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tionSBanik'Private Client°Group
_arketable:Securities Underwriting Guidelines
Volume & Control Analysis, ,---



  Prepared byt
.Date:
Category
Moderately Liquid
Liquid
Most Liquid

Borrower:
Stock Name:
Stock Symbol:
Stock Exchange:
Current Price..
52 Weck'Hi:
52 Week Lo:
Shares Outstanding:
Market Capitalization:
.Average Daily Trading Volume:
Stock Classification:
Is Stock Subject to Rule 144?:
Average Weekly Trading Volume:
(Prior 4 Weeks)

Loan Amount:
Advance Pe m-catzgc:
  ~-
Call Percentage:
Actual Shares Pledged (if known)
Margin Ratio (if not Advance %)


  Sakes
Average Daily Trading Volume Factor

  0 to 751000 15
75,061 to 200,000 20''
200,000 to Z5 1!1,4i

Ken Lay
Enron Corp
ene
NYSE
539;08
S47.50
535:00
299,498,000
511,704,381,840
1,052,293
Most Liquid
yes

Shares of Public Float (if known):
Public Float (if known):


  2.27,456;000-
S8,888,146,000

"NA" if Stock is Not Subject to Rule 144)

$30,000,000 Sensitivity Analysis:
75%
610,348
  (Ex: 50% adv; 60% call; bring LTV back to 55'/a)

Marketable Securities Basic Calculations - Volume:

1.) Required Shares Pledged:

  Loan Amount:
Advance Percentage:
Current Price per Share:
Actual Shares Pledged
  Actual Shares Pledged as % of Total Shares Outstanding
Required Shares Pledged as % of Public Float

2.) Call Price per Share:

Loan Amount:
Call Percentage:
Actual Shares Pledged
Call Price per Share:

CURRENT SENSITIVITY
SCENARIO ANALYSIS

Loan Amount / Advance Percentage
Price per Share Oa Origination

$30,000,000 S30,000,000
70% 70%
$39.08 $31.26
  610,348 1,370,814
0.20% 0.46%
0.27% 0.60%

Loan Amount / Call Percentage
Required Shares Pledged

$30,000,000 $30,000,000
75% 75%
610.348 1,370,8 i4
  $65.54 $29.18

BOA/FBI/LAY: 30130

BF002-00352


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j0 2tioelsBanh Private Client'Gr(,"p
:Marketable Securities i'nderwritinu"Guidelines
Volume: t-Control Analysis

Marketable Securities Basic Calculations- Volume (Continued):	
	'CURRENT SENSITIVITY
	SCENARIO ANALYSIS
j,) ::Shares Needed io:.Liquidate Loan:	Loan Amount
	Call Price per Share
Loan Amount:	$30,000,000 530,000,000
Call Price per, Share:	565.54 S29, 18
Shares Needed to Liquidate Loan:	457,736 1,028;111,
4.) Gross Teadine Days to Liquidate Loan:	Shares Needed to Liquidate Loan
	Average Daily Trading Volutre
Shares Needed to Liquidate Loan:	457,736 1,028,111
Average Daily Trading Volume:	1,052,293 1,052,293
Gross Trading Days to Liquidate Loan:	0.43 0.98

5.) Net Trading Davs to Liquidate Loan:

Shares Needed to Liquidate Loan:
Average Daily Trading Volume:
Sales Factor:
Net Trading Days to Liquidate Loan:

6.) Shares Required to Liquidate Collateral and Meet Margin Call:

H Shares to be sold to restore Advance Ratio
[=Shares Pledged (Call % - Advance %) / (1 - Advance %]
H Shares to be Sold as °rb of Actual Shares Pledged

7.) Recommended Advance/Call Percentage:

Based on the table below, the recommended advance/call
petccntage on this loan is:

Shares Needed; to Liquidate Loan
Average Daily Trading Volume a Sales Factor

  457,736 1,028,111
1,052,293 1,052,293
25% 25%
1.74 3.91

101,725 228,469

16.67% 16.67%

70%/75% 70%/75%

Net Davs to Liquidate:

0 - 20 Days
21 - 40 Days
41 - 60 Days
Over 60 Days

Recommended Advance/Call
Percentage
70%/75%
60%165%
50%/55%
Discouraged

BOA/FBULAY: 30131

-BF002-00353


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e

NationsBarik Private' Client Gra'.;p
.Aarketable Securities Underwriting Guidelines
Volume =& Control Analysis

  Ru le'144 Considerations:

  If an individual's/entity's stock holdings are subject to Rule 144 limitations, the maximum amount of stock that
the individual/entity can sell in any three month (I quarter) period is the greater of

  1) 1.00% of the, stock's total outstanding shares-,.or
  2) the stock's average weekly trading volume for the preceding four calender weeks

CURRENT SENSITIVITY
SCENARIO ANALYSIS

Stock Name:
Stock Symbol,.
Stock Exchange:
Required Shares Pledged:
Shares Outstanding:
Is this stock subject to Rule 144?:


  ene
NYSE
610,348
299,498,000
yes

Enron%Corp


  cue
NYSE
1,370,814
299,498;000
yes

1.00% of Outstanding Shares:
Average Weekly Trading Volume (Prior 4 Weeks):

2,994,980 2,994,980
0 0

Marketable Securities Basic Calculations - Control:

1.) Number of Quarters Necessary to Liquidate Shares:

Maximum Shares That Can Be Sold In Any Three Month Period:
Number of Actual Shares Pledged:
H of C-arters to Liquidate Actual Shares Pledged

2.) Average Stock Price Needed to Liquidate Loan:

Outstanding Loan Amount:
Number of Actual Shares Pledged:
Average Stock Price Needed to Liquidate Loan:

CONCLUSION:

Maximum Ouarterly Volume

Number of Shares Pledged

2,994,980 2,994,980
610,348 1,370,814
0.20 0.46

  Outstanding Loan Amount
Number of Shares Pledged
$30,000,000 $30,000,000
  610,348 1,370,814
$49.15 $21.88

BOA/FBI/LAY: 30132

BFO02-00354