"In addition, we are pursuing sale-and-leaseback negotitations for an 
aggregate of approximately $50 million for ten of our stores.  These sources 
of additional funds, along with internally generated cash flow (what 
internally generated cash flow???), will provide us with an ample financial 
foundation to continue to underwrite our growth over the next several years."

Exhibit 4, "A Letter to Our Shareholders."  Top of second column of page.

Best,
Jeff



	"Mark Guinney" <Mark_Guinney@watsonwyatt.com>
	02/08/2001 09:51 AM
		 
		 To: "Jeff.Dasovich@enron.com" <Jeff.Dasovich@enron.com>
		 cc: 
		 Subject: Re[2]: Re[2]: Home Depot Memo - Revised

Where are you getting this $50m figure?

**********************************************
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: Re[2]: Home Depot Memo - Revised
Author: Jeff.Dasovich@enron.com
Date:       02/08/2001 1:32 PM

I was thinking that it gives them $50M up front (the sale), and then
they'll only have to make installment payments for the leases.