IN: Good Wednesday Morning - Comments From The Local Guys! The market is, at this stage, only focusing on the negatives in the marketplace. The perception that this war on terrorism will be long and protracted - with the potential short-term impact to the economy being deeper than prior to September 11th. However, the pace of economic spending by the administration may hasten the end of the economic downturn. Hang in there. IMPACT CALLS M&T Bank Brock Vandervliet Upgrade to 2-Buy, Compelling Valuation 2 - Buy / $67.16 (USD) We are upgrading MTB from 3 Market Perform to 2 Buy, based on valuation and solid fundamental performance. Our estimates and target price are unchanged. Going forward, we expect MTB to generate EPS growth of 11%, significantly better than the 8% group overall. Banks - Citibank Henry Chip Dickson Citi Previews Stronger than expected 3Q Citi Previews Stronger than expected 3Q The September 11th Disaster is expected to reduce Citi's 3Q01 results by $0.12-$0.14. Citi had expected to earn $0.77 for 3Q01, $0.02 better than consensus expectations despite a deteriorating economy and a challenging market environment. The sources of 3Q strength appear to be many of the Consumer businesses, Emerging Markets, Fixed Income and productivity gains. Based on the guidance, a weakening economy and global turmoil, we reduced our 2001 EPS estimate $0.18 to $2.87 and we reduced our 2002 EPS estimate $0.05 to $3.45. q Our rating remains 1 - Strong Buy with a $70 price target. Citi trades at, or just below, the median Large Cap Bank p/e based on 2002 estimated EPS despite the strength and diversity of its franchise. Integrated Oil - European Recommendation Downgrades Jeremy Elden Low risk, but low recovery potential Following last week's tragic events, we are leaving most of our price targets unchanged. The larger companies now look cheap in absolute terms. However, we expect equity markets to rally even more strongly, leaving the oil sector behind and perhaps making the current position a long-term relative high point for the sector as seen in 1979/80 and 1990. For now, the sector has the advantage of being lower risk but, once investors feel more comfortable with the economic and political outlook, they may move elsewhere. Oil supply currently unaffected Demand expected to fall Eni and TotalFinaElf have greater exposure to Mid. East/N.Africa Repsol YPF price target cut to E17.5 from E18.4 ENI rating cut from Strong Buy to Buy TotalFinaElf rating cut from Buy to Market Perform Oil & Gas: Exploration & Production Thomas R. Driscoll Outlook-Shares in Light of Development Recent events do not substantially change our view of intermediate-term oil and gas fundamentals. We remain cautious on the E&P sector overall but we are looking for selective purchase opportunities. Near-term prospects are that oil prices may be higher than we previously thought. Weakening economic activity may hurt natural gas demand and lead to a more prolonged natural gas oversupply situation - and weaker natural gas prices. E&P shares fell 1-6% on Monday and we are looking for entry points. Both EOG Resources and Noble Affiliates appear to be more than 10% below our estimate of fair value. COMPANY / INDUSTRY UPDATE Beverages Michael Branca Consistency & Predictability Uncertaiin From an earnings stability perspective, the beverage industry will plainly be hurt by recent events and increasing recessionary pressure in the near-term. But, historically, the industry has still generated relatively consistent profit and cash flow growth -- even during

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OUT: The Morning Market Call - Wednesday September 19th, 2001.

IN: Hi everyone. I have yet another request for which I need your input. Causey is reviewing his budgets/direct reports, and would like to get the most current headcount numbers for the accounting groups in your business unit(s). What I mean by accounting groups includes everyone whose superior ultimately reports to Causey. For instance, this would include the traditional Accounting/Reporting departments, Tax departments, and Transaction Support departments. It should NOT include any settlements/mid-office groups (for example, Sally Beck's world). I say "department" because I don't want just accountants, but everyone who is in that dept, i.e. admins, clerks, etc. If you have a question on any unique situation, please just give me a call and we'll discuss. The data needs to be as recent as possible. Hopefully, I can get this as of July 31/August 1. If you have more recent data, that would be great. At a bare minimum, I need total headcount as described by group (acct, reporting, tax, etc.) It would also be useful to get as much detail as possible, i.e. by sub-group, by personnel level, etc., but I know that may be a challenge given the timing of the request. Additionally, if you can provide me with a "current estimate" for the groups you report, that would be ideal. I know that the official CE doesn't go to that level, but I'm betting that most of you have something that projects your G&A by cost center (or group/dept) for 2001, as of the 2nd CE. The headcount information is a must have, and the 2001 cost estimate is secondary, although I'd like to ask everyone to strive to provide both. If you can't provide estimated costs for the groups you report, please call me so we can discuss. Speaking of the timing, I need this by Wednesday, August 29 at 12 noon. This will be given to Rick on Thursday morning, so I'll need some time to consolidate the data and to ask you all any further questions. If you have any questions, please give me a call. Thanks,

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OUT: Request: Current Headcount

IN: FYI....This is a tentative agenda for the upcoming Regional cross funtion meeting scheduled for November 6th & 7th. The meeting will be held at the Sheraton in Albuquerque. Reservations can be made by calling 505-881-0000. The Sheraton called and only 2 people have made room reservations for this meeting to date. The cut off date to hold a block of rooms is October the 25th so, please reserve your rooms as soon as possible. Tuesday November 6th 7:00 Continental Breakfast 8:00 George Kneisley - Measurement Related Projects 9:00 Duane Brown - Compressor Inventory 9:30 Break 9:45 Darryl Schoolcraft/Ron Matthews/Dennis Alters - Gas Control/Facility Planning Update 10:30 Kim Watson - TW Marketing Update 11:30 Lunch 12:30 Tyron Brown - Red Man Pipe & Supply Agreement 1:30 Break 1:45 Ginger Bissey - CDC Update 2:15 Mark Hudgens - IBuyit e-procurement 3:15 Break 3:30 Gloria Wier/Joe Jeffers - SBP 4:30 Adjourn Wednesday November 7th 7:00 Continental Breakfast 8:00 Team Objective Presentations 9:30 Break 9:45 Team Objective Presentations 10:30 Sarabeth Smith - New Pipeline Data Management System 11:30 Lunch 12:30 To be announced 1:30 Break 1:45 Norm Spalding 2:45 To be announced 3:15 Break 3:30 Roger Osborn - Safety Update 4:00 Rich Jolly - Closing Remarks 4:30 Adjourn Teams will need to be prepared to give a presentation on this years goals and objectives. You may use Power Point slides to make your presentations if you like... (Remember, you will be limited to 10 minutes per Team on presentations) Also, if there are any issues and concerns that need to be discussed, please forward a list prior to the meeting so that I can compile. Thanks

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OUT:
Albuquerque Regional Meeting Agenda