Confidential

Draft

To:  All of Wholesale
From:  Office of the Chairman
Subject:  Organizational announcement

We are pleased to announce the following changes within EGM.

Financial Trading 
The Convertible Bond Arbitrage desk will be moving from EnronCredit.com to 
the Equity desk under Gary Hickerson, and will be managed by Mike Bradley.  

Billy Lemmons has joined Gary Hickerson's group from EIM.  He is responsible 
for examining and developing Enron,s agriculture business.  He is exploring 
the agriculture value chain and outlining our risk management and origination 
opportunities.

Transportation and Shipping
Dan Reck will be transitioning out of the coal group and will be exploring 
our rail and trucking initiatives.  These markets together represent 
approximately $105 billion notionally, and we believe there are many 
synergies between our energy, coal, and freight trading businesses.  

Enron is currently trading dry-freight (through EOL) and is a leading market 
maker in this new product. This business is growing very quickly.  We have 
asked Pierre Aury (and Scott Montcrief to co lead) our worldwide vessel 
trading businesses.  Scott will be responsible for all liquids vessel 
businesses and Pierre will manage all dry vessel businesses.  The LNG vessel 
business currently managed by Wayne Perry will remain in the LNG group, but 
will also (report or coordinate with) into Pierre.
Weather
Our worldwide weather operations will continue to report to Mark Tawney in 
Houston.  This business is also rapidly expanding which includes trading 
weather products in 10 countries and 40 states in the US.  Mark will have all 
V@R  allocation responsibility between Sydney, Tokyo, Oslo, and Houston.  In 
addition we will be forming a weather-marketing desk in London.  

Crude and Products
Janelle Scheuer will be joining the Global Products from Enron America's East 
power origination group, and (will be) developing a mid-market business 
specifically for our liquids businesses.  She will be reporting to John 
Nowlan.  

Bill White will be coming over from EBS and has responsibility for all U.S. 
financial crude trading.  Don Schroeder will continue to have oversight and 
lead our physical crude business.  (Mario De La Ossa has joined EGM from 
Equiva and will manage our  product options book)

Doug Leach will be expanding his fuel management role and focussing on xxxx.  
He will report directly to John Nowlan.
Finance and Structuring
Andrew Makk has joined the finance team from the Middle East area.  Most 
recently he has been working on the Gaza project.

Jim Lewis has also joined this team. His last assignment was leading the 
structuring group for Calme.

Both Andrew and Jim report to Larry Lawyer.
 


(M&A)

(Mark Waddlinton has joined EGM and will be managing this activity and 
coordinating with all Enron Corp. M&A business)

Please join us in congratulating everyone in their new roles.

File;  organization anon. dtd Dec 00 - EGM