.)
							       14.6
							       14.C
							       27.3
							       19*
							       12.?

									   19,2
									   24.0
									   26.8

													      75

													    69.9

													   10,956
												 InielbIltAt Advisors

										   POSIUONM. HISTORY

											   Date
											  cnn
											  06130101
											  03131101
											  12/fl/CO
											  09/30/00
											  06/30~00
											  OJflhIOO
											  'ant,,,
											  09/30/99

											    Position
											    7,100.000
											    7,017,002
											    6.739.257
											    5,934.935
											    3,239.277
											    4,703,377
											    4,246,491
											    1,610.859
											    5,393,92~

										   PEER OWNERSHIP
											   06/01  03/01
										  TOP 10 (5MM)    (VIM)
										  ErIE      348.5  291.6
										  WItS      341.6  423.7
										  ASS        86.3    0.0
										  10t81   . 422.1  423.7
										   PORT DISTRIBUTION

											    Small
											     0%

									   PSSYr Ge Pro)    aoe
											 17.5 10.1
											 14.9 204
											 13.6 18.3

								    ADJUSTMENTS

								    Guys
								   LOW
								   105
								   mTc
								   ffiN
								   C

							       11.0  sails
								NA CDT
							       10.3 WCOE4
							       10.4 ThAI
								    5KW
								    BOtH

									  * Held
									    876.7
									    263.3
									    255.0
									    375.6
									    371.9

									  $ Held
									      0.3
									      0.2
									      0.0
									      0.0
									      0.0

										 $ dig
										  410.9
										  26)3
										  253.5
										  188.3
										  128.6

										 $ CI.,
										  .177.8
										  -125.2
										  -lots
										   -6.0
										   .5.1

										       3~ Port
											  8.0
											  2.4
											  2.2
											  3.4
											  3.4

											      44 Port
												  0.0
												  0.0
												  0.0

													    Change    44 Out
														2.918   0.95
													      357,825   0.95
													      804,322   0.90
													      693.558   019
													      $36,000   0.70
													      258,682   &53
													    -1,264.164  0.58
													      216,935   0.75
													       94.216   0.72

												     12/00
												     (5MM)
												      493.3
												      188.3
													0.0
												      188.3

														    09/00
														    (5MM)
														     439.1
														       0.0
														       0.0
														       0.0

												Nd       large
												1%       99%

												      DebL'Equily  P/S Beta
													      79.7  2.8  0.9
													      54.7  4.2  1.0
													      32.5  4.6  1.0

														    Proj EM
														     Growth
															 21.3
															 15.4
															 175

											      P-fe
												3L9
												20.5
												35.0

														      Yield
															  0.2
															  1.0
															  0.3

												 15.9    1.6   14.0
												 16.6    1.4   14.3
													    Proj PS
											       P/E   Yield  Growth
												 22.0    0.0   16.6
												 11.4    0.0   13.3
												  9,4    0.0   22.3
											  0.0    12.9    2.6   10.0
											  0.0    34.3    0.0   17.6

		       INVESTMENT APPROACH
		      Rarer Asset Management's investment process begins by screening a universe of 1,000 U.5.-based companies with market-
		      caps above $500 million for attractive relative valuation and earnings momentum. me valuation methodology Identifles the
		      equities of companIes riding below histqrle valuatIon noun relative to the market1 as defined by the SIP 500. The
		      earnings momentum model IdentifIes companies expedencing upward estimate revisions from the analytical community 8*14
		      Positive eaminos surprises, Pundamental analysis is then applied to those companies which pass the Initial sctniiiflg.
		      Analysts conduct company visits, communIcate with management and Industry aslyuts and review financial statements,
		      'The firm typically holds approx. 30 equity positions at. time.
		      investment Cilteda:
		      1) AttractIvely valued;
		      2~ Exoerlencino uow.rd estimate revisions and oosltlve eaminos sumrts*s:
													LAY
												    000022560

		     httpJA'r.v...Iircbxapage-iosown&fonrnype-41 &InamoaEnwn%2OPe&/o20FR&instid'~RRRSST00      10/8/2001





			BlackBook Profile                                                                        Page 2 0(2


			3) In the flghtj,hise or business cycle.
			Sell Criteria:
			~? ~ prtct target:
			2) Fundamental disappointment;
			3) PrIce declines 15% from Its prserflase pflce relative to SliP 500;
			4) PositIon exceeds Industry or portfolio weighting (at this point the psitlcn is pared).
			Oedsloc-Maklng Process:
			Investment policy and strategy are set by the Investment Policy Committee, which Is composed of the chEer Investment
			officer and the senior analysts. Po0oIio Managers mainly function as admlnlsfltive arid client service contacts.

 Copyflght 200?, Thomson Finandhl/Carson. MilL rights reserved.

htt#;d/ww.llcktaamtsom

										 LAY
									      00002256i

		  htIp:IIvoa.../irchn?pagcciosown&towMypes4I &lnanie=Emon%2OPeer/2OYR&instid-RRRSSTOO  10(8/2001

p
V





		   BlaclcBook Profile

	   Advisors
       PNC
       Ownership OatS as of 06/30/01
       Page II Page2

1600 Market Street

phiiDdftiPhIa., PA 19303

TIC (215) 585-5000

Fax (215) 5854696

KEY CONTACTS
      Name

O.rtort CrptS,ttt
)oseph jordan
Donald Berdint
Donald Ames

INDUSTRY WEIGHTINGS

Top 10 HoldIngs
MolU-lndust'y
uiltflW.DroS/Ph
Dil&Gas-lr'tJ
Ill tncar.Ov sfd
Safllc*44*J ~~0
RttShI.SptC App
Teicorn4OCS!
KOuShtd4lQfldU,5
Senwconduaots
Computer Sftwr

rue

C. -...*

Formedy MC lank Cn., the bunk laustehed        Style
PMC Advisors on May 17, 1999. MC ~             Orientation
cOnilits of tie fainter MC PrIvet. Sank cOd
PNCS InstItutIonal lnvest,nerit Group .g wellas Turnover
Willard Lyons, whlcn has raIned its 011711.    S Of Stocks HEW
BIackftock Pinanclul I4gntL Is an aifihItte.
					       Por~ollo TufYlOflt
					       54u1w AsSetS (1MM)
					       investS. Type

    Security AJl4lyt
    Vice President
    0*1 Ionstn~cnt 0MW
    ASsIStant Vice President

ISP %Port$chg Topilsy.
 (1.6]  11.4    3.6 Banb.MornyCr
 (1.2)   8.4  43.7 F3lan-Owfd
 (1.4)   8.0  *fl.3 Hlthcar*Pr~5Dp
 (1.6)   6.0   36.9 Smnb-P4aj Rag
 (1.3)   3.4   65.7 S&tCos
(11.9)   34     1.4 ToP SSulIt
 (1.0)   3.3  .37.3 HousNd4lofliuta
 (2.2)   3.0  *66.4 lnvtatdql.oker
 (0.8)   2.7   54.3 iv. Ridlo, Cfll
 (0.6)   2.7~  20.4 Avto.noblIfl
		   Nhlhcat-Dvtd

 PORIPOLIC CHARACTERISTICS
		     P/e  Yield
En,on Cotp            27.7   3.4
569 500               25.0   1.4
PNC Advisors          30.5   1.6

PrIce/En BPS

HOLUtNOS (All Cap)

XOM
VFC
MRIC
PG
SM'
PFE
IN)
510
t4Sfl

$ held
1,081.0
3,352.4
  634.7
  730.4
  637.9
  & 13.3
  605.3
  600.8
  478.8
  468.4

$ Gig
 .39.'
  13.6
   0.3
  .9.3
 .46.9
 -47.1
   2.1
  I 3.)
  *6.I
  14.7

% Post
    8.3
    5.1
    3.4
    3.0
    2.6
    2.5
    2.3
    2,4
    2.0
    3.9

P/E
 30.8
 14.8
 11.9
 U.S
 24.3
 24.6
 Its
 29.5
 30.4
 41.4

Yield
   LI
   14
   2.7
   2.3
   2k
   2.0
   Li
   1.4
   0.3
   0.0

	 Phone
(215) 565-5703
(215) 5851747
(412) 762-0276
(170) 161-6410

	 SIP % Post $ Chg
	 (0.7)  2.4 212.3
	 (0.9)  1.8  ItO
	 (1.1)  1.4  83.1
	 (1.3)  3.6  fl.7
	 (0.9)  0.4  63.9
	 SIP 98 PortS Gig
	 (2.2)  3.0 .61.4
	 (0.6)  2.3  .60.t
	 (1.5)  1.0  .46.1
	 (0.5)  0.3  -38.3
	 (1.4)  6.0  *36.t

39.2
24.0
29.4

Proj EPS
Growth
    15.7
    7.7
    9.8
    ItS
    10.4
    12.2
    20.6
    14.1
    143
    16.4

BPS 5 Yr Or Proj

Core Grovith
    Active

     892   a
     19.8

24,552

unit & Trusts

 POSITIONAL HISTORY
    Date    Position     Change % Out
  Qifltnt      340,4U          0  0.05
 06130/01      340,454    -13,791 0.05
 03/31/01      354,255     -1310  0.05
 12/33100      ZSSJulS     55,400 0.05
 09/30/00      300,425    .47.169 0.04
 01/30/00      347.594      4.738 0.05
 03/31/00      342,656     22,504 0.05
 12131/99      310,350     50,321 0.04
 09/30/99      270,029     16,085 0.04
 PEER OWNERSHIP
	 06(01   03/01   :2/00  09/00
Top 10 (1MM)     (1MM)   (5MM)  (3MM)
DI!        16.7     20.6   29.6   26.3
Sf5        90.6     35.5   33.0   72.1
0(1K       45.1     92.4   58.1   28.0
0          42.4     77.5   67.7   28.2
MIt         3.8      0.0    0.0    0.0
WHI         3.3      3.1    3.2    3.0
DYN         0.7      0.8    1.0    0.6
P14                         0.8    0.3
Total                     163.8  132.8

	   0.0    0.3
	 165.8  199.9
PORT DISTRIBUTION
  Small         Mid
   2%           7%

Large
alt'

ROE    Debtjtqulty    P/B  Bets

17.5   10.1
14*    20.5
14,3   24.2

ADjUSTMENTS

 Buys
SAC
WFC
Ut
MS
wH

 S.! Ii
MWD
PG
Vz
KG
SNY

$ Held
  250,5
  226.4
  139.3
   90.6
   90.9

$ 84)0
  137.2
  637.9
  446.9
  213.7
  613.3

IClig    %Pcrt
  166.8      1.0
  110,5      0.9
  64.6       0.5
  59.9       0,4
  $8.4       0.4

$ 0)2
 -43.2
 -48.9
 '48.9
 .4,.'
 .47.1

% Port
    0.6
    2.6
    I.E
    0.9
    2.5

P/E
  12.5
  18.3
  20.5
  24.6
  13.0

we
  13.7
  24.2
  29,5

79.7   LB    0.9
54.7   4.3   1.0
28.5   4.5   1.0

	 Proj EPS
Yield    Grrnvlh
     3.6     9.9
     2.2     12.9
     1.0     19.8
     0.0     26.?
     2.5     12.4
	 ,i.o1 us
Yield    Growth

3.7     14.4
2.0     10A
3.1     13.4

28.5     1.5      12.7
34.6     2.0      12.2

											   LAY
										       o00022 562

		   http://w.. ./irchn?pagetiosown&formtype=41 &lnan,e=Enron%2OPeer%2OPR&insuid=?NCPNNOO  10/10/2001

Page 1 of2





		     BlackEock ProfIle                                                                       PageZof2


		       INVESTMENT APPROACH
		      PNC's ultimate objective is to build wealth and reduce volatility thraugh diverullkation across a number of different
		      strategieS. While the bank utilizes International Equity, Index Eqtflty, Smali'C.p Value Equity and Value EQuity strategIes. it
		      tends to primarily be a Iarecap investor. InitIally, the potfolio managers strain for stocks with market-caps of $1 builon
		      or more. The investment process places a special emphasis oe company tundamentais and market/Industry position.
		      Because MC isa long-term growth investor, its turnover tends to remain relatively low.
		      Investment Criteria:
		      I) Growth rate Is equal to or greater than that of the economy;
		      2) GrOwth rate Is egual to or grater inane company4s respective Industry.
		      Sell Criteria:
		      I) Position becomes overweighed;
		      2) Fundamentals detexiorate;
		      3) Reaches target price.
		      Decislorl.Malclng process:
		      The Investment committee establishes the investment guidelines. However, regional Ctief investment OlYlcers have
		      authority over local Investments. Fundamental research. which is the founds don of the b.uiWs invesbnent process. is
		      generated by in~house analysts.

