We are pleased to announce the following organizational changes: Enron Global Assets and Services In order to increase senior management focus on our international businesse= s, we are creating a new business unit, Enron Global Assets and Services (E= GAS). EGAS will be led by Kevin Hannon, Chief Executive Officer, and Jim H= ughes, Chief Operating Officer. Kevin will report to the Enron Corp. Offic= e of the Chairman. With the exception of the Wessex Water Company (which w= ill remain in the Enron Transportation Services organization) and Enron Ind= ia (discussed below), EGAS will include all of the assets and activities of= the former Enron Global Assets group and the Azurix organization. EGAS wi= ll include Enron's assets and merchant activities in South America. In ord= er to ensure continuity in the management of our South American merchant bu= siness, John Lavorato will remain responsible for those merchant activities= . John will report to Kevin Hannon with respect to the South American merc= hant business, and will continue to report to the Enron Wholesale Services = Office of the Chairman for all other activities in his role as Chief Execut= ive Officer of Enron Americas. Enron India Enron's significant interests in India are commanding increased attention f= rom Enron's senior management. We are pleased to announce that Rebecca McD= onald will focus exclusively on Enron's business in India, as Chief Executi= ve Officer of Enron India, reporting to the Enron Corp. Office of the Chair= man. Enron Broadband Services With Kevin's departure from Enron Broadband Services (EBS), we are also mak= ing a number of changes in the EBS organization. Jim Fallon will now be Pr= esident and Chief Operating Officer of EBS. Paul Racicot, Marcello Romano = and Fred Cohagan will maintain their EBS risk management activities within = their respective regions. Dave Cox will continue as Chief Commercial Offic= er of EBS and will also join Ken Rice and Jim Fallon in the EBS Office of t= he Chairman. Finally, Rick Fehl will continue as Vice President of Network= Engineering and Chief Network Officer but will now report to the EBS Offic= e of the Chairman. Enron Principal Investments In order to better develop and manage equity investment opportunities relat= ed to Enron's core businesses, we are combining the existing investment gro= ups in ENA, EBS, Enron Investment Partners and the Enron Special Asset Grou= p into a single unit, Enron Principal Investments. Enron Principal Investm= ents will work with all Enron business units to identify, execute, and mana= ge equity investments that leverage Enron's unique and proprietary knowledg= e. These investments may be in the form of venture capital, leveraged buy-= outs, traditional private equity and distressed debt positions. This new b= usiness unit will be headed by Kevin Garland, Managing Director, and will r= eport to an investment committee consisting of Dave Delainey, Ken Rice, and= Greg Whalley.=20 Enron Corporate Development In order to improve coordination of Enron's corporate development activitie= s, we are consolidating these activities under Andy Fastow, Executive Vice = President and Chief Financial Officer. Jeff Donahue, Managing Director of = Corporate Development for EBS will now head Corporate Development across En= ron. Corporate Development leaders in the business units will have a dual = reporting relationship to their business units and to Jeff. One of Enron's most compelling challenges is the sale of certain assets or = businesses that are no longer core operations. Mark Metts, Executive Vice = President of Enron Corp., will head up a new Special Projects group to spec= ifically focus on the completion of some of these more challenging transact= ions. =20 Please join us in congratulating all of these individuals on their new resp= onsibilities.

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Organizational changes