This is the content of an email: The above transaction was presented to the Board on 1-29-2001. There was considerable discussion which I have summarized below. Returns: were the returns sufficient to syndicate the risk. I answered positively, which is what the capital price addresses. The dash return is a blended debt and equity return.(?) Was the $19 million excess proceeds enough to allow the company to operate. I answered yes since 85% of reserves are producing and little capital will be needed to develop pdnp and pud reserves. Is management capable of operating or will they be in chapter 11 again soon. I answered that the bankruptcy was a result of overpaying for Wyoming deal and low commodity prices last two years which resulted in a bb decrease below outstanding. We will have to watch this issue carefully. Are banks reluctant to support KCS and could this cause a liquidity problem? Answered that all creditors were made whole and likely that someone will come into credit but it was a risk, although for the time being they had enough cash to operate. This feedback is just for fyi but it does indicate that board is active and not a rubber stamp. Rick

Subject: Board Review of KCS

This is the content of an email: I am going to Portland next Tuesday for a meeting on this PGT project. Can we discuss Monday to see if you have any issues/objections. Thanks,

Subject: WASH LAT PA 7/10

This is the content of an email: This email is to update you on the status of the 2001 ISDA Master Agreement Protocol (the "Protocol"). As part of the Protocol, there were four annexes that addressed the disappearance of the 12 national currency units on January 1, 2002 and the introduction of the euro. These four annexes have been separated from the Protocol and published on our website on September 24 as the 2001 Euro Protocol. The adherence period for the 2001 Euro Protocol is September 24 to November 30, 2001. It was important to move forward with the 2001 Euro Protocol, given the specific nature of the timing of the introduction of the euro. With respect to Annexes 1 through 8, we propose drafting a new ISDA Master Agreement rather than moving forward with a Protocol. The continuing debate on the details of Annexes 1 to 8, the relevance of the Protocol for these provisions and the interest in moving forward with a new ISDA Master Agreement are some of the reasons for this recommendation. An extraordinary amount of effort has gone into preparing the Protocol and will provide a strong basis for proceeding with a new ISDA Master Agreement. Please let me know what your thoughts are on this suggested approach. With respect to Annex 9, the Force Majeure Annex, we propose posting a Form of Amendment and the Force Majeure provisions (as well as the Commentary) on our website. This would allow firms to incorporate such language into their Master Agreements on the basis of bilateral negotiation. Any views you may have in light of the events of September 11 would be welcome. Lastly, with respect to Annex 10, the Tax Protocol, our Tax Committee will be contacted on Tuesday to determine how to proceed with respect to those issues. Any views on this issue would also be welcome.

Subject: 2001 ISDA Master Agreement Protocol

This is the content of an email: I talked to the boys and we are going to go out on Friday night. We were thinking of going to earl's and then hitting the town. What do you think? Chris (PS How is your day going?)
Subject: Friday Night