C Copyright 2000 Thomson Flnanclal/Carno. Alt rights reseNed.

hltp;t/wWwiuhacfteI.com

									      LAY
									   000022563

		http://w.Jircbn?page=iosown&formtype=4 1&lname=Enron%20Peer%20PR&instid~PNCENN00  10/10/2001

I
S





0
0
0
or
(31
C'

				      uUt)ES

													    B





	     Qg~ZZOOOO





	   Enron Corp. - Louo Slide

	   HOUSTON. NEW YORK & BOSTON

	   * Welcome

	   * Introduce:        Ken Lay, Chairman and Chief Executive Officer- Enron Corp.
			       Greg Whalley, President and Chief Operating Officer - Enron Corp.
			       Andy Fasiow, Executive Vice President and CPO - Huron Corp.
			       Mark Koenig, Executive Vice President, Investor Relations - Enron Corp.
			       Paula flicker. Managing Director, Investor Relazions - Enron Corp.
			       David Leboc, Dircotor. Investor Relations - Enion Corp.
			       $~Y
	   THIRD OUARTEWSUNIMARY                     K     -

	   * At today's meeting, we will spend most of the
	    ~ These anti

	   * We have also left a good deal online ft,f questions) discuss qur ousmeas and our financial results.


	   * We waned Stron recurd             in    sh          .43     as in line with consensus estimates, and we reaflinned our


	   * During the Third Quarter,
	     related to several arcs. Our Balance Sheet remains s       ac  non-recurring charges.
0
0
o          . Pinally, we implemented an irilti                                    ancial d         nvestine   is
or
	     This expanded disci
(,~1
	     Services, as well other amsof            *                  tional asset activit s w ic are now included as a separate,
	     identifiable segment wttht       inmns atron and Distribution business.

	  *  (NEW YORK ONLY) We Will also have a shaft reception aher this meeting where we can answer questions on a 1:1 basis,





 Transportation
  & Distribution

     Retail
    Services

Natural Gas Transportation.
Electric Distribution and
Global Assets

Commodity Marketing
and Delivery

Energy Services
for Commercial and
industrial Customers

											      OS 01 3,6 On*.2

0
0
a
or
M
U,
a'
-3





	   Orranization Chart

	   * The way we think about Enron's business remains unchanged. We are focused on three primary groups of
	      businesses, including Transportation & Distribution. Wholesale Services and Retail Services.

	   *  Transportation and Distribution includes our regulated husines~es. Ou~g3~flipzUnj.uuwgk, which operates
	      as our ~   Gas FE   nesscaelent, is one of the lorgest. most inoontfre an~~st effective systems in
	      North America. Porttamd General is our electric utility in the Northwest U.S. 8~ginning with the third
	      quarter, our international asseti arid operations, or Global Asset; se~ment, are now included in T&D and
	      managed by the same capable team that are proven, expert asset managers. Previously, the Global Assets
	      operations were included in Wholesale Services.

	   * Wholesale Services is our largest group of businesses. Enron's wholesale business outlook is very stronr Our
	      broad scale and extensive scope enables us to package and reliably deliver energy commodities and Dro3eIda-..
	      pnce nsk trim ement services at the      ilable cost. We are (he preeminent energy merchant i &North
		      We arc well-establisheC Europdr ad we are very succesafuiiy extending into new energy7~i~d


	   * Our Retail Ener~ business provides energy services directly to both lame and ~m2Il end-use Cl)ttflfl1Cr~ in the
	      commercial and light industrial markets. We are the only comprehensive natidnwide provider of energy
	      services in North America and are experiencing great results in Europe.. We have a strong history of contracting
	      success, and we arc penetrating new mmitts with proven, standardized products.
C
0                                                                         p
0
or
t'3 <
(p

CD





	  Earnings Summary
	       (Millions)

						  3000

IBIT:
 Transportation & Distribution
  Natural Gas Pipelines
  Portland General
  Global Assets
 Wholesale Services
  Americas
  Europe and Other Commodity Markets
 Retail Services
 Broadband Services
 Corp. & Other
Total IBIT

Interest & Other
Taxes

$176
    83
    74
    19
 589
   536
    $3
  27
 (20)
(106)
$ 66~.

~b2
 72

41 tfl~ flI~'C~~~ ~je.; as:~ I"~j  ~jj .. rt.1j4 'i ~
				     I...................9292.
				 ............

 $87
   85
  jfft~
   19
 754
  701
   53
  71
 (80)
 (59)
$772..-
 255
 125

Non-Recurring Items
Reported Net Income

-0-

$292      ($618)

3001

C
C
C
or

U'
a'
*0

-4

Oto L3rd Uout.r.3


		      j





	     Eanuinps Summary

	     * Overall. Enron reponed recumn net income (or ike third uartcr 2001 'a  iciest  00 million  ectin   5% increase   a'         r.

	     * Tnnspo         and Distribujion, which joel            '  atnnLGas P      lines Forti                          segments reported
											       a o. Nab,          tines and Global Assets remained
	       relatively    or the recent quaner. The difference mc    (  2000 was rimaril ~e to                               er contracts in
	       ,frm~aflrU2Enntc adequate supply (or the sweat canners prices that were        i                     settled rices. The a mourns

	       was mcorpcxated into Portland GenexaPs a    S-month sate structure which became effective October I, 2001 and included a 40% sate


	     * Baron's Wholesale Service business includes our Americas andEu         a d      C         -  artS se ments and is consislently our
	       stroit    co      to overall eamin Wholesale Services increased lOuT b 2            54 niiflion or the third uarter of2Wi
			       nil so or    or ear. Such inc rease is primarily altribula e toe
			      flUflUi~i&~iiiiinly in oar North A           rican        and    businessa Oar Europe and Other Commodity Markeas


	     * Enron's RtaM Servlcesbun          S positive quarterly BIT     57)     Ii       *   ncrwse over a year asto. Profitability continues to
	      -  a~w~uiciiy ro this bus mess.                                 -.-                                      -~tz~3 ~;

	     * Boron's Broadband Services segment reponed a loss~        ,niilim,ich substantially exce&A she print ~er 'The increased toss relative
	       so $20 million loss Ia year reflects significaully lower ii~UtiCuWW~ome and lower operating cases.
		  -
	     * Corporate and Other reported an iarr loss Qj~PpillionAn the third quarter of 2001 versus a lob~Sis~ijji  for the same period last
	       year. This scgmen represents the unallocated pinion of expenses related to general coqorate Itnetions.


C,                                         ________ ________
0
a
or-'

Cr
-3

*SsT4tMIitflap.SQ                               3O~                 1065             ICIS.

T..stpsti.*Sat a
  N...i~l Os. Pip.l~s.s                     S          III     S          *5      I                           2%
  P..hmd Oswtti                                        74                11$)               I'll            -'lit.
  014.4 Aus'w.                                         (9                 4'                -                 at
  1.4S9 7....p.#te5l.. a Sk5vlkt*~.                   576                 II                                -55%
Wh.k.gS, S..$...
  A.'tric..                                           536                i~I                565
  tbnMa O,t.vC.mm.du,M.IhtSl                           si                 5)                -
  ~.*.IWbfl#..kSmn4tt.                                SIt                '5.                (.5              lS%
*nzEfS.rtIct.                                          2'                 73                44              I*i%
bn.4'..d S.q,Irts                                     El.,                554               03
Cops 4I,hti                               _______________                455)               47

	Luff                                S         ~6       5         77)      5         47               4%
I.*.vttt  Osbgr                            5         JCI      5         *33      S         44fl            45%
Tm...                                       $          '3      S         11$      3         1)
  p4-I...-. - E**ertiS                      S         *90      *         355      5         45              35%
					  -                  -
  N.frP*.t1fl l*4'                          I         *        S       ((Alt)
  EW.rd N.E It....                          S         Zn       S        4638?     3       fUSS             .3(1%





  Transportation
  & Distribution

Natural Gas Transportation,
Electric Distribution and
Global Assets

   Wholesale
     e r vices

Coni,nodity Mniketii'tj
and Deliveiy

     Retail
    Services

Lii.tt;y S.' vi...

	  F
	   j5aSvmm&cUO

0
0
0
at-.
   'A
t-r'
 Is'
 -3
 I-'

								     09 01 3rd Oumter-4





	Transportation & Distribution - Ornnization Chart

	  Our Transportation & Distribution business, which includes our regulated business and now our international

	  assets and operations, or Global Assets, is mn by Stan Horton, Chairman & CEO.

	* Stan, a member of the Enron M~nsgon'"t Cn.nndttgs bt.c river 25 years of experience in the natural QaS
	  business and has been instrumental in tixe creation of one of the lar~cst and most cost effective natural gas
	  systems an North Amenca.


C
C
0
or
"3),
h)'4
(J1
-3
to


								  a





	Enron's Transportation & Distribution Businesses
       Worldwide Asset-Based Operations

				  N
			      Transportation
			      & Distribution

  Natural Gas
   Pipelines

* Interstate Natural Gas
 Transportation

    Portland
    General

* Electric Distribution

 Global Assets

* International Assets

									       G~Oi3t4Cwnr-S

0
0
C
o t-'


U,
-4
U,





	 Laron's Transportation & Distribution Businesses - Worldwide Asset-Based Onerations

	   Our Transportation and Distribution segment is comprised of three separate businesses including_Natural
	   Gas Pipelines, Portland General and Global Assets:

	     - Natural Gas Pipelines - Our regulated interstate natural gas transportation business.

	     - Portland General - Our electric utility serving the upper Northwest.

		 * The acquisition of Portland General provided us with tremendous insight into the power business,
		    allowing us to penetrate quickly into the wholesale power markets.

		 *  We recently announced the sale of Portia          to Northwest Natural Gas for 4liilion.in
		    addition, the transaction will also reduce                General debt from our a ance
		    sheet.

	     - Global Assets - Our business comprised primarily of incenutional enemy assets not Dart of our
	       Wholesale and Retail businesses.


0
0
0
o r

'S.
-4
'I'





		   Natural Gas Pipelines
	  Strong Growth Opportunities in All Markets Served

				    C) Steady Earnings Growth
				    C' Predictable Net Cash Contribution to
				       Enron
				    (2' Rate Case Certainty
				       Near Term Expansions in High Growth
				       Markets
					 - Florida Expanding to 2.2 ScUd by 2003
					 - Transwestern Expanding Capacity to California
					 - Northern Natural Bolstered by Increased
					  Gas-Fired Plant Demand
				    '2' Significant Future Growth Opportunities
				       Serving New Gas-Fired Generation
C
C,
C'
C, r
r*~
t~) -c
c-fl
-J
(I'

  I Transports 15% of U.S. Gas Demandj
     Peak Capacity of 10.8 Bcflday

a a - - - n --- --- ---                                          - e





		Natural Gas Pinelines - Stronr Growth Opoortumities in All Markets Served

		* Our Natural Gas P. dines se                          and most cost effective s stems in North America. The
		   combined system trans     rts a roximate  15%  U.S. as with    k ca aci of - Bcf/d.

		* The outlook for our gas pipelines are excellent:

		     - Natural gas demand in the U.S. continues to grow at a steady pace, driven largely by new gas-fired power
		       generation.                                     ~--
		     - I he mai6iiT1 of Enro&s capacity is contracted uut&aJong-term contrac itlfno new rate cas uired
		       ~~l3~enigt20DJ. This business continues tog                aslent an products e cas flows for
		       Enr6n.

		* Enron is continuing expansions in high growth markets including:

		     - azotalof2icf/d in Florida:                       4'   ' ~/ %/t-'Ct
		     - expansions on Transwestern to both serve growing market areas like California and Arizona; and
		     - opportunities on Northern Natural to serve new gas fired generation


		Background:
						Cs                                      t.
g               PipeNice                      Capacity           Rate Mast Net Rate Mast
					      (ScUd)    Miles    (SBWIon)    (Sawlon) - 'V. Owned
g ~             Northern Natural Gas            4.3     16.463     1.2        1.2          200%
,.., ..e        Northern Border Partners        3.1     1,214      1.4        0.2          12%
		Transwcslern                    1.7     2.487      0.5        0.5          100%
		Florida Gas                     1.7     4.795      1.3        II.?         50%
		Total                           I0.K    24359      4.4       .2.5





Florida

Gas

Major Pipeline Expansions tliiderway

Capacity    Cost     Cnntrnci 1.,.m Expected
MI?       L!~~jj9fli (yeaes)      iwSeivice

428

5460

120   $80- 100

20      April 2002
21)     Mid 2003

New Demand-Driven Expansion Opportunities
  Over 15,000 MW of New Generation Proposed in
  Florida Through 2003
Evaluating Supply Connections to Proposed
LNG Facilities

Expansion Activity

C
C
C
or
ha>
N3C
0?
-J
-4

4.-

we -

Phase

   01
-. rzm

Capacity

(l3cfId)

	0.3


 05


L.... 1

PI,~1so   Plnise   Phase    PI,n~w
 ii         In       IV       v

---~.......

 0.1
[ClEF

Phase
 vi

1987   1991   1995   2001   2002E  2003E

      ---------                               nn               m   m    -   m    m   S

	       Third Party
Pipo           Power Plants
- Existing     i2~ 2001
-. Phase V         2002

	       & 2003

Phase V
PIMSO ~II

2.2


Tnf;~l





	  Florida Cas ElDansion Activity

	  * Enron is well positioned to serve the increasing need for gas in the Southeast resulting ftom population growth
	     and gas use for power Reneration reouirements

	  * Enron's existing pipeline infrastructure provides an excellent nppnrtimnity to levernoe elticting infrastructure and
	     expand through additions of mainline loops within the ~xistii,g pipeline corridor or additions ofcompression at
	     existing compressor station sites.

