Management Changes

To: Enron Employees
From: Office of the Chief Executive
Date: Friday, February 15, 2002
Re: Management Changes

With Steve Cooper's appointment as interim CEO and chief restructuring officer, we have begun to focus on the future of Enron and require a management team committed to doing the same.

While certain roles and responsibilities are still being defined, we wanted to share with you some greater detail regarding the company's organizational structure and management team. The management team is not complete, but currently includes:

? Stan Horton will continue to manage our pipeline and global asset businesses, including Portland General Electric. Jim Hughes, reporting to Stan, oversees our international assets. Peggy Fowler, also reporting to Stan, oversees PGE.

? Scott Josey oversees our domestic oil and gas exploration and production business, which includes Mariner as well as other North American properties currently held by the wholesale division.

? Bob Semple, of Zolfo Cooper, will manage the liquidation and sale of the Wholesale and Retail trading books. Jim Fallon and Dan Leff will report to Bob.

? Mark Muller continues to oversee corporate development activities and will manage all asset sales for Enron going forward.

? Jordan Mintz will manage the tax department worldwide.

? Dick Lydecker, reporting to Ray Bowen, will oversee Enron's accounting function.

? Cindy Olson directs Human Resources, Employee Relations, and Property Services.

? Mark Palmer continues to manage Public Relations.

? Greg Piper is the chief information officer for Enron.

Once Enron's management team is completely assembled and we begin to finalize the plan to restructure the company, we will be better able to communicate greater detail about the organization's structure and how each of you will contribute to it. We appreciate your patience as we work through this challenging, but worthwhile process.