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