	  * Our current exp~ncinn ~ wjiLmcrqse our production capabilip!LbtA~ZZIZUZ)
	     feet per day zo2.2 billion cubic fee r day 1afl003)

								       t Fl 'da, including connections to


	  Background:

	  * florida Gas completed ~?jaaseJV in Mix.2201; adding 198 MMcf/d of~it

	  *  Florida Gas received a              2 'V of r&ect in Jut 2001 which will increase fimurans flation
	     service capacity 428 MMcflda       The target rn-service daw remains ApriLl. 2002, with the final stage of the

	       - In phas      on a   as will add 166 miles nf pipeline including mainline loops and laterals in
		 Mississip i,Alabama and Florida. FGT will also install 132 thousand HP of additional compression.
o                                                            -
C

g r       *  Under Phase VI. Florida Gas has also entered into a 20 year firm transportation service a~reemcnts with four
	    ~jjppi~rs..~This project will adaT7Wi~1M~178iycapacity to the pipeline and is expected to be in-service in June
	     2003.





							      0

		      Global Assets
      Stand-Alone Assets Not Part      Asset Mix by Location
      of Wholesale and Retail
      Operations
   C  Largest Assets
       - EIektro~..EIectric Distribution
	 Company (Brazil)
       - DBbhOI- Power Plant (India)
       - Culaba - Power Plant (Brazil)
      Management Foctis
       - Efficient Asset Operations
       - Sale of Targeted Assets
      Minimal Current Income or
      Cash Impacts of Currency
C
0

      Fluctuations
Cr
-j

- - m - - -------- ---- -

					    $6.5 Billion of Assets
					       As of June 30, 2001





	     Clobal Assets

	     *  Our Global Assets business incin                                    of a         I                       his segment is
		focused on nsunng e scient operations of our asset holdin   weti as tactlhatin~ouj~4j~pg~jLjon o certain targeted assets.

	     *  We have about 34 billion (book value) of assets targeted to be sold      -     2 which includes C
		international assets.  e ave an         ion    value) of internaliona assets tar eted for   st-2002

	     *  ft is important to note that Enron has minimal current income or cash fluctuations from chanies in forelon currency values.

	     *  Work from slide.

ASSET MIX  I. SmIIIIns)

An .,fJ.#t 35. )OOJ

South Ae,Ic.:
TOS
Trasredes
Culaba
E(ektro
CEO-Rio
CEG
Gaspart
Other
Tel loiS AmerIca
CaribbeaR:
Vengs,
Promnips
FcoElectriru
oat'
law .saflb.a
Ad.:
5K-Eaton
Other
T,t4l Ads
India:
l)uhhol
GAIl.
Waist mdi.

Other

 3..k Value

      430.5
      145.4
      535.0
    2,0251
       70.2
      199.4
      I 93.7
       41.2


      149.6
      157.5
      145.)
      439.6
 *    MM

      297,0
      191.1
      452.1

      870.0
       69.9
      939.,

      SiLl

.0%~


 '4%


 5%


 454
 5%:

Total Global Atmeti        6,500.9  300%

TARGErED ASSET SALES (In SutIliocs)

And:
Pon~M Oau~
EcoElectics
CEO-Rio
SIC-Kern
Tnansredcs

Pmn~gas
Vengas
Balang~dSubic
India E&P
OUn
wssm Tsru~.d 111..
Elekiro
Dabbol
Wind
Cuinba
rut 2002 TarSed Ucee

Eat. Sales Value


       ZOGO
	 230
	 250
	 300
	 950
	 200
	 100
	 too
	 JOG
	 300
	 160
       LS
       ZIOG
       1,000
	 350
	 500
       4,350

 Deckrr,und oat ASSET SALE PLAN

    *  Targeted Sales Primarily Comprise SeleeIcA
       Stand-Alone Assets Nol Pail of Wbolesale or
       Retail Businesses.

    *  $4 B Book Value or A5stts Expected to be
       Sold by Year-End 2002.
       - Portland General
       - Multiple international Investments

 *  *  Additional $4.! B Book Value of Dispositions
       I argeted Post-2002.
	Ltekiro
       - Other International Invest meats

    *  Gains and Losses to be Sepawacly Reported.

C
C
C
or
en-
ts) C
C"
Co
C.





	  Capital Spending *
	      ($ in Millions)

LI  Cuipilal Sgondin~ -Gans-~

fl C:upltM Sldndiim - N=t of
    Proco~ds from Sale

1,305

610

599

2000 200W

V

1,007

2000


     2001E

670

2000 2001E

__________                 2000     2001E 4


Capital Expenditures      $ 2,381  $ 1,925
Equity Investments           933     1,150
Proceeds from Sate           (494) ___(2,325[
Capital Spending, Net     $ 2,82%  $  750


				       568

307


2000 2001E

436

2000 200W

Transportation
& Distribution

Americas

 Europe & Other
Commodity Markets

 Retail
Services

Broadband
Services

Corp. & Other -

   i;iclt ides PP&E mid r.~1 thy It ,vestrnents: V xcItzrIr~ fl,is ness Acquis Itinns anti Oilier Invest inq Aclivit los

							   iii ~g'I  I


---------                       - ----            -  -   --           w

C
C
0
C, t~
 Hi

Cr,
I.,

2000 2001E





	     Capital Soendiant
	     *  Em-on is focused on de to in c ital in our hi cat  o     eat                        nd  res a             tilt vesim I
		our definition of capital spending. Also, because we Ii I
		we consider proceeds from sales of assets and manage tone capt a   ing evels.

	     *  The boxed numbe~s show that, for all of Em-on, we expect to mv 1150 mliii * net, in 2001 compared i4ii~tiionin2ooo.

	     *  In Transportation mud Distributin ci a


	     *  In the Anuericas, our inveshnent f,c~ is based on market-driven opoortunities. including energy-related caufty invesuncnls and
		financings. Due to our strong ntadcel position, we are actually able to bc~in exlractinu canitat and still increase our overall
	       ~tivit.

	     e


	     *  Corporate and Other includes investments in third parties and technologies to advance our maxtei-nuking network.


	     RACKCROUND: (INTERNAL USE ONLTh
0
   r         .  2000: Significant hem in Americas caDital spending nESI .3 billion includes acquisition or Peakers. Corporate & Other capital
		spending cr5317 million includes SAP coals of 5147 million and property addia ions ofSb2 million (Enron building and plane).

 U'          *  2001: Americas capital spending vESt billion includes costs related to Sithe; proceeds from sales ofSI.4 billion include HPL and
 0'             peuker sales. Corporate & Other capital spending of $568 includes 5326 million of Azurix buvback and 576     for Enron
 I',

		l3uihiinfl South


															a

*   Beginning the second quarter of 2001, we havei
   conditions.





N;,tiiral Gas Trnnsportatioii,
Fstzt~ IC Vssrr UHIIEOII and
GIoU:I A~suI~s

Commodity Marketing
and Dlinry

    (j y Si: rva.
lot C;tjfflfettt 4.

													   O9013.d Quarter-ID

0
C
0
0r

0'
0,
U,





	  Wholesale Services - Ornanization Chart

	  * Wholesale Services is our largest business and has been the main driver ofgrowth for Enron since its inception
	    a decade ago. We have leading market positions worldwide in the fase growing. derc~ulatina worldwide energy
	    markets. We have consistently increased profitability regardless of commodity market conditions.

	  * We have also extended the Wholesale Services business model to Europe and other wholesale markets with
	    enonuous growth potential.

	  * Through our Wholesale Services activities, we have .A~Aablished a f~chise with a strofle track record of
	    consistent recurring earnings and strong growth opportunities.


0
o                                                                r
C
o t-4
t'3>

Cs'
0,
4'





      Enron's Wholesale Businesses

				  A
			       Wholesale
				Services

   Americas

				    * Natural Gas
				    * Power

C
0
C
or
to)'
10'~

ty'

Europe & Other
  Commodity
    Markets

* Europe Natural Gas
  and Power
* Metals
* Energy-Related Markets
* Industrial Markets


			  09 Dl 3rd OuaW-l I





	 Enron's Wholesale Businesses - Organization Chart

	 Americas

	  Our Americas business consists rimaril of   ye stron     onh America erie merch nt     In


	 Europe & Other Commodity Markets
	 * We have extended our enemy model intl other retions and t1hcLwmmgdilsg~,

									 We have a large, experienced local
	  workforce of ove 2,000 in London and on the Continen  This segment also includes our market-making
	  activities in Metals.

	 * We are also extending our market-making activities u(Other.Commoditv Markets, including both
	   elated and ridustrial Markets. We are replicating our core market-making skills in enormous markets such as


C
C
C'
or

U,
w
0~





	 Performance Highlights

Physical Settlements
     (Bcfe/d)

Income Before Interest and Taxes
	 (Millions)

							 28%


							~~~1~

								$754

	 Diversified Busino so. Dilve Consistent Volume and Profit Growth

																		C9Sl.3rd Cu..1ot-12

-7]

'sag

C
C
0
at-,
$3,.
""4
(p
ED
-a

3Q00        3Q01

3000

3001





	       Performance Highliuhts - Physical Settlements and lBfl

	       *  These charts depict the combined Wholesale Services nroup including both Americas and Europe and Other Commodity Markets.

		  (We will separateLy identi~' Americas operating results later.)


		  we continue to push deeper into our markets and are driving li4uidity and price transparency.

	       * ~                                   reflecting increased energy market-making activities across the Americas and Europe.
		  1iiI6on.ourOdi~tiii~U!Mii~its businesses have been solid contributors to profitability.

	       *  You will recall in previous quarters that we demonsiuuted the ye   c  lation between ph -   rveri      odity
		  and our nrolimahilHv                          -                I   in vnltt Q9% CACIRS~qC 1990 hIHITtI The
		  conclation is real, recognizing dat both Enron's ysacal volumes and 1131? ave a number ot separate busInesses contributing to
		  the overall correlation. Our cxpan&d segment disclosure will make those elements mare visible. The multiple facets of Enron's
		  business enable us to consistently grow both our physical operwions and profitability.

       PtIv~cALmtT1flWfrS (MMdrJd)-3Q


       C-
	  Arnics                 25233     2US$         6$4
	  E,.~jdOJn               3.595    9,333       160~i
       Told C..                  25343     35$97       1S4
       Nw.
	  Asskn                  I7.7fl    31407       77%
	  Essq.euwJCIhn           I,MO     11.306      94~
       Told Parr                           42323       927%
       ()~*a) & IJqdh             5,154    9,410       E.4%
0
~,     Tat                       as        am          En
0
or
I'd )  I3ctIdcfty (flwm.sd MWt)
M                                163,536  289,253
U.
	  Ewq~c and Ot.,          9.932   UM,W&        947%
				 17341(8  3131(39

S     515
$     53
$     S

 nm~
 BE~r&OtnO3UTU*Nbta          ________

 wfl-w~.
 Ma~Iarfrbr                        ii.,
I B.qt&cunlHTMnin                  55
  ~'*2                             CA

3Am         2166       15.116
'lag,  _______         19*5
aim         urn

$      ~I  $     365
S      53$       -


       tiki

       '-9
       '3

(04)





    Enron's Leading Market Position
	   (Physical Settlements in BcfeId)

	  7RAt

									    * Power

									    * Gas

		0
		0
		0
		at-'

		U,
		0

	       21.6

		      21.1

			     19.5

			      194

					   18.6

											     -r

								       -I

Dynegy   Aqidla

BP      El Paso   I'G&E

2001

3Q01

Sntirco: Gas Daily, Power M(Irkq,t~ Week. Company P.epcn I~;

Second Quarter
    2001

-------                      -------                      m   m    a   a   a

64.7

.....I....

Enron

F

17,3

AEP

Reliaiit

I S~o   1d~

Mintnt

Duke

12.9





	  Enron's Leadiur Market Position -3001

	  This slide presents Enron's competitive position relative to U.S.-bascd energy merchants.

	  * Enron has siRnificantly di~tanced ftt market share from of her marketers. The volume results continue to
	    demonstrate Enwns more rhan three-fold lead on our nearest group of competitors.

	  * In addition, Enron has aL,ell-diveisifled energy business. .wI     anci newer contributing about 45%
	    to volumes, respectively. N5UIlliriiierc5iiitThergy peer has so successttlly penetrated both markets.
	    Similarly, no other peer has so successfially expanded into the Eurone encrrl market.

	  * We have built a tremendous market franchise that has sipniflcant sustainable competitive advantages. We
	    continue to build our bm,~dness with 3Q01 volumes increasing relative to 2Q01. ENote: Not all others have
	    reported 3Q volumes.]


	  NOTE: Physical volumes only: Volumes include Europe to 11W extent publicly reported.

