Hi Sara, Jim Nixon from Alcoa called me this morning.  He gave me the name of 
his attorney.  It is Tom Seligson  (412) 553-4974.  Jim asked that you call 
and talk to their attorney.  I told Jim if they wanted to use the ISDA 
Agreement that the Agreement is under Alcoa Inc and not Alcoa Power 
Generating Inc.  I don't think they understand.  Ed Sacks said it would be 
fine with him if we changed the deal to Alcoa Inc.  I am not sure if Alcoa is 
willing to do that.  If we cannot confirm this under the ISDA then they would 
like the law changed to New York and they want to prohibit assignment of the 
guarantee.  I told Jim that we could change the law and that we would 
prohibit assignment of the guarantee for this transaction only.  That is when 
he called me back and gave me the name if his attorney.

Here is the documents I sent them:



Let me know if you need me to do anything else.

Thanks,
Melissa
3-1886