Subject: "schedule c adjutments in LTNW".

Body: Tim and Mike: We are advised by Stacey and Georganne Hodges and we will make below Schedule C adjustments in LTNW desk this month-end (Friday). Please let me know if you disagree or please approve the attached Schedule C form and I'll print it out for you to sign off. Release/Removal of schedule C: region: Mid-C amount: $11,432,070 (the release will increase the P&L) reason for the reserve: reserved against BPA Federal Surplus Contigency Clause entry date: 2/1/01 planned removal date: 9/30/01 New schedule C: region: Mid-C amount: $11,400,000 (the new schedule will decrease the P&L) reason for reserve: Northwest Refund Risk planned entry date: 9/30/01 Net P&L effect = +$32,070 Please let me know if you would like us to use the same explanation we used for the $10MM schedule C reserved in LTCA on 8/21/01 for the same reason (Northwest Refund Risk). Thanks,

Subject: "Project Margaux and Raptor II".

Body: Susan and Samantha: We are in the process of completing a quarter end project called Project Margaux and have completed the Raptor II project. With respect to Project Margaux, please coordinate with Mark Evans in London to get closing sets of documents. With respect to Raptor II, I will leav a message with Alicia Curry at V&E to send you the closing sets. I will leave with you my closing binder on Raptor I. Sara, It might not be a bad idea to meet with Brenda Funk in the next few weeks to get updated on all of the qaurter end delas. Carol

Subject: "Direction to Board Mtg".

Body:
A) From south or west of Walnut Creek 1) Take CA 24 to I-680, then go north; or just take I-680 north, depending on point of origin 2) After passing I-680/CA 24 intersection, begin looking for Treat Boulevard exit (about third exit, +/- 1) 3) Exit Treat Boulevard, go right (east) 4) go under BART track 5) After BART track, turn right at 2nd light (Jones Road) 6) Very quickly, take first possible right into parking lot entrance 7) Park underground, bring ticket to office - - we validate. 8) Actual address: 1350 Treat Boulevard, Suite 500. B) From north or east of Walnut Creek 1) Take I-80 or CA 4 to I-680, then go south 2) Look for Treat Boulevard exit as in 3 above, and follow same directions C) BART option 1) Take BART to Pleasant Hill station 2) Walk to office, about 2 blocks: exit BART station, either side, and walk back toward SF under the elevated track go to major intersection, across from Embassy Suites (Oak and Treat Boulevard) Look for large, five-story, Coral/Salmon colored building on large tract of land, southeast corner. Much construction activity going on around site. Go to front of building, climb stairs to main entrance/lobby, enter, take elevator to fifth floor, suite 500.