Draft

This needs to be sent company wide. Lets discuss how. Tx Rick
---------------------- Forwarded by Rick Buy/HOU/ECT on 12/20/2000 03:21 PM
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From: Rick Buy
12/20/2000 01:56 PM

To: Ted Murphy/HOU/ECT@ECT
cc:
Subject: Draft

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 mange the RAC activities which include credit and 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.