ENA,s first quarter performance has been outstanding which has been achieved 
by the exceptional talent and hard work of all ENA employees.  ENA,s ability 
to quickly move people to new business ventures and market opportunities, 
such as Enron Net Works, reinforces the depth of talent in ENA, our continued 
commitment to encourage innovation and creativity in all things we do and our 
enthusiasm to support people in pursuing new ideas.

Accordingly, following the recently announced launch of Enron Net Works and 
the associated personnel movements, we are pleased to announce the following 
changes within ENA effective immediately.

John Lavorato will be relocating from Calgary to Houston to oversee all ENA 
risk management and trading activities and will report to the Office of the 
Chairman.  John will have direct responsibility for all natural gas, power, 
emissions, equities and rates trading. As well, John will have direct 
responsibility for the risk management and trading functions within the Pulp 
& Paper, Coal and Global Risk (weather and insurance) businesses.  Otherwise, 
the Pulp & Paper, Coal and Global Risk businesses will report to the Office 
of the Chairman.  Following John,s departure from Canada, we have asked Rob 
Milnthorp to be the President of Enron Canada.

Following the departure of Greg Piper, the Industrial Origination team will 
be co-headed by Jim Ajello, Rodney Malcolm and Edward Ondarza who will report 
to the Office of the Chairman.  Jim, Rodney and Edward will work as a team to 
ensure the continued growth of ENA,s large industrial capability. 
Notwithstanding their joint accountability, each will have a distinct focus 
and responsibility within the industrial group.  Jim Ajello will focus on the 
coverage and marketing efforts for all industrial segments except pulp and 
paper.  Edward Ondarza will focus on our market making, coverage and 
marketing efforts in the pulp and paper industry.  Rodney Malcolm will focus 
on product development, structuring and execution functions for all 
industrial segments.

We have asked Jeff Donahue to oversee all ENA Corporate Development and 
Principal Investing activities and will report to the Office of the 
Chairman.  Corporate Development will continue to seek strategic acquisition 
opportunities in existing and new businesses.  The Principal Investing group 
will continue to focus on equity and venture capital syle investments in high 
growth business lines which are directly related to ENA,s core businesses or 
are significantly influenced by trends related to our business.  Given this 
change, Ray Bowen will be solely responsible for the management of ENA,s 
Commercial Transactions (CTG) Group.  

With the departure of Ron Slimp to EBS, Scott Tholan will be managing our 
Competitive Analysis and Reporting Group and will report to John Lavorato.

Please join us in congratulating all of the individuals in their new roles 
and responsibilities.