In support of Enron,s continuing efforts to increase its return on invested 
capital and direct resources towards our highest return businesses, David 
Haug, Chairman and CEO of Enron CALME, Jim Hughes, President and COO of Enron 
APACHI, Joe Kishkill, Managing Director of Enron South America, and Frank 
Stabler, formerly a Managing Director of Enron CALME, will join Mark Metts in 
a corporate wide effort, to help monetize some of Enron,s assets.  David will 
help transition the CALME business activities into other parts of Enron while 
working with Mark on the asset monetization projects.  David will continue as 
an Executive Vice President for Enron Corp and a member of Enron,s Executive 
Committee.  Cliff Baxter will oversee this effort.

Consistent with these changes, the CALME group will be divided as follows.  
Enron Global LNG and Enron,s Caribbean Basin activities will become part of 
the new Enron Global Markets (EGM) group headed by Mike McConnell.  Rick 
Bergsieker, President/COO of LNG will continue in that role and in his dual 
role as President/COO of Enron Middle East, which will also join EGM. Shawn 
Cumberland, President and COO of the Caribbean Basin unit and his executive 
team will carry out the transition process for the Caribbean business unit's 
people and businesses as part of EGM.  Management of its Colombia and 
Venezuela businesses will transfer to Enron South America and its LNG-related 
activities to EGM as described above. 

The EES related initiatives and people will be transferred to those units.  
All of the various international businesses will participate as usual in the 
upcoming budget process with their new alignment and continue to meet their 
plan targets for 3rd and 4th quarters.

Concurrently, we are consolidating our trading and merchant activities in 
Japan and Australia into Enron Europe.  Joe Hirl and Paul Quilkey will report 
to Enron Europe,s Office of the Chairman.

We congratulate David Haug and Rebecca McDonald for proposing these 
realignments, which we agree, will maximize both the financial and 
intellectual capital in Enron.  Over the coming weeks, specific assignments 
and reporting relationships will be determined and communicated.
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