Given the evolution of a number of our businesses, we have decided to make an 
organizational change.  The change is in response to a number of factors.  
First, as a part of our new initiative in Enron Net Works, it is becoming 
clear that we have the opportunity to quickly expand Enron,s underlying 
business model to other commodity markets.  Such an expansion requires a 
coordinated focus on strategy as we select and develop these opportunities.  
Second, the success of EnronOnline and the continued expansion of our 
wholesale activities in North America and Europe have increased the 
coordination requirements across our North American and European operations.  
As a result of these two factors, we are making the following organizational 
changes effective immediately:

Cliff Baxter will move from Enron North America to Enron Corp. as Executive 
Vice President and Chief Strategy Officer.
Mark Frevert will become Chairman and CEO of North America, replacing Cliff.  
In addition, Mark will remain Chairman of Enron Europe. 
John Sherriff will become President and CEO of Enron Europe.

We are confident that these changes will increase the effectiveness of our 
organization.  Please join us in congratulating Cliff, Mark and John on their 
new responsibilities.