sounds good

 -----Original Message-----
From: 	<clay.t.blakley@ca.pwcglobal.com>@ENRON [mailto:IMCEANOTES-+3Cclay+2Et+2Eblakley+40ca+2Epwcglobal+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Monday, April 16, 2001 11:56 AM
To:	Lavorato, John
Subject:	RE: Information Regardfing your Tax Returns


John,

Here is the calculation of the 487,856.

The taxable benefit from the option was 537,672 - 153,174 = 384,498.

We then allocated a portion of the benefit to work days in Canada between
the grant date of August 11, 1997 and the exercise date November 30, 2000.
The ratio of Canadian days to total worked out to be 645/755.

We then calculated the Canadian portion (645/755 * 384,498) which was
328,478.
Then converted it to Canadian dollars (1.4852 * 328,478) which equaled
487,856.

Hopefully this explanation answers your question.

Clay Blakley
PWC

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