Here is the attachment.




---------------------- Forwarded by Lynn Aven/ENRON_DEVELOPMENT on 01/31/2000 
09:03 AM ---------------------------


Lynn Aven
01/31/2000 08:58 AM
To: Michael Guerriero/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara 
Shackleton@ENRON_DEVELOPMENT 

Subject: Argentina Financial Trading Acitivity - Tax Issues Associated with 
Alternative Operating Structures

Mike:

I have attached a copy of a matrix that I put together a few months ago for 
Don Black to help him undersstand the competing tax issues that were looked 
at in making the decision where to structure the Argentine financial 
business.    I think this will help you understand where we are today and 
what sort of changes in the way the business is conducted in Argentina will 
allow us to change the strucute while still minimizing the overall tax cost 
of doing business in Argentina.

I am available to discuss at your convenience.  I will probably end up 
putting together a similar summary for the other  trading activities that we 
are involved with.

Lynn