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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