Subject: NBP unit reaction to DeRoin/Cordes announcement
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked]
Date: Wed, 19 Jul 2000 12:49:00 -0700 (PDT)

Bill - The Houston IR team had big money betting that your appointment would 
result in a major NBP price decline (and probably take the value of all other 
MLP's down as well)!!.  JUST KIDDING.  Congratulations!.  When you are in 
Houston - give me a call - there are a few things that I would suggest to 
get  you off on the right foot with the analysts.  It's a neat company , and 
I believe there is quite a bit we can do to increase the value of the units.  
MEK
---------------------- Forwarded by Mark Koenig/Corp/Enron on 07/19/2000 
07:36 PM ---------------------------

Ellen Konsdorf
07/19/2000 07:16 PM
To: Stanley Horton/Corp/Enron@Enron, Larry DeRoin/NPNG/Enron@ENRON, Bill 
Cordes/ET&S/Enron@ENRON, Jerry Peters/NPNG/Enron@ENRON, Mark 
Koenig/Corp/Enron@ENRON, Paula Rieker/Corp/Enron@ENRON, Scott 
Vonderheide/Corp/Enron@ENRON, Janet Place/NPNG/Enron@ENRON
cc:  

Subject: NBP unit reaction to DeRoin/Cordes announcement

The market received the announcement of Larry's retirement and Bill's 
succession very calmly.   I talked to each of our analysts and elaborated a 
bit on the news and answered their questions:
 - Why is Larry leaving?  Was there any "hidden" reason? 
 -  What is Bill's background?
 - Does this signal any change in strategy or direction from Enron?
 - Do we anticipate any other change in the business as a result of this 
management change?

Several said that "since this seems to not be a big change (in direction or 
strategy), I'm not going to write anything on it".

The unit price did not reflect much change.   The units opened Monday (the 
day of the news) at $29, blipped up some 3/16  just after the press release, 
and then settled back to the opening price.   Tuesday opened strong, trended 
up $.50 in heavy volume and then again settled to $29.   Wednesday's price 
closed up 1/16, at $29.0625.

Daily volumes were:  Monday 27,400 units
            Tuesday 50,200 units
                 Wednesday 20,800 units

We were hoping to communicate that this would be a fairly seamless transition 
and continue NBP's history of solid, fairly conservative management, and it 
appears that the market interpretted it exactly that way.