1997-2001		Gerstner's Compensation						Mar-2002
		(per IBM Proxy Statements)
Gerstner, Louis	Salary	Bonus	Other	Long-term	401(k)	Stock Sales	Total
						(est. pretax gain)
-	-	-	-	-	-	-	-
1997	$1,500,000	$4,500,000	$5,081	$2,094,018	$102,600	$6,705,008	$14,906,707
1998	$1,875,000	$7,500,000	$12,384	$4,145,419	$191,250	$32,800,000	$46,524,053
1999	$2,000,000	$7,200,000	$66,376	$5,250,717	$285,000	$87,732,699	$102,534,792
2000	$2,000,000	$8,000,000	$96,400	$3,585,407	$276,000	$59,887,423	$73,845,230
2001	$2,000,000	$8,000,000	$82,888	$2,190,819	$300,000	$115,130,197	$127,703,904
Total (1997-2001)	$9,375,000	$35,200,000	$263,129	$17,266,380	$1,154,850	$302,255,327	$365,514,686
	3%	10%	0%	5%	0%	83%	100%
		Sir Lou Easily OutLayed Lay!
			(October 1996 - March 2002)
OFFICER/DIRECTOR	NO. OF	AVG. EST.	PURCHASE	NO. OF	AVG.	SALE	PRETAX	SHARES
	SHARES	EX. PRICE	VALUE	SHARES	PRICE	VALUE	PROFIT (est.)	HELD AS
	BOUGHT	(US$)	(US$)	SOLD	(US$)	(US$)	(US$)	OF NOV/01
IBM:
Lou Gerstner	10/96-12/01	$15.92	N/A	4,224,586	$100.27	$423,606,000	$345,410,000	326,503
Enron:
Ken Lay						$101,300,000		39,975
Ken Rice						$72,800,000
Jeff Skilling						$66,900,000
Mark Frevert						$50,300,000
Joseph Sutton						$40,100,000
Clifford Baxter (late)						$35,200,000
Joseph Hirko						$35,200,000
Total Enron 7						$401,800,000
	Source: Annex Research
	(based on Insider Trading Form 144 filings, IBM proxy statements, adjusted for stock splits)
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