			       2001                   3001
		     Gas     Power  Total    Ga.    Power   Total
			 33.2   61.5            36.0   42.8    78.8
							       08.2
					     masALa~~4L3     * .ME

	   Enron's Lead Market position (BefeId)


	     Ni
	   a-
	   e                            21.8
	   Reliant                      21.1
	   MiSfit                       19.5
	   Duke                         19.4
	   Dynegy                       18.6             9.8    22.4
	   Aqulla                       17.3
	   ap                           15.0
	   El Paso                      14.2
	   PG&E                         12.9

	   Scum.: Gas Daily, Power Musters Went Company Ropotts

			   8.5
			   11.5
			   11.8
			   11.2
			   10-9
			   10.3
			   12.3
			   9.2
			   3.9

				  13.1
				   0.8
				   7.7
				   8.2
				   7.7
				   7.0
				   2.7
				   5.0
				   9.0

						   12.6

0
0
0
or
1%~
U'
tO
C





	  Financial Settlements

Financial Settlements
     (Bcfeldj

3Q00

319.4

3Q01

o Contracts Seff led with Net
  Cash Payments Without
  Physical Deliveries

o Comprises Significant Portion
  of Enron's Longer Term
  Products

* Enron's Lead Role Provides
  Distinct Competitive
  Advantages
  - Valuable Market Insight
  - Important Tool to Manage
    Enron's Broad-Based Portfolio

										 09_01_31400.14

51%

0
0
0
*: t
'9).
I'1

'p





	   Financial Settlements

	   * One addif ion las setofourbusiness that we have not discussed much in prior quarters relates 4~~cIaF'
	      e  nuents in our encrg busines    f-Iistorically, the growth in our Financial Settlements has
	     ap roximated our rowut in rn sacrn Settlements. For the third quarter 2001, Financial Settlements increased
	     over 50% (0319.4 Bcfe/ as compared to 212.2 Bcfdd in the prior year.

	   * Th~fjpazzciaLas~pct of our business is important. Our Financial Settlements reflect the QroWiflQ use of price
	   cTThk management )roducts by our customers to manage their price risks. The simplicity of' using EnronOnline
	     to execute twancial swaps is driving much or this growth. In more liquid commodities, such as U. S. natural
	     gas, customers are ancreas~gbukjhiugArkkiutjp,jii~j urchases or sales to Enron's financial products. Enron
	     leads the market in     of tong-term financial products.

	   * These products invol   net cash setdernen  ween Enron and the custome rather than   sica delive a the
	     commodity. Our big -ye time mnancia products provide us with
	     pricinga well as another means to optimize and manage the price risk associated with our broad-lrnced
	     ~~ii~ilioo commodity contracts.


0
0
0
o t-'
*0>

'4.
~-0

FINANCIAL SCTTLEMtN1S (MMcreId~-3Q
					j~            3002

					  20A66       246.02       sri
 rower                                     1.373          645      -53%
 CmJc Oil end Uqtuids                        -            -
Aeerie.s                                  IMJS9       247,M7       50%
					     1q3                   .75%
 Po'er                                     5,146        5,060

 (n.~Jv(?iIundIAquit                      41,5%        644122      OP

Fs.pe & Other Caindity M.,t*t.            46~935       TUN         53
Yea, Yfr.scS V.isma (tdMd'eId~            212,174     319397       SW





	      New Contract Execution
	Transacted Volumes                 0' Volumes Originated During
	 (New Contracts in Bcfeld)           Current Period for Future
					     Settlement

					   o Record Level Transacted in 3Q01;
					     Driven by Both Gas and Power

					   o Power Comprises Almost 45% of
					     Physical Activity - Up from 200/u in
					     3Q00

					   o Financial Product Expansion
					     Driven by Enron's Distinct Ability
					     to Make Term Commitments
					     - Average Term Lengthening;
g                                              Delivery Commitments through
					       2003
'V

U,

								OSOtYd O,arte,.l5


- - - - -           -                m - m - m - m - - - -

887.7

3Q01





	       New Contract Execution

	       * Another new metric for investors is one we have monitored internally for a tang time.

	       * Tnnsaeted Volonnesd    I. new business general in the current period for sculemeni in a future period. They will
		 settle, or convert to cash, based upon the terms of their respective contracI~. Third quarter 2001 transacted volumes set
		 an all-t.mc company record, totaling 8871 BcfeJd - a 33% increase over the nrior year.

	       * To put the magnitud            '  nsactcd volumes into perspective, our third quarter 200! Transactcd Volumes

		 during e quarter.

	       * Our Transacted Volumes that      financial roducts are almost citE                       ur Transacted


	       * The high level of current transactions secures condn~A c~w'pg nhvsical and financial settlements in the future.


0
0
a
at-
I'-))-
01
'0

r~wctwmMrrnGflmcrl 13dd0-3Q
				  ___________                    SW'


				   a~         amt~        Bra       nn~~                 rkmrM
				       97.2       4436                  6241        -2%      4W
 CbackOIs,lLJqtid'               ______             -          -         -
Aninteu                                922        40A         94J       6244        -2%      41
 (is&IWw                               2flfl        70        437        7.5       11(1%

 Cnzk(~IawdUquit                       ItO         893        fl9       103.7       17%      Vt'
Ese&WwOuundtNtutS                      Si?         MS         57A       LIti                 ir
Toast Ibmacict Volwm                   IIS        539.9 .     15t4      735-3       17%      WI

Ta I%dal &1t~dd                  [ZhIZhZIZ~iI ~                                             33V





						  EnronOnline
			  Average Daily Transactions
	    7,000
	    6,500   __________________________


	    6,000
	    5500
	    5,000
	    4,500
	    4,000
	    3,500
	    3,000
	    2,500
	    2,000
	    1,500
3           1,000
o             500
or
tQ >
t.JI<          0
(I.
tO
Cr
	      Nov 1999   Mar 2000      Jul 2000                                                                        May 2001    Oct 2001 Oct2000 Jan2001


																   09.Ol3td O,manr.'S

Since incevtiora

a 1,550,000 Transactions

II I

I





	   EnronOnliuze - Average Daily Transactions

	     EnronOnline has bee an enormous accelerator to our businesses.

	     Customers have rapidly embraced EatonOnline. The wide range o                    c attracting an
	     increasing number of both existing and ncw customers. Ar pre      vera e of 4,000 customers logge on
	     our site each day.

	     EumronOn line
				    ~ Year 2000     1Q01         3!~!           J2!~       LTD-Since Launch
	     Transactions
												 1,550.000
						 I                            _____________________________________________
	     Gross Value$n)                336    $                        iSO $     181   S
												      860
	     Products Offered       $   548,000     276,000      325,000          34L000           >1,

	   * EnronOnline              han 5 000 transactions a-  worth over $2.1 billion notional value daily. New
	     rccords for      weekly volumes continued to be set throughout the third quarter.

	   * We offer over 1,800 products online currently. Products include a full range of gas and power products in
	     North America anCburopc end many other products, such as coal, metals, weather protection and bandwidth.


a
o                                                                                   U
C
or
I',>
t..J -~
U,
~0





	  Transaction Mix
 Total Enron Transactions

	550,000

349,000


 57%

   43%

3000

38%

    62%

3001

 Traditional
o   Longer-Term Structured Transactions
o   Additional Opportunities for Transition to
    EnronOnline

EnronOnlirie

U  High Penetration in North America Gas & Power;
   Growing Acceptance in Europe
O  Rapid Acceptance in Non-Energy Products
o  Integrated with Logistics and Back Office for Scale
   Efficiencies

~1

															    09_01 _3;d Ous,tef.17


- minmininfl~                                                                                       - m m - - m

C
C
a
or

U.
'I,
-4





	     Transaction Mix - EnronOnline

	     *  EnronOnline is an important tool to grow our business. However, our businesrt    cicdihrouW,-4q~titional channels also
		continues to ir---r ~~~M~rfurt      cased our v -' ~i~rnr "~ CR%t           0    transactions in ~)ie Third Quarter 2001 as
		compare    349,000 transactions in I   Third Quarter 2000

	     *  Our Traditional business activity increased about 5% from a year ago to approximate     transactions  the third quarter.
		This area includes our longer-date, custom-packaged transactions, which we do not expect to ('ilty migrate to Enrorionline. In
		addition, we have additional seas of oppodurnily to capture ezl,cscncics s we move an increasing number of the inure
		straightl'ornrd products to EnronOnliuc.

	     *  Penetration of EnronOnIlue into our c        netwcwks continues so increase. We have increased the percenma e of total Enron


		throughoul the Continent.

	     *  The "instant provisioning~ capability of EnronOnline has allowed Enron to bring non-energy products to
		expand its networK to new marKets cnornious in size. We are seeing rapid acceptance or these product otThflhIpt3T'SiWcustomcrs.

	     *  Pinally, EnronOnline provide us with important atmeturul advantages includior salability, enhanced risk control, broadened
		information access, and increased eff  metes our commercial marketers and back-office support fimctions. Th~ combination of
		tnron a broad scale and Enrot OiiUuiI~annot be economically replicated by others, creating a clear competitive advantage for our
		wholesale business.


o               Tnauactlis Mhz
0
o                                                      IQS                     3Q05
or
				       b,nadbc             % tlzadmn   fltsae6as            %Utatiop
		Traitioml                           199.000     51%        209,000                3KV
~0
		EwmOtinc                            150.000     43%        341,000         ________
		 T'n2 Eww Tmtucliom                 M9,0,O)     300%       550,000                un





	       Enron's Wholesale Businesses
       America's Leading Energy Company

		    Americas

			 * Natural Gas
			 * Power

0
C
C

~~3r4
i.1'
 to
 .0

* Europe Na?iwsil Gas
  and Power
* Metals
* Energy-Rckitc'.$ Mirk'I 
* Industrial Marlwts

													    09SL3M Ouafln-18





	Enron's Wholesale Businesses - America's Loadhaf Enerry Company

	* Work from Slide.

	* Our Americas business is led by Job. LavonIo~ President & CEO, and Louise Kitcheu,. COO. John and
	 Louise are both 6rmbcrs of Enron ~s Management Committee.


C
0
0
or
N)>

0~
0
0

Anwukas
		    Az~
			   Finn   Teal
Join. Lavorulo      j~...,  3....  12
sdse Kitchen     r32        7     II





	  Enron Americas
  The Most Flexible, Reliable and Valuable Energy Network

MarketinLAdIvhtv
Gas
Power

Income Before Interest and Taxes
	 (S in Millions)

		  701


      53$


     3Q00         3001

 C Lead. Role in Providing Liquidity for Gas and Power
 m Broadest, Deepest Market Knowledge and Delivery Capabilities
 C. Strong Market Share Provides Sustainable Earnings Base

fl-I--

31%

								    0%013rd Ouanot.1S


 ---------                             -   m   m   m   a    a   -   S   a

t]

Under DoV*lopm.nt (3100 MW) I

0
C,

I)
WI-,
0





	   Enron Americas - Mao

		       bushed I       ceding energy network in North America           e have an unparalleled network of
	     .ph9~IcalassetsJhat enable us to e iver natura eqs and power anywhere in the U.S. on short notice. We may
			 or we may contract for capacity on third party assets. We use our market making skills to
	     secure the cheanest availahie coninandities, and we usc our extensive network to reliably deliver the commodity.
	     Our extensive scone acces~ to r~ccts. liquidity and large a.r2hle nnmmorAnl     ' povides us tremendous
	     competitive advantages.

	   * Because we actively operate in every area of North America. we have e                         and
	     power supply and demand and related events. We create value wiIIiibAtm~rketinforma~p$adjusting&iT
	     pnccs and products on a real-tame basis.

	   * We are continuing to see relatively high gas and power price volatility.  Customers need a reliable provider of
	     increasingly complex energy supply, and we are experiencing a sigrnhcant increase in demand far risk
	     management products and services.

	   * Americas also includes our South America merchant energy business where we are replicating the strengths of
	     our North America energy nciworK m mis emergin2 merchant energy markeL

	   * Americas reportcd lilT   $7OEnailHo or the third quarter 2003 a 31                  rcP4~~~fS53~I)
	     million for the third quarter 2aJO.
0
0
o                                      1
or                                                                                      * r
I-,Jb<
0~
0
"3





     Americas Business Expansion


		      0 Physical U Financial
				   OS_01_34d Ousler-20


- - - - - m - -- - - -- ---- m m

a
C
C
o r
to.<
0'
0
to





	    Americas Business Exoansios

	    Physical Settlements
	    * Physical Settlemcnts were up signific3nhly in our Amen                   and power volumes increasing 35% on
	      ~flft~fli~~s to 58.2 BcfeI4 North America              wet vohnn         I  Lily dd.J ~ CL;
	      sugmucant growlh in     volumes was driven psimari y       our North American Power businesses. No.1k America physical
	      gas volumes wcr(~p 6~4jj~e third quarter rmin
				    xctuding this item, gas ohmies increased 14% dunn    quarter as compare to prior year.
	      -c
	    Finandal Settlements
	    * Financial Settlements increased 51% on a uuarter-to-ouarter basis t4~47.5 M~Aid The dramatic increase in Financial Settlements
	      is almost entirely driven by our market-making activities in AmericailqiliMllTas and our ability to continually expand into
	      longer-dated offerings Online.
	    * Financial transactions also give us a tremendous insight into the marketplace, which further enhances our ability to manage a
	      broad-based portfolio.

