Alcoa Deal

Hi Sara, Jim Nixon from Alcoa called me this morning. He gave me the name of
his attorney. It is Tom Seligson (412) 553-4974. Jim asked that you call
and talk to their attorney. I told Jim if they wanted to use the ISDA
Agreement that the Agreement is under Alcoa Inc and not Alcoa Power
Generating Inc. I don't think they understand. Ed Sacks said it would be
fine with him if we changed the deal to Alcoa Inc. I am not sure if Alcoa is
willing to do that. If we cannot confirm this under the ISDA then they would
like the law changed to New York and they want to prohibit assignment of the
guarantee. I told Jim that we could change the law and that we would
prohibit assignment of the guarantee for this transaction only. That is when
he called me back and gave me the name if his attorney.

Here is the documents I sent them:

Let me know if you need me to do anything else.

Thanks,
Melissa
3-1886