I just got changes from Anil that showed me the message I sent last night did 
not pick up my final version of the document for some entirely bizarre reason 
(perhaps I had the file open when I attached the document and it only sent 
the most recently saved version?).? Here is the file again - please review 
and let me know if okay to finalize.

Sorry for this confusion! 

Carolyn M. Vavrek 
Manager - Human Capital Advisory Services 
Deloitte & Touche 
50 Fremont Street 
San Francisco, CA? 94105 

phone: 415-783-5137 
fax: 415-783-8760 
e-mail: cvavrek@deloitte.com 

-----Original Message----- 
From: Mark Guinney [mailto:Mark_Guinney@watsonwyatt.com] 
Sent: Thursday, February 08, 2001 6:27 AM 
To: Jeff.Dasovich@enron.com; cvavrek@deloitte.com 
Cc: asama@yahoo.com 
Subject: Re[2]: Home Depot Memo - Revised 

I don't think it frees up any money.? The footnote is only indicating that 
they 
have $50 million in lease obligations for the upcoming year.? I may be 
missing 
something but what this would potentially affect is the asset turnover and 
leverage ratios since non-capitalized leases are off-balance sheet items and 
so 
don't get included in the Total Assets category. 

********************************************** 
Mark D. Guinney, CFA 
Consultant 
Watson Wyatt Investment Consulting 
345 California Street, Ste. 1400 
San Francisco, CA? 94104 
(415) 733-4487 ph. 
(415) 733-4190 fax 

____________________Reply Separator____________________ 
Subject:??? Re: Home Depot Memo - Revised 
Author: Jeff.Dasovich@enron.com 
Date:?????? 02/08/2001 11:13 AM 

Gang: 
Quick question.? Does the lease-buy-back free up $50M of funds for 1987? 
Mark, is that captured in the 1987 cash flows?? Don't think that should 
change our recommendation, but ran across it in the case and was wondering 
if we captured it. 

Best, 
Jeff 
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?  

? 
 - memo on home depot.doc