Scott Soler .................................... Morgan Stanley

                                                                                        Updated March 24, 2003

************ KINDER MORGAN (NYSE:KMI) ***************
New OVERWEIGHT/CAUTIOUS..........January 14, 2003

Price Target $55.00

KMI Price day before: $42.95 Finish day of posting:$43.45Current:$45.98

************ Enbridge Energy Partners (NYSE:EEP) ***************
New UNDER WEIGHT/CAUTIOUS...................October 29, 2002

EEP Price day before: $41.00 Finish day of posting:$40.48Current:$44.88

************* Enterprise Products Partners  (NYSE:EPD) *******
New OVERWEIGHT/CAUTIOUS…………….October 29, 2002  

Price Target $20.00  (Hit Target Feb 28, 2003)

EPD Price day before:$18.50Finish day of posting:$18.10Current:$20.75

**************El Paso Energy Partners (NYSE:EPN**********
New UNDERWEIGHT/CAUTIOUS…….October 29, 2002

EPN Price day before:$31.68Finish day of posting:$30.05Current:$29.50

**************KINDER MORGAN (NYSE:KMP)**********  

New EQUAL WEIGHT/CAUTIOUS..................October 29, 2002

Target Price $30.00 (Hit Target Same day)

KMP Price day before: $32.23 Finish day of posting:$30.05Current:$35.05

************** TEPPCO PARTNERS (NYSE:TPP)**************
New EQUAL WEIGHT/CAUTIOUS…….October 29, 2002

Price Target $26.00 (Hit Short Target November 08, 2002)

TPP Price day before:$29.89Finish day of posting:$29.10Current:$27.15

**************WILLIAMS ENERGY (NYSE:WEG)**************
New EQUAL WEIGHT/CAUTIOUS…………….October 29, 2002  

Price Target $33.00

WEG Price day before:$33.90Finish day of posting:$34.20Current:$33.95

********** VULCAN MATRLS (NYSE:VMC)**************

Downgraded to NEUTRAL from STRONG BUY............March 05, 2002

VMC Price day before:$48.75Finish day of posting:$46.23Current:$37.69