Chairman's Letter and Annual Report Text

Attached is the front section of the 1999 Enron Annual Report. Each of the
operating sections have been through a few rounds of edits at the operating
company level. While you are seeing the Chairman's Letter for the first
time, it has also been through the PR and IR departments for general
direction and consistency with the operating sections. Not included in this
file are the two page spreads that use a more graphic-oriented approach to
illustrate a particular highlight. Those highlighted segments are: Peaking
Plants, EnronOnline, Owens Corning, EBS, and Transwestern/Gallup. We also
feature a two-column "callout" on the Phase II financing for Dabhol. I will
send those items in layout form for the next round of edits. Each of the
spreads have been through numerous operating company reviews.

Please send me your comments on this copy by Friday, Feb. 11.