Subject: Alliance
From: [email-masked]
To: [email-masked]
Cc: [email-masked]
Date: Wed, 1 Aug 2001 11:57:30 -0700 (PDT)

We have a video conference call scheduled with Alliance's Minneapolis office on Friday afternoon at 1:30 p.m.Houston time from our Board Room.  Allliance owned 3 MM ENE shares at 9/30/00, accumulated up to a balance of 18 MM shares by 3/31/01and now owns 19.8 MM shares.  

A few thoughts on the session:
Attendees - Expect broad range of ENE knowledge, from the CIO and Dan Nordby (Sr. PM-Large Cap, attended the recent NYC meeting) who both own the stock to novices 
Format - 10-15 minute overview geared to those who do not know Enron, followed by Q&A 
Specific areas of interest:
Risk management systems, process and limits
Capital allocation and in-house management of return on capital
Cash flow 
Deposit activity
Historic lumpiness 
Insider sales 
Outlook for both profit and volume growth if pricing becomes less volatile 

They will have copies of the recent analyst presentation as well for reference.  I look forward to seeing you Friday.  Paula