Thank You

I want to take this opportunity before the transfer of Houston Pipeline Company assets and employees to American Electric Power to thank each of you for your teamwork and success in our years together.

Some of you were here when I joined your company in 1984, but many of you arrived during the Enron era and might not know the full story of my arrival. I was president of Transco Energy at the time and was probably in line to be the chairman. I did not expect to ever join another energy company. Yet the directors of Houston Natural Gas felt like a new management team was needed for their company to prosper in a rapidly changing industry environment. The quality of people I saw at HNG convinced me that the company would be a good platform from which to make major changes. And the results over the last 17 years could not have been better.

Houston Pipeline Company has been a major contributor to developing Enron into what it is today. Your professionalism, ideas, dedication and commitment toward this company have been instrumental in making our success possible. For this, you will not only be a critical part of Enron's history, but you will also always deserve Enron's gratitude.

I wish you nothing but the very best in your next endeavors, even as I am sure you will not need my good luck wishes. As always, your professionalism and dedication will be your best allies when facing new challenges and opportunities.

Sincerely,

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