	    Transacted Volumes
	    * Our c~ongactIww activities in Americas con~s4I&iah~anLn~cWions. 0        ransacted Volume rthe third quarter 2001
		   3x                         V iso lements durin the            i  Our strong per omiancein transacted volumes will
	      lmnslai~ into ruture energy physical and financial seltlemects.
	    * EnronOnline has been a key factor in our ability to drive liquidity and price taunsparencv in our key Americas power and gas
	      markets. Our ability to drive and expand volume growth remains unmatched by any other energy merchant.

	    AMCRICAS BUSIrIESS IXPANSION(BcfeId)-SQ

						  30W          J~flj           %Chf.

		      On                              253            267             6%
		      Power                           27.5           31.5           77%'

		?b1ded 5fld.M.                        419            NJ             35%
		      (1.,                           263.9         ~46.S            51%
		      Power                           0.2            0.7           600%
		FI.a.cIdSflhle...t.                  MU            247-5            33%
		      Physical                        97.2           94.5           .2%
		      Financial                      443.6         624.1            42%

		tnawfrdflkme.                        SUB           liLt             33%

C
C
C
Ct-I
"3.-c
0~
0





		  Business Highlights
		   East Power

Physical Volumes
  (Million MWh)

Settled


168%

3000   3Q01

Transacted

224

  264%

   r

816

3000   3Q01

 Number of
Transactions

n

(Per Day)


    El

3000   3001

Eli OTC    U EOL

o  Making Markets Across the
   Entire Price Curve
    - Key Provider of Liquidity
    - Conducts Majority of
      Industry's Long4erm
      Business
    - Significant Increase in
      Long-Term Contracting
      (Over 40% > One Year)

0

Growth Driven by Enron's

   Core Competitive
   Advantages
o  Compares Favorably with
   Most Merchant's Entire

a
C
0
or
to>

C'
0
0~

U.S. Power Operations

	       09 ft 3rd Otwl&.21

								 a   a    -   -
- m m - - ------ a - a a

IQA

72

~1





	    East Power - Business Hifhlifhts

	    * Our East Power business is an excellent example of our ability to drive liquidity and volume growth with our
	     market-making skills.

	    * Our Ph sical Settle cats thied almost 00 MWh for the third quarter 200!. a 168% increase ver the prior
					  gy merchant in e Eastern US and arc makano intntrtt 2rrng~ the entire price
	     curve. In faa, our Last Power business compares favorably with, most Energy Merchant's entire U.S. power
	     operations.

	    * Our explosive growth in Transacted Volumes has been largely attributable to the strength of our EnronOnline
	     eCommerce platform.

		  Transacted Volumes increased by 264% to 516 million MW 's for the (bird quarter 2001 as compared to 224 million MWb

	       a  Even more illustrative of the strength of ow competitive advantages is the transaction ftc
		  East. During (he third uarter200l.om avers edafl transactionc   were more an 631   client  r
		  increase of over 150% compared to the prior year.

	    * While it is apparent with this type of growth that Enron has a distinct competitive advantage in the East. we
	     continue to leverage these same core competitive advantages in all of our energy markets.


0
0
0
at-

0~
a                             _______

EAST POWER (MUSe. MWI) -30

					   39*i      _______


StiffS Vsumn                       73         LW
   OTC                             147        296         101%
   ROt                             77         520         575%
Trmnsacied VeIsmo                  224        534         164%

   0TC                             373        171          -IV.
   EOL                      ___________       460         505%

U .1 Trissacsouw (rr Jq)           249        31         153%





    Regional Transmission Organizations

	  Current

	 Proposed

      # RegionsllSO's                      15+                             5
				 Not all Users on the System Take Non-Discriminatory Access for
      Access to Transmission     Seivice In a Nondiscriminatory All Market Participants
				 Manner
				 Very Little Coordination of    System-wide Planning, Outage
      Operations                 Service and Planning for       Coordination and Congestion
				 Transmission Between Regions   Management
				 Inefficiency and Lack of Price Cheapest and Most Effective
      Customers                  Transparency Increases Costs   Products for More Customers
				 Unnecessarily

				 Lack of Grid Information Hinders Optimal Siting & Development
      Generation                 Best Siting Decisions          Decisions Facilitated

      Total Portion of Wholesale         20*I.-25%                      100%
      Market Open

										09 0? SM Cuwwfl

C,
a
0

tO)'
tO'4
a'
C,

Significant Increase in Available Market with Improved RTOs





	  Regional Transmission Organizations

	  * During the third quarter 2Oq1'5~~~~qan focusin  ore resources towards improving thc U.S. electric
	    transmission system.
	  * At the heart of this initiative is the FERC's interest in establishing an organized Regional Transmission
	    Organization (RTO) platform.

	  * This slide briefly summarizes the drastic differences between the current state of electric transmission under
	    present RTO/ISO regions and the RTO regions proposed by the FERC.

	  * The FERC's present focus on the formation of 5 Rr~innnl RICO's will npItIIy wj'q~lonfJ~. the tntnl portinn nrihe
	    market open to energy merchants afid generators which have historically been cannoNed by incumbent Electric
	    Utilities.

	  * Work from Slide.


C
0
a
at-'
t', -C
0~
C,
w





						North America
			 Recent Structured Transactions


       C
       a
       0
       a r
       Ni-C
       a.
       C
       ,fl

09_Cl_3r0 Onner-23





	     North America - Recent Structured Transactions

	     * Our North American n
	       our key regions ~nd products, but also i   e Structured Transactions.
	     * Our broad-based scope of products, customers and markets rvdes us with significant opportunity to package higher
	       margin value-added products for our customers.

	     * Sonic examples of Structured Transactions over the last nine months include:

	       Gas
		 o Long Term Capacity for customers desiring the physical natural ns when-we;
		 o Price Risk Manannaent nrnvlnrts in es,wiuin~ conumndily ,norfrabe turk Mn ice:
		 o tJdIiy Outsourclug arrangements where we manage all aspects of our customer's gas needs: and
		 o Operational OiiIUFrcIng services where we manage the commodity as well as the entire back-office for our
		   customers.

	       Power
		 o We have been extremely successful selling our Pie-Build Power Piant Packanes for IPP's and Generators
		   desiring to o                                       locations. We leverage our strategic generation site
		   bank of ov    0 sites i   miittin or re-       ittin
		 o   ii      ci Management services where we manage many aspects of our customer's operations in addition to
		   the retp3 sgnmi~kWr~r ~~sks;
		 o Contractual Access to power in ke re ion                      reement. (PPA's) where we repackage the
		   o   e m o pr    ucis or our customers.   ur 704) MW Alberta PPA a    relat Wind activities in Texas are two
		   hallmark examples.
C
C,
		 a innovative Structured Commodity transactions custom tailored to our customer's specific Load Requirements.
N)             Our unmatched market-making cap*hihlics are a significant competitive advantage when onRiflatiflE Structured
	       Transactions.
C,             __________





		Enron's Wholesale Businesses
    Europe's Most Established Energy Merchant

			  Europe

				     * Natural Gas
				     * Power
				     * Metals

a
0
C
or
I')>

0
I-.
'-I

-  E~u.rt1y-I.Iitd M.ik.-'
*  mdii :Ars4t1 M~' It. P.

														  O4~tyd O~fl-24

I

 I Mhn ShWW
  Presidmnt & CEO

Edasi Brown
   coo





	 Enrom's Wholesale Businesses - Europe's Most Established Energy Merchant

	 * Our Europe segment includes our Natural Gas, Power and Metals activities in the European market.

	 * Our Europe segment is led by led by John Sherrill. President & CEO and Michael Rnnutn, COO. John and
	  Michael are both members of Enron's Management Committee.


0
0
0
o C4

a.
'S

$3

I-
		   As
			Fan    Total
John Shenilr       48     7    26
II&lwdfl#owu       39     6    20





			Enron Europe
	     The Only Major Pan-European Energy Network

					 o Strong Deal Flow; Low
					   Market Volatility Currently
					 o Successful Deployment of
					   Select Assets
					 o Penetrating New Markets
					   by Packaging from
					   Enron's Broad Product
					   Slate
					 o Transacting with Over 300
					   Wholesale Customers

 Marketing Activity
ffi Gn  C) Co.I
S Power ~ Metals


							O&OtSed Ctjariee-25

	      C
	      0
	      0
	      0t-'
	      NJ>

	      a'
	      I-a
	      LI,

- - m - m - m - m m a  ----- a a





	Inrom Europe - Ma~

	  We entcred the European market early and quickly to establish the leading eneray fr2nchige in P.1mm. We
	  have relatively Cew physical assets in the U.K. and Eurone. Just as in North America, our marks-making
	  activities are a driving fo~ in creating market liquidity and providing price transparency.

	* We have a number of new opportunities from the recent im leinentation      ETA   arch 27 2001). The new
	  structure plays to our proven strengths by creatanu a true "hi-lateral" physica power mar e         the
	  structure. In addition, we expect the demand For forward pricing and delivery commitments to significantly
	  increase.

	* As gas and power markets become more liquid and concentrated, Enron is actively pzswiWipitingin tine
	  fonnation of regional trndinR hubs on the Continent. We are also very well-positioned for increased profit and
	  growth opportunities as the U.K. and Continent gas and power markets continue their convagence.

	* Enron continues to see strong deal flow in Europe, as reflected in di      data' owever, market volatility is
	  relatively low. In addition, penetration of new markets is challenging, SFIWUIi imperfect regulatory
	  framework and ctrrngiIj of the incumbents. In Europe, we expect our most profitable opportunities to come
	  worn our unique ability to package customized products from Enron's broad slate of skills (commodity risk
	  management, asset expertise, cross-commodity and weather products and renewables).


0
0
0
or
T'3>

C'





      European Business Expansion


		       C Physical U Financial
				    09 01 3rd OuArOr-26


-- - m - ----      - m m - -----

C
0
C
o r4
r~fl'
to-C
0~

(.TT





	    Euronean Business Expansion

	    Physical Settlements
	      Physical Sc omen         u si nificanti in our Euro e so ment, with total gas and power volumes increasing
	      wore t an I            a quarter-to- uarter basis to 20.6 Bcfc/d. Our continued signi licant growth in physical
	      iolumes was driven            our U.       usmess w ic                       the New      Tmdrn
	      ~..s~rnenLWEIAXtransformin         martet from a financial Co a physical ma        effective Marvh 27.


	    Piua~jflSchInnajjs
		     Sottlernen        equally important performance metric, decreased ~liyhtIv by 4o/~ m, a quarter-to-
			  to 5.1 Bcfeld. The decrease is attributable to our U.K. power business which has shifted to a
	      physical marketr

	    Ta-ansacted Volumes
	    * Our contracting activities in Europe continue to expand ranidly, with a   crease       a quarter-oil-quarter
	      basis to 51.2 Bcfe/d reflecting the strength of Enron's market m
	      Our Transacted volumes for die third quarter 200! were a out 2.Ox      rcombined h sical and fluancia
	      settlemen s tiring c  pen    ace agar * our strong performance in transacted volumes will eranslaic into
	      strong growth in future energy physical and financial settlements.


0


0


a'
I-.
t,.

EUROPEAN 3USIflFZSSEX~ANSION (Scr./d)-SQ
				 1060         SOOt        %Cbg.

   Cm,                               3.6           9.3       155%
   rower                             1.1          11.3       927%

tby.ICM SeflIe.nts                   4.1           OA        133%

				     0.2           0.1       .50%
   Power                             5.1           5.0

PIt*.tI.ISeEII.U960*                 Si            Sd         4%
   Physic.?                         20.R          43.7       110%
   Finsnc).I                         7.0           7.3         7%
Trs...cted Volts..                  :7.3          512        34%





		Enron's Wholesale Businesses
	    Extending to New Markets

				     Ct ~ w r
				   Commodity
				    Markets

			Energy-Related
			   Markets

			  Coat
			  Weather
			  ING
			  Crude & Products
			  Emissions

					   .1

Mike McconngU
Prepidunt & QED
.5.Stianknian
   coo

L ~ MoUton
 President & CEO

LSi

																   OSAt3Ed Oain.2?

S


S

    Industrial
    Markets

					       * Forest Products
					       * Steel

C,
0
0
o r
~.2>
M
'7,

-J





	    Extendinp to New Markets - Oh-eanization Chart

	    * Enron is expailding our successful wholesale energy model to several laree EnerEv-related and Indutirial
	      commodity markets for new growth opportunities.

