Re: Overseas vehicle

Please call me to discuss further.

Alan

Sheila Glover
06/08/2000 09:48 AM

To: Alan Aronowitz/HOU/ECT@ECT
cc: Jeff Kinneman/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
Subject: Overseas vehicle

Alan,
I spoke with Jeff on Tuesday regarding the overseas vehicle and where we want
to proceed. Jeff suggested that we document the current understanding based
upon all the work which has been done to date.

We are awaiting Goldman, Sach's preferential margining treatment of Short
proceeds against longs in our current structure which would lessen the
benefits of moving overseas at this time.

Let me know your thoughts.
Thanks., Sheila