FW:

-----Original Message-----
From: Lavorato, John
Sent: Sun 1/6/2002 2:46 PM
To: Mancini.gianfilippo@enel.it
Cc: Muller, Mark S.; Colwell, Wes
Subject: FW:

Here is what our model looks like from a cash needs prospective. It varies with VAR. It also assumes that the duration of the portfolio is short. Less than 1.5 years. It also assumes the we are profitable (it is tied to the GM and EBIT assumptions). The business would also require the availability of L/C's and Corporate Guarantees. The numbers are in Millions.

VAR GM EBIT FF CF Peak Loan Date Loan is Paid off

20 580 336 253 (101) 225 2003

30 875 631 508 103 175 Q4/2002

40 1160 916 764 306 150 Q3/2002

50 1460 1216 1028 515 125 Q3/2002

60 1750 1506 1282 716 110 Q3/2002

I hope this is what you are looking for.

I am working on the Analyst and Associate question.

Please reply so I know you got this message.

John