Global Products - Houston Organizational Announcement

Based on the recent changes in Global Markets, specifically Global Products
and Coal, the follow organizational changes have been implemented.

Michelle Bruce will assume the Global Products business lead role. She will
be responsible for ensuring that the business processes and procedures are as
effective and efficient as possible. She will also be working with other
groups and offices to ensure consistency of both performance measures and
business standards. John Swinney, lead of Risk Management, and Lisa Walker,
lead of Logistics Coordination, will report directly to Michelle.

Michelle Thomason will continue in her current strategic planning role. In
addition, she will assume the business lead role supporting new endeavors
that our will group will become involved in, including the cost of funds and
prepays activity. Michelle will report to Michelle Bruce.

We are pleased to announce that Jeff Sorenson has joined the Global Products
management team . He will be responsible for physical confirmations as well
as coordinating the financial confirmations and financial settlements for
Global Markets. Lynn Shivers, Documentation lead and his group, will report
to Jeff.

Mark Leskowitz will continue to manage the trade accounting group for both
Global Products and coal as well as all physical settlements for both
business lines. Julie Sengele will help with the physical settlements and
the coal trade accounting. Julie will report directly to Mark.

Michelle Bruce, Jeff Sorsenson and Mark Leskowitz will report directly to me.

Simon Thurbin has joined us from the London office on a temporary assignment
working with Michelle Bruce to define consistent business processes,
practices and procedures. As a result of this global effort, we will work
to ensure consistency and continuity between the Houston and London offices.

Joel Bennett has joined us from the London office. He will be working on
changing the Global risk book process, which is being transitioned to Houston.

Shelly Stubbs will be going to London on a temporary assignment to work with
Cindy Horn focusing on processes on procedures, specifically controls.

Please join me in supporting all of these people in their new roles and
additional responsibilities.

Regards,

Scott