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Many companies keep debts and other obligations out of investors' view in
partnerships and other entities. Often, financial liabilities are secured
by physical assets such as planes or computers. A sample:



                                                 ESTIMATED EXPOSURE
COMPANY             ITEM NOT ON BALANCE SHEET        (BILLIONS)



UAL                 Plane leases                       $12.7



AMR                 Plane leases                         7.9



J.P. MORGAN CHASE   Liability for trading units          1.0*



DELL COMPUTER       Debt of consumer
                    financing venture                    N/A**



ELECTRONIC DATA     Payments for
SYSTEMS             customers' computers                 0.5






* Exposure to Enron through Mahonia
** Joint venture partner Tyco Intl. is responsible for losses



Data: Standard & Poor's, company reports