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. N¶D. 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 (Ancoein±h712135, 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 eollWal¶Y Of I flun¶Wt 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 lI¶VCitOr. 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-O¶aln 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.