The continued growth of the Enron Europe office and related businesses has 
prompted a change in the management of Risk Assessment and Control (RAC) in 
London. Effective in early January, 2001, Ted Murphy will transfer to the 
London office and mange the RAC activities which include credit and market 
risk and underwriting. Ted will continue to manage the Enron Global Market 
Risk activities. Steve Young, currently managing RAC in London, will begin a 
new assignment within  EBS, also in London.

The Houston Market Risk group will be managed by David Port 

As Enron continues to expand its trading and risk management businesses, it 
is vital that trading and credit policies are administered in a consistent 
and accurate manner across the company. Hopefully this realignment will 
accomplish that goal.

Please join me in congratulating Ted, David and Steve on their new 
assignments.