RAC Meeting for May 25th, 2001

Rick:
Eight new projects--of which some are significant in size-- have been added
to the list of the hot deals for May 25th, 2001. They--and their suggested
action items--are as follows:

Project Originator Description
EBS:
Advertising JV Erik Simpson EBS to provide risk management to media
buyer ($28 million)
Raven Jeff Donahue Purchase assets of managed hosting company ($400
million)
Samsung DRAM Ken Wang 1 month financing of DRAM Inventory (5 million)

Suggested Action Item: Communicate findings to Sue Nord and compile GA
comments for RAC, if any. Lisa Yoho is also informed given the very
interesting structure of Samsung DRAM deal that is likely to be repeated with
other seriously backwardated commodities.
EWS/EGM
Weirton Tammy Mulroony Rolled Steal forward purchase ($ 75 million)
Timber Sale of 100 MM asset at cost ($100 million)
DPR accelerated put Mike Beyer Exercise Put and reinvest in coal related
assets ($11 million)
Suggest Action Item: Communicate findings to J. Steffes, and Lisa Yoho and
compile GA comments for RAC, if any.

Finally, I am taking the liberty to contact Paul Kaufman to inform him of
project PortMorrow which is the developing of 47 MW peaking facility in
Oregon for PGE (originator Chuck Randall). I shall follow up with him in
case that there are any needed action item.

Of course, please let me know if you have any question.

Brgrds

AI