As indicated in the message Thursday from Cathy Phillips, please send the 
following message to all groups within Enron Wholesale Services this 
evening.  Also, as requested, please use the Enron Global Markets - Office of 
the Chairman letterhead and send the proof before final distribution.  Please 
send the final proof as quickly as possible.  If you have any questions, 
please contact Jennifer Burns at X-39440.  Thanks.

To:  All of Enron Wholesale Services
From:  Enron Global Markets - Office of the Chairman
Subject:  Organizational Announcement

Enron Global Markets (EGM) has made numerous organizational changes as its 
businesses continue to grow and expand around the world.  We are pleased to 
announce the following changes within EGM.

Financial Trading 
The Convertible Arbitrage desk has moved from EnronCredit.com to the 
Financial Trading group under Gary Hickerson.  Mike Bradley will manage the 
desk.  

Billy Lemmons has joined Gary Hickerson's group from EIM.  He is exploring 
the agriculture value chain 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. The shipping 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 to and coordinate with Pierre and Scott.

Weather
Our worldwide weather operations will continue to report to Mark Tawney in 
Houston.  This business, which includes trading weather products in 10 
countries and 40 states in the U.S., is also rapidly expanding.  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
Bill White will be coming over from EBS and will have 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 and origination role.  He 
will report directly to John Nowlan.

Finance and Structuring
Andrew Makk has joined the finance team from the Middle East group.  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 will report to Larry Lawyer.
 
Corporate Development
Mark Wadlington has joined the EGM team and will be managing this activity 
and co-ordinating with all Enron Corp. He reports to Tim Detmering with 
accountability to the office of the chairman of EGM.

Operations and Accounting
Todd Hall has expanded his role as Business Controller and will have 
responsibility for coal and weather.

Mike Perun has joined Enron from the banking industry and is responsible for 
Controls & Standards.  He will focus on EGM,s operational and accounting 
processes on a global basis.  He reports to Brent Price.

The Ecoelectrica power plant in Puerto Rico will move reporting 
responsibility into the Enron Global Assets group.  Greg Curran, who is 
responsible for all the activities in Puerto Rico, will report to that group 
on all Ecoelectrica business and to Enron Global Markets on the remaining 
businesses.

Please join us in congratulating everyone in their new roles.