This morning, we issued a press release announcing that the Board of Directors has elected two new members, John W. Ballantine and Corbin A. McNeill.  Additionally, the Board announced the resignation of directors Frank Savage and John Mendelsohn.  These changes reflect advancements in the transition plan established by the Board earlier this year.

Mr. Ballantine has been a private investor since 1998, when he left First Chicago NBD Corporation/The First National Bank of Chicago as its chief risk management officer and executive vice president.  Mr. McNeill is the retired chairman and co-CEO of Exelon Corporation, which was formed in October 2000 by the merger of PECO Energy Company and Unicom Corporation.

For more details about our two new board members, you can read the press release at http://www.enron.com/corp/pressroom/releases/2002/ene/25-053002releaseltr.html.

The Board is continuing to identify and review qualified candidates to join the Board as independent directors.  We expect further resignations of long-standing Board members as new directors are elected to the Board, and we will keep you informed of such changes.