	    * Enron has a distinct competitive advantage entering into the Energy-related markets as these markets:
		- Are a natural extension of the gas and power businesses
		- Provide Jr opportunity for Enron's to levemue its broad physical network and technological capabilities
		- Allow Enron to make markets in large and highly liquid commodity markeic gitch a~ Coal, LNG, Crude
		  and Products, and Weather

	    * Emon has also extended its in            Marke    h historically very traditional sales channels and
	      little price transparency. These mar ets provide significant opportunities to:
		- Make markets in large and incrncient markets
		- Allow*                   ts in the Forest roducts and Steel industry to move away from an environment


0
0
C             _______________________________
CL-.


C'

a,

		 Au
		      Finn  Total
Mkel%tQuudi      4!     8    19
Jdrslmidmun      34     10   12

~sdd N~ta
		  4=
		       Finn   Total
JdrNkMal..        40     8     19
tlay3o~~au        41     6     20





		Enron 's Energy-Related Markets
			 Coal

Physical Volumes
  (Thosand Tons)


	 3001

 MarIet Opportunity


 Enron's Approach

  o Strong, Worldwide Demand for Coal Related to Power
    Generation
  o Increased Opportunities for Risk Intermediation
  o Coal Transport Needs

  o Broad Physical Access to Supply
    -Transacting with Over 50 Producers Worldwide
  o Physical and Financial Risk Management Products
 I 0 Transport Management
    - Manage Over 100 Barges per Month in U.S.
    - Ship Over I Million Tonnes per Month into Europe

											 0 Ci 3rd Ouans.26

C
C
a
C, r~
p">

C,'
I-.
~0

3Q00





	      Coal - Energy-Related Markets

	      Market
	      * Coal is a $40 billion worldwide            mesticall     coal is the (bet source for 5O~/~ of electricity generated.
	      * There is an creasin demand to oulsource management of' coal             era ors This allows generators to
		outsource coal mice risk, de avery ras * $ 'poing con mets (logistics), and counterparty credit risk.
	      * There is a tremendous            to  timize fran          lion of Coal globally.

		- Ova     ,of thee     utilized In Europe is im   ad front countries such as olombia. South AfrL us tali indonesia, and


	      Enron's Approach
	      * Provide broad physical access to supply through marketine seIrhnhntc and r p~Iy~hni~cd investments.
		- Supply-based investments in                       tion, therefore increasing liquidity.
		- Enron has access to cv  0 suppliers of coal woridwi   hidi si I   I reduces dcli             wential mine shut-
	      *   downs. s ri as. etc
		- briton's flexible, low-cost supply angrention approach allows For reliable delivery to cnotnrners at predictable pricing.
	      * Provide physical and financial risk management products.
		- AD-requirements contracts provide reliable dative to customers and an opportunity I'm Enron to temporarily utilize excess

			   on manageme        Enron is optimizing coal delive     through product ag2repation, repackaging and
				y.      mon is currently shipping over        barges per month domestically.

		- NMSS

								     ss             ~m             n
		   (11usd Toss)              8347   9.954    990    15,939 21,532  23YC8   z~ss      tsr/I

0
C
C)
o t-'
1~3

Cr,
I'-,
C-'





		Enron's Energy-Related Markets
		       Weather

Transacted Value
   (Sin Millions)
	  304

3Q00

3Q01

Enron's Hydro-Generator Product

  Customer's Risks

*M,.


t

o Low SnowiRainfalt
o High Alternative Fuel Price

 Customer Benefits

o Single Source for
 Alternative Fuel Source
o Flexible Terms and Pricing
o Choices to Settle
 Physically or Financially

'teAl

  '1~


   'I

  Enron's Solution

o Physical Call Option
   - Triggered by Low
    Snowl Rainfall
   - Physical Delivery
    of Natural Gas
o Financial Collar
   - Triggered by
    Range of Snowl
    Rainfall
   - Settled Based on
    Gas Price


Worldwide

																		 09 Cl 3'd O.saii&.fl

0
0
C
o r'
N) ~
0"
I'~3

Largest Provider of weather Risk Manaowiwnt Services





	     Weather - Eneruv-Related Markets

	      Enron has leveraged its resources, risk manaRement expertise, scale and scope to become the largcst weather
	      market maker in the world.

	      - Weather plays a significant role in Enron's cnre rnrgy bucinc:3cn.

	      - EDrO&S global presence and scope or operations allow the ability to have product offerings covering the
		entire developed world (N. America, Europe, Asia, Australia).

	      - EnronOnline's success continues to be an important platform for growth.


	     * Hydro-Cenerator Product
	      - This product is a great example of Enron's ability to leverage resources, scale and customer base to become
		a single source of risk management products for customers.

	     * Work from slide.

						  325       23     SM       ~      2~      185     3*
													       1

0
0
0
o r-4
t'J>
 -C
Cl'
K)
I.',





		Enron's Industrial Markets
		 Forest Products

Newsprint Facility
flub - Existing
Hub - Planned

LA)

Canada East


North East

 Physical
SeWemehts
CmovnndTcm)


      899


 101


3000  3001

  Financial
 Settlements
 CThotsand Tons)


 811


r
 3000   3001

o Establishing Physical
  Ensure Reliable Delivery

   Tmnsacted
    Volumes
   (Thovsandtoas)
* Financial
[)Physlc.I

   3,549

    3000  3Q01


Presence to

o Creating Benchmark Indices and
  Trading Hubs

3.814

LSeventh Largest Producer of Newsprint In North America

					    o Leveraging Liquidity and Introducing
					       Structured Products

															     OtO L i'd Oan?et-30


 -      m       -       --             -       ------                                        -       -       ----                          -

 Singapore

Jr

F~Uantlc

1.34*

		    0
		    0
		    0
		    or
~10                 t.3bc
		    0"

 1*





	  Forest Products - Industrial Markets

	  * Enron has also extended its Network business model to industries with very traditional sales channels and little

	    price transparency in marKets. inciuoing torest Products and Steel.
	  * The forest product market has certain attributes which allow for significant risk management opportunities:
	      - Industry has a limited number of base Qrade producis, currently limiting commoditization.
	      - The industry today is a capital intensive industry with iiiii2jncflhiigmrency.
	      - Industry has slow moving incumheritc

	  * Enron has quicki established a h sical resence to ensure reliable delivery thmnob the 2cq.m'~ition of 2
	    newsprint companies with totalo      725 000            Through these acquisitions, Enron has
	    become the seventh largest producer of newsprint in North America.

	  * Enron has also expanded liquidity at key market hubs through the creation of henchmark indices. Physical
	    volumes have grown 5-fold during the quarter from the same period last year.

	  * Increased liquidity in the physical and financial markets are providing tremendous npr'4tlnities far qinictured
	    transactions.


0
0
0
or.
N)>
M.C
0~

			       mb~.9.
		  +  Ut        nit t..
		     394       Z4V     S
flsw-ial            3~I5S      1.132

			       U"





Natu at G;is Transportation.
ike un: I )est,iln,ticn. and

Commodity Marketing
and Delivery

      Retail
    Services

Energy Services
for Commercial and
Industrial Customers

																		  MSI3td Otale,-31

C,
C
C)
Ct-.
t.3>
t-, 1<
C'
I.,

gpqsftOUO 'L





	   Retail Enerev - Oreanizstion Chart

	   Dave Delainey, Cbairman & CEO

	   Janet Dietrich, President
	   * Dave Delainey became Chairman and CEO of EES this   t February. Seven years ago, Dave joined Enron
	     Canada, where he led the growth of our Canadian whol~iW&i~iii~sAien led all of our North American
	     onginatwn activity and, most recently, ran oUr entire North America wbolesale business.

	   * Janet Dietrich became President of Enron Energy Services during 2001. Janet has been with Enron 9 years and
	     zcd our Norm American East Power Originations group. Prior to that, she was also responsible for developing
	     middle markas procucts an our Wholesale Energy business.


0
0
0
or
to-4
a'
N,
0'

		  Au
		       ~j     Teal
Davefldainey      35     7     II
JuislNdridu       35     9     13





		    Enron Energy Services
	  Income Before Interest and Taxes
			  (Millions)

					      1Q01

	  -1999----    -2000

							    SI 00

							    2001

									  $171

									  3001

							      2001

																       09 01 3d Ou.tw.32

111

C,
C)
a
o r
10
0'

I- I

(550)

.3





	    Income Before Interest and Taxes

	    * Since we began the retail business in 1997. we have transitianed on schedule from planned operating losses in
	      the start-up phase of our business to significant earnings growth.

	    * Third Quarter IBIT increased to $71 million, and we remain on target to achieve $225 million in IBIT for the
	      year.


	    HACKGROEJNt


C
C
C,
o t                                                            ______________-

							       Rccurring
Cl
"3

SLUt FARNff4(~ 4k 5S5a)

			    2~                       _

			   $     535   S      50!           -6V
CCE                             406   S      261          -36V
			   $     129   $      MS            MV
OMasa%ofRrvwuc             $       0   $       0            9W
Expe~(incI. Xkjxtcisi~)    S     (125) S     (152)          225'
Olin                       $      23   S      (17)         -1745'
       INKY                S      27   S      71           IS

NIT (I. SiuIIUo..)

I99~            (SR2)
99R             ($16)
29*9            ($50)
2000            SIll
26013           $125

ISIT (I. SmIlIIocs)

0100              56
0200             346
0300             327
Q400             $32
QIGI             $40
0202             560
QIOI             SI.





	Large Consumer Business

o Includes Customers with Annual Energy
  Spend 410 Million

o Bundled Services for Customers with
  Broad, National Footprints

o Served by Enron Sales Force and
  Dedicated Managers

o Well-Established in U.S.; Extending into
  Europe

wAL*MARr

U

Y1EnhU'S~

City of Chicago

  V
GUINNESS

JCPenney

* Europe


o u.s.


     16

Transactions

YTD 2000

54

YTD 2001

						       09 0) 3d Goad ee.fl


 ----- - - a a - a a - -
						- - - a a

C
C
0
or
MS
t'3.c
0~
NJ
(0





	    Large Consumer Business

	    *  Large Consumers of energy are a key market focus ror our Retail Business.

	    *  Thesecustomersgeneratlyspend more than $10 million annually on their energy needs and increasingly demand a more
	       proactive approach to managing wear energy costs.

	    *  We have made significant progress on this customer class in the U.S. and are extending our market reach to Europe.
	       Our transaclion volume is up significantly over the prior year and reflects air strong penetration in the U.S. and the high
	       growth opportunity in Europe.

	    *  We have many other big names in varied industries, Some 11ce7701!wf avttuisitions Inc tided Oft hiss ide

	    *  Most recently, we secured services agreements (ith 3. Samsburv Pie, a Ut-based groc&ybhsmqss, and Guinness     1


	       Confidential: Spec4fics of Walnian deal, especially wills regards to Cal jfornia.

	    BACKGROUND:

												TCV (h $bItIba.~

												3997        S      -
												3998        S      3.8
												1999        $      8.5
												~,I6.i


												TCV (I. ShIEIInfl

												Q499        S      2.6
												QIOO        $      3.7
												Q200        S      3.s
												0300        S      4.1
												Q400        S      4,5
												0101        S      3.9
												0201        S      7.2
												 1*I        *      S~s

I U.S. LARCE MARKET DEALS - CLOSED JQ

0
C?
C
or'

t'a .4
C,
'-ii
C-,

2-Large Retailers
2-Large Mamjactunn
2-Major rood Fnnd,ise Chains
largest CommercIal 0711cc Building REST tEquiiy Offace Propenics)

SeMen:
Commodity Manqement
Consun.plion Man8ement
jn(onnatMc Services

Avg. Deal Teem: 3-3 Vens (Lo.zesi-1* Ve.rfl

U ol FadSilts: over 1409

(1.5. TCV: 11.3 BillIon





	Major Energy Agreements

	   U.K. Energy
   J Sainsbury Supermarkets

o  73(Yeac~neray Management

   Agreement

*  Total Contract Value of $450 Million

*  12% Energy Reduction Targeted
   First 2 Yearn
*  Covers All 490 Supermarkets in
   U.K.      ______________


*  First U.K. Contract to Combine
   Commodity Contract with Demand
   Side Management


    J Sainsbury plc

	   U.S. Power
    Equity Office Properties

*  Shmear PowerManagement
   Agreement

*  Total Contract Value of $219
   Million

*  First Year Projected Savings of
   $14 Million

*  Covers Management Services for
   Over 66 Million Square Feet for 235
   Sites

o  Power Management Commodity
   Contract With Guaranteed Savings

      !7~ Equity Office

09_01_3M Coa.1w-34

0
0
0
o r

0'
(A,
'-S





	 Maler Energy Agreements

	 * This slide proi~idcs an overview of two significant laroe Con~,,mer tsnnrtnnt nin mrntly tigned.
	   (3. Sainsbumy in the U.K. and Enmity Office Properties in the U.S.~
	 * Work from slide.


						    4.

o                         p.
C
0
o r

0'
U,





      Small Consumer Business

o Includes Customers with Annual
  Energy Spend <$10 Million

o Highly Standardized Products
  (Primarily Energy Commodity)

o Served through Multiple Channels;
  Short Sales Cycle

o Significant Success in the U.K.;
  Rapid Recent Expansion in the U.S.

Transactions

* U.S.
El Europe


  48,973


      L
  YTD 2000

95.642

95%]

YTD 2001

			 O9O1..3rd Ouovtr-35


----mm-rn------ a a a - m

C
0
C
o r
NJ>
kJhc

to

~1





	    Snizil Consumer Business

	    * Small Consuniers ~ifenu~y are also another market r~us area for our Retail Business. We refer to this


	    * These customers generally spend less than $10 million annually on their cncr~v nccds and, similarly to our large
	      customers, also desire a more proactive approach to managing their energy costs.

	    * We approach this market with standardized product offerings with multiple available product options{o allow
	      scalability to a wide, deep customer base.

	    * We have made significant progress on this customer class in the Europe and are extending our market reach to'
	      the U.S. Our transartian volume growth is strong, with an increase of over 800A C~r I lip firgt nine months 6fth~\
	      year reflecting significant penetration in Europe and a steep ramp-up in U.S. transacti5.s as wcll.


0
0
a
ct-4
N~C
0'
to
4-





	       Enron Broadband Services
				 o  Reduced Counterparties
				    Resulting from:
				    - Credit Deterioration
				    - Consolidation
				 a  Industry Revenues Remain at
				    Low Levels
				 o  Enron's Restructuring Continues
				    - Headcount Reductions Complete
				    - Network Optimization Focus

				 o  Exploring Alternatives to
				    Preserve Business Option Value
				    at Reasonable Prices
C'
(a)
U.


						      OtOt3M Ounr.38





	  Enron Broadband Services

	  * Transaction levels have continued to decline as a result of:
	      - Continued deterioration of crediLwonhiness of counterparties (particularly wholesale carriers and CLEC's).
	      - Reduction in trading activities among marketers/resellers, including other energy merchants.

	  * Data demand continues to increase at low levels (20% - 30% annually), driven by the current economic
	    environment.

	  * We have completed our headcount reductions to reflect near-term opportunities and are continuing to focus on
	    optimizing our network to preserve the OptiOn value of this business. With these and other changes, we
	    decreased operating expenses to $58 million during die gunner as compared to $73 million in the prior cuarter.
	    We will see a further reduction to approximately $50 million per quarter bezinning with the fourth quarter.

							    Trn.eetIn DebIt
				    U!!       p4*    ~3j     ~fl     SIt      hIt    IQIL     2063    mu       LTD
		 ircuit~                1.      3      22      59      223     107     Iii     647     250     1725
	       (P                       2       0        0      0       7        7      IS      41      II      SI
	       S,orage                  0       0        0      0       4        4       9      IA       2      29
		Sqjb(.t.I               N       3      22      59      234     318     542     702     265     835
	       Other'                   t       0        I      0       2        3      39      57     340     240
				  - - --------
		TeeM                    9       3      23      50      216     32?     SRI     ISO     465     LOIS
		?rim*ril *d~cr.~si,

	BACKGROUND:
	* Completed headcount reductions by 57% from 916 to 395 employees.
	* Decline jn Market C .i'

		 Global Crossing        38.855 -   12.656       727 (98%)             (94%)
		 Owest                  37.645     68.3Sf    39,277   97%             54%
		 AT&T Corp.             126.134    50.3 72   70,624 - (44%)           +40%
		 Woe-idcom              144.987    39.032    41,043 - (72%)           45%
		 Akamai                 30.305      2.279       455  (98%)            (80%)
		 Williams Comm.         13.493      5.447       6)8                   (89%)

0
0
0
or
"I ~-<
0'
U,
C-.





		    Enron Management Committee
		  Key Participants in Significant Company Growth
						    Average                                   51.7
						    tin Years)                               Bofeld
					 Age           42
					 Experience:
    Volumes tBcfetd):                     Enron        11                 Joined 1996-98
    C Crude & Other                       Business     20                   Ray Bowen
    * Power                                                                 Ben Glisan
    * Gas                                    Joined 1988-95

				Mark I4aedicke Steve Kean    Michael Brown
				Rick Causey  Greg Whalley -  Jim Hughes
				Jim Derrick  Jim Fahlon      Mike Mcconnell
				Andy Fastow  John Lavorato   Louise Kitchen
											       $1
				Janet Dietrich Rick Buy      Jeff MoMahon
				Jeff Shankman Dave Delainey  John sherrrn

	  Joined Prior to 1988
C
      Ken Lay         Mark Frevert
o r   Stan Horton     Matic Koenig
N) 4<
0~~
'a
-J


									     'a..


    1985 1986 1987 1988 1989 1990 1991         1992 1993 1994 1995 1996 1997 1998 1999 2000

											  09S' 3rd Ouafler.37


 --- ------- --- - m a a a -





       Enron Management Committee

       * Throughout thu presentation, you have had the opportunity to see the depth and breadth of the Enron franchise.

       * The Enrom Management Committee reflects the deDib of the talent rzal at Enron and is comnrised of 24 key
	 Senior Executives across the company.

       * While we have spent considerable time discussing our operating businesses, let nit add that the Management
	 Committee also includes members from key business functions including Legal. Treasury, lnvesto~j~~tioM
	 Finance, Government Affairs and Risk Assessment and Control.

       * Our Management Committee members have significant industry experience, and they all have been with Enron
	 during our most significant periods of growth over the last five years.


0
C
C
o t-.
N)>
N3b<

U
0,





		    Conclusion


	 o Continued Strong Operating Performance
	 o Increased Transparency of Financial and
	   Operating Results

	 o Active Management of Non-Core Businesses

	      Enron's Diversified Franchise~ Provides
	      Solid Platform for Sustainable Growth

							09 01 ltd Ofll*.38

0
0
0
ott
2%? -~
a.,
14
'0





Conclusion

a Work from slide.

		     -K

  'N.
	 /


/

	      A ~a ( CLI~%A~

QAt

*1

'S

C

or
N) 1<

.6
0





0
C
a
o t-'


a,

i-k

									09 01 3,d Oueiictfl





0
0
0
or
t3"~
0'

								p





											En ran
											pa &r flU

											flowfloi,, TX 77251-flU
											News Release

											Mark Palmer
											713-B53-4738


		    ENRON REPORTS RECURRING THIRD OVARTER EARNINGS OF 50.43 PER
		    DILUTED SHARE: REPORTS NOtCRECURIUNG CHARGES OF 51.01 BILLION
		    AFTER-TAXI REAFFIRMS RECURRING EARNINGS ESTIMATES OP 51.80 FOR
		    2001 AND $2.13 FOR 2002: AND EXPANDS FINANCIAL REPORTING

		    FOR IMMEDIATE RELEASE: Tuesday, Oct. 16,2002

			 HOUSTON - Enron Corp. (NYSE - EWE) announced today recurring earnings per
		    diluted share of 0.43 for the third quarter of2001, compared to S  ~4a  arago. Total
		    recuning net income increased to $393 million, versus 3292 million a yen ago.
			 "Our 26 percent increase in recurring earnings per diluted share shows the Very strong
		    results of our core wholesale and retail energy businesses and our natural gas pipelines," said
		    Kenneth L. Lay, Enron chairman and CEO. lbe continued excellent yrospects in these
		    businesses and Enran's leading market position make us very conident in our strong earnings
		    outlook."
			 Non'recuning charges totaling $1.01 billion after-tax, or 3(1.11) loss per diluted share,
		    were recognized for the third quarter of 2002. The total net loss forte quarter, including non-
		    recurring items, was 3(618) million, or 3(0.84) per diluted share.
			 "After a thorough review of our businesses, we have decided to Cake these charges to
		    clear away issues tat have clouded the oertunancc and earnings potential of our Core CflCTQY
		    businesses." said Lay.
			 Siren also reaffirmed today it jaw track to continue strong earnings growth and achieve
		    its previously stated targets of recurrina earnints per diluted share of $0.45 for the fourth
		    quarter 2001, SI .80 for 2001 and $2.15 for 2002.


					       Endless possibftities.'TM

												      L A?
												   000022642





					 PERFORMANCE SUMMARY
		      Enrori has recently expanded the reporting of its financial results by both providing
		 additional segments and expanding financial and operating information in the attached tables.
		 Enran's business segments are as follows:
			       * Wholesale Services
				 o Americas
				 o Europe and Other Commodity Markets
			       * Retail Services
			       * Transportation and Dhulrlbution
				 o Natural Gas Pipelines
				 o Portland General
				 o Global Assets
			       * Broadband Services
			       * Corporate and Other

		      Wholesale Services: Total income before interest, minority interests and taxes (IBIT)
		 increased 28 percent to S754 million in the third quarter of 2001, compared to $589 million in
		 the third quarter of last year. Total wholesale physical volumes increased 65 percent to 88.2
		 trillion British themial units equivalent per day (Thwe/d) in the recent quarter.
		      Americas - This segment consists of BroWs gas and power market-maldng operations
		 and merchant energy activities inNorth and South America. inn from this segment grew 31
		 percent to $101 million in the recent quarter from $536 million a year ago, driven by strong
		 resuhs from the North America natural gas and power businesses. Natural gas volumes
		 increased 6 percent to 26.7 mW/cl, and power volumes increased 77 percent to 290 million
		 megawatt-hours (MWIO.
		      Europe and Ciher Commodity Markets - This segment includes Enron's European gas
		 and power operations and Enron's other commodity businesses, such as metals, coal, crude and
		 liquids, weather, forest products and steel. For the third quarter of 2001, ID!? for the segment
		 remained unchanged at $53 million as compared to last year. Although physical volumes
		 increased for each commodity in the segment, the low level of volatility in the gas and power
		 markets caused profitability to remain fiat.


									     LAY
									  000022644





			 Retail 8ervIces~ Enron's Retail Services product offerings Include pricing and delivery
		   of natural gas and power. as well as demand side management services to minimize energy costs
		   for business consumers in North America and Europe. laths third quarter of 2001, Retail
		   Services generated IBIT ofSll million, compared to 527 million a year ago. Retail Services
		   continues to successfizlly penetrate markets wit standard, scalable products to reduce
		   consumers' total energy costs. Briton recently added new business with large consumers.
		   including Wal-Mart, Northrop Gnnnxnan, the City of Chicago, Equity office Properties and
		   Wendy's in the U.S. and Sainabury and GuinnessflrewezyintheU.L To date in 2001, Enron
		   has completed over 50 transactions with large consumers. Lion is also succesiMly extending
		   its retail energy products to small business customers, completing over 95,000 transactions in the
		   first nine months of this year.
			 Transportation and Distribution: The Transportation and Distribution group includes
		   Natural Gas Pipelines, Portland General and Global Assets.
			 Natural Gas Pipelines - This semen? provided 585 million of WIT in the current
		   quarter, up slightly from the same quarter last year. Pipeline expansions are underway in high
		   growth areas and include a 428 million cubic feet per day QvilAcL'd) expansion by Florida Gas
		   Transmission and a 150 ?%Ob4cDd expuision by Transwstem.
			 Portland General. Portland General Electric, an electric utility in the northwestern U.S.,
		   reported an WIT loss of 5(17) million compared to lEt? of 574 million in the same quarter a
		   year ago. Portland General entered into power conflets in prior periods to ensure adequate
		   supply for the recent quarter at prices that were significantly higher than actual sealed prices
		   during the third quarter of 2001. Although the rate mechanism in place anticipated and
		   substantially mitigated the effect of the higher purchased power costs, only the amount in excess
		   of a defined baseline was recoverable from ratepayers. Increased power cost recovery was
		   incorporated into Portland General's new fifteen-month rate structure, which became effective
		   October 1,2001 and included an average4operccnt rate increase.
			 Last week, Enron announced a definitive aneement to sell Portland General to Northwest
		   Natural Gas for approximately 1.9 billion and the assumption of approximately 51.1 billion in
		   Portland General debt, The proposed transaction, which is subject to customary regulatory
		   approvals, is expected to close by late 2002.


										     LAY
										 OO032264~





		      Global Assets - The Global Assets segment includes assets not pan of Enrons wholesale
		 or retail energy operations. Major assets included in this segment are Elelcfrv, an electric utility
		 in Brazil; DabboL a power plant In Thdia 705. a natural gas pipeline in Argentina; Azurix; and
		 the Enron Wind operations. For the third quarter of 2001, IBIT forte segment remained
		 unchanged at SIP million as compared to last year.
		      Broadband Sen1ces~ Enron makes markets for bandwidth, IP and storage products and
		 bundles such products for comprehensive network management services. IBIT losses were $(BO)
		 million in the current quarter compared to a 5(20) million loss in th, third quarter of last year.
		 This quarter's results include signltlcmndy lower invesbnent-related income and lower operating
		 costs.
		      Corporate and Other: Corporate and Other reported an WIT loss of S(59) million for
		 the quarter compared to 5(206) million loss a year ago. Corporate and Other represents the
		 unallocated portion of expenses related to general corporate functions.


					  NON-RECURRING iTEMS
		      Enron's results in the third quarter cr2001 include after-tax non-recurring charges of
		 51.01 billion, or 5(1.11) Mr diluted share, consisting oi~
			   32S7 million related to asset impairments recorded b      Corp. I cue
			   impairments primarily reflect Azurix's planned disposition o its  oith American
			   and certain South American service-related businesses;
			   SI 80 million associated wit the resnvcruring~5r~andScwicu,kJuding
			   severance costs, loss on the sale of invento  and an'
			   reduced value of Enron's content services business; and
			   3544 million related to losses associated with certain investments, principally
			   Enron's interest in The New Power Company, broadband and technology
			   Investments, and early termination during the third quarter of certain structured
			   finance arrangements with a previously discirn.A "~t-~


												LAY
											     000022646

I





					 OTHER INFORMATION
		     A conference call with Enron management regarding third quarter results will be
		conducted live today at 10:00 ~m. EDT and may be accessed through the Investor Relations
		page at www~tnWiLWr1i.
		     Enron is one of the world's leading energy, commodities and service companies. The
		company makes markets in electilcity and natural gas, delivers energy and other physical
		commodities. and provides financial and risk management services to customers around the
		world. The stock is traded under the ticker symbol "ENE."

			  Please see attached tab! as for additional financial Information.
		     Ibis pta. nitast fr..lb4a fomrd.looking .aa'ernnw ..lhh te nuhj of Section 3M oft SecolS Act of 1933 md Section
		211 of ta SecurWec EsebsaaeAs%of 1934. The MnwSecw$tiqUliption RdotittMtorIrnpfevidta aur.hutccrot focwd.loanj
		aw.nwpu triada by bion or on Its bOttlE flu. fowd4oaq put.n,inu an awl hi. c&ut faem,but atcet fryon'; Current apfltion..
		arnriaw andprojecdrn. All uwamLa .ont*wd fri S pna.e.s. ..4sich ad&as flaw opndnl pofonnma, .vmu or deveiopnwit, Oat
		an opecid so oc~rdn Ut flat OncIodiq atinnia flti~nwp     w. ask.. oJau.ts.otatsmmfl Pp-urn; ss,a.l
		opdndn show flaw opaudni multi) inst fom,d.l.oldng attain. AIWLOVSII fr.roo heliova thai Its PFCUIIf*IbMIdODIOSOIQMC
		S*1UWd0fl5,II - give no inmate tInt Its - wiliWubievud. hq~ostam ban Owl could cause seblil vault. wd~ffanssIai.]iy born
		those las Use torwd4oohinj sWtffnu h~tt MOLdS suoem hnta~g manE pa ad pent to wtolS8lt CU510PU1 the ability so
		penenso ,nret.ll mimi an and winicky swan, heludhags mcwouuo,ne inst.,, in die Wted Lute. arid Scope; Iha timing. alat
		ad ,ntet effects ordcngubtia. ofaugy mAn In Ott LInk- Sn SM Con{pJwisdictfldtVtlOptTtotOfIiflts'SbflSbind
		sse~m'ork arid cwto#c bind (or inniediatiw, and coast awl..: pdUtkal d.valoprnaw bIorcfri5CflfrmU;ttCt~t0f5ttuI*iory
		approrab sod udafactlwctojslonwyclotgconditbj aoteflofpanlad Opsasi: sod condiksssaf thaupiwi amitet. vtdquity
		rsktudwingttpaio&covmcd hytiw (d4sob~nn


											   a


											     LAY
											  oc 00 2 2 6 4 7





							BAIRON CORP.
						   Table I - Earnings Summary
					       (Unsudited: In mflflonm, except per share data)

Revenues
Cost of Sales
Operating Expenses
Depreciation mnd Amortization
Equity In Earnings (Losses)
Other, net
'Bit
Interest end Related Charges, net
Dividends on Preferred Securities
Hacifty interests
hicome Ta Sx~nse
Net Income Ercludlng Non4ecurrtng Items

Quarter Ended
Se piambe? 30.

    2001 -
S    47.813
     45,713
       910
       229
       (51)
	63
$      773 $
       201
       21
       33
       125
*      seas

    2009
$    30,007
     28,280
       929
       258
	48
	78
       666
       247
	20
	35
	72
       292 $

    Nine Months Ended
      Seotember 30.
    2001        2000
$   139,892  S   60.036
    133,735      58.400
      3,108       2.705
	682        820
	(87)       355
	269        301
$     2.361  8    i,ebe
	817        604
	 5?        89
	103        109
	381        208
      1.103 $      SIB

Non-recurring Items Relating to:
Azurix
Broedband Services
Investing Activities (a)
Cumulative Effect olAccounting Changes
Net Income (Lass)
Prererved DMdends (b):
Second PMISIThS Stock
Genes B Preferred Stock
 Earnings (Loss) an Common Stock

f28?)
(180)
(644)

	 (287)
 -       (180)
 *       (544)

	  * __________         19          -

$      (618)8     292$        ati S     gig

	  4         6          12        13
	18         16          40        40
$      (830)5     271$        150$
	    - - -

Earnings (Lass) Per Share (Ohluled):

UPS Exdudltig Non'recunlng Charges
Non*racurulng Items
Effect of AM-dilution
UPS (Diluted) (c)

Average Shares Oulatandlng (DIluted) (c)

$      0.43 6       0.34 $     1.36   $     1.07

      (GIG)            *       (0.05)          -
$     (0.84) $      0.34 $     0.19   $     1.07
       781          870        810          881
 ----

			 (a) The amount also reflects costs associated 'MUi !nmrga tennination ci certain stnittumd finance
			   arrangements with a previously diadosed enuty.

			 (b) The Second Pretend Stock and the Lutes B Preferred Block are both antl-dflutlve In the third quarter
			   ci 2001 and the nine-months ended Beplember 30.1001. The Second Preferred Stock and the Series B
			   Preferred Stock are both Glttjtlve In the third quarter of 2000 arid the nlne-monfl ended Septemter 2000.

			 Cc) The conversIons of preferred abates and equity inskunients to common shorn for purposes of the diluted
			   earnings per share calculation were mntidlutlve. However, In order to present comparable results, per share
			   amounts (or each earnings component were cabilated after considering conversion. The total average
			   number of shares used to calculate each component of earnings per share was 913 millIon and 892 million
			   for the third quarter and nine months of 2001, reapecUvely.


											      LAV

I
4





						     ENRON CORP.
				     Table 2. BusIness NIghJIght. Wholesale Services
						  (UnauditeG: dolls,, Wi ml Wont)

fwnoleaaWSmn4oes

Ouader Ended
*I.ptember 30,

Nina Months Ended
 September 30,

 3    2001        2000        2001         2000

Total Whoismafe SoNic.,
 'BIT
 Total Physical Volumes (Bbtueld) (a)

S       754$
     86.220

  Bus
53,45.

2,160   $    1,336
77,441      47462

Americas
 Rove flue,
 Cost of Sales
 Operating Expenses
 Depreciation and Amortization
 Uqulty In Earnings (Losses)
 Other, net
 18W

$     29,519 S
      28.654
	142
	 53
	(67)

$       781

     21,655 $
     20,087
       106
	24
	21

*      538

       85.886 $
       83.130
	 824
	 132
	(127)

S       I.afl

     41.407
     39.812
       746
	73
       232
	 3
$     1,071

Physical Volumes (Bbtueld):
Gas
Power
 Total

26,869
31,807
58.188

Power (Thousand MWh)

289.851

25253

412~L.
163,558

28.78?
25,642
52.429

23,152
14.287
37,439

700,007      391,459

Europe and Other Commodity Markets
 Revenuet
 Cost or Sales
 Operating EXpOMOG
 Depreciation arid Amortization
 Equity In Earnings (Losses)
 Other. net
 IDhT

$     16,447$
      18,139
	217
	 22
	 (6)

$        53

      7,168
      6.917
       194
	 16
	 (9)
	 21
$        53

$      48.520 $
       47,601
	 882
	  88
	  10
	  28
 $       309

     15,161
     14,475
       400
	51
	 3
	27
$      265

			Physical Volumes (EbtueM):
			 Gas
			 Power
			  Total

							     9,338
							    11.308
							    20.844

			 Power (Thousand MWh)

							   104.008

			Physical Volumes:
			 Crude Oil and LIquids (MM SW)
			 Coal (thou sand tons)
			 Weather (notional value 6MM)
			 LNO (Oblue)
			 Metals (thousand tons)
			 Forest Pfoducts (thousand tons)
			 Steal (thousand ions)

							      157
							    24.053
							      304
							     8AT4
							     2.362
							      899
							      648

									3.59 5
									1 080


									9,932


									  105
									9,042
									  184

									  069
									  101

										     8.438
										     7,708
										    16.236

										   212,006

										      434
										    70,392
										      779
										    17.884
										     8,904
										     2.094
										      887

												3,192
												toss
												4.278

											       29,777


												 300
											       28,843
												 512

												2,946
												 182

			(a) This amount Includes Iclaf physical gas, power arid crude oil and liquids for Americas and Europe
			   end Other Comodily Markets.


											    LAY
											 000022649

I
I





						      ENRON CORP.
				Table 2b * Business HighlIghts.- Transportation and Distribution
						  (Unsufled: doflwa In mUon))

jTrmnaDortallon and DlutflbuIIan

Total TransportaUon and DIstribution
 Ian.
Natural Gas pipelines
 Net Revenues
 Operating Expenses
 Depreciation and Amortization
 Equity In Earnings
 Other, net
 Inn.

Quarter ended
September30.

 I   2011

Nina Months Ended
  September 30.
2001        2000

2000

*       87$        176
 - -


$      138$
	75
	17
	10         28
	22         14
*       ass        83
 a -

*    415   $    884
 -          -

132   $     500
 74         238
 17          51
	     49
	     33
      $     295

$      499
       232
	50
	45
	27
$      289

		      Total Volumes Transported (DBtu/d) (a)
			Noithem Neutral Gas
			Tranawestem Pipeline
			Fiodda Gas Transmission
			Northern Border Pipeline

Portland General
 Revanuee
 Purchased Power and Fuel
 Operating Expenses
 Depreciation and Amortization
 Other, net
 IBIT

$      9055
       823
	88
	32
	 1         11
$      (1?))       74

729   $   2,503
522       2.029
85          229
59          138

	   $   1,587
		976
		239
		182
       1         81
$    108   $    241
 -          -

		       Elecutolly Sales (Thousand MWh)
			Residential
			Commercial
			industrial
			  Total Retali
			Wholesale
			  roral Sales

Global Assets
 Revenues   -
 Cost of Sales
 Opersung Expenses
 Depreciation and An,ortlzatlon
 Equity In Earnings
 Other, net
 IBIT

$       4245       352
	288        221
	107        132
	46         50
	25         23
	 9         17
S       191        19
 - -

$    1.134
      719
      352
      134
       48
       35
$      12

S    1.125
      846
      370
      134
      120
       29
5     124

(a) Reflects 100% of each entity's Ihmughput volumes.


								     LAY
								 0 00 0 2 2 6 E,O

2.770
1,823
toav
2.295

3,009
1,748
1*49
2,420

3,139
1.847
1.578
2.362

3,464
1,839
1,801
2,438

I

432
1,870
 .207
4,509
4.082
8.671

1,444
1,984
1,249
4,857
5,703
10,360

5,151
5,475
3.548
14,172

5.285
8,805
3.853
14,643
14,693
29,438





						   ENRON CORP.
			   Table 2c  Business Highlights Retail Services, Broadband Services
					       and Corporate and Other
					       (Unaudlied! dollars in ryjillone)

QuarterEnded
Sectamber 30.

Nine Months Etided
 September 30.

2001        2000        2001        2000

Retail flenics

Revenues (a)
Cost of Bales
Operating Expeoses
Deprecimilort and Amortization
Eqully In Earnings (Losses)
Other, net
 DIT (a)

S      501$      535$
       281       406
       142       115
	10        10

(17)

CWs

(15)
38
27$

    1,751 $      1,259
    1.064          932
      474          284
       29          28
      (45)         (38)
       52          92
      171 $        79
n -

		   Broadband Services

		    Revenues
		    Cost of S ales
		    Operating Expenses
		    Depreciation and Amortization
		    Equity In Earnings (Losses)
		    Other, net
		    'Sn.

							    S

								     45        1625

								8

								SB
								19
								(4)

										 B
									       123
										 52
										 (1)

											   103*        345
											    59          64
											   213         249
											    49          63
											    (I)          1

								      5            2           2           2
							    6        (80) $ ..432L~ -....S..WZL~         (28)

		   Corporate and Other

		    IBIT

					 $     (~9)  .flSI 5..42!L $    (141)

		      (a) Beginning In 2001 * risk management activIties associated with Enrods North American retail customer, ale managed
			by Wholesale Services. Prior to the restatemem. Retail Energy Survlcet reported revenues and recurring BIT
			were 51,476 million and 530 fttilion. respectively, for the V*d quarter of 2000 and $4,615 million and $103 ngillon,
			respectively, for the full year 2000. Restated full year 2000 revenues and recurring WiT were $1,760 minion
			and $111 million. respeclively.


											      LAY
											  000022651