followup to yesterday's meeting

As a followup to yesterday's meeting, I have outlined the outstanding actio=
n=20
items below (including dates and responsible parties):

Next steps:

Clean-up PWC cost synergy and growth options reports and distribute by=20
Thursday, Feb. 3 (Responsible Parties: PWC/Tapscott/Hayslett)
How realistic are synergy $'s=20
When can they be realized, (e.g., how much in year 1, year 2 and year 3)
Improve formatting and presentation
Make numbers more user=01,s friendly
Address Structural Issues by outlining alternative structure -- target date=
:=20
February 10 (Responsible Parties: LeBouef/Van Hooser)
Key issues discussed included (1) Organizational Structure, (2) Governance=
=20
[approval rights], (3) Shareholder Control of GP/Board/Officers, and (4)=20
Economic Ties for Former Employees
Outstanding Issues -- Governance and Shareholder Control of GP/Board/Office=
rs
Work to develop a structure that meets ENE requirements
Enron's position will be presented to the Alliance Group at the next meetin=
g=20
and we will press them for this information to be addressed in their future=
=20
compliance filing=20
Communication to FERC representatives (i.e., General Counsel) regarding=20
position (Responsible Party: Hartsoe)
Request for clarification as to Alliance' Native Load Exemption -- a letter=
=20
was forwarded to each party within the Alliance and followed up with a phon=
e=20
call as of today (Responsible Parties: Van Hooser/Tapscott)=20
Valuation Process (Schedule)
Expect to receive top financials from the Alliance members by the end of th=
is=20
week or early next week (Responsible Parties: Alliance with push from=20
Maffett/Tapscott)
Lehman Brothers will complete scenarios based on new data (incl. scenarios =
w/=20
PWC growth and synergies) -- 2-3 days following receipt of information abov=
e=20
(Responsible Parties: Lehman/Hayslett/Tapscott)
Schedule Pre-Meeting to review analysis and outstanding structural issues -=
-=20
Target Date(s) of Feb. 10, 11 or 14 (Responsible Party: Tapscott)
Target date for combined Enron and Alliance in Houston -- February 16, 17 o=
r=20
18
Message to Alliance -- Idenfify IB Representative and Move Valuation Forwar=
d=20
(Responsible Parties: Maffett/Tapscott)

Please call me if you have any questions or comments. Thanks, Ron.