IN: Challenge Appetite for credit capacity is much greater than what is justifiable given credit quality of industry and liquidity of transactions. General Themes Dearth of liquidity in market (bearing in mind that EIM's purpose is to stimulate liquidity) Poor credit quality Highly structured nature of steel transactions (inventory management, illiquid options, etc.) M-T-M Accounting and incentives related to achieving earnings targets Size, tenor and rating drive credit exposure; size and tenor drive transaction value -- therefore ratings drive credit limits.

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OUT: Revised EIM Meeting Notes (inclusive of notes from 9/17 & 9/18 meetings)

IN: FYI, Here is a copy of the Draft agreement with the addition of text in red that Barbara wanted to incorporate as part of our "template". Oakhill will not get the red in this draft. The text in blue is what I added or changed with Barbara's input. We've incorporated a few new concepts: - we have a "date certain" for our deal to start - I've provided for operation before our "Start Date" (because we've mitigated construction risk by pushing the Start Date back). This is termed the "Pre-Start Date Period" which can begin after we have completed the "Facility Testing" and deemed the facility suitable and ready for commercial operation. - I've reduced the most of the response and notifications timing from the customer to ECS. Comments? mk

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OUT: OGS (Oakhill) CSA Drat

IN: Tana: A lawyer from Amerada Hess (Dana Dellacona) will probably call you about EOL trading. She is interested in several trading relationships which you can see from the email that I sent to Tanya. Let me know if you have any questions. Thanks.

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OUT: Hess Energy Trading Company, LLC ("Hess") and affiliates

IN: Subject: 11 Importance: High You have got to read this..........too much......read until the end...... > Original Letter: > > The date of the attack: 9/11 - 9 + 1 + 1 = 11 > September 11th is the 254th day of the year: 2 + 5 + 4 = 11 > After September 11th there are 111 days left to the end of the year. > 119 is the area code to Iraq/Iran. 1 + 1 + 9 = 11 > Twin Towers - standing side by side, looks like the number 11 > The first plane to hit the towers was Flight 11 > > I Have More....... > State of New York - The 11th State added to the Union > New York City - 11 Letters > Afghanistan - 11 Letters > The Pentagon - 11 Letters

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OUT:
this is way funny