Quarter-end DPR Process

Due to the 4th of July holiday, we have an unusual quarter-end situation on
our hands. Here are some of the facts:

Enron in Houston is closed on both Monday and Tuesday, July 3rd and 4th.
The NYMEX is closed both days as well.
Equity markets are closed on Tuesday, July 4th but are open on Monday, July
3rd.
Enron Europe is open for business on both days.
Technically, the first work day following the month-end is Wednesday, July
5th for the Houston office.

Given the facts above, the following will be the month-end process:

QUARTER-END PROCESS:
Final quarter-end information is due to my team by 5 PM on Wednesday, July
5th.
No adjustments < $250,000 will be processed after 5 PM on Wednesday.
Adjustments < $250,000 require approval from John Lavorato or John Sherriff.
A final DPR for the quarter ended June 30, 2000 will be issued by
approximately noon on Thursday, July 6.

JULY DPR REPORTING:
NO DPR will be issued dated July 3, 2000.
For divisions reporting P&L for July 3rd and/or July 4th, a "Special DPR"
will be issued on July 5th. This "Special DPR" will not have a year-to-date
column. This is due to the fact that quarter-end information will not be
completed prior to issuing the "Special DPR". For consolidated DPR
purposes, July 3rd and July 4th will be combined and reported as one day.
These combined days will be reported as July 4th. Please report each of
these days separately. Once the final quarter-end DPR is completed, the
regular DPRs for July business will be updated and reported, replacing any
"Special DPRs" previously reported. This process is necessary to enable
reporting of current daily information until the final quarter-end DPR is
finalized.

Please contact me at extension 35242 or Chris Abel at extension 33102 if you
have any questions. As always, your cooperation in executing this month-end
process is greatly appreciated