Re:

We've started breaking out separate P&L's. It's been a very difficult
process so far for a number of reasons. The last processes will be
separating out the P&L on the executive reports and on VAR. That will happen
this week. Meanwhile, the P&L will be retroactive to the start of the year
and we are going through all the positions such that the total skew is zero
or an adjustment will be made to get it there. At the end of the year there
will be a number next to Maggi's name that he will not dispute. His
contribution to the fixed side when I'm on vacations or in meetings will
continue to be a subjective process.

From: John J Lavorato/ENRON@enronXgate on 02/19/2001 10:19 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject:

John

I don't see Maggie's line on the P/L

Lavo