Trading Profits

P. Allen		200
M. Grigsby	463
Rest of Desk	282

Total		945



I view my bonus as partly attributable to my own trading and partly to the group's performance.  Here are my thoughts.



		Minimum		Market			Maximum

Cash		2 MM			4 MM			6 MM
Equity		2 MM			4 MM			6 MM


Here are Mike's numbers.  I have not made any adjustments to them.


		Minimum		Market			Maximum

Cash		2 MM			3 MM			4 MM
Equity		4 MM			7 MM			12 MM


I have given him an "expectations" speech, but you might do the same at some point.

Phillip