RAC Organization Changes

The continued growth of the Enron Europe office and related businesses has
prompted a change in the management of Risk Assessment and Control (RAC) in
London. Effective in early January, 2001, Ted Murphy will transfer to the
London office and manage the RAC activities which includes credit/market risk
and underwriting. Ted will continue to manage the Enron Global Market Risk
activities. Steve Young, currently managing RAC in London, will begin a new
assignment within EBS, also in London.

The Houston Market Risk group will be managed by David Port.

As Enron continues to expand its trading and risk management businesses, it
is vital that trading and credit policies are administered in a consistent
and accurate manner across the company. Hopefully this realignment will
accomplish that goal.

Please join me in congratulating Ted, David and Steve on their new
assignments.