Based on the recent changes in Global Markets, specifically Global Products 
and Coal, the follow organizational changes have been implemented.

Michelle Bruce will assume the Global Products business lead role.  She will 
be responsible for ensuring that the business processes and procedures are as 
effective and efficient as possible.  She will also be working with other 
groups and offices to ensure consistency of both performance measures and 
business standards.  John Swinney, lead of Risk Management, and Lisa Walker, 
lead of Logistics Coordination, will report directly to Michelle.

Michelle Thomason will continue in her current strategic planning role.  In 
addition, she will assume the business lead role supporting new endeavors 
that our will group will become involved in, including the cost of funds and 
prepays activity.  Michelle will report to Michelle Bruce.

We are pleased to announce that Jeff Sorenson has joined the Global Products 
management team .  He will be responsible for physical confirmations as well 
as coordinating the financial confirmations and financial settlements for 
Global Markets.  Lynn Shivers, Documentation lead and his group, will report 
to Jeff.

Mark Leskowitz will continue to manage the trade accounting group for both 
Global Products and coal as well as all physical settlements for both 
business lines.  Julie Sengele will help with the physical settlements and 
the coal trade accounting.  Julie will report directly to Mark.

Michelle Bruce, Jeff Sorsenson and Mark Leskowitz will report directly to me.

Simon Thurbin has joined us from the London office on a temporary assignment 
working with Michelle Bruce to define consistent business processes, 
practices and procedures.   As a result of this global effort, we will work 
to ensure consistency and continuity between the Houston and London offices.

Joel Bennett has joined us from the London office.  He will be working on 
changing the Global risk book process, which is being transitioned to Houston.

Shelly Stubbs will be going to London on a temporary assignment to work with 
Cindy Horn focusing on processes on procedures, specifically controls.

Please join me in supporting all of these people in their new roles and 
additional responsibilities.

Regards,

Scott