The evolution of a meander into an anticyclonic eddy which separates from the Alaskan Stream in the vicinity of the central Aleutian Islands is observed in two years of sea surface height anomalies computed from GEOSAT Exact Repeat Mission altimeter data. The trajectory of the center of mass is estimated using a modified perpendicular bisector method. Eddy separation is inferred to occur where the trajectory makes a distinct turn to the southwest. The observed region of meander growth and eddy separation agrees with that predicted by theory. The evolution of meander/eddy height and radius is estimated from least squares fits of the data to an axially symmetric Gaussian profile. The heights and radii are used to calculate the strength (vorticity) and energetics of the meander/eddy. Ekman dynamics are assumed to govern the eddy decay. Spin down times based on vorticity are much longer than those based on energetics. This is consistent with an eddy's ability to maintain its integrity as it decays. Representative height, diameter, and velocity scales of the eddy are characteristic of rings spawned by other current systems. Assuming a ring structure for this eddy the estimated ring volume represents a 21% transport anomaly referenced to the mean annual transport into the Bering Sea. ¿ American Geophysical